Waterfront Real Estate Information

According to MIBOR’s Monthly Indicators Report for January, the trend that defined  much of 2010 continues in the first month of 2011 with strong median and average sales prices coupled with decreased sales activity.

For the three months ending in January, median and sale prices increased by more than four percent each to $119,500 and $147,966 respectively. Closed sales are down 17.5 percent, new listings are down 10.7 percent and overall months of inventory is down to eight months – a 9.2 percent decrease over the same three month period a year ago.

(ARA) - Major home renovations can be overwhelming, but there are a few fundamental repairs that can update your home’s appearance and increase its value. If you’re planning to sell your home in 2011, take advantage of the colder winter months to prepare your home for a spring sale by focusing on a few key projects:

GET COOKIN’ IN THE KITCHEN. Experts agree that a kitchen can significantly impact a home’s perceived value. An outdated kitchen can be a deal breaker for many homebuyers. Naturally, then, it’s the place you might spend the most amount of time updating. To increase the appeal of your kitchen, consider investing in updated, matching appliances that match the style of your kitchen. Some manufacturers even offer replacement panels to update the exteriors of older appliances.

UPDATE AND UPGRADE LIGHT FIXTURES. Lighting is key. It can drastically change the look and feel of a room, and lighting fixtures are affordable and relatively simple to install on your own. Shop discount stores and home improvement depots to find a statement piece to add spice to your living room. A beautiful ceiling fan with lighting can serve double-duty to update your family room. Remember, well-lit and bright rooms appear larger and more open.

STEP ON IT. Flooring is one of the first things that potential homebuyers notice. Make sure you dust, vacuum and clean so that you show off the flooring to its best advantage. If you have carpet, consider replacing it with wood floors or wood alternatives. If you already have hardwood floors, polish and protect your flooring so that it gleams when potential buyers step into the home. Also, don't forget that a fresh coat of neutral coat of paint can make a HUGE difference.

Whether you’re trying to sell your home this winter or simply want to update its look, you don’t have to wait until the spring thaws. When the cold weather drives you inside, take advantage of the time to make attractive upgrades that can increase the appeal and value to your home.

Statewide, when comparing 2010 to 2009:

• The number of closed home sales decreased 6.6% to 57,765; and the median sale price of homes increased 1.8% to $112,000.

“The federal homebuyer tax credit was only in play for a third of last year.  And yet, the numbers show the market on par with 2009, which might take some who listen to non-local news by surprise,” said Karl Berron, Chief Executive Officer.

“Admittedly, activity is not as high as we want it to be,” he continued.  “The good news is that prices are up, which is important to not just homeowners and families, but also to communities and the state.  In fact, the median sale price of homes has increased 13 out of the last 15 months."

The usual month-over-month comparison shows that statewide, in December 2010:

• The number of closed home sales decreased 8.9 percent from December 2009 to 4,288;
• The number of pending home sales decreased 10.3 percent from December 2009 to 3,247;
• The average sale price of homes increased 4.4 percent from December 2009 to $132,811; and
• The median sale price of homes increased 3.9 percent from December 2009 to $109,000.

“Most industry experts and the association’s leadership believe real estate markets will continue to improve, albeit slowly,” he continued.  “What we do know is that there’s no better time to be a buyer than now.  Interest rates remain low, though ticking upward, and there is a higher than normal inventory of homes available.”

With 2011 now here, home buyers are wondering if the perfect time to buy is now and concerned sellers are hoping their houses are able to compete with the foreclosures and short sales currently on the marketplace.

Predicting the future is difficult at best, sometimes it can be downright scary. What does the future hold for the real estate community? The Home Buying Institute lists the following 4 predictions concerning 2011:

1. An article in Time magazine pointed out that many housing-market experts believe prices will bottom out in 2010.  But it may be 2013 before the market noticeably rebounds.  This prediction was made in January 2010.

2. Warren Buffett predicted that the real estate slump will be behind us by 2011.  In his annual letter to shareholders of Berkshire Hathaway, Buffet wrote that "Within a year or so, residential housing problems should largely be behind us."  This prediction was made in February 2010.

3. The National Association of Business Economics (NABE) released the results of a survey of economists pointing toward a significant increase in housing starts in 2011.  This prediction was made in October 2010.

4. Freddie Mac published an economic forecast that included various housing predictions.  Among other things, the company feels that mortgage rates will stay below 5% until the end of 2011.  This prediction was made in October 2010.

I think that in many different areas around Central Indiana, sales will be lively this Spring.

The MIBOR October Monthly Indicators report reveals the continuing trend of strong home sale prices. When compared to the three-month period of August through October 2009, the average sale price of homes in central Indiana increased 7.3 percent to $155,054 compared to the same months in 2010.

The average sale price during the past six months (May– October 2010) increased 6.6 percent, while the past 12 months (November 2009 – October 2010) saw an increase of 6.7 percent when compared to the same time periods in 2009. October 2010 compared to October 2009 shows an increase of 9.9 percent to $154,691.

According to Indiana Association of REALTORS® (IAR) data released today, the average sale price of homes across the state during the one-month period of October 2010 increased 7.2 percent to $135,966 when compared to October 2009.

For over a year now, it has become very evident that the if you want a good price for your home - your home needs be better than average.  The good ones always sell.

The homes that are selling well in this market usually have very good and popular floor plans and are in great showing shape - inside and outside.  Neutral colors inside and furniture placement that looks like a model home continue to be big hits with buyers.

If you are considering a sale within the next 6 months, please give me a call or email.

2010 Assessments have been mailed and appeals for next year's bills must be filed by November 30, 2010!

Property values for 2010 assessments have already been determined for your 2011 tax bills and you have limited time to appeal the new value.  Also, when looking at your new assessments make sure that your Homestead and Mortgage Exemptions are still attached to your property, if you qualify for them.

http://www.in.gov/dlgf/2508.htm

This link above takes you to the property tax appeal section for the state.

If you have any further questions, just let me know.

MIBOR’s September Housing Data Report signaled strong home sale prices once again with both average and median sale prices on the rise. When compared to the three-month period of July, August and September 2009, the average sale price of homes in central Indiana increased 6.9 percent to $157,747 for the same months in 2010. 

The average sale price during the past six months (April – September 2010) increased 6.4 percent, while the past 12 months (October 2009 – September 2010) saw an increase of 5.5 percent when compared to the same time periods in 2009.  September 2010 compared to September 2009, however, shows a slight increase of 1.6 percent to $147,728.

The pace of closed sales remains less positive. The number of closed sales in central Indiana decreased by 20.4 percent in September 2010 when compared to September 2009.  The past 12 months (October 2009 – September 2010) saw a 6.2 percent increase in the number of closed sales when compared to October 2008 – September 2009.

The August Monthly Indicators report reveals that price continues to be the positive story in the local housing market. The volume of sales activity is still recovering in central Indiana, although declines through August were not as sharp as July 2010. That positive sign is bolstered by a strong showing in sales price.

Both average and median sales prices for August as well as the three, six and 12-month views all increased. During the three-month period of June to August 2010, average sale price increased 8.0 percent when compared to the same period in 2009. Average sale price also increased 10.4 percent during August 2010 when compared to August 2009.

Finally - Months of Active Listings on the Market.  In August, there are 5.1 months of inventory on the market in Marion County and 6.2 months of inventory on the market in Hamilton County.