Let's Chat Indianapolis!: February 2009

The Academy Awards are tonight.  Have you had the opportunity to see the nominated movies?  If you're anything like us, you meant to go, but busy schedules and the cost of an evening out may have kept you from making it. 

Well, if you can free up time on your schedule, we can pass along some savings! Have you heard about the Kerasote Theaters Five Buck Club?  A friend recently told us about this great savings and we want to pass it along to you!  We just signed up and are excitedly awaiting our membership card and planning which movie we want to see first! 

So what exactly is the Five Buck Club and who can join?  Well, once a movie has been out for 2 weeks, sometimes a little longer, you can use your Five Buck Club card and get in anytime, for you guessed it, Five Bucks! No more hurrying to try to make the matinee showings!

Signing up is easy, just go to the Kerasote website, click on the Five Bucks Club, provide your contact information and they'll mail your Five Buck discount card.  Currently, four Kerasote Showplace theaters in Indianapolis are participating.  Illinois, Ohio, Colorado, California, Iowa, Minnesota, Missouri and Wisconsin also have participating locations.  Visit their website to see if there is a theater near you!

Maybe next year we'll have actually seen the movies and know who to cheer for!

It's not often that Indiana makes the national news, yet recently we've been getting a lot of attention -- and not for the right reasons!  Yes, it's been in the papers and on the news -- Elkhart Indiana has the highest unemployment rate in the Country.   Even President Obama visited the area to market his economic stimulus package. 

Well, here's some good news that you may have missed, Indiana also has the most affordable housing.  According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released Thursday, falling home prices have led to the most affordable housing market in at least five years and CNNMoney.com confirms:  

"Topping the list of most affordable U.S. metro areas, which ranks areas with more than 500,000 in population, was Indianapolis. This is the city's 14th consecutive quarter in first place; it boasts a full 93% of all homes sold being affordable to median family households."  (read more)

Sure, some industries are struggling and unfortunately jobs in areas like Elkhart may be shaky, but that is not the case across much of Indiana.   Many Hoosiers are in stable careers in cities with much lower unemployment rates.  For those, it may be an excellent time to take advantage of Indiana's affordable housing prices.  Rates are lower than we have seen in years, loans are available with as little as 3.5% down and if you're a first time buyer there is an excellent chance you qualify for the $8000 tax credit incentive.  Yes, you'll receive $8000 which is yours to keep unless you sell your home in the next 3 years.  This is an opportunity that requires serious consideration.

And not only are Indiana's housing prices affordable, our communities provide fantastic amenities to our residents.  Do you know that Fishers Indiana was recently named the 10th best place to live in the country!  Now that's more good news!

Is it the right time for you to buy?  Do you have questions about the Indianapolis area real estate market, mortgage rates, down payments or the $8000 tax credit? - Post them here and we'll respond!   

 

 by The Hoagland Team on Hoagland's Chat with Indy Blog   

 

Dear Real Estate Consultant,

I am currently renting a nice 2 bedroom apartment.  I keep hearing about low mortgage rates and depressed prices, I was just wondering -should I be considering buying a house?

The apartment costs $850 per month and that includes all utilities.  I know I should have renters insurance, but I haven't done that yet.  Of course, I would really like to get out of the apartment because my neighbors downstairs are loud, I have to carry groceries upstairs every time I go to the store, and I'm getting really sick and tired of parking my car outside.  Scraping windows is getting to be a drag.

What are your thoughts?

 

Dear sick and tired,

WHAT ARE YOU WAITING FOR?  Let's do the arithmetic.  You are spending over $10,000 every year to rent.  While you don't have yard work or other maintenance concerns, you also have the loud neighbors, stair climbing, and scraping of windows.

At today's interest rates, which by the way are near record lows, you could own your own home and not pay more than you are now.  Imagine turning up your stereo and not worrying about the neighbors!  Think about the convenience and security of your own garage. Wouldn't it be nice to paint, decorate or make improvements without checking with the landlord?  You could really make a house your home!

So how much home could you buy?  For about the same amount monthly you could purchase a $110,000 home in Indianapolis or the surrounding areas such as Greenwood.  That's a nice home with 3 bedrooms, an attached 2 car garage, and a yard!  Oh, and that doesn't include the benefit of a mortgage tax deduction or the $7500 tax credit that Washington is offering new home buyers on their Federal Tax Returns.  Visit our website for a payment and rent vs buy calculator for all the details.

Does that sound better than renting?  If so, give some thought to what color you want to paint the living room.  Now the choice is all yours!

by Steve and Tonda Hoagland of The Hoagland Team