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My Real Estate Blog
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Our blog is now located at www.CaldwellHanna.com/blog
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I found this article on HouseLogic.com and wanted to share it with you. It has some interesting information about the housing market in general. If you have quesitons or need information about buying or selling, conact Annette or Rebekah at info@CaldwellHanna.com
Existing-Home Sales Slow in June but Remain Above Year-Ago LevelsJuly 22, 2010 WASHINGTON (July 22, 2010)With the scheduled closing deadline for the homebuyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®. Sales of existing single-family homes, townhomes, condominiums, and co-ops fell 5.1% in June, but were 9.8% higher than June of last year. The housing market showed uncharacteristic yet understandable swings as buyers responded to the tax credits, said NAR Chief Economist Lawrence Yun. June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months, he said. Broadly speaking, sales closed after the homebuyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels. Home prices up nationally The national median existing-home price was up 1% in June to $183,700. Distressed homes continued to have a big influence, accounting for 32% of sales last month. NAR President Vicki Cox Golder, owner of Vicki L. Cox&Associates in Tucson, Ariz., said softer home sales expected this summer dont tell the whole story. Despite these market swings, total annual home sales are rising above 2009 and were looking for overall gains again this year as well as in 2011, she said. Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties. Whos buying houses? First-time buyers purchased 43% of homes in June, down from 46% in May, according to data from another NAR survey. Investors accounted for 13% of sales in June, little changed from 14% in May. The remaining purchases were by repeat buyers. All-cash sales were at 24% in June compared with 25% in May. 9 months of inventory on the market Total housing inventory at the end of June rose 2.5% to 3.99 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May. The supply of homes on the market is higher than wed like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets, Yun said. Raw unsold inventory remains 12.7% below the record of 4.58 million in July 2008. Single-family home sales Single-family home sales fell 5.6% to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but are 8.5% above the 4.33 million pace in June 2009. The median existing single-family home price was $184,200 in June, up 1.3% from a year ago. Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. In addition, existing single-family home sales rose in 12 of the 19 areas from a year ago, while two were unchanged. Condo sales Existing condominium and co-op sales slipped 1.5% to a seasonally adjusted annual rate of 670,000 in June from 680,000 in May, but were 20.5% higher than the 556,000-unit pace in June 2009. The median existing condo price was $180,100 in June, 1.4% below a year ago. Regional home sales Regionally, existing-home sales in the Northeast rose 7.9% and were up 17.1% above June 2009. The median price in the Northeast was $244,300, down 1.2% from a year ago. Existing-home sales in the Midwest dropped 7.5%, but were 11.8% higher than a year ago. The median price in the Midwest was $155,900, down 0.1% from June 2009. In the South, existing-home sales fell 6.5%, but were 11.0% above June 2009. The median price in the South was $163,600, unchanged from a year ago. Existing-home sales in the West dropped 9.3%, but were 0.9% higher than a year ago. The median price in the West was $221,800, up 1.5% from June 2009. Source: NAR
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This article was forwarded to me by a friend. It came from Financial Edge by investopedia.com.
The proliferation of services that help home buyers and sellers complete their own real estate transactions is relatively recent, and it may have you wondering whether using a real estate agent is becoming a relic of a bygone era. While doing the work yourself can save you the significant commission rates many real estate agents command, for many, flying solo may not be the way to go and could end up being more costly than a realtor's commission in the long run. Buying or selling a home is a major financial (and emotional) undertaking. Find out why you shouldn't discard the notion of hiring an agent just yet. In Pictures: Financing For First-Time Homebuyers 1. Better Access/More Convenience
A real estate agent's full-time job is to act as a liaison between buyers and sellers. This means that he or she will have easy access to all other properties listed by other agents. Both the buyer's and seller's agent work full time as real estate agents and they know what needs to be done to get a deal together. For example, if you are looking to buy a home, a real estate agent will track down homes that meet your criteria, get in touch with sellers' agents and make appointments for you to view the homes. If you are buying on your own, you will have to play this telephone tag yourself. This may be especially difficult if you're shopping for homes that are for sale by owner. Similarly, if you are looking to sell your home yourself, you will have to solicit calls from interested parties, answer questions and make appointments. Keep in mind that potential buyers are likely to move on if you tend to be busy or don't respond quickly enough. Alternatively, you may find yourself making an appointment and rushing home, only to find that no one shows up. 2. Negotiating Is Tricky Business
Many people don't like the idea of doing a real estate deal through an agent and feel that direct negotiation between buyers and sellers is more transparent and allows the parties to better look after their own best interests. This is probably true assuming that both the buyer and seller in a given transaction are reasonable people who are able to get along. Unfortunately, this isn't always an easy relationship. What if you, as a buyer, like a home but despise its wood-paneled walls, shag carpet and lurid orange kitchen? If you are working with an agent, you can express your contempt for the current owner's decorating skills and rant about how much it'll cost you to upgrade the home without insulting the owner. For all you know, the owner's late mother may have lovingly chosen the dcor. Your real estate agent can convey your concerns to the sellers' agent. Acting as a messenger, the agent may be in a better position to negotiate a discount without ruffling the homeowner's feathers. A real estate agent can also play the bad guy in a transaction, preventing the bad blood between a buyer and seller that can kill a deal. Keep in mind that a seller can reject a potential buyer's offer for any reason including just because they hate his or her guts. An agent can help by speaking for you in tough transactions and smoothing things over to keep them from getting too personal. This can put you in a better position to get the house you want. The same is true for the seller, who can benefit from a hard-nosed real estate agent who will represent their interests without turning off potential buyers who want to niggle about the price. (In order to benefit from hiring an agent, you need to choose a good one. Read Finding A Good Real Estate Agent for more insight.) 3. Contracts Can Be Hard To Handle
If you decide to buy or sell a home, the offer to purchase contract is there to protect you and ensure that you are able to back out of the deal if certain conditions aren't met. For example, if you plan to buy a home with a mortgage but you fail to make financing one of the conditions of the sale - and you aren't approved for the mortgage - you can lose your deposit on the home and could even be sued by the seller for failing to fulfill your end of the contract. (Keep in mind that the details of any contract may vary based on state law.) An experienced real estate agent deals with the same contracts and conditions on a regular basis, and is familiar with which conditions should be used, when they can safely be removed and how to use the contract to protect you, whether you're buying or selling your home. 4. Real Estate Agents Can't Lie
Well, OK, actually they can. But because they are licensed professionals there are more repercussions if they do than for a private buyer or seller. If you are working with a licensed real estate agent under an agency agreement, (ie. a conventional, full-service commission agreement in which the agent agrees to represent you), your agent will be bound by common law (in most states) to a fiduciary relationship. In other words, the agent is bound by license law to act in their clients' best interest (not his or her own). In addition, most realtors rely on referrals and repeat business to build the kind of clientle base they'll need to survive in the business. This means that doing what's best for their clients should be as important to them as any individual sale. Finally, if you do find that your agent has gotten away with lying to you, you will have more avenues for recourse, such as through your agent's broker, professional association (such as the National Association Of Realtors) or possibly even in court if you can prove that your agent has failed to uphold his fiduciary duties. When a buyer and seller work together directly, they can (and should) seek legal counsel, but because each is expected to act in his or her best interest, there isn't much you can do if you find out later that you've been duped about multiple offers or the home's condition. And having a lawyer on retainer any time you want to talk about potentially buying or selling a house could cost far more than an agent's commissions by the time the transaction is complete. (This doesn't mean you can ditch hiring a lawyer altogether. Read Attention Home Buyers! Why You Need A Lawyer.) 5. Not Everyone Can Save Money
Many people eschew using a real estate agent to save money, but keep in mind that it is unlikely that both the buyer and seller will reap the benefits of not having to pay commissions. For example, if you are selling your home on your own, you will price it based on the sale prices of other comparable properties in your area. Many of these properties will be sold with the help of an agent. This means that the seller gets the keep the percentage of the home's sale price that might otherwise be paid to the real estate agent. However, buyers who are looking to purchase a home sold by owners may also believe they can save some money on the home by not having an agent involved. They might even expect it and make an offer accordingly. However, unless buyer and seller agree to split the savings, they can't both save the commission. The Bottom Line
While there are certainly people who are qualified to sell their own homes, taking a quick look at the long list of frequently asked questions on most for sale by owner websites suggests the process isn't as simple as many people assume. And when you get into a difficult situation, it can really pay to have a professional on your side.
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With summer comes more activity in the housing market more sellers listing&more buyers buying. RE/MAX agents have the power of the brand and prove to homebuyers and sellers every day that theyre the most productive in the business. View the 2010 RE/MAX vs. the Industry report to see how RE/MAX stacks up against the competition: http://bit.ly/topproducers
RE/MAX agents across the board do almost 2x the number of transaction sides compared to the next closest competitor. Check out the report and see for yourself : )
As of now, The Caldwell & Hanna Team leads Delaware County in volume sold for 2010. Call or e-mail us today if you need help buying or selling and put the best to work for you today!!
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The Broker/ Owner at RE/MAX in Anderson, Bill Carter, (a great resource) sent me an e-mail today with information regarding the assessment/ appeal process for property taxes in Indiana. It was great information so I thought I would pass it on to you : )
If you are concerned about your real property's assessed value, or the amount of your bill, here is important information that could be helpful to resolving any problems.
Property Assessment: What Hoosiers Need to Know About Appeals
Is your real property tax record card free of errors?
This record is available for review from your county assessor. If your card has errors, please notify the county assessor. You must also fill out Form 133 - "Petition for Correction of Errors.
Does your assessment accurately represent your real propertys value based on fair market value?
If you believe it does not, you have the right to initiate an appeal of the current years assessed valuation.
If you choose to appeal your assessment, you will need to take the following steps:
1. Initiate the appeal no later than 45 days after you receive notice of your tax bill (or a notice of assessment, if issued).
The appeal must be filed with the county assessor. You can do this simply by giving written notification to the county assessor. The law does not require a form to be completed to begin the appeal process. The notification should include the name of the taxpayer, the address and parcel or key number of the property, and the address and telephone number of the taxpayer.
2. State law does not require a taxpayer to submit an appraisal of the property in order to appeal their assessment.
Indiana law allows taxpayers to present several forms of evidence to make their case including a sale of the subject property, sales of comparable properties, listing prices, offers to purchase, or an appraisal prepared by a licensed appraiser. Information about acceptable evidence to support an appeal is available at http://www.in.gov/ibtr/2420.htm. If your assessed value increased more than 5% from the previous assessment date, the burden of proof rests with the local assessing official.
3. If you believe your real property assessment is incorrect and you file an appeal, you are not required to pay the full amount of your tax bill.
You are required to pay the taxes associated with the previous assessed value during the pending appeal with no penalty. (Example: Property assessed at $150,000 this year. You file an appeal contesting this assessment. Last year, your property was assessed at $100,000. You may pay the taxes associated with the assessed value of $100,000 during the pending appeal with no penalty.)
4. If the issue cannot be resolved with the township assessor within 120 days of filing the appeal, the Property Tax Assessment Board of Appeals (PT-BOA) must hold a hearing within 180 days of the initiation of the appeal (and issue a ruling within 120 days of the hearing).
5. If you are not satisfied with the board's decision (or if the hearing or ruling are not completed within the required number of days), you can appeal to the Indiana Board of Tax Review (317-232-3786 or www.in.gov/ibtr).
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If you are searching for a home, we can now offer you a great new tool! Now available on your Blackberry, i-Phone, Droid, or cell phone w/ an internet browser. To access the search tool, go to www.Remax-Indiana.com from your phone and start your search!!
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I get a lot of calls from clients asking me my opinion on remodeling projects. They want to know if they should update their home, perhaps the kitchen or bath, or just go ahead and list it on the market despite maybe needing some updates.
As far as across the board, there is no good answer (sorry if that is disappointing). Each situation is different and that is why having a Realtor is critical to successful selling in this market. The good news is that at the Caldwell&Hanna Team, we are blessed with having Annette Caldwell who has years of experience in staging and can take a look at your situation and tell you exactly what to do and not to do. If you are thinking about selling your home, call us at 212-2772. We would be happy to meet with you and let you know what you should and shouldn't do.
There are some general tips that you can apply, no matter your situation:
1. Declutter, declutter, declutter!! You are planning on moving, so pack up anything you aren't using. Pack up any excess items. The buyer needs to envision themselves in your home and if you have a lot of stuff everywhere, that is very difficult to do.
2. Clean. Buyers notice every little thing when they view your home. Make sure it is as clean as possible for all showings.
3. Get rid of odors. Make sure you have no offensive odors (dog, perfume, chemicals). Air your home out, if you can.
These three items are the foundation of success when it comes to selling your home. For additional tips, call us today!!
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It may be snowing outside but, the real estate market is heating back up! Sellers now is the time to get your home on the market. Buyers are out despite the snow and they are ready to buy. Many buyers are looking to take advantage of the first time homebuyers credit, as well as the low interest rates available. This week, our team has already sold 3 units! We can only anticipate it will pick up as the weather gets better. It only takes ONE buyer and you never know when that buyer is going to be out looking at houses. If you house isnt in the mls, there is a good chance the buyer will not look at. We would love to help you get your home sold. Together we sold more real estate in 2009 than any other team or agent, and we would love to sell YOUR home in 2010! Put our expertise to work for you- call The Caldwell&Hanna Team at 212-2772 or e-mail us at info@CaldwellHanna.com today! Buyers-now is truly the time to buy! Inventories are great right now. There are nice, updated homes in every price range and they are selling fast. Two out of the last 3 homes we have sold, sold within 1 week of being listed. YES, that is correct ONE WEEK OF BEING LISTED! These homes will never appear in Homes and Lifestyles Magazine, or on most websites, because they werent active listings long enough. You need to have a quality Realtor working on your behalf, sending you listings immediately as one that fits your criteria comes on the market. Put our experience to work for you. We will find the best property for you! Do not miss out on any more homes. Call us at 212-2772 or e-mail us today at info@CaldwellHanna.com and we will help you get started on your search! Whatever you do, DO NOT MISS OUT!!!
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The following information was compliments of Jill Haron - If you know anyone who is thinking about buying a home, all of these things point to the fact that the time to buy is NOW. Too much uncertainty and added cost in the future. Pass it on to anyone who might be interested.
If you need a great realtor, of course look no further than the Caldwell&Hanna Team - if you need a great lender call Jill Haron at First Republic Mortgage at 282-0507!
While I do not have for sure effective dates, the onetime MIP going to increase from 1.75% to 2.25% in the Spring, and it is 99% certain that the sellers contribution will be reduced from 6% to 3%. The other items mentioned in the email below would not pertain to us.
Also keep in mind that it is very likely we will see some more Underwriting changes to be announced in the 1st quarter as well---and as you know they are likely to tighten the screw as opposed to loosening it
So with this news and other known facts, we for sure have a great selling opportunity or in your Buyers eyes---a great buying opportunity as we know these things are going to happen:
1. Rates will go up----means a higher payment
2. The Tax Credit will likely go away----less cash to replace existing, less cash to work with on the new home or once gone they may have to buy a cheaper priced home
3. The UFMIP is going up, meaning you will borrow more and have a higher payment and some may not qualify with those changes alone
4. The borrower will have to have more cash to close once the Sellers contribution is reduced to 3%----which will either keep them from buying, make them buy less of a home or they may not qualify as they cant come up with additional funds beyond the down payment.
5. House prices will stabilize and start going back up sometime in the future---meaning less home than they can get today.
All in All, as each day goes by then buying a house is going to cost more in one form or another---so buy today and get a for certain package deal compared to the unknowns of tomorrow!
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As the new year begins, I wanted to let you know about a change that is coming to Delaware County. I have teamed up with another realtor in my office, Annette Caldwell. We are now going to be the Caldwell&Hanna Team at RE/Max. We have had over 15 combined years of Real Estate sales experience in Delaware County. We have teamed up to offer the people of Delaware County the best real estate experience possible and help you achieve optimum results, whether buying or selling. With the Caldwell&Hanna Team, you get: 1. 2 GREAT agents for the price of one! You get the experience, knowledge, and hard work from two agents, all for the same price as a typical agent working on their own. 2. Proven Results. Annette and Rebekah are in the top 10% of real estate agents in Delaware County and will put that experience and past success to work for you! 3. 15 years of combined Delaware County real estate sales experience. We are your selling resource and can get the job done for you! 4. Our quick response guarantee if you have a question, we have the answer! Call or e-mail us and we promise to return your call or e-mail as soon as possible, always the same day! 5. The only e-Pro in Delaware County! Rebekah is the only Realtor in Delaware County to receive the e-Pro designation from the National Association of Realtors. Being an e-Pro means that Rebekah is an expert at internet marketing. With over 85% of buyers starting on their home search on the internet, you get a Realtor that is specifically trained in marketing homes on the internet and is in touch with todays technology! 6. Staging expertise. Annette offers years of proven results in helping sellers stage and prepare their homes for sale. Annette is truly an expert and can tell you what you should and shouldnt do to help you get top dollar for your home. 7. Education. Annette, a BSU grad, and Rebekah, a Taylor University grad, continually advance their education by participating in real estate training both at the local and state level. We would love to meet you, so give us a call at 765-212-2772 or e-mail us at Info@CaldwellHanna.com and we can schedule a time to get together. We look forward to hearing from you! Annette Caldwell and Rebekah Hanna Real Estate Consultants, Caldwell&Hanna Team RE/Max Real Estate Groups
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Cell 765-760-4556
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