My goal is to share real estate market news and information as it affects the greater Indianapolis area. My dominant area of expertise is the North East corridor. This includes Fishers, Noblesville, Carmel and Geist.
Not only will I bring local information to this blog but also information that affects the greater real estate market.
Enjoy, profit and be informed.
This data is specifically for SE Hamilton County $200-600k
The market continues to stay strong. Let me focus on two key indicators:
There are 740 CURRENT active listings in the dataset. Of which 616 or 83% are pending. This is up from 79% from last week.
This shows the total % of market from week to week. I will build this graph out each week to show the progression. Right now, the trend is staying strong so it is DEFINATELY staying a SELLERS market!
Markets will start shifting to being more balanced when:
Stay tuned. This will update weekly with the most thorough data analysis at the beginning of each month. Weekly I update the current (pending/active data). The sold data is updated monthly.
If we can be of service to you, please don't hesitate to reach out.
Robert Haynes and Associates
This market is crazy right now! It is truly a SELLERS MARKET! We are having:
At some point, the market WILL TURN! This is certain as death and taxes. The "feeding frenzy" will subside but when? As Alan Greenspan said
I've got some ideas on that. I've developed some market analytics that should help see the trend subsiding.
I've selected some sample data that goes back to 1/1/21 plus the current market. Specifically my market sampling is:
Where's what I've found:
Average 11 days on market. Yes there are lots of homes that sell in 24 hours. Remember this is a broader sample of over 3000 transactions since 1/1/2021.
The average sale price stays strong at $340k.
This one is REAL IMPORTANT and could indicate a shift. We peaked at 104% in June and are at 102% now. This means that the average home selling for $340k was listed at $333k and was sold $7k over list.
Lastly the Number of active homes in my sample is 740 of which 79% are ALREADY pending! I cannot pull historical info on this at is changes daily. I will, however, make sure that we record this weekly so we can spot trends.
I encourage you to subscribe to this blog. I'll update it most likely weekly.
Want a CUSTOM data search? Email, call or text me at 317-250-7213.
Here's the current listings for the data set.
Please let me know if my team can be of service to you.
The market continues to stay strong. It is clearly a a seller's market. If you're a buyer, expect a LOT of competition and challenges ahead of you. Offers are usually over list price, have an as-is addendum, appraisal gaps and even acceleration clauses. Honestly, if you're an FHA buyer with minimum down, it's gonna be difficult until this feeding frenzy settles down.
Sellers have unique challenges too. IF you want to get your highest dollar amount, we suggest doing the following:
1. do the simple fix up stuff needed
2. present your home well
3. price your home fairly
4. make your home easily accessible for showings
5. allow multiple days for showings with a common deadline response times
6. be realistic in your expectations (people are hungry for homes but that doesn't mean they are willing to pay stupid money for your home)
7. communicate well with your realtor
Here's the latest market report for Fishers with homes $200k-$500k. Your home may/may not fall in this category but it does give you an idea of the market.
We'd love to help you in you sell or purchase a home.
Call us 317-250-7213
Robert Haynes and Associates
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Personally, I think it's a bad idea. Really bad idea.
Note: I consider lease/purchase and rent to own the same thing. Although they are technically different, I put them in the same category. So if I refer to "rent to own", I'm implying both.
People want a rent to own situation because of several things:
While I don't discredit the validity of those arguments, I'm not a fan of rent to own or lease/purchase. Here's why:
When you rent to own, you put TOTAL CONTROL of the transaction into the seller's hands. The seller dictates to you all terms as to price, condition, interest (if applicable) and amount applied to purchase. You have ZERO control.
Let me back up...
When you BUY a home, you want to get the VERY best deal on a home that you can. ALWAYS think resale on the home you purchase. Always! Whether it's in 2 years, 10, 25 years or your estate, always think resale. If you enter the property at too high of a price, you will have extremely difficulty in recouping your investment or making money on the home.
The ability to execute on a purchase agreement translates to LEVERAGE. I would put leverage into these descending categories:
Early in my real estate experience, I tied to do rent to own transactions. NONE of them worked. It was frustrating for all parties...lots of disappointment and even anger.
As a realtor, I have a fiduciary responsibility to represent you well. This means I have to have your best interest at heart. I cannot in good conscience do the rent to own/lease purchase with that in mind. I simply don't do them.
So.... you might ask: "what do I go?"
Glad you asked!
Rent for a season and get your house in order. Pay off credit card debt, increase your income, live on a budget, clean up your credit report, SAVE MONEY, let life circumstance have a clear sense of direction and get ready to buy at sometime in the future. Budget as though you are a homeowner, not a renter. Get to the point that you can get PREAPPROVED for a mortgage.
Once that's done, THEN YOU HAVE LEVERAGE! Then we can go and ask for closing costs, ask for a better deal, negotiate for the best situation and you have some control. Remember on the rent to own/lease purchase, you are simply along for the ride for whatever the seller wants to do. You have NO CONTROL!
I hope this provides some insight into this issue. This is not a popular post with some...that's fine. The ones who really promote the rent to own are the ones who stand to profit the most.
Call me if you want to talk further.
The Demand Institute, a nonprofit think tank operated by The Conference Board and Nielsen, predicts an uneven recovery for the U.S. housing sector over the next five years. The study says it wont be until 2018 that the median price of single-family homes will be near the peak reached in 2006, before the housing crisis began. But some states will get there faster than others.
The study showed that among the 50 largest metros where housing prices are expected to appreciate between 2012 and 2018, the top five metros (Memphis, Tampa, Jacksonville, Milwaukee, and St. Louis) will see increases averaging 32 percent. The five cities projected to have the lowest price appreciation (Washington, D.C., Oklahoma City, Denver, Minneapolis, and Phoenix) will see gains of around 11 percent.
"The strength of the local housing market is among the most telling metrics that helps us assess community health and well-being," says Louise Keely, chief research officer at the Demand Institute and co-author of the report. Researchers analyzed 2,200 cities and towns in the U.S. and conducted interviews with 10,000 consumers for the report.
The report notes that the double-digit price increases of the last two years were largely driven by investors buying up distressed homes to meet rising rental demands. But the report notes that the main driver of housing demand for the next five years will be the formation of new households, particularly as the economy strengthens and employment rises.
Source: “U.S. Housing Recovery Uneven Across Markets, Study Finds,” Reuters (Feb. 26, 2014)
So, you are in the market for a new home? Great! You've set aside some time to take a nice drive to look at homes. On your drive you find a home that appears to be the type you are looking for. You make a call to the agent listed on the sign. Big mistake. See, here's the deal. When an agent lists a home for a seller, he charges that seller a fee (commission). Normally, when another agent brings a buyer to the home, that fee will be evenly split between the listing agent and the buyer's agent. However, if the listing agent is working with both the buyer and the seller he will get to keep the entire fee. A good payday for him, but no representation for you.
Buying a home is probably the biggest financial transaction you will go through. You should have someone on your team to represent your best interests and make sure you are getting a great deal. This team member is what we call a "buyer's agent". The good news? They don't cost you a dime! As our example above shows, the buyer's agent will be paid by the listing agent.
Now, I can hear you saying, "well the buyer's agent isn't really looking out for me, he just wants me to find a home quickly so he can get paid." Sure, there are plenty of agents out there who feel this way. You should not work with them, and if you are, you should fire them. Wait...what? That's right, fire them. Do not work with an agent who doesn't have your best interest at heart. You should have full confidence in your agent, so that when he says to walk away from a house, you run and don't look back.
Make your home search a fun and successful one. Call around to various offices. Ask your friends and neighbors for referrals. Bottom line, find an agent you want to work with and that will be a great member on your home buying team!
ActiveRain.com recently polled over 1,000 real estate agents to find out what they thought were the biggest mistakes being made by home sellers. Check out the results below and let us help you minimize these mistakes when you go to sell your home!
Data provided by ActiveRain.com. ActiveRain is an online community of real estate professionals who exchange best practices, write real estate blogs, and get free education from the industry and their peers.
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