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The Settles Report

reportEvery week we pull information for the Central Indiana real estate market and look at the last week’s market condition for central Indiana. To simplify the process we are pulling the information for three counties that are part of the Central Indiana real estate market.

We used Marion, Hamilton and Johnson County for our report that is for 07/14 – 07/21/2014.

That week Marion County had 361 new listings with an average list price of $132,731. Hamilton County had 349 new listings with an average list price of $237,182 and Johnson County had 85 new listings that were made available with an average list price of $184,623.

Clay Township, within Hamilton County, had the most listings that were made available with 54. Taylor Township was not far behind with 35 new listings. In Johnson County Pleasant Township had the most new listings with 34. Right behind is White River township area with 31. Marion County had the most new listings in the Washington Township area with 61 and right behind it was Warren Township with 54.

During that same week Hamilton County had 125 properties where the sale is now pending (in escrow). Johnson County had 42 properties that the sale is now pending (in escrow) and Marion County had during the same week 229 properties that have a pending sale offer (in escrow).

Marion County during that same week had the most closings with 281. The average sold price for Marion County was $113, 645 for that week and the average marketing time was 85 days. Johnson County had 63 properties that closed during that week and the average sold price at that time was $191,972 with an average of 81 days of marketing time. Hamilton County had the fasted marketing time of 45 days with an average sold price of $236,427 during that week.

When you are looking for a real estate firm who understands their clients and the market, contact the Settles Team. We are here to assist our clients in fulfilling their real estate dream.

Facing the financial aftermath of a divorce, Part 1

No matter how you twist and turn it, starting over after a divorce is not easy. Not only will be the assets divided but also the liabilities most of the time. Many times, it will hit a woman much harder than a man. Traditionally the man is the one who holds all the credit because traditionally they are the “bread winners” of the household. This does not hold true 100% of the time but it is close to 95% of the time.

Continue reading Facing the financial aftermath of a divorce, Part 1

DON’T BECOME A VICTIM AFTER A STORM

Many here in the United State have received a beating by mother nature at some time or other. Some in the path of straight line winds, others tornadoes, and some face flooding.

Let me throw out a warning.

After every storm there will be “handyman storm chasers” who knock on your door. Many are not licensed, bonded, and insured in your state. Be aware of these scammers. They are out to take your money leaving you high and dry.

Some of the possible red flags that a contractor is not a reputable contractor are

  • Driving a truck with an out of state license
  • Cannot give local referrals to call
  • “forgot” their contractors licenses at home

Some questions you should ask for are:

  • How long have you been in business?
  • Please provide me proof of insurance, bonding, and contractors licenses
  • Please give me 72 hours to go over your written contract with my adviser

Don’t do anything verbally or through a handshake. Put EVERYTHING in writing!

The best way to find a reputable contractor contract

All of them are glad to help out.

Why is my house not selling?

Have you ever driven though a neighborhood and noticed For Sale signs coming and going but there is that one house that has not sold and it is still sitting there waiting for a buyer?

I spoke to a friend of mine the other day who actually sold his home as a for-sale by-owner and he had his house sold within 4 days. His neighbor’s house has been on the market already for several months.

Most the time you hear agents speak about location, location, location.

Many times you cannot control the location of your home unless you are willing to pick it up and move it. With trending neighborhoods, a good location might turn into an undesirable location and an undesirable location may turn into the new hot spot. Location is one of those things you cannot control so focus on the things you can control.

cleaningWhat is under your control?

  • Cleanliness of the inside and outside
  • Yard maintenance
  • Property maintenance
  • Interior decoration

Have your ever gone to the grocery store with the intention of picking up only one item and discover when returning to your car you had many items, but not the one you wanted? Think of your home like that grocery store. It is up to you and you’re listing agent to spark the interest of a potential buyer to as many characteristics of your house as possible.

G&G Custom HomesIn a store, the end caps at the end of each isle have a specific purpose and your end cap is the exterior of your home. The purpose for the end cap, and your exterior of your house, is to entice the buyer to take a look inside. The stores use high profit items to lure you to the end cap and all of the sudden you are inside the isle and see other things you think you would like to have.

Each item in each isle is strategically placed on the shelves. Have you ever noticed the more reasonable priced items are on the bottom shelve and the more lucrative items are right at eye height? Your isle is the interior of the house. So let’s put the more “reasonable priced” items like personal pictures, trophies and additional clutter on the very bottom of the shelve (storage) and put the more buyer appealing items at eye height. And remember, sometimes less is more.

lightThe next time you go grocery shopping check out the lighting in the store. Have you ever noticed that the store has different types of lighting? Some areas have a more cool looking lighting and others have brighter lighting. Now translate this to your house you want to sell. The more inviting the lighting is in your house the more appealing it looks to the buyer.

Keep this in mind! Think of your home like that of a grocery store. It is up to you and you’re listing agent to entice the buyer to make them shop.

When you have any questions, or would like to have the Settles Team help you make your home look more appealing to a buyer, contact the Settles Team.

Settles Report

To make things simpler we are focusing only on three Counties that make up the central Indiana BLC for our report for the time between July the 7th and July the 13th. When you are looking for information on additional counties that are part of the Central Indiana MLS contact the Settles Team.

Marion County had the most properties listed during that week totaling 404. Hamilton County had 203 properties that where made available for sale and Johnson County had 70 properties that were made available to the public.

For Marion County Indiana, Washington township was the area where most of the homes where made available for sale with 67 new listings. Lawrence Township was not far behind with 62 new available properties. Average list price for Washington Township was $245,488 and the average for Lawrence Township was $205,026.

In Marion County 185 Properties had an accepted offer (in escrow) and 230 closed during that same time. Washington Township had the most closings totaling 41 with an average sold price of $223,859. That was about 5.5% below the asking price.

Lawrence and Perry Townships both had 30 closings each week. Perry Township had an average day on the market of 66 days and Lawrence Township had an average of 62 days on the market. The average sales price for Lawrence Township was $184,741 which was 2% below the original asking price and Perry Township had an average sold price of $116,282 which was 4% below the original asking price.

Johnson county Indiana also had a busy week. Not as busy as Marion county, but Johnson County was not sitting still. White River Township was the listing leader with 27 new available properties and Pleasant Township was not that far behind with 21. The average list price for White River Township was $249,248 and Pleasant Township was $164,333.

37 properties in Johnson County had an accepted (in escrow) offer and 45 closings occurred that same week. Pleasant Township had the most closings totaling 20, and White River Township during that same week had 14 closings. Pleasant Township had an average sales price of $120,696 which was 3% below the original asking price and White River Township had an average sold price of $260,316 which was 6% below the original asking price during the same time.

Hamilton County Indiana had not been lazy during that week. Clay Township had the most listings that were made available during that week totaling 58, and with 46, Fall Creek Township was right up there as well. The average list price for the Clay Township was $390,620 and Fall Creek Township was $ 315,685.

111 properties in Hamilton County had an accepted (in escrow) offer and 140 closings during the same week. Clay Township had the most closings totaling 38, and Fall Creek Township during that same week had 28 closings. Clay Township had an average sales price of $379,146 which was 4% below the original asking price and White River Township had an average sold price of $260,316 which was 2% below the original asking price during the same time.

Settles Report

For this report we looked at the active, pending (in escrow), and sold stats for Marion, Johnson, and Hamilton Counties for the week of June 30th to July the 6th.

stats_1Marion County was the county having the most properties offered for sale during that week. There were 389 properties listed with an average list price of $129,680. Washington and Lawrence Townships were the leading townships with 62 new listings each. The average list prices for Washington and Lawrence Townships were $218,531 and $213,983 respectively. During that same week, the entire county had 189 properties having an accepted offer (pending sale, in escrow) with an average 67 days of time on the market. 335 other listings closed that week.

Hamilton County had 176 homes entering the market that week. The average list price for Hamilton County was $299,368. Clay Township had the most properties offered for sale through the local BLC. The average list price for Clay Township that week is $322,314. Clay Township led the county with 44 new listings. Noblesville followed with 41 new listings. The average list price for Noblesville was $289,037. During this time Hamilton County had accepted offers on 100 properties (pending sale, in escrow) with an average marketing time of 66 days. 194 made it to the closing table.

Johnson County had 67 new properties entering the market through the local Central Indiana BLC. The average list price during this time was $231,843. Pleasant Township had the most new listings with 25 and White River Township is following with 22 new listings. Pleasant townships average list price that week was $124,680 and White River Township was $263,185. Johnson County had 38 accepted offers (pending sale, in escrow) after 105 days of marketing. 58 properties closed during that week.

For more detailed information on sales within your area contact the Settle Team for more information.

FHA flipping rule waiver still in affect


I am finding a lot of confusion and different interpretations when it comes to flipping homes using HUD/FHA loans. The last time I heard and read on the Federal Registrar website, was that HUD still has a waiver in place until the end of December 2014 that is applicable to all single family properties being resold after the 90-day holding period after acquisition.

There are some stipulations that are still in place even with the flipping rule waiver.

  • The property was openly marketed and was available for any type of buyer.
  • The property was not repeatedly flipped over the last 12 months
  • The transition needs to be an arms-lengths transition.

When a property is marketed for more than 20% of the current sellers purchase price there will be additional stipulations before the property can close with an FHA loan.

  • Property will need a second appraisal and the buyer is not allowed to pay for the additional appraisal. It has to be paid for by the investor.
  • Investor has to justify and prove the value of the increase in pricing by the additional appraisal and supporting documents.
  • An FHA approved inspector has to inspect the property and any needed repairs or updates need to be completed prior to closing by the investor and those repairs have to satisfy the FHA inspector.

From what I can see on my end, you still can flip a property within the 90 day period and have a FHA buyer. Just when the property is priced 20% above your original purchase price you have to jump though some extra hoops to get the property approved for the FHA.

Attached is the FHA flipping waiver ruling for your review.

When you have any questions about this or any additional Real Estate questions, feel free to contact the Settles Team.

 

BUYERS, HOW TO GET THE DEAL DONE

As I was reviewing my email I  ran across a blog that caught my attention. The topic was about buyers on how they can and sometimes do ruin their own real estate deals. As I read through the blog I remembered some of my buyer clients that almost did just that.

Even before most buyers are contacting an agent to help them buy a home, they try to educate themselves via the internet but sometimes forget the basic first step to get started. The mortgage pre-qualification.

will it be enough?Not knowing what they can afford in the beginning they begin looking at homes online that are priced higher than their financial ability and sooner or later they become disappointed when they discover they cannot have the home of their dreams. With so many homes now listed as a short sale and REO’s (bank owned), a pre- approval is a must to submit an offer.

With the market as it is today some want to buy a castle for the price of a shack and try to low-ball an already lower than market value home. They will have their offer either not countered or not accepted. When they find what they are looking for and do not make an offer because they think they can get a better deal with the next house, house hunting now turns into a marathon and not a sprint. Eventually they will find themselves under the gun, having to move and just buy anything, just to be buying something. Many times this might lead to a never ending money pit of repairs and updates. Then there are the ones who expect an undervalued home to have absolutely no issues and expect it to be in move in condition. They are surprised that the carpet is not clean, not their color choice, that some of the appliances are missing, some drywall has to be repaired, or maybe that the roof needs replacing within less than a year.

So how to avoid all of the heartaches:

  • Let’s get pre-approved! Know what you can truly afford and what you might have to bring to the table at the time of closing. Please do not confuse this with pre-qualification.
  • Make a list of what you are looking for in a house. What is most important and what can you live without when it comes down to it.
  • What commute are you willing to have? Are you wanting to move to a rural area or are you a city dweller?
  • Are you willing to do some repairs? And how much? Or do you want a move-in home.

These are all decisions that should be made before you start looking for your home. The hunt will go a lot faster and smother.

US top 10 States individuals move to and away from on 2013

suitecaseAt the beginning of January Atlas Van lines published the top 10 states people move to and the top 10 states people move away from in 2013.

Based on their records for 2013 the top 10 states individuals have moved to are:

  1. Oregon
  2. South Carolina
  3. North Carolina
  4. District of Columbia
  5. South Dakota
  6. Nevada
  7. Texas
  8. Colorado

The top 10 states individuals moved away from are:

  1. New Jersey
  2. Illinois
  3. New York
  4. West Virginia
  5. Connecticut
  6. Utah
  7. Kentucky
  8. Massachusetts
  9. New Mexico

Some states had a balance between the individuals who moved away and into their state. Nebraska, Tennessee, Iowa, Alabama, Louisiana, Michigan, and Indiana are on that list.

VA Housing Grants for Disabled Veterans

free patriotic eagle clipartVA offers two grant programs to service members and Veterans with disabilities.

One of the grant programs is the Specially Adapted Housing (SAH) grant and the other the Special Housing Adaptation (SHA) grant.

The grants can be used to either purchase or build a new home or change and modify the current home to accommodate the disability.

Certain eligibility criteria’s exists to be able to qualify for the grants. Some examples are certain severe burns, blindness, loss of use of arm or leg.

To find out more about the grants, how to apply and who qualifies go to the VA Adapted Housing page on the VA website.