New Guidelines for Short Sales December 4, 2009

The US Treasury Dept. has recently released new guidlelines intended to make short sales go more smoothly. Short Sales are widely becoming known as very difficult and frustrating transactions. I hope that these new guidelines help!

The new rules help dictate who can qualify for a Short Sale. It must be your primary residence, you must be delinquent on your mortgage or close to defaulting, the loan has to have been made before January 1, 2009 and for less than $729,750, and your mortgage payment must be more than 31% of your pre-tax income.

If you do qualify, the government is willing to reward you for going through the process instead of just walking away from your home– to the tune of $1500. Mortgage servicing companies will get $1000 for completing a short sale, and second lien holders will receive up to $3000 for releasing the liens.

More info here, from Realtor Magazine.

Home Sales Increase in Indiana December 3, 2009

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

“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.

Top 10 Reasons to list NOW during the Holiday Season November 15, 2009

Many people think that November and December are bad times to list their house, but I have a few reasons why NOW might be the right time for you.

1. There is less competition for buyers
2. If buyers are out looking at houses in the snow, they’re probably more serious!
3. Holiday Decorations make your house look even prettier than normal
4. People really will understand if you need to turn down a showing because of a family event
5. Buyers are on vacation and kids are out of school, so they have more time to look at homes
6. Many businesses transfer their employees during January, and you need to be on the market to capture those buyers.
7. You may have fewer showings, therefore less inconvenience to you, BUT keep in mind, those coming to see the house are more likely serious about buying
8. Interest rates are at an all-time low
9. Your house is already clean because of family gatherings
10. Consumer confidence is on the rise
11. You can use ME as your Realtor!! Call me today to ask me about my marketing plan.

Indianapolis Suburbs- Zionsville November 14, 2009

Zionsville is located just NorthWest of Indianapolis, just north of the 465 loop. Easy access to I-65 and the 465 loop and a commute time to downtown of about 20 minutes makes Zionsville a popular location. People like to use words like cozy, artsy and unique when talking about this suburb of Indy in Boone County.

Town of Zionsville Website

BusinessWeek rated Zionsville as Indiana’s ‘Best Affordable Suburb’ in 2009.

As of today, there are 295 Active listings in Zionsville according to MIBOR. The homes range in price from $124,900 for a 1,008 SqFt ranch built in 1970 to a $5,897,000 gated estate on 48 acres.

If you live in Zionsville, please add your comments! If you have any questions about the area, I would be happy to answer them!

Pending home sales up nationally, 8 months in a row! November 13, 2009

Great news! Read the full article and see the video here at Realtor.org

Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors®.

Homeowners facing Foreclosure might be able to Lease their homes back November 12, 2009

Fannie Mae has introduced a new program called Deed-for-Lease™ (D4L). The Deed-for-Lease Program allows homeowners who are facing foreclosure a way to stay in their homes as renters instead of losing the home completely.

The Program allows qualified borrowers to transer the property back to Fannie Mae through a deed-in-lieu of foreclosure (DIL) and then stay in their home as tenents. Borrowers facing the fear that they can’t pay their mortgage need to get in contact with their lender and ask if they qualify for this program. If they determine that you qualify, you must be able to pay a fair market rent, not to exceed 31% of your monthly gross income.

For more information, click here to visit Fannie Mae’s official site.

The Importance of an Internet Presence… November 3, 2009

Just one more reason why it is so important that your home is listed with a company and an agent that understands the importance of the internet, and will get your house listed on every site she can!

Home Buyers and Sellers Stat
Locally, 29 percent of home buyers first learn about the home they purchase from a real estate professional; 33 percent first learn about the home they purchase through the Internet. This data is a finding of the 2008 Central Indiana Profile of Buyers and Sellers commissioned by MIBOR.

House Leader says tax credit is a go November 3, 2009

Late last week we learned that the Senate had ok’d a bill that would extend and expand the $8000 home buyer tax credit. Today we are hearing reports that the House is also expected to support this legislation.

Read my previous post about the Senate proposal here.

For more info on the House decision, click here.

You are invited! November 3, 2009

Join me at my office tomorrow, November 4th from 4-7pm as we formally welcome our new manager, Dave Danz!

• Carpenter Avon East Office Open House
• November 4
• 4-7pm
• 10332 East US 36, Avon (Behind Best Buy)

We will be serving snacks and having a great time, please stop by to say hello!