Welcome to my blog.

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.

 

 

Sept. 21, 2021

Market week ending 9/18/2021

Some interesting changes are happening.  Overall listings went UP this week by 194 over last week.  That's a positive sign that more inventory is coming available.  

You can see the weekly progression here

Additionally the percentage of listings that are pending is declining.  Last week it was 83% pending.  This week it is 79%.

These two things may signal a start of a SELLER MARKET SOFTENING.

Again, here's my theory.  

Markets will start shifting to being more balanced when:

  1. Price trends stabilize.  

  2. Percentage of pending listings vs total listings decline.  

  3. Days on market on sold properties increases. 

  4. Percentage of sales price vs listing price declines. 

Don't be surprised if the "worm has started to turn".

If we can be of service to you, please don't hesitate to reach out.

Robert Haynes Managing BrokerRobert Haynes and Associates317-250-7213email

Sept. 11, 2021

Market week ending 9/11/2021

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!

 

My theory:

Markets will start shifting to being more balanced when:

  1. Price trends stabilize.  Average home price is $342k
  2. Percentage of pending listings vs total listings decline.  We are at 83%
  3. Days on market on sold properties increases.  We are at 11 DOM
  4. Percentage of sales price vs listing price declines.  We are at 102% right now.

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 
Managing Broker
Robert Haynes and Associates
317-250-7213
email

Posted in Market Trends
Sept. 7, 2021

SE Hamilton County Market Trends

This market is crazy right now!  It is truly a SELLERS MARKET!  We are having:

  • sales prices well above list price
  • as is purchase
  • escalation clauses...sometimes with NO CAP (!)
  • appraisal gaps
  • things normally conceded are not mentioned (seller paid closing costs, inspection responses, shared closing fees...)

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

Alan Greenspan quote: How do we know when irrational exuberance has unduly  escalated...

I've got some ideas on that.  I've developed some market analytics that should help see the trend subsiding.

  • Average price of listed houses stabilizes.
  • Average days on market increases.
  • Sales price/List price decreases.  Right now it's 102%
  • Average days on market increases.  Today we are at 11 DOM.
  • Percentage of total homes listed that are pending will go down.

I've selected some sample data that goes back to 1/1/21 plus the current market.  Specifically my market sampling is:

  • SE Hamilton County to include Fishers, Noblesville, Carmel and Westfield
  • Homes $200k-$600k.  This is the bulk of the homes sold in the area
  • I've removed the erroneous data that skews the sample (the unsellable home that is 550 days on market...)

Where's what I've found:

click to enlarge

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.

Robert Haynes
Managing Broker
rhaynes.realtor@gmail.com
317-250-7213

Posted in Market Trends
July 26, 2021

Latest Fishers $200-500k Market Report

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

Posted in Fishers
April 20, 2016

Nice work, Printastic!

ordered business cards from www.printastic.com.  They did a great job for me and it was fast, easy and inexpensive.  Absolutely will do again.  Good business tip!

Posted in Smart Selling
Aug. 13, 2015

Rent to own-Bad, Badder and worst idea

Rent to own:  Good idea or bad idea?

 

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:

  1.  credit or bankruptcy
  2.  lack of income
  3.  debt structure
  4.  stage of life (ie divorce)
  5.  instability of future
  6.  try before you buy
  7.  various

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:

  1. cash.  It's always king and talks the strongest!
  2. preapproved with no contingency (something has to happen for you to buy, ie sell your home)
  3. prequalified with no contingency
  4. preapproved with contingency
  5. prequalified with contingency
  6. no preapproval with no contingency
  7. no preapproval with contingency
  8. seller financed with down payment
  9. seller financed with no down payment
  10. rent to own/lease purchase

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. 

 

Robert Haynes

317-250-7213

www.homesaleindy.com

 

 

 

Posted in Home Buying
March 3, 2014

Uneven Recovery to Continue for 5 Years

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)

Feb. 20, 2014

Don't call the number on the sign...

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!  

Posted in Home Buying
Jan. 23, 2014

The Top 3 Home Seller Mistakes

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.

Posted in Smart Selling
Dec. 20, 2013

Luxury Homes in Fishers Indiana

Have you ever wondered what type of home you could purchase with $800,000 or more in Fishers, Indiana?  Well, we have all of the latest luxury homes in one place!


Check out these amazing homes!

Click the link above to see photos of a few awesome homes.  Enjoy!

Posted in Fishers