Indianapolis Real Estate News & Listings Presented By RE/MAX Legends Group

December 2011 - Market Update!

Mon, 06 Feb 2012 03:00:00 GMT

Positive "transition" accurately characterizes central Indiana's housing market for 2011. This slow return to balance was aided by multi-decade low mortgage rates coupled with confidence creeping upward, each coalescing to form an attractive purchase environment. And buyers did just what their name implies. Momentum picked up noticeably in the second half of 2011. While Closed Sales for the year were up just 1.2 percent, the six-month review shows an 18.3 percent increase over the same time period in 2010. As a result, inventory levels in many locales have been driven down. For the month of December, Months Supply of Inventory ranks in at 7.7, by far the lowest number in over a year.

The last three months of activity ending in December shows Median Sales Price rising by 0.7 percent to $121,500 and Average Sales Price up over last year by 1.5 percent to $154,378.

Other three-month metrics continue to show positive movement. New Listings were down 13.4 percent, Pending Sales were up 12.2 percent and Closed Sales were up 11.7 percent to 4,437 for the three months ending in December. December-only data also showed a positive lean.

Ultimately, the upcoming spring market should be a major tell about the future direction of housing. Sellers are seeing multiple-offer situations; buyers are seeing sub-4.0 percent loans; supply-demand trends are more balanced. That's a stable foundation and a far cry from 2009.

Beautiful 2 Story Home On A Pond With Privacy

Sun, 29 Jan 2012 06:05:22 GMT

You will really like this 3 bedroom home on a beautiful pond. Large patio area, trees and swing on the front porch. Open stairway and open landing at the top of the stairs, plenty of windows and a nice sized 4th room upstairs for your office area or whatever you like. Cozy 2 sided Living Room Wood burning fireplace, separate dining room and breakfast area if you like. This Charming Village Style Home Located on Probably the Most Desirable Homesite in this very popular neighborhood.

DIRECTIONS: From 62nd St & Georgetown Rd, go West on 62nd to Brookside entrance and turn right on right (Creek Crossing Dr). Then take the first left which is Bird Branch Dr. Home will be down the street on the right side. Property

Local Housing Market Closing in on a Positive Year

Mon, 26 Dec 2011 03:00:00 GMT

Central Indiana housing numbers held strong for the month of November, while a 12-month review of key metrics puts the market even or slightly better than 2010. According to the latest MIBOR Monthly Indicators Report of Broker Listing Cooperative® data to be released Tuesday, Dec. 27, pending sales, closed sales, median and average sales prices rose in the three-month comparisons to last year. All those indicators rose in the November only comparison with the exception of median sales price which slipped by 3.2 percent in November to $120,001.

Closed sales were up 13.0 percent in the quarter ending in November compared to the same time period last year. Median sales price rose 4.1 percent and average sales price rose 5.9 percent in the quarter, consistent with the price stability seen all year. New listings were down 10.7 percent in the three months ending in November. Months of supply of inventory dropped slightly to 9.0 months for the quarter.

Monthly numbers are encouraging as well. For the month of November, closed sales rose 15.2 percent over November 2010. Pending sales for the month were up an encouraging 11.9 percent for the month.

Number of State Real Estate Sales Are Up Year-Over-Year

Thu, 22 Dec 2011 03:00:00 GMT

According to the monthly “Indiana Real Estate Markets Report” today released by the Indiana Association of REALTORS®, activity was high in November with both the number of closed and pending home sales up by double digits year-over-year.

Statewide, when comparing November 2011 to November 2010:

The number of closed home sales increased 14.2% to 4,411; and
The number of pending home sales increased 10.4% to 3,959.

“We’re close to being able to say that 2011 was better than the last two years,” said Karl Berron, Chief Executive Officer. “Local housing markets may not be making progress as quickly as we’d like, but they’re making progress and that’s good news for everyone.”

With regard to the slight dip in prices, Berron said REALTORS® were not concerned because year-to-date, the median sale price of homes in Indiana is actually up when compared to 2010 and 2009, and so is the average sale price.

“Home prices here in Indiana have historically held their ground,” said Berron. “It’s one of the reasons we enjoy a homeownership rate of more than seventy percent, and is certainly a positive for would-be home owners who are now shopping with some of the lowest mortgage interest rates in current memory."y

You Should Find This Interesting - Regarding The Foreclosures!

Tue, 13 Dec 2011 03:00:00 GMT

More than a third of all new U.S. home mortgages during 2006 went to people who already owned at least one house. In some of the worst hit state, where average home prices more than doubled from 2000 to 2006, these buyers made up about half of all mortgage purchases during the housing bubble. Buyers owning three or more properties represented the fastest-growing segment of homeowners during that time.

“This may have allowed the bubble to inflate further, which caused millions of owner-occupants to pay more if they wanted to buy a home for their family,” some researchers have noted.

Investors defaulted in large numbers after home values began to drop in 2006. They accounted for more than 25 percent of seriously delinquent mortgage balances nationwide, and more than a third in Arizona, California, Florida, and Nevada from 2007 to 2009.

As you hear news like this, please keep in mind that some reports tell us that about half of all homes across the U.S. do not have a mortgage - they are owned free and clear.

Chief Economist Offers 2012 National Housing Forecast

Mon, 21 Nov 2011 03:00:00 GMT

Lawrence Yun, Chief Economist for the National Association of REALTORS® (NAR), offered his annual analysis of the housing market and provided insight into the year ahead at last week’s REALTORS® Conference and Expo in Anaheim, Calif. He anticipates 2012’s housing market to experience “gradual improvement”.

Yun explained, “tight mortgage credit conditions have been holding back home buyers all year, and consumer confidence has been shaky recently. Nonetheless, there is a sizeable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely. This demand could quickly stimulate the market when conditions improve.”

He pointed to tough underwriting standards in the mortgage markets as a key barrier predicting if standards returned to more the “normal” conditions in place before the housing bubble years, sales activity could increase by 15 to 20 percent. He pointed to growing markets such as Bismarck, Boston, Buffalo, San Francisco and Washington, D.C. and identified markets which continue to struggle: Altanta, Chicago, Las Vegas, Miami and Phonenix. Across the country, Yun sees little concern for price declines.

Local Housing in October Follows Positive Trend

Mon, 21 Nov 2011 03:00:00 GMT

Coming off a positive third quarter, central Indiana housing numbers held strong in October. According to the latest MIBOR Monthly Indicators Report of Broker Listing Cooperative® data released today, pending sales, closed sales, median and average sales prices rose in the three-month and one-month comparisons to last year.

Closed sales were up 19.5 percent in the quarter ending in October compared to the same time period last year. Median sales price rose 5.3 percent and average sales price rose 4.3 percent in the quarter, consistent with the price stability seen all year. New listings were down 10.4 percent in the three months ending in October which helped to bring inventory levels down 8.2 percent. Months of supply of inventory sits stubbornly high at 9.9 months for the quarter, but down by 3.7 percent to 9 months even for the month of October.

Monthly numbers are encouraging as well. For the month of October, closed sales rose 13.2 percent over October 2010. Price increases were respectable with median up 3.2 percent to $123,695 and average up 3.5 percent to $160,071. Pending sales for October were up an encouraging 15.5 percent for the month.

Third Quarter Stats Are Up Nicely!

Mon, 24 Oct 2011 03:00:00 GMT

By all measures, the third quarter provided the brightest picture of the year for central Indiana’s housing consumers. According to the latest MIBOR Monthly Indicators Report of Broker Listing Cooperative® data released today, pending and closed sales as well as median and average sales price rose in the July through September comparisons of 2011 to 2010.

Closed sales were up 24.1 percent in the third quarter compared to the same time period last year. Both Median and average sales Prices rose 4.1 percent in the quarter, consistent with the price stability seen all year. New listings were down 15 percent in the 3rd quarter which helped to bring inventory levels down 7.7 percent. Months of supply of inventory is still high at 9.9 months for the quarter.

Monthly numbers are encouraging as well. For the month of September only, closed sales increased 11.1 percent over September 2010. Price increases were more robust with a 9.5 percent increase in median sales price in September with average sales price up 8.8 for the month. Pending sales for September were down 5.5 percent over last year.

Indiana one of the Top 10 U.S. areas with rising real estate prices

Sat, 15 Oct 2011 03:00:00 GMT

Home prices increased in 12 states and Washington, D.C., on a year-over-year basis in August, according to a home-price report released this week by property data firm CoreLogic.

West Virginia led all states with an 8.6 percent rise in home prices, followed by Wyoming at 3.6 percent, and North Dakota at 3.5 percent. The CoreLogic Home Price Index tracks price changes in repeat sales of homes.

CoreLogic August Home Price Index (year-over-year change)

State/district	All single-family	Excluding distressed sales
West Virginia	8.6%	10.7%
Wyoming	3.6%	2.4%
North Dakota	3.5%	4.2%
New York	3.2%	3.6%
Alaska	2.2%	3.1%
South Dakota	1.5%	0.6%
Washington, D.C.	1.3%	1%
Nebraska	1.1%	1.1%
Kansas	1%	3.7%
Indiana	0.8%	2.2%

Source: CoreLogic August Home Price Index.

Deeded Boat Dock on Geist Reservoir!

Sat, 08 Oct 2011 17:58:20 GMT

Deeded Boat Dock on Geist Reservoir! Here is your 1 level Shorewalk condo with a Deeded Boat Dock. End unit with lots of yard space and Very Private back patio area. Great Room with 20 Foot Vaulted Ceiling. Very nice kitchen space with Breakfast Area and then Dining Area. Large Master Bedroom Suite with Walkin Closet overlooks the private treed patio area. Open Floor Plan with Gas Fireplace and updated furnace, AC unit & Water Heater. Swimming pool, Tennis courts & Beautiful Geist Reservoir.

Boat Dock is B (closest to the road) Slip 41 on the right side of the that Boat Dock. Just bring your Boat ! !

Directions: Fall Creek to 79th East to Sunnyside. North on Fox Road which then turns East to Shorewalk entrance on the left side of the road, turn left to stop sign, right to Farmhurst and follow to the very end.

July Market Update - Prices are stable & Pendings are up 8 percent

Wed, 31 Aug 2011 03:00:00 GMT

At the height of summer, we're finally beginning to move beyond comparisons to the 2010 incentive market. The three-month and one-month views provide an encouraging picture. Price continues its steady upward path, providing some stability to the central Indiana housing market. Median Sales Price remained essentially even for the three months ending in July and ticked up slightly by 1.6 percent for the month of July.

Average Sales Price increased 2.2 percent for the three months ending in July and 2.7 percent for July only. New Listings in the Indianapolis region decreased 19.1 percent to 3,320 for July only and 9.6 percent for the three months ending in July. The most encouraging signs were in Pending Sales and Closed Sales.

Pending Sales were up 8.0 percent in July and 20.9 percent for the three-month period ending in July. Closed Sales dipped slightly by 1.1 percent for the same three-month period but posted an impressive 27.9 percent for the month of July. Recent economic news, budget deal squabbles and the credit downgrade have many questioning the health of the market and specifically the role of mortgage rates. Rightfully so. While the future is not definite, it appears these events – particularly the downgrade – have done far more damage to the psychology of home buyers and sellers than to mortgage rates themselves. Near-record lows remain, providing an incentive all their own.

Your PRIVATE Lake on 5.30 Acres - Home Based Business Also

Sat, 27 Aug 2011 04:31:56 GMT

Your PRIVATE Lake on 5.30 Acres! Have you been looking for your TOTALLY private lake on 5.30 Acres? This Is Your Next Dream Home with amazing views and a park-like setting. Sit on the wrap-around porch and enjoy the beautiful trees, views and nature. Make sure you look at all the pictures and the virtual tour that is attached. Property could be a 4 bedroom, plus a separate Mother-Inlaw quarters.

The home is REALLY wonderful with a huge totally updated kitchen, many updated bathrooms, an office on the main level, Anderson Windows and other updates including a New Geothermal System in 2011. Home was basically built in 1992 & 1996.

The Sellers have run a successful Home Business that you can take over. The property could serve as a great source of income by building the current business. The property would also provide a great opportunity for a landscaper that wants to go from hobby to business. This property would be perfect to display his/her creativity, with fountains and landscaped gardens, with the separate building serving as an office or shop.

This would also make a great photographers studio, with all the back drops needed for amazing pictures. Or you could continue the event planning that could serve someone very well. The current zoning variance issued by the Town of Sheridan covers the current use, Home Based Business/Event Planning/Conference Center.

At night, you can fall asleep to the hoot owls and bull frogs as they serenade you! This property just offers you acres of beauty! Give me a call with your questions!!

DIRECTIONS: US 31 North of Indianapolis to 226th St and turn left (West). Go to Six Points Road about 2 or 3 miles and turn right (North) follow to home on the right.

Home Sales Rose 16 Percent In June

Tue, 12 Jul 2011 03:00:00 GMT

Home-sale agreements in the nine-county Indianapolis area rose 16 percent in June compared with the same month a year ago, marking the second straight month of year-over-year increases after 14 months of declining sales.

The back-to-back increases were the first year-over-year rises in home-sale agreements since April 2010. Sales agreements climbed to 1,967 last month, up from 1,694 in June 2010.

Marion County saw a 13-percent rise in June sales agreements from a year ago. Hamilton County deals rose 23 percent. Madison County saw a 33-percent increase.

Year-to-date sales prices are up 0.5 percent in 2010, from $147,257 to $148,030.

Pending Sales Are Improving

Mon, 11 Jul 2011 03:00:00 GMT

The one-month numbers for May reveal encouraging pending activity with Pending Sales up 37.7 percent. The result of May's strong pending activity will have a telling impact on the Months Supply of Inventory numbers when examined next Month.

Nationally, the interest rate dropped to 4.88 percent on a 30-year fixed conventional mortgage.

Waterfront Lot on Main Body of Geist Reservoir !!

Wed, 15 Jun 2011 06:18:33 GMT

Waterfront Lot - Main Body of Geist Reservoir. One of the few remaining Waterfront Lots in Masthead. Lot should allow a walk-out or lookout basement. Mature trees and plenty of views of Geist Reservoir.

DIRECTIONS: Fall Creek Rd North of 96th St to Decature Dr - turn East and then go to Farragut Circle and turn left to vacant lot on the right.

Waterfront Lot - Main Body on Geist Reservoir!

Wed, 15 Jun 2011 06:09:42 GMT

Waterfront Lot - Main body on Geist Reservoir. This .69 Acre Lot has a very nice slope for building your dream home. There is 120 ft of shoreline that include a seawall. Located in Admirals Bay as one of the few remaining lots with a panoramic view of Geist Reservoir. Ready to build your home on a GREAT lot!!

DIRECTIONS: South of 96th St to first Admirals Bay entrance - Go West on Bay Forest. At the T turn right on Anchor Mark Dr which turns into Shorevista Drive. Look for the Sign. This property is the first lot on Shorevista Drive.

Read How The Hoosier Economy Is Strong!

Thu, 09 Jun 2011 14:40:00 GMT

The Hoosier economy appears to be among the strongest of all states as the nation continues to recover from the recession. Figures from the U.S. Bureau of Economic Analysis show Indiana's Gross Domestic Product grew 4.6 percent in 2010, compared to the national rate of 2.6 percent. That's the third highest growth rate in the U.S., behind North Dakota and New York. In a Studio(i) conversation, Ball State Economist Mike Hicks says the robust recovery in Indiana is impressive.

Indiana's 2010 GDP growth outpaced all neighboring states, including Michigan, which is regarding the new figures as positive news. The Detroit Free Press reports Michigan's 2.9 percent increase during the past year is being consiered by economists as a clear sign the state's deep recession is over.

Even though Indiana's economic expansion is among the national pacesetters, there is still work to do as the recovery takes hold.

The state's unemployment rate is hovering around 8 percent, although it has dropped below the national mark for the first time since June 2003.

What To Avoid When Preparing To Close

Thu, 02 Jun 2011 12:02:00 GMT

AVOID CHANGING JOBS:

A job change may result in your loan being denied, particularly if you are taking a lower-paying position or moving into a different field. Don’t think you’re safe because you’ve received approval earlier in the process, as the lender may call your employer to re-verify your employment just prior to funding the loan.

AVOID SWITCHING BANKS OR MOVING YOUR MONEY TO ANOTHER INSTITUTION:

After the lender has verified your funds at one or more institutions, the money should remain there until needed for the purchase.

AVOID PAYING OFF EXISTING ACCOUNTS UNLESS YOUR LENDER REQUESTS IT:

If your Loan Officer advises you to pay off certain bills in order to qualify for the loan, follow that advice. Otherwise, leave your accounts as they are until your escrow closes.

AVOID MAKING ANY LARGE PURCHASES:

A major purchase that requires a withdrawal from your verified funds or increases your debt can result in your not qualifying for the loan. A lender may check your credit or re-verify funds at the last minute, so avoid purchases that could impact your loan approval.

RE/MAX Continues To Lead The Pack - By A Lot!

Tue, 31 May 2011 21:42:00 GMT

Two major industry surveys reaffirm again that RE/MAX, which leads in per-agent productivity in both reports, has the most productive sales force in the business.

The results of this year’s REAL Trends 500 and the RISMedia Power Broker Report are telling: RE/MAX averaged over 14 transaction sides per agent in both reports – more than double the competition. In the REAL Trends 500 survey, RE/MAX holds 21 of the 25 spots on the survey's new list of Top 25 brokerages by Transaction Sides Per Agent.

What's more, the Power Broker Report shows that RE/MAX agents averaged $2.9 million in sales volume – 62 percent more than all other agents in the rankings.

Economy and Affordability Expected to Drive Home Sales Growth

Thu, 26 May 2011 21:38:00 GMT

Home sales are on track to outperform last year, even though the market doesn’t have the benefit of the home buyer tax credit. This is thanks to sustained economic growth, the slowly recovering jobs picture, and historically high affordability conditions, NAR Chief Economist Lawrence Yun told a packed room on Thursday during the Residential Economic Update at the 2011 REALTORS® Midyear Legislative Meetings.