Real Estate Information

A example of the Average Yearly Commitment Rates on 30-Year Fixed Loans. According to statistics provided by Freddie Mac.

Typically there is a seasonal summer uptick during May through July; however that peak season came early in March and April with consumers taking advantage of the tax credit.

“Although mortgage rates are at historically low levels and prices remain affordable, unemployment and job uncertainty continue to hurt home sales” states Dan Breault, Regional Director of RE/MAX of Indiana.

While homes sales were sluggish, average home prices continued to climb with eight straight months of price appreciation. With the average price of $155,423, an increase of 8 percent on a year-over-year basis.

At $123,250 the July median home price—the figure at which half of the homes sold for more and half sold for less—rose almost 3 percent from one year earlier, that is 9 straight months of price appreciation on a year-over-year basis.

Sales of single-family homes across Central Indiana area rose for a third straight month in May, showing signs of a real estate market that is benefiting from seasonal spring home buying apparently bolstered by transactions incentivized by the federal government’s homebuyer tax credit that expired on April 30 according to new monthly data compiled by RE/MAX of Indiana.

     Total Homes Sold + 13.17%  

     Pended Homes - 32.13%

     Average Sales Price + 7.14%

     Median Sales Price Moved From $123,000 to $130,000

     Total Active Listings + 2.65%

     6.8% Months Of Listing Inventory On The Market Now

At $130,000, the May median home price—the figure at which half of the homes sold for more and half sold for less—rose 6 percent from one year earlier to the highest level since July 2007. That’s the fourth straight monthly increase in the median price.

I know this topic doesn't have anything to do with Waterfront Real Estate, but I wanted to share my thoughts.

I went to the track this past weekend for pole day and wanted to let everyone know that it was very exciting.  I was with a number of friends and we all enjoyed the experience.

If they keep the similiar format for qualifing next year, I will plan to go again and suggest that you consider the same - it was fun!

The federal homebuyer tax credit apparently inspired Central Indiana consumers to house shop, as sales of single-family homes throughout Central Indiana saw double-digit increases in April with the strongest sales volume continuing in the upper housing segments. Prices of single-family homes also continued their months-long appreciation.

Overall April sales of single-family homes across Central Indiana climbed 15.74 percent compared to April 2009, according to the latest monthly data compiled by RE/MAX of Indiana. All single-family home pricing segments except the under-$100,000 market experienced gains, with the sharpest increases in homes priced from $500,000 and above.

Month-end pending sales for April—those listings expected to close within the next 30 days—totaled 3,052, up 33.39 percent from last year. That represents the highest number ever recorded for an April in the Broker Listing Cooperative (BLC®) for Central Indiana.

The average price of a single-family home appreciated for the sixth straight month, reaching $141,229, up 14.7 percent versus April 2009. At $120,000, the April single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 14.29 percent from one year earlier. That represents the 6th consecutive monthly increase in median price.

April sales of all single-family homes in Central Indiana totaled 2,338, up 15.74 percent from April 2009. The increase is the second consecutive monthly increase in sales. Broken out by segment, sales of single-family homes priced between $250,000 and $500,000 rose 28.7 percent in April while sales of luxury homes—those priced from $500,000 to the millions—soared 140 percent.  Homes priced between $75,000 and $150,000 were up 25 percent while those in the $150,000 to $250,000 range rose 51 percent. By contrast, sales of homes in the below-$75,000 segment were off 24 percent.

Not all pink slips bear bad news.  The pink "Homestead Verification Form" that will be enclosed with your property tax bill is very important and could save you thousands!

A bill in the legislature has required that these forms be mailed out with the property tax bills in 2010, 2011 and 2012 and they must be completed and returned by every homeowner who wishes to claim a homestead deduction on their property.  Property owners have until January 1, 2013 to return the card.
Why?  These cards and the legislation requiring them are aimed at cracking down and preventing homestead fraud.

This form has not been widely publicized and can easily be overlooked as bureaucratic paperwork, so please pay extra attention when opening your property tax bills.

A Few Commonly Asked Questions

I didn't find the form in my property tax bill?
Though some counties may choose to, they are only required to include the form to taxpayers already claiming the homestead deduction.

If I don't fill it out by January 1, 2013, will I automatically lose my deduction?
If you don't complete the form by the deadline, you will receive a final notification letter from the county and your deduction could be removed on your 2012 - pay - 2013 property tax bill.

Here is the link to the Form if you need one.

http://www.in.gov/dlgf/files/TS-1_2010_Homestead_Certification_Non-Filled.pdf

The Indianapolis real estate market completed the first quarter of 2010 showing continued vitality in home prices, thanks to the robust sales activity in the upper housing segments. Data and analysis provided by RE/MAX of Indiana show sales of single-family homes priced from $250,000 and above recorded double-digit gains, up 23.5 percent on a year-over-year basis (242 vs. 196). 

Summary

• Sales of single-family homes totaled 1,997, up 6.7 percent from March 2009.
• 5,041 homes came onto the market in March, rising 22 percent compared to March 2009 and a 44 percent surge from the previous month.
• Month-end pending sales-those listings expected to close within the next 30 days- totaled 2,502, which is 10.3 percent higher than last year 
• The month's inventory of single-family homes for March came in at 8.0 months, down from 8.4 months one year earlier. Sales of homes priced $500,000 and above jumped 44%. 

At $115,000, the median sales price for single-family homes rose for the fifth consecutive month, up 6.7 percent from March 2009 and up 8 percent from the previous month.

The average price of single-family homes in March was $140,104, an increase of 10 percent from one year earlier. That represents the fifth straight monthly jump in the average price. 

On this website, make sure to click on the NEWS tab to view the Up-To-Date Monthly WATERFRONT stats for many areas around Central Indiana.  These stats include the Sales Stats back to 2007.

You will see that the Waterfront Stats are looking pretty good - compared to recent years.

If you are considering a Purchase OR Sale - please feel free to call or email me.  I have 25 years of sales experience here in our area.

Compared to January 2009 - we have some good news.

The number of Sales and Pending Sales are down from the same time last year, but two Averages are up noticeably.

The Average Home Sales Price is up from $120,850 to $135,519, which is a 12.14% increase.

The Medium Home Sales Price is up from $86,900 to $100,000, which is a 15.07% increase.

In January 2010 there were 3,980 homes listed, an 11 percent increase compared to the same month last year.  The first positive increase since February of 2008.

Foreclosure property sales reported in the Broker Listing Cooperative (BLC) fell by 38 percent in January compared to one year earlier. 

TIME IS RUNNING OUT: Anyone that hasn't owned a home in the past 3 years could be eligable for the Federal Tax Credit up to $8000.  All qualified buyers must have an accepted offer by the end of April and must close by the end of June 2010.