The Westons Update...Yes, the Market is HOT!

There has been quite a bit of activity going on in the Westons neighborhood the past few months and it is safe to say that sales and sale price have dramatically increased since the first of May.

Since May 1st, 9 homes have sold with an average sales price of $306,844 with an average of 45 days on the market.  Of those 9 homes, four of them had accepted offers within 10 days of going on the market.  The average sales price is 98% of the listed price and computes out to $119 per square foot.

Compare that with the period from February 1 through the end of April and we find only 5 homes sold with an average sales price of $204,700.  The average days on market for those sales was 54 days and the average price per square foot was $102....a pretty dramatic increase.

Currently there are 6 homes listed for sale in the MIBOR BLC, 4 of which have pending offers.  The two homes currently for sale are the homes at 10901 Weston Drive and 10736 Morristown Court.  If you or someone you know would like to take a look at either of these two homes please contact me.

If you have considered selling your home and would like to still get in on this hot market, don't wait another day!  Give me a call so we can discuss what we need to do to get your home sold.

 

Rising Mortgage Interest Rates Signal Time to Act

Central Indiana residents looking to buy a home this summer will be watching mortgage interest rates start to climb. Though rates remain at historically low levels, the national averages for interest rates are on the move.

According to bankrate.com, the benchmark 30-year fixed-rate mortgage was around 4.48 percent earlier this month. This is compared to around a 3.87 percent rate last year at this time.

Overall, the rise of interest rates signals a stabilizing economy that will need less caretaking from economic industries. This is good news, but for people looking to buy a home in the next few months, it could be a signal to act.

According to some experts, the steady growth in mortgage interest rates will keep moving along. This does not mean you have missed the opportunity to buy a new home, as rates are still remarkably low and home prices in Central Indiana are still affordable.

What these rising rates means, however, is that potential homebuyers should think about searching for their new home and listing their current property soon, as there could be an increase in home-buying activity as people try to lock in low rates.

Of course, every situation is different, and you should never rush into selling or buying a home. But for those residents who are interested in learning more or beginning the process, contact me today and learn what deals you can find, and get up-to-date information on mortgage rates and trends.

How Much Can You Afford to Spend on that Perfect Home?

 Having a finger on the pulse of how much your household brings in each month and also how much money flows out in that time period will be what helps you to understand which price range you should be shopping within.

One helpful tool that can get you on the right track is the Homebuying Calculator from MSN Money. By filling out the fields required on this calculator as accurately as possible, you’ll be given a solid estimate of how much money you can put toward a house.

One area that remains hazy on this calculator, however, is the “Other monthly obligations” item. Here’s a sample of what these items might include:

• Student loan payments
• Healthcare/gym costs
• Monthly utility bills
• Your household’s entertainment and recreation budget
• Food budget
• Clothing budget
• Savings budget
• Transportation budget

In addition, first-time homeowners must realize that it costs a lot to get a home up and running. Items you may want or need to invest in include:

• Furniture
• Large appliances — washer, dishwasher, refrigerator, etc.
• Furnishings and home accessories — lighting, dishes and cookware, window dressings, rugs, etc.
• Outdoor items — lawn mower, ladder, outdoor furniture, etc.

Tally up the amount allotted to all these items — as well as any other areas where you have payment commitments — to get the best estimate possible for your home-buying budget.

Once you’ve squared away how much you can afford and are ready to begin shopping for a home, contact me to get the ball rolling on your home search!

Home Sale Agreement are Still Rising

For people into numbers, there are plenty of good stats coming out about Central Indiana’s real estate market. For people who aren’t into math, the key takeaway is that the nine-county Indianapolis-area real estate market is selling more homes than it has in years.

The Indianapolis Business Journal reports that year-to-date home sales are nearly 20 percent ahead of the 2012 pace, and the average sale price is more than 5 percent up from last year — through June the average sale price was $161k. Even high-end real estate is increasing, as seven $1 million homes were sold in June.

June saw 2,637 purchase agreements on existing homes. Marion County agreements are up 5.5 percent from last year, while Hamilton County saw an 8.3 percent jump.  If you are interested in more detailed information about home sales in your neighborhood, please let me know.

An active market is a healthy market, so if you’re looking to buy a home, now is a good time to start.

Let me know if you’re ready to buy or sell a home in the Carmel area, and we will work diligently to put you in the home of your dreams.

Carmelfest...Silver Edition

2013 marks the 25th year for the annual celebration our nation's birth in the town of Carmel.  Celebrating Independence Day in Carmel has become quite a tradition and has fun for all ages.  The festivities kick off today at 4:00 at the City Civic Center with food, fun and entertainment on three stages.

Highlights of the two day event include the annual Freedom Run, which kicks off July 4th at 8:00 from the Carmel High School parking lot followed by the Fourth of July Parade at 10:30. In addition festival attendees will find Marketplace and food vendors as well as a Kid's Zone offering an array of family-friendly rides,  activities and entertainment throughout the two day festival.

The Festival Finale is the 2013 fireworks show launched by Firestone and synchronized to music on FM 107.9 "The Mix" following a signature performance by the Carmel Symphony Orchestra on the Gazebo Stage at 8:30.  

Admission is free to the public but you are encouraged to purchase a "Spark Button" to help cover the cost of the fireworks show.  Come out and show your Patriotic Pride this July 4th.  Hope to see you there!

Virtual Tour for the Week Ending June 27, 2013.

This week saw an increase in home inventory with 24 homes coming on the market, two of which now have offers and only 17 closed sales.  However to get a true reading of what is going on we would have to look at the total number of homes on the market vs. those with pending offers. An assessment of that data shows that there are currently 253 homes listed as active in the 46032 area and 171 with offers waiting to close.

New homes on the market this week:
421 Springwood Drive, 12900 Clay Center Road, 3550 Sedgemoor Circle, 3509 Sedgemoor Circle, 1820 Millford Street, 13836 Coldwater Drive, 10764 Kings Mill Drive, 12550 Pembrooke Circle, 12447 Glendurgan Drive, 1391 N Claridge Way, 318 107th Street, 12192 Teal Lane, 3741 Carwinion Way, 13707 Autumn Lake Overlook, 2272 Moon Shadow Lane, 444 Twin Oaks Drive, 2264 Mood Shadow Lane, 490 Smokey Row Road, 818 Ivy Lane, 14561 Saddleback Drive, 754 Bennett Road and 14035 Sedona Court.  

If  you are interested in having a private showing of any of these homes, please contact me at 317.442.9786.

New to the market with offers:
644 E Main Street and 11559 Woodview Drive.

Properties that closed this week:
934 Deer Lake Drive, 12974 Regent Circle, 10669 Crown Court, 12521 Branford Street, 11397 Royal Circle, 354 Terrents Court, 12826 Shelborne Road, 1367 Hinault Way, 11510 Perkins Street, 590 Burr Oak Drive, 235 Legacy Lane, 2962 Weatherstone Drive, 111 Blairsden Ave, 11213 Arborwood Trail, 330 2nd St SW, 574 Hunters Drive West, and 12517 Timber Creek Drive.

This is the latest market news for this week. Be sure to check back for my latest on the May stats for Hamilton County and don't forget, you can subscribe to this blog to have the latest news delivered to your inbox.

Your Virtual Tour for the Week Ending June 20

Market activity has remained steady this week with 17 new listings, three of which received offers the first week. Be on the look out for my monthly market update for all of Hamilton County coming in the next few days.

New homes on the market this week:
11140 Ditch Road, 13168 Dumbarton Street, 13671 Brookstone Drive, 1192 Angelique Court, 11574 Westbury Place Drive, 689 Edison Way, 12916 Tradd Street, 2141 E 106th Street,  763 Grace Drive, 726 Woodview Drive North, 11542 Applewood Circle, 874 Rosalind Place, 137 9th Street NW, and 944 Rosalind Place.
 
Homes listed that already have offers:
10889 Weston Drive, 1346 Holden Court, and 1371 Holden Court.

Homes that closed on the sale this week:
10450 Windemere Blvd, 2444 Hopwood Drive, 1307 Clay Spring Drive, 13921 Silver Stream Circle, 1446 Clearwater Court, 12824 Clifford Circle, 2030 Hamilton Lane, 12761 Forsyth Street, 840 Bennett Court, 11522 Perkins Street, 425 Autumn Drive, 220 1st Ave SE, 862 Rosalind Place, 11221 Basswood Court, and 582 Hunters Drive West.

As always, if you are interested in more information or to see any of these homes, please contact me for your private viewing.  And did you know that you can subscribe to this blog and have the posts delivered to your inbox each and every time there is new information? Just click the subscribe link at the end of this post.

That's all for this week....see you next time!