Michelle Sells Indy

Your West Side Indianapolis Realtor

Buyers who wait have a lot to lose! March 6, 2010

Filed under: Buyers,Economy,House & Home — Michelle Morris @ 11:02 am
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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

Filed under: Avon,Brownsburg,Danville,Economy,Hendricks County,House & Home,Plainfield,Real Estate News — Michelle Morris @ 11:03 am
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Curious about what the market is doing in Hendricks County? Here you go!

Hendricks County Jan 10 Stats

 

Apartment hunting February 10, 2010

Filed under: Buyers,Economy,House & Home — Michelle Morris @ 11:02 am
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Josh Says: February 9, 2010 at 9:07 pm 

Hmm.. I sure would like to find an apartment for next school year.. I go to Butler. Any suggestions on how/where I could find one at a decent price ? Thanks!

Hi Josh!!

I wish I could be more help, but I am really in the business of helping buy and sell properties. People very rarely list rentals with realtors, although it does happen sometimes. I often get this question from people who are interested in renting a house. What tends to happen in this situation is that I go out to show a renter house after house, only to have them rent an apartment. If I do find them a house that is listed by a realtor, I stand to make about $50, after commission splits, and I can hope that when they are ready to buy a house they will call me.

Beacause of this, it really is best for renters to use tools like Craigslist, local newspaper classified ads, and websites that specifically advertise rentals. What other rental sites are available? Can anyone leave comments about that?

 

Want to win?? February 9, 2010

Filed under: Avon,Brownsburg,Building,Buyers,Danville,Economy,Events,Financing,Hendricks County,Homeowners,House & Home,Indianapolis,Plainfield,Random Fun Stuff,Real Estate News,Sellers — Michelle Morris @ 5:21 pm
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We all want to be winners. Here you go:

I am giving away a lottery ticket to the first 25 people who leave comments here on my blog. Extra special attention will go to people who leave a meangingful comment that actually spurs conversation

 

Thinking of moving UP to a higher payment? Test yourself to see if you can really afford it! February 5, 2010

Filed under: Buyers,Economy,Financing — Michelle Morris @ 10:02 pm
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Here’s a trick I just heard on HGTV:

If you are thinking of moving UP to a bigger house with a higher payment or moving from an apartment to a house, here’s a trick.

Let’s say you are paying $800 per month in rent. You want to buy a  house where your payment would total $1200 per month. Trick yourself by setting aside the difference ($400 per month) every month. By doing this, you will be able to “test” your finances to see if you can really afford the higher payment, AND you will be setting aside money towards your down payment!

Brilliant!

 

Chinese buyers may need bigger down payments January 15, 2010

Filed under: Buyers,Economy — Michelle Morris @ 11:09 am
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Chinese government officials announced on Sunday that buyers of second homes will be required to make a larger down payment. Buyers will need 40% of the purchase price, in an effort to keep real estate prices lower.

The State Council is taking the action in hopes to increase the supply of low-income housing and restrain property speculation. “With the recovery of the real-estate market, such problems as excessively rising house prices have recently emerged in some cities, which call for great attention,” officials said in a statement.

Source: MarketWatch (01/10/2010)

 

Buy a new Heating or Cooling system, get a rebate! January 12, 2010

Filed under: Economy,Homeowners,House & Home,Real Estate News — Michelle Morris @ 2:45 pm
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No, this isn’t just a sales pitch from the HVAC vendors, it’s true! If you buy a new, energy efficient furnace, air conditioner or ventillation system, you can get a rebate from the government. The rebate can be up to $1000, if you purchase a geothermal system. Then, you can also qualify for an additional property tax deduction as well!

The program is set to begin on February 1, 2010, and is part of the American Reinvestment and Recovery Act.

Many utility companies also offer rebates to customers who replace appliances with Energy-Star models, so that would be an additional bonus to you.

To get your rebate, you will need to have documentation of purchase and installation, and that it is actually an Energy Star rated product. You must purchase the product on Feb. 1 or later, as the program is not retroactive.

For more information, check out http://www.energystar.gov

 

Beware: A Loan Modification can effect your credit score January 7, 2010

Filed under: Economy,Financing,Real Estate News — Michelle Morris @ 2:17 pm
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Many people are facing tough times, and it is way better to try to get your home loan modified than to walk away or file bankruptcy or face foreclosure. You must be aware, however, that just like a foreclosure, modifying your loan can effect your credit score, but to a lesser degree.

When your lender begins a loan modification for you, they lower your payments for a trial period to 31% of your pre-tax income. During this period of time, they are checking to see if you will be able to meet the new obligations of your mortgage. During this trial period, borrowers who have never been late on a payment can expect to see their credit score drop by about 100 points. If you have been late before you enter into this trial, your score may drop even more.

BUT WAIT– there is good news:

Once the modification is approved, the borrowers’ mortgage credit status will be listed as current and that should improve their scores, the Mortgage Bankers Association explains.

The loan modification will appear on your credit score and have an adverse effect on your credit. It will stay on your report for 7 years, but still, a loan modification is way better than a foreclosure, and shows that you acted responsibly in dealing with the situation.

CNNMoney.com helped me with this article, thanks!!

 

Home Sales Increase in Indiana December 3, 2009

Filed under: Buyers,Economy,Real Estate News,Sellers — Michelle Morris @ 12:05 pm
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The Metropolitan Indianapolis Board of Realtors is reporting an increase in home sales from August through October, compared to the same period last year. MIBOR says the 2 percent hike is the first positive increase since it started tracking by rolling quarters in February 2008.

Courtesy of Inside Indiana Business News and MIBOR.

 

NAR Chief Economist predicts increase in home sales for 2010 November 17, 2009

Filed under: Economy,Homeowners,Real Estate News,Sellers — Michelle Morris @ 10:45 am
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“Home sales will increase 15 percent to about 5.7 million units and REALTOR® income will be up 20 percent in 2010, NAR Chief Economist Lawrence Yun told a packed room of REALTORS® today in a residential economic update at the 2009 NAR Conference & Expo”

Yun says that the First time home buyer tax credit helped bring a lot of new buyers into the market, which helped lower available inventory. A type of domino effect then occurred, when the sellers of those homes bought move-up homes. The increase in sales also helped to stabilize prices, and boosted confidence in the overall market.

This stabilization is set to continue into 2010 with the help of the extension and expansion of the tax credit. As more homes sell, the balance of supply and demand will begin to be restored. More sales will also help appraisers because there will be more comps to use in finding a value for a house, “Once appraisals improve, foreclosures will ease, blunting their drag on the market and making it less likely that Fannie Mae, Freddie Mac, and even FHA will need help from the taxpayer.”

Read the full REALTOR® Magazine article here.

 

 
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