Let's Chat Indianapolis!: Indiana

Where are Mortgage Rates Going in 2010?

It's one of the most frequently asked questions and also one of the most difficult to answer.  Many experts are saying they anticipate rates to go up because the Governement is expected to stop pumping money into Mortgage Backed Securities -- But it's a complicated subject and even the "experts" don't see eye to eye.

We found a great video that explains what Mortgage Backed Securities are and how they effect the rates.  It's the easiest to understand explanation we've found.    Draw your own conclusions!

The Indianapolis Cultural Trail is an urban bike and pedestrian trail that connects downtown neighborhoods, cultural districts and entertainment venues.  The grant will be used to complete the project which was started in 2007.

If you visit downtown for the occasional shopping, dinner, show or sporting event, you've probably noticed signs labeling the five different cultural districts all connected by the Cultural Trail:  Fountain Square, Indiana Avenue, Mass Ave, The Canal& White River State Park, and the Wholesale District. The trail will also connect with the Monon Trail, allowing visitors easy access to Broad Ripple Village from downtown. 

In addition to the Cultural Trail enhancing the lives of Indianapolis residents and visitors, the grant will also bring jobs and stimulate downtown businesses.  We can't wait for a warm day to check out what has already been completed and are excited about the finished product, which is scheduled to be finished in time for our hosting of the Super Bowl!

Watch this video to learn more about your Indianapolis Cultural Trail -- what's already completed, what's to come and how it will enhance your future downtown experience!

Indianapolis Cultural Trail from Gail Payne on Vimeo.

Would You like to live in downtown Indy?  Click on any of these properties for more details or to see many more downtown options

Real Estate Scams are Alive and Well -- Right Here in Indianapolis!

So I'm sitting at my desk on a rather slow Real Estate day......and the telephone rings!  An opportunity!  Happy days are here again!  Tiny Tim is saved!

But...what's that?  Do I have a home for sale in Hill Valley?  Yes!  (Everyone in the office is cheering!  They are breaking out the bubbly!)

Oh, Hill Valley you say?  (dejected)  ... actually that home sold a couple of weeks ago, but I have some other great options that might interest you (hopeful)!

That's when the call took an odd turn.  (Cue the creepy music)

Caller:  Is the home for rent?   

Me:  Well, no.  It's never been for rent, only for sale.

Caller:  Who is the owner? 

Me:  Well, he's no longer alive.  This was an estate sale.

Caller:  OH NO......!!!!!!

Turns out the caller had found a "great" rental listing on Craigslist  -- which just happened to be the same home we had recently sold in Hill Vally.   The "landlord" had borrowed our photography, our description, every detail from our Craigslist advertisement to create his rental property listing. (Just send us the first month's rent and a security deposit and the home is yours to enjoy!)

The caller, well intentioned as she was, gave out her personal information to this "landlord" so that she could rent the home.  Somebody call the identity theft police!  She had just been scammed.  There was no rental property - only an electronic description of a rental property.  It still astounds me that anyone would give out personal information to a stranger over the phone (it was even an over seas phone number) and agree to rent a property without ever meeting the owner or visiting the home.  Thankfully, she hadn't sent a deposit. 

We still use Craigslist, but now we also set up google alerts for every listing address.  If a scammer uses one of our listings to run his fraud we'll know about it! 

How Embarrassing!  Our Own Son Didn't Know -- The $8000 Tax Credit is Real Money in Your Pocket!

Last night Steve and I joined our son and his girlfriend for dinner.  I happened to ask him if he had finished preparing his income taxes and taken advantage of the tax deduction being offered for the sales tax he paid on his new car.  He said yes, and mentioned that it was worth a couple of hundred dollars to him. 

One thing led to another and the conversation turned to the First Time Home Buyer Tax Credit.  Being 26, he's interested in the idea of buying -- but not quite ready for home ownership.  We chatted about how we're surprised more buyers aren't taking advantage of the $8000 tax credit -- I mean, people are missing the opportunity to receive $8000 from Uncle Sam.  Our son said -- "you mean they actually get a check for $8000?"  -- "you mean it's not just subtracted from future taxes?"  -- "you mean they don't just get a certain percentage of it -- like a deduction?"  NO!!!!!!! Then, for the icing on the cake -- he actually said "you really need to let people know about this"!

Since January 2009 when the First Time Home Buyer Tax Credit was first announced -- it seems like that's all we've talked about.  I mean, how can anyone not know?   Well, this was a wake up call to us, that yes, there are still First Time Buyers out there who don't understand how this thing works.  So at the risk of sounding like a broken record.....we've got to keep talking about it!  After all, it ends in 84 days!

Visit this blog for details:  New Expanded Tax Credit Helps Indiana Move Up Buyers

Originally posted by Steve & Tonda Hoagland at www.IndyChats.com 

Super Bowl Excitement in Indianapolis - GO COLTS!

Yes, world, we are excited.  We are hopeful.  We are confident!

It’s that time when the entire Colts Nation holds its collective breath and prays for just… one…more… victory.  Super Bowl parties are being planned in homes and offices far and wide.  In fact, we just got back from our Greenwood Keller Williams office tailgate luncheon where even the hallway was converted into a mini football field complete with blue walls and a field goal kicking competition! 

Discussions around the water cooler are about Dwight Freeney’s ankle, Bob Sanders future, and contract negotiations for Peyton’s new deal.  Much is being said about the Saints…usually with a bit of anxiety mixed into the details.  Purdue fans are gloating over the collegiate background of Drew Brees, yet most are hopeful that he will be intercepted early and often!  

This year has been a blast, but we have to say that Indianapolis has been the "Perfect Place" for football fans ever since #18 arrived.  (And yes, that is a shameless plug for our website!)  As Carly Simon sang…these are the good old days! 

Although most of us won't be in sunny Miami on Sunday, (we're supposed to get 6 inches of snow today), our hearts will be warm as we gather around our televisions with family and friends --  and we won't just be waiting with anticipation for the clever new commercials -- we'll be watching the game and cheering on our Colts!

We love our Colts and wish them success once again in sunny Miami!

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Homes for Sale in Indianapolis - Just Sold:  7240 Griffith Road, Indianapolis, IN  46227

Closed 1/28/2010, List Price $114,000, Purchase Price $111,500  

Three bright, spacious bedrooms with extra large closets and beautiful hardwood floors.  Lovely updated kitchen featured  42’ solid wood cabinets --- lots of storage space! 

Newer appliances were included — even the washer, dryer and water softener were included! Large, cheery living room featured an oversized window that flooded the space with natural light, plus the inviting 23x10 screened-in patio.  This home included a new furnace (fall of 2009), spacious laundry room, 1276 total sq ft, 10 x 8 mini-barn, and a 0.38 acre lot with updated landscaping and mature trees.  It is connected to city water and sewers, and has very low property taxes! Great location too —  convenient to shopping & entertainment.

Call for other similar properties which are still available or click on the "Find the Perfect Place for You" button below to search for other homes!

Your Center Grove Neighborhood Market Report

January/February 2010 - published 1/26/2010
Compliments of Steve & Tonda Hoagland - The Hoagland Group at Keller Williams Realty

The number one question we receive from our friends and neighbors is…..”What’s the market like in my neighborhood”?  So we decided to publish this report each month to answer that very question!   You can also find this and other more detailed reports online at, www.PerfectPlaceForYou.com. Don’t see your neighborhood?  Give us a call and we’ll send you market information for your specific area!  

…Or here’s another easy way to stay informed -- 

Have you noticed a For Sale sign in the neighbor’s yard and wondered about the price and amenities compared to your home?  Sign up for a Neighborhood e-mail watch to receive e-mail notifications about all homes for sale in your neighborhood as soon as they come on the market. 

To sign up, simply give us a call or send an email with the name of your neighborhood in the subject line.  That’s all there is to it -- you’ll start receiving automated updates about the real estate activity in your specific neighborhood!

Historical Activity for Central Indiana:
This includes activity for the past 12 months in the 13 central Indiana counties serviced by MIBOR.  Data is from MIBOR’s just published statistics, ending Dec 31, 2009.

Homes Sold in Central Indiana – January 1, 2009 – December 31, 2009

Number of homes sold:  24,928 (down 4% compared to the same period in 2008)

Average Sales Price:  $137,845 (down 3% from 2008)

Foreclosures:  15% of homes listed (down 2% over 2008) and 28% of homes sold (0% change over 2008)

Homes Sold in Johnson County – January 1, 2009 – December 31, 2009

Number of homes sold:  1,927 (up 5% compared to the same period in 2008)

Average Sales Price:  $140,525 (down 2% from 2008)

Current Number of Months of Supply:  6.7 (down from 8.4 in 2008)  This number rises quickly as sales prices increase.   For instance in central Indiana, the supply for homes priced $175K-250K is 9.5months, $350-500K is 18.6 and those priced $750K-1mil is 36.8.

White River Township - Center Grove: 

As of January 26, 2010 there are currently 363 single family homes for sale in White River Twp ranging in price from $54,900 to $2.9 million.  38 homes are currently pended (under contract awaiting closing) and 539 homes sold in the past 12 months compared to 543 in the previous 12 month period.

Your Local Neighborhoods:
As of January 26, 2010

Homes for sale in Auburn Trace:

Active Listings:   4 - Ave List Price $398,425
Pended:  0 - List Price $
Sold in last 12 months:  0 – Ave List Price $, Ave Sale Price $
Sold in previous 12 month period:   4 – Ave List Price $382,175, Ave Sale Price $354,750

Homes for sale in Berkshire:

Active Listings:  1 - Ave List Price $235,000
Pended:   0 - List Price $
Sold in last 12 months:  6 – Ave List Price $212,408, Ave Sale Price $203,137
Sold in previous 12 month period:  1 – Ave List Price $249,500, Ave Sale Price $238,000

Homes for sale in Brentridge:

Active Listings:   4 - Ave List Price $391,050
Pended:  2 - Ave List Price $419,000
Sold in last 12 months:   4 – Ave List Price $358,450, Ave Sale Price $330,350
Sold in previous 12 month period:   9 – Ave List Price $327,922, Ave Sale Price $312,767

Homes for sale in Brentwood:

Active Listings:  7 - Ave List Price $161,514
Pended:   0 - List Price $
Sold in last 12 months:   10 – Ave List Price $149,880, Ave Sale Price $145,390
Sold in previous 12 month period:   8 – Ave List Price $149,113, Ave Sale Price $144,988

Homes for sale in Brockton Manor:

Active Listings:  4 - Ave List Price $352,250
Pended:   0 - List Price $
Sold in last 12 months:   3 – Ave List Price $314,900, Ave Sale Price $292,500
Sold in previous 12 month period:  7 – Ave List Price $284,571, Ave Sale Price $275,386

Homes or sale in Deerwood:

Active Listings:  5 - Ave List Price $366,560
Pended:  1 - List Price $289,900
Sold in last 12 months: 2 – Ave List Price $429,900, Ave Sale Price $412,500
Sold in previous 12 month period:   4 – Ave List Price $330,950, Ave Sale Price $320,500

Homes for sale in Eagle Trace:

Active Listings:  10 - Ave List Price $362,933
Pended:   - List Price $374,000
Sold in last 12 months:   7 – Ave List Price $375,599, Ave Sale Price $354,250
Sold in previous 12 month period:   4 – Ave List Price $409,075, Ave Sale Price $397,525

Homes for sale in Highland Park:

Active Listings:  8 - Ave List Price $664,782
Pended:  1 - List Price $575,000
Sold in last 12 months:   6 – Ave List Price $580,797, Ave Sale Price $544,167
Sold in previous 12 month period:  10 – Ave List Price $585,404, Ave Sale Price $555,200

Homes for sale in Hunters Pointe:

Active Listings:  4 - Ave List Price $270,100
Pended:  1 - List Price $334,900
Sold in last 12 months:  4 – Ave List Price $242,300, Ave Sale Price $235,725
Sold in previous 12 month period:  6 – Ave List Price $239,267, Ave Sale Price $234,167

Homes for sale in Innisbrooke

Active Listings:  2 - Ave List Price $ 263,750
Pended:  0 - List Price $
Sold in last 12 months:  4 – Ave List Price $252,050, Ave Sale Price $266,000
Sold in previous 12 month period:  6 – Ave List Price $220,042, Ave Sale Price $211,175

Homes for sale in Kensington:

Active Listings: 15 - Ave List Price $456,460
Pended: 1  - List Price $294,900
Sold in last 12 months:  10 – Ave List Price $427,150, Ave Sale Price $419,782
Sold in previous 12 month period:  12 – Ave List Price $484,282, Ave Sale Price $471,683

Homes for sale in Sheffield:

Active Listings:  2 - Ave List Price $151,900
Pended:  1 - List Price $115,000
Sold in last 12 months: 6 – Ave List Price $158,750, Ave Sale Price $153,567 Sold in previous 12 month period:  10 – Ave List Price $175,410, Ave Sale Price $169,510

Homes for sale in Wakefield:

Active Listings:  13 - Ave List Price $187,884
Pended:  2 - List Price $170,000
Sold in last 12 months: 28 – Ave List Price $184,950, Ave Sale Price $176,625
Sold in previous 12 month period:  18 – Ave List Price $204,900, Ave Sale Price $197,089

Homes for sale in Windsong Estates:

Active Listings:  3 - Ave List Price $204,133
Pended:  1 - List Price $249,000
Sold in last 12 months:   13 – Ave List Price $248,317, Ave Sale Price $243,577
Sold in previous 12 month period:  21 – Ave List Price $210,327, Ave Sale Price $200,146

Feeling like a Couch Potato? Discover DEVOUR INDIANAPOLIS!

It's the end of January and winter seems to have no end in sight!  Are you tired of being stuck in the house watching television?  Are you looking for something to cheer you up?  Well a vacation on the beach would be great about now, but if that's not in your plans for next week, why not get out of the house and head to downtown Indianapolis?

What's Devour Downtown?  It's a great way to visit your favorite downtown restaurants and save money too!  More than 40 restaurants are offering specially selected 3 course menus for you to "devour" with your friends!  It's going on right now through Saturday February 6th and the prices are as little as 2 for $30 or others are offering $30 each.  And we're not talking about places you've never heard of -- we're talking about more than 40 of the very best downtown gathering spots like St Elmo Steak House, Ruth Chris, Palominos, Scotty's Brewhouse.  Visit www.devourdowntown.org for details and menus.

And then...how about enjoying a Pacer game?  As part of Devour Downtown, your Indiana Pacers are offering two club level seats to either the Toronto Raptors game on Tuesday, Feb 2  or the Detroit Pistons on Friday, Feb 5 for, you guessed it, only $30!  Visit www.pacersmvp.com/devour to order tickets!

Sold -  507 Green Valley Dr, Greenwood IN 46142

Closed 1/11/2011, List Price $109,900, Sale Price $105,000

Tired of cookie cutter neighborhoods and tiny yards? Take a look at this 1432 sf brick ranch in Greenwood -- popular Center Grove Schools too!

Gleaming hardwood floors in living room, hall & all 3 bedrooms have been professionally restored to their original beauty. A newer furnace, AC & hot water heater mean less maintenance for the new owner. Nice updates include new vanity & fixtures in the half bath (there is room to add a shower and convert this to a second full bath) and new sink and fixtures in the full bath.

The seller is leaving all of the appliances, including the washer and dryer.  You'll enjoy the nearly ½ acre property featuring mature trees & fenced backyard. The location is conveniently close to shopping - 5 minutes from the Greenwood Park Mall - restaurants and less than ½ an hour commute to downtown Indianapolis. Greenwood city water & sewer. Property taxes are incredibly low -- only $298 per half - great for the budget!

Search for other Center Grove Properties

Originally Posted by Steve and Tonda Hoagland, Active Rain Blog 1/20/2010

(Information deemed reliable, but not guaranteed)

Our sources say rates are going up in 2010!  How much and when?  According to experts in the mortgage industry, rates will start the year just above 5% and will gradually climb into the 6 1/2 range as the year progresses.  Why?  One of the main reasons is the expiration of the Federal Reserves Mortgage Backed Security Purchase Program at the end of March.  This program was instrumental in keeping rates artificially low in 2009.  So as the program winds down, rates will likely edge higher as we get closer to summer. 

For buyers, this means their dollars will buy less house as the rates inch upward.  How much does a rate change really affect a monthly payment?  Here's an example from the e-Book, Only 8 Steps to Home:

For the last twenty years, the mortgage interest rate averaged approximately 8 percent in the United States.  For the same $1000 monthly payment, a buyer can afford $30,000 more house at a 6% rate vs 8%. 

Rates aren't expected to increase quickly, but they will most likely be volitile throughout 2010 with waves of ups and downs and a trend that is clearly up.  So if you're considering purchasing a home, now may be a great time to seriously consider taking the plunge.

Visit our website to download the e-Book "Only 8 Steps to Home" or see how to get your own print copy of "Your First Home, The Proven Path to Home Ownership".  

 Other e-Books are also available:

"Your Handbook to Home Ownership"

"The Skinny on First Time Home Buyers"

"$8000 Closer to Home"