GREAT news from REALTOR Magazine! Another sign that things are improving, slowly but surely.
Lowest priced homes in Indianapolis December 21, 2011
With the market still suffering, I was curious about how low prices have gone in Indianapolis. So, I searched for low priced homes and found some interesting things.
There are currently 4 homes listed in Indy for $5000 or less. This isn’t including auctions, which are normally listed for $1 with the knowledge that the price will go up.
- 3601 E MICHIGAN ST is priced at $4,700
- 9103 BRENTWOOD CT is listed at $5,000
- 1026 N MEDFORD AV for only $5,000
- 4015 E 30TH ST is also just $5,000
When I looked for properties priced UP TO $10,000, there were 66 properties available!
Great news!! Lowest Inventory in Six Years December 5, 2011
Lowest Inventory in Six Years. According to this post from the National Association of Realtors, we are now seeing the lowest inventory levels we’ve seen since 2005! This is great news for the real estate market! And it isn’t just a nationwide thing, we have seen the same thing happening in our local Indianapolis real estate market.
Why do you care about that? Fewer homes on the market means fewer homes for buyers to choose from. This could help create a sense of urgency and get some buyers off the fence. It could also possibly create a shift in demand (remember supply vs demand?). Hopefully we will see this trend continue!
Q: My house was just assessed… September 19, 2011
I recently got a great question from a past client. They had their home built last year.
“I had a quick question for you. We recently received something in the mail that our property has been assessed..I guess now because the houses in our addition are finally complete. The total amount our property and house was assessed at was significantly less than what we paid for the house. Should we be concerned about this? the form says we can appeal but I’m not sure how any of this works. Any info you have would be appreciated!!!”
I told her that no, it should not be a big concern to her, because if her house is assessed for less than what they paid, that means that they are paying less in property taxes, so that was a good thing. Her next question was:
“what about when we go to sell the house though? will it have any negative impact?”
No, it won’t. When a Realtor or an appraisor is looking at what a house is worth, we look at what similar homes in the same area have sold for. We do not look at the assessed value, because we know that they really don’t have an impact on the sales price.
Perhaps she may be a little concerned that they paid the builder too much for the home, if it is assessed for less, but the truth is that MOST homes are assessed for less than they would actually sell for. Plus, when you build, you pay a little bit more for the “Newness factor” and the fun of choosing your own colors, layout, flooring, etc.
Avon Schools Referendum April 15, 2011
If you have driven through Avon, you have seen the yards signs posted urging you to “Vote Yes!” and those reminding you that “It is OK to Vote No!” So what’s all the hubbub, bub?
Here’s the issue–
An Operating Fund Referendum was created by the Indiana Legislature to allow local school districts to request permission through a direct vote to assess property taxes above the property tax cap (1% for residential property) for the purpose of allowing a community to support its schools through additional revenue or to help replenish monies lost from recent state funding cuts.
The school district will add a referendum question to the May 3 ballot asking the community to support a property tax. The question will read: “For the seven (7) calendar years immediately following the holding of the referendum, shall the Avon Community School Corporation impose a property tax rate that does not exceed 17.05 cents ($0.1705) on each One Hundred Dollars ($100) of assessed valuation and that is in addition to all other property tax levies imposed by the School Corporation?”
Why are they asking for this referendum? With recent property tax caps, reduced state funding, and loss of investment income, the school budget has already been cut drastically. We are fortunate that our community is growing, and we are adding schools to fit the population, but it takes money to do that. This referendum is asking the community to pay additional property taxes that would go directly to help the schools operate. Voting will take place on May 3.
There has been a lot of discussion among the residents of Avon about this referendum, obviously, some support it and some do not.
MY OPINION? Avon has a reputation for great schools in the Indianapolis area, which is certainly an important factor when people are considering moving to the community. Having great schools benefits us all, whether you have kids that attend those schools (like me) or not. I want this to pass both for my own children, and for the benefit of the entire community. I think it is important to help support the schools in the community, and I am willing to pay for that through my property taxes.
I would love to hear your thoughts, I am sure that some readers will not agree with my opinion, and I”m ok with that as long as the discussion is polite.
For a lot more info, you can go to www.SupportAvonChildren.org or www.NoMoreAvonTaxes.org
REALTOR® Magazine– 5 Most Affordable Housing Markets February 22, 2011
Image via Wikipedia
REALTOR® Magazine-Daily News-5 Most Affordable Housing Markets.
Guess which city is ranked at the TOP of the list… yet again.
End of Tax Credit? “SO WHAT?” Say Buyers! April 29, 2010
According to a survey done by our friends over at Prudential, buyers do not really care that the tax credit is going to end. Sure, it would be great to get the $8,000 in their pocket, but the end of the tax credit does NOT mean that they will change their mind about buying:
More than 90% of consumers believe that the home buyer tax credits have helped both first-time home buyers and the U.S. housing market overall. Among consumers actually shopping for homes, 65% believe that the end of the tax credits will have little or no effect on their interest in purchasing a home.
Nobody really knows what this market will do, but many feel that things are improving, and many more feel that the next 5 years will hold positive news for the real estate industry. I personally feel like we are on the edge of a much better market. I just think everyone is a little scared to say anything, lest we upset the balance.
4 Days Left to get Buyer’s Tax Credits! April 26, 2010
Attention buyers, you only have 4 days and about 10 hours left to get an offer accepted to take advantage of the tax credits!
If you get your offer accepted on Saturday, it is too late!
Also, just a word, if your REALTOR backdates a contract for you to get your offer accepted “on time”, that is FRAUD! Do not attempt to talk your agent into committing fraud, and don’t bother asking me.
Buyers who wait have a lot to lose! March 6, 2010
You know how I keep trying to tell you that NOW is the time to buy? I’m not making that up!
Buy now, and you can get tax credits! Up to $8,000 for first-time buyers, and $6,500 for people who have previously owned homes. Wait until after April 30th, and you will miss out.
Buy now, and you will have a LOW interest rate on your mortgage! Right now, interest rates are historically low. Mortgage interest rates are hovering right around 5% right now, and have been for some time. Soon that will change. The Federal Reseve has said that it will stop buying mortgage-backed securities at the end of March, and if that happens it will most likely cause rates to increase.
Buy now, and you will probably get a better price on the home you purchase. Accordin to the National Association of Realtors, 30% of markets are already experiencing price increases. Home prices in the Indianapolis Metropolitan area fell during every month in 2009, except December. In December, we saw something strange, prices went up. Just a little, but still, UP! You know what? The same thing happened in January. And February too. I’m seeing a trend here.
If you would like to discuss your options, give me a call.
Hendricks County January 2010 Statistics February 27, 2010
Curious about what the market is doing in Hendricks County? Here you go!
