Homes Gain $1.9T in 2013, Regained 44% Equity Lost From Recession

U.S. homes gained $1.9 trillion in total value this year, the biggest jump since 2005, as the real estate market rebounded from the recession,Zillow Inc. (Z) said.

At the end of 2013, the housing stock will be worth about $25.7 trillion, Zillow said today in a statement. U.S. homes as a whole lost $6.3 trillion in value from 2007 through 2011 and have recovered 44 percent of that, according to the Seattle-based property-data firm.

Home prices are rising across the U.S. as investors drain markets ofinventory and improving employment brings in more buyers. Almost 90 percent of the 485 metropolitan areas analyzed by Zillow had price gains this year. The total value of the nation’s housing stock jumped about 7.9 percent from 2012, the second straight annual increase, according to the report.

“The housing market continued to build on the positive momentum that began in 2012,” Stan Humphries, Zillow’s chief economist, said in the statement. “Low mortgage rates and an improving economy helped bring buyers into the market.”

Price increases will slow next year to a pace closer to the historic norm of 3 percent to 5 percent, according to Humphries.

The Federal Reserve yesterday said it will scale back asset purchases that have bolstered housing demand by keeping interest rates low. Improvements in the job market spurred the decision to cut spending on Treasuries and mortgage bonds to $75 billion from $85 billion starting in January, the Federal Open Market Committee said at the end of a two-day meeting in Washington.

Photographer: Andrew Harrer/Bloomberg

A contractor pulls a concrete form while working at a Donohoe Construction Co. retail... Read More

“The housing market is transitioning away from the robust bounce off the bottom we’ve been seeing, toward a more sustainable, healthier market,” Humphries said.

Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent and Top Contributor, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net. 

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

Via +Bloomberg News 

http://www.bloomberg.com/news/2013-12-19/u-s-home-values-gain-most-since-2005-zillow-says.html?cmpid=yhoo&utm_medium=9235&utm_source=TWITTER&utm_content=32&utm_campaign=Data&utm_term=

To Buy, or Not To Buy? That is the Question

“To buy or to rent?” Recent graduates, young couples, relocating professionals and others have all asked themselves this question at one point or another. While each option has its benefits, the decision to purchase an apartment, condominium or house as opposed to renting, is complex and based on a number of factors.

According to a NAR, nearly eight out of 10 respondents believe buying a home today is a good financial decision. The question that remains is whether or not now is the right time to buy a home for you.

For most people, deciding to buy a home is the largest financial decision of their lifetime. Before making the jump into homeownership, potential home buyers should consider the “soft” lifestyle issues as well as the “hard” financial ones. We have provided the following four financial and lifestyle questions to consider when determining if buying a home is the right decision for you:

Do you have a steady income?

At or near the top of every potential homebuyer’s mind is whether or not they can afford to buy a home right now. Buying a home remains a sound financial decision for those with documented income and a good credit history, and a steady income can provide a strong backbone for the initial down payment and future mortgage payments. Buy-versus-rent calculators available on websites such as coldwellbanker.com offer a good start, but there are numerous factors beyond straight economics that also need to be considered. Don’t hesitate to speak with a real estate professional even before you’re ready to buy a home. Along with a financial planner, a real estate professional can help you answer and uncover questions about the cost of homeownership.

Do you plan to stay in a home for an extended period of time?

With proper planning, a home purchase has historically proven to be one of the safest investments one can make. Along those lines, it’s imperative to understand that investing in a home is much different than investing in a stock portfolio. Homes typically appreciate in value over time while the owner builds his or her equity through monthly mortgage payments. If you anticipate staying in a home for only one or two years, it doesn’t necessarily mean buying is not for you, but you are less likely to see a significant financial return on your investment

Do you plan to sell a house in order to buy a house?

A local real estate professional can help you understand current local market conditions and will help you make smart decisions when listing a home on the market. If you do not currently own a home that needs to be sold prior to purchasing a new one, now is a particularly smart time to buy. Even with lenders becoming increasingly more thorough in their approval process, mortgage financing is still widely available for those with a steady income and solid credit. High inventories and low interest rates give first-time homebuyers a tremendous amount of opportunity and flexibility in markets across the U.S

How do your other options compare?

For renters, calculating month-to-month housing expenses is as easy as inquiring about the monthly rent and average utilities. The calculation gets a bit more complicated when considering the monthly cost of owning a home. A real estate professional can help you understand a range of financial considerations from annual property taxes to the tax incentives for owning a home.

Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent and Top Contributor, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net. 

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

Flood Insurance: What You Need To Know

For homeowners who do not live directly in a flood zone, flood insurance may not be a common concern. Many homeowners may not even realize that their standard homeowners insurance policies do not cover the home in the instance of a flood.


Flood insurance, which is provided by the federal government through the National Flood Insurance Program (NFIP) through private companies and agents, is a valuable asset for nearly any structure. Here is some background to help people understand the benefits of this type of protection and what they should know about it.

Who Should Buy Flood Insurance?

Shockingly, an estimated 25 percent of flood insurance claims come from homes located in medium or low risk flood zones. This is because while floods are commonly caused by rising water, such as lakes or rivers, they can also be caused by melting snow, large amounts of rain, hurricanes, water backup, and other common household experiences. Without flood insurance, the damage caused by the water will most likely have to come out of the pocket of the homeowner. This is why homeowners should carefully consider buying flood insurance, even if they are in a low risk area.

On the other hand, for those who own homes that are in a high risk area, it should not even be a question of if they are going to get flood insurance. On the maps of Flood Insurance Rates, those who are in the high risk zones stand an approximate one in four chance of being flooded over the course of the life of the mortgage. With such a high risk, flood insurance can end up being an enormous lifesaver when it comes to repairing the home after an unfortunate flood.

Anyone who lives in a community that participates in the NFIP can purchase flood insurance. Those who live in Coastal Barrier Resource areas or Otherwise Protected areas are not eligible to purchase National Flood Insurance. Homes or buildings that are entirely below ground or out over water are not covered either. These people should research and discuss with their realtors to learn the best ways to protect their homes.

Understanding How Flood Insurance Works

Flood insurance is a separate type of insurance from standard homeowners’ insurance. There are approximately ninety different private companies as well as 60,000 private insurance agents who sell National Flood Insurance and who can help supply policies to those looking to purchase a policy. The cost of the flood insurance policy will vary depending on the year and type of construction on the home as well as the homes location and estimated flood risk.

Homeowners should be aware that when they purchase flood insurance, there is a thirty day wait period before the policy goes into effect. This means that homeowners can not purchase insurance because they hear on the news that the storm of the century is coming straight towards them. If a flood occurs and damages the home within that thirty day wait period, the home will not be protected.

On the other hand, if the homeowners purchase a flood insurance policy while they are taking out their mortgage, then the thirty day wait period does not apply. That is why it is best to buy flood insurance in the beginning rather than waiting to see if it is going to be necessary. Waiting on buying the policy places the home at unnecessary risk. Some mortgage lenders will make flood insurance required for the loan, in which case the lender may escrow the premiums to ensure coverage.

Benefits of Flood Insurance

Many homeowners mistakenly believe that floods will not happen to them and if it does, their homeowners’ insurance will help. Unfortunately, as previously discussed, everyone is at risk for floods and homeowners insurance policies do not cover flooding. Another misconception is that the federal government will help should the flooding be caused by some natural phenomenon. This is also not true, unless the president declares a disaster zone. Flood insurance offers homeowners peace of mind, knowing that they will be covered should water cause damage to their home.

Cleaning up after a flood, or any home water damage, is a trying experience. Water in the home quickly causes mold issues and even structural damage in just a few days and it can be very difficult to completely dry out the area. Often anything that was in the flooded area, including boilers, hot water heaters, washing machines, and more are damaged if not destroyed. Bad flooding can require calls to professional restoration specialists. Flood insurance helps homeowners tackle the cleanup and repair costs so that they do not have to pay entirely out of pocket.

What can sometimes be troublesome about the need for flood insurance is when a flood map changes. In a recent home sale in Zionsville, the seller was never required to have a flood insurance policy. During the time of home ownership however, the flood maps had been changed creating the need for the buyer of the property to purchase flood insurance in order to get a loan. As you can guess the buyer was none too happy to find out they had this unexpected out of pocket expense.

The seller realizing the could potentially lose a sale agreed to contribute a fairly large chunk of funds to satisfy the buyer.

Home sellers need to be aware of the steps that must be taken to protect their property, as well as to sell their home in the future. The FEMA flood maps changed in 2013 along with the phase out of subsidization of insurance rates for the following types of properties in flood zones: second homes, multi family homes, commercial and properties that have experienced recurring flood damage above the value of the property.

If you happen to be lucky enough not to have a mortgage on your property, the need for flood insurance may not have crossed your mind. In all the years of living at your home, you may never have thought about a policy for flood damage. If you are thinking of selling your property in the near future however, it is extremely important to know what the insurance costs will be.

While you may choose to not carry this insurance, the next buyer will almost certainly required to have it. If the buyer of a home in a flood plain has to get a mortgage, which most buyers do, the lender will mandate flood insurance on the home.

The amount of flood insurance that is required will become extremely important as it will have an effect on the overall value of your property. Is the cost only going to be a few thousand or will it cost the buyer tens of thousands? This is a key question you should have the answer to before you list your home for sale with a Realtor.

Recent News About Flood Insurance

Over the past year there have been some developments in the National Flood Insurance Program. In 2012 the president signed into law a bill that reauthorized the program, which helped to re – energize the real estate market in areas where flood insurance policies are required; as there had been various disruptions in the areas that required the federal insurances.

The bill also:

• Made flood insurance more available and affordable for those who needed the insurance
• Introduced some new provisions, such as a method for establishing responsibility between the flood and wind insurance providers when it was difficult to determine what precisely caused damage to a home
• Redrew the flood maps used to determine a home’s flood risk
• Established an independent appeals board for individuals and communities looking to challenge the maps
• Guaranteed that a homeowner who is successful in his appeal of the maps will be reimbursed for related costs

Homeowners should also be aware that in some areas the subsidies that helped people afford flood insurance are being phased out. The people primarily affected by the loss of the subsidies are those who live in older structures known as pre – FIRM structures because they were built before the first flood maps were drawn. Not all pre – FIRM properties will be affected. The majority of the changes will influence the insurance rates of those residences that are not used as primary residences, business properties, and properties that have experienced severe and repetitive loss due to flooding.

Flood insurance is a valuable asset for those who own homes or businesses. Even those who do not live in a high risk flood zone face the threat of flooding, and water damage can devastate a building. Learning about how flood risks affect the local area and discussing the matter with the real estate agent can help homeowners make wise decisions about flooding and help protect their families and assets.


Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent and Top Contributor, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

What Can I Afford in a Home?

What Can I Afford in a Future Home?

In today’s booming Philly real estate market, homes are available in every size and location, from starter townhouses to move-up colonials to luxury properties. Before the current low interest rates begin to shift higher, you may be considering locking in a larger mortgage and skipping ahead a few steps in your home buying process. Determining an appropriate purchase price is an important first step that will help to focus your home search.

Key Components of the “What Can I Afford?” Equation

Your ideal home price depends on how much of a down payment you have saved and the monthly housing payment which fits into your budget. Income is the primary input used to determine what you can afford to pay for a house. Remember, income includes all sources of cash inflow, including your base salary, tips, bonuses, overtime, commissions, or payments from a second job.

Front-end Analysis

The real estate industry uses the front-end ratio, which allocates 28% of your gross monthly income towards a housing payment. A monthly housing payment includes your mortgage, real estate taxes and home insurance. To calculate the front-end ratio, divide your income by twelve to determine a monthly amount. As an example, if all of your income sources total $100,000 annually, then your monthly gross income, before income taxes, would be $8,333 and your affordable housing payment would be 28% of that figure, or about $2,333.

Back-end Analysis

The front-end ratio, while a good starting point, does not take certain extenuating factors into account. A better determination of an affordable housing payment would be what is known as the back-end ratio. This calculation estimates your housing payment as 36% of your net income, (gross income minus taxes), less monthly debt, such as car payments, student loans and credit card bills. It’s a good idea to review the last few months of your checkbook to ensure you include all debt obligations, and then add a cushion for unexpected expenditures such as emergency repairs (and possibly a spontaneous trip to the Philadelphia Premium Outlets).
Note how the back-end ratio results vary: Several home buyers, all with same $100,000 in gross income used in the original example, will calculate the same front-end housing payment, but household expenses will change their back-end results. One individual may prefer living in the city of Philadelphia, where the wage tax is 3.9%, versus 1.0% in most suburbs. Another may have student loan obligations or a new car. These slight differences are incorporated into the back-end ratio, with varying results.
For illustrative purposes, include a $500 student loan payment, $500 car payment, $200 credit card payment, and another $200 for miscellaneous expenses in the back end ratio. Assuming 30% of gross income goes towards taxes, net income would be $3,666.10. Thirty-six percent of that amount comes to $1,596, significantly less than the front-end amount of $2,333.

Non-Financial Factors

How much risk do you feel comfortable assuming? Based on your earnings stability or your job security, you may not want to allocate 28% of your gross income towards a housing payment. The term of a mortgage loan is also a factor. To avoid locking yourself into thirty years of payments, you may trade a higher monthly cost now for a shorter payback period. Some home buyers limit vacations and new cars in order to buy a larger home in a desirable neighborhood. The purchase of a home is one of the most significant expenditures in your life, so take the time to make sure it is the all-around best decision for you.

Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent and Top Contributor, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

4 Key Steps to Buying a Home

1)      Find a Good Realtor.

A good Realtor buys and sells houses for people on a regular basis. They know the market, and will help you figure out what is most important in your search. They also will have a grasp of different financing programs, and will be able to guide you to the appropriate lender that best serves your needs.

A Realtor does not cost the home buyer any money. Commissions are paid by the seller from their net proceeds. By the way, I happen to be a good Realtor! Give me a call!

2)      Get Pre-Approved by a Lender.

This is where I always start with my clients. When I first became a Realtor, I took a client around looking at homes, and they found their perfect home and fell in love. We then talked to a mortgage broker and found out they couldn’t afford this home. It was heartbreaking!

Taking this step will let you know how much home you can qualify for, and more importantly, will give you an idea of what a monthly payment will actually be so you can make sure it fits in your budget.

Once I get an approved amount from a lender, I set up a search through our MLS of homes that meet my client’s criteria within that price range. They let me know which ones they want to see, and I schedule the showings.

3)      Have realistic expectations.

You must have a little give and take. If I got my clients everything they wanted, I would be a Realtor God! The truth is that you have to take the good with the bad, and decide which option on the market best fits your needs.

4)      Be Prepared for Obstacles.

Murphy’s law states that if something can go wrong, it will. I have very seldom had a real estate transaction happen without some sort of obstacle to overcome. The key is to be resilient and calm through the transaction. There may be glitches in financing.  Inspections often times turn up things that Buyers get leery of. Sometimes offers get rejected and the Seller accepts another one.

The thing I have learned in this business, and in life in general, is that situations usually end up turning out just the way they are supposed to. When things don’t go your way in a deal, that probably means there is another deal out there waiting on you that will work out better.

 

 

Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent and Top Contributor, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

USA's Most Expensive Home Markets

Coldwell Banker just released its 2013 Home Listing Report, ranking the prices of 2,000 markets across the nation. Most of the 25 priciest markets are in California, as you might expect. Still, the list does contain a few surprises: One Minnesota town manages to crack the top 10. Yet Hawaii, hardly known for cheap real estate, occupies just one spot, and that's all the way down at No. 20.

 

Now, rankings like these are pretty common in the real estate industry; in fact, the National Association of Realtors releases data every quarter, including a release on Wednesday. But whereas most rankings look at the median price of all homes in an area regardless of size, this list zeroes in on the average listing price of solely four-bedroom, two-bathroom homes. And whereas many rankings look at federally designated Metropolitan Statistical Areas, the markets on this list are simply the cities or towns in the addresses of each real estate listing.

 

The idea is to provide more of an "apples-to-apples comparison across markets," Coldwell Banker told Yahoo Homes, to get closer to answering this kind of question: What would a home in, say, Cleveland be worth if the same home were in Malibu?

It's an interesting approach. By focusing on four-bedroom, two-bathroom homes, Coldwell Banker is trying to filter out extremes at the ultra-high end as well as the very low end. It wants to put a price on the kind of home that's bigger and better than a starter home, comfortable for a family but not a mansion: "aspirational" but not fantastical.

 

On the pricey side, Malibu in Southern California came out on top this year, with an average listing price of more than $2 million for a four-bedroom, two-bathroom home.  That's about 20 percent more than the city that came in second: Newport Beach, also in Southern California.

"Malibu is undergoing a transformation from a seasonal destination to a year-round locale,” said Madison Hildebrand, co-star of Bravo’s "Million Dollar Listing" and a Coldwell Banker agent in Malibu.

 

One important note on methodology: To qualify for ranking, a market had to have at least 10 ColdwellBanker.com listings of four-bedroom, two-bathroom homes during the six-month data period of January to June. Markets like Beverly Hills and Manhattan are unranked because they didn't meet that 10-listing threshold, Coldwell Banker told us. Homes with more than four bedrooms didn't count, and neither did homes with 1.5 bathrooms or 2.5 bathrooms or anything other than exactly two bathrooms. So bear that in mind as you look at this list of the most expensive real estate markets in America:

25. Newton, Massachusetts
Average listing price: $912,745

24. Westport, Connecticut
Average listing price: $966,582

23. Larchmont, New York
Average listing price: $972,150

22. Campbell, California
Average listing price: $974,212

21. Mercer Island, Washington
Average listing price: $999,276

20. Kailua, Hawaii
Average listing price: $1,004,567

19. Danville, California
Average listing price: $1,018,300

18. Santa Barbara, California
Average listing price: $1,061,475

17. Sunnyvale, California
Average listing price: $1,077,025

16. Wellesley, Massachusetts
Average listing price: $1,079,600

15. Greenwich, Connecticut
Average listing price: $1,087,300

14. Pasadena, California
Average listing price: $1,092,087

13. Great Neck, New York
Average listing price: $1,103,364

12. San Mateo, California
Average listing price: $1,132,523

11. Breckenridge, Colorado
Average listing price: $1,177,795

10. Redwood City, California
Average listing price: $1,203,357

9. Weston, Massachusetts
Average listing price: $1,229,000

8. Orono, Minnesota
Average listing price: $1,251,873

7. Cupertino, California
Average listing price: $1,292,400

6. Stone Harbor, New Jersey
Average listing price: $1,301,727

5. San Francisco, California
Average listing price: $1,309,559

4. Los Gatos, California
Average listing price: $1,360,497

3. Saratoga, California
Average listing price: $1,684,261

2. Newport Beach, California
Average listing price: $1,773,824

1. Malibu, California
Average listing price: $2,155,900




Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

FSBO Facts ( For Sale By Owner )

85% of FSBO's end up listing with a Realtor.

Of the 15% that "successfully" sell FSBO:

FSBO homes sell for 18% less then comparative properties listed with Realtors, on average.

Realtors commission is typically 6-7%. (Do the Math)

FSBO transactions take 7 months longer to close.

FSBO's spent $2,500 more on inspection repairs then listings represented by Realtors.

40% said they knew the Buyer of their home personally before the transaction.

Only 14% sold their home in the time the budgeted.

Only 13% said they had enough time to devote to the sale.

63% said the FSBO process impeded with work.

77% said it impeded with time spent with their family.

Source: 2012 Profile of Buyers and Sellers, NAR Research

Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

New $0 Down Payment Program for Home Buyers!

Tired of paying mortgage insurance on your FHA, VA, or USDA inusred mortgage? Tired of jumping through hoops to buy a new home under these programs? I have a perfect solution for you!

A personal lender of mine has just introduced a new program where you can buy a home with NO down payment, NO monthly insurance premiums that make your monthly payments higher, and NO government hoops to jump through that delay your closing on your home!

Here are the requirments for $0 Down:

1. A 680 credit score or higher
2. An annual individual income of less than $52,080 (per person, not household)

Here are the requirements for 3% Down:

1. A 620 credit score or higher
2. An annual individual income of less than $52,080 (per person, not household)

This is an amazing product offered locally. If you are buying a home, or thinking about buying a home, with FHA, VA, or USDA, you should consider this option before you do. No insurance premium means your monthly payment could be as much as $100 less every month!

Contact me to find out more:

Avery GarrettColdwell Banker Kaiser
Mobile: (317) 721-2274
Office: (317) 844-1131
Fax: (317) 843-8450
12401 Old Meridian Street
Carmel, IN 46032
www.SoldByAvery.net

www.youtube.com/SoldByAvery

www.facebook.com/SoldByAvery

Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

Tighter Market for Foreclosures

The Q3 2013 Foreclosure Report issued by MIBOR reveals that foreclosed homes made up 15 percent of all central Indiana closed sales in the third quarter of 2013. This is down from the 20.8 percent market share in the same quarter of 2012 and 20.9 percent in 2011. Foreclosure listings represent 11.3 percent of all listings in the third quarter of 2013.

The majority of foreclosures remain in the $120,000 and below price point.
The median foreclosure sales price was up 5.2 percent to $66,300. In the third quarter of 2013, foreclosures yielded an average of 88.4 percent of list price while traditional sales yield 93.6 percent.

The last page of the report includes a breakdown of foreclosure inventory, closed sales and median sales prices by county.

Check out the full report here: http://www.mibor.com/pdfs/MIBOR_FSS_2013-Q3.pdf

Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

 

 

 

 

 

Fall Checklist to Keep Your Home Looking Great!

It’s hard to believe that fall is already upon us. Summer may be over, but now is not the time to neglect a home’s exterior, especially if it’s going to soon be listed for-sale this season. Here are a few tips to help you embrace the fall season and keep your property looking its best:

· The most obvious tip: rake up leaves on a frequent basis;
· Inspect your gutters regularly and remove any leaves that get trapped;
· Carry on weeding garden beds and walkways;
· Remove all annual flowers that are no longer blooming and plants that are past their “best before” date. Dead vegetation gives the impression of a home not cared for;
· If you’re experiencing a warm, dry fall in your area, you’ll still need to irrigate your lawn (according to local by-laws of course);
· Fertilize your lawn before the ground freezes (unless you’re lucky enough to live in a year-round warm climate). This will give your grass a head start in the spring. However, check with your local garden center first to find out if this is the right course of action for your particular environment;
· Readjust the timers on outdoor lighting displays since it now gets dark earlier;
· Give your gardens some liveliness by planting fall flowers such as chrysanthemums. Choose a color that compliments the exterior of your home;
· Redesign your urns and flowers pots – it’s time for a fall theme;
· Add some vignettes. Sometimes, it’s the little things that produce the most attention. My personal favorite for generating anticipation in potential buyers is to create a simple fall vignette on the porch. Pumpkins add a punch of color and provide a warm, welcoming look when blended with something interesting like a couple of antique lanterns, for example. Be careful not to add too many items to the vignette or it will appear too cluttered.

If there’s a swing or rocking chair on the porch, add cushions with a generous amount of orange in them to tie everything together. If you pay this much attention to the exterior of your home, buyers will be anxious to see what awaits them behind the front door. The photo above was taken at the side door of a property that was never used as an entry point. Be sure when creating your vignette that you don’t block access to the front door.

These are just a few things that will help keep the exterior of your home looking terrific right through to the next season: The dreaded winter. We won’t think about that right now though!



Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

5 Inspection Issues Buyers Shouldn't Ignore

Home buyers need to be extra vigilant about inspections in the early stages of a purchase because if problems are discovered too late in the process, it can “dash home owners’ dreams and budgets,” writes Yahoo! Finance in a recent article.

One home buyer in Long Island, N.Y., explains in the story that she didn’t discover the fixer-upper she bought needed $225,000 in repairs until after she purchased it.

Jonathan and Drew Scott, who educate viewers about transforming fixer-uppers on HGTV’s “Property Brothers,” offers up a checklist of five things buyers should look for to ensure they don’t buy a lemon.

• Mold: Buyers should note any musty smells in the home and be on the lookout for any mold. Mold can be caused by improper air circulation as well as water leaks.
• Pests: Termite damage can be widespread and costly to repair.
• Outdated fixtures and wiring: Electrical problems in a home can cause fire hazards. Buyers should take note of any indication of faulty wiring, such as cable coming out of drywall.
• Poor DIY jobs: Buyers should make sure that the previous home owner’s do-it-yourself projects were done correctly and are up to code. For example, poorly done flooring and painted-over wallpaper can be time-consuming and costly to fix.
• Drainage problems: Sloping sod can cause flooding problems in a backyard, and a slow-draining sink could be an indication of a bigger problem. Buyers should test sinks and flush toilets to test for any potential problems.

See the Video Here: http://finance.yahoo.com/video/dont-buy-house-without-checking-110000511.html

Source: REALTOR.org Magazine and “Property Brothers: Don’t Buy a House Without Checking These 5 Things,” Yahoo! Finance


Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

Home Staging Techniques That Work!

Compliments of Coldwell Banker and NBC, this video does a great job at pointing out affordable improvements you can make to your home to make it more appealing to home buyers!

Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

NAR: What a Government Shutdown Means to Realtors and Housing

http://www.ksefocus.com/billdatabase/clientfiles/172/10/1871.pdf

What a Government Shutdown Means for REALTORS® (As of October 3, 2013)

Congress has failed to approve a Continuing Resolution (CR) providing funding for most government operations. Therefore, spending authority for most of the government expired at midnight on September 30, 2013. Until legislation providing for funding is signed into law, many offices and programs of the federal government are now shut down. This means many, but not all, government programs, including some that impact federal housing and mortgage programs, have been suspended or slowed due to the lapse in government funding. The Office of Management and Budget (OMB) requires each agency to have contingency plans in place. The information below is based on NAR staff review of agency agency contingency plans for the current shutdown and past experience with previous shutdowns and near-shutdowns.

Internal Revenue Service (IRS)

The IRS is closed and has suspended the processing of all forms, including requests for tax return transcripts (Form 4506T). While FHA and VA do not require these transcripts, they are required by many lenders for many kinds of loans, including FHA and VA, so delays can be expected if the shutdown is protracted. We have received indications that many loan originators are adopting revised policies during the shutdown, such as allowing for processing and closings with income verification to follow, as long as the borrower has signed a Form 4506T requesting IRS tax transcripts. On loans requiring a Form 4506T Fannie Mae and Freddie Mac have also adopted relaxed provisions allowing closings but subject to tax transcript verification before the GSE’s purchase the loans. Social Security Administration (SSA)

The Social Security Administration is closed and has suspended most customer service functions. According to the SSA Contingency Plan, verifying Social Security numbers through the Consent Based SSN Verification Service will also be suspended during the shutdown, a further complication for mortgage processing. As with IRS income verification, policies vary among lenders, with many choosing to exercise forbearance during the shutdown period subject to subsequent verification. Fannie Mae and Freddie Mac have also adopted policies to allow for closing subject to subsequent verification and before GSE purchase of the loan.

Department of the Interior – Bureau of Indian Affairs (BIA)

BIA has announced that there will be no processing or recording of property transactions on Leased Indian Tribal Land during the government shutdown.

Federal Housing Administration

HUD’s Contingency Plan states that FHA will endorse new loans in the Single Family Mortgage Loan Program, but it will not make new commitments in the Multi-family Program during the shutdown. FHA will maintain operational activities including paying claims and collecting premiums. Management & Marketing (M&M) Contractors managing the REO portfolio can continue to operate. You can expect some delays with FHA processing.

VA Loan Guaranty Program

Lenders will continue to process and guaranty mortgages through the Loan Guaranty program in the event of a government shutdown. Expect some delays during the shutdown.

Flood Insurance

The Federal Emergency Management Agency (FEMA) confirmed that the National Flood Insurance Program (NFIP) will not be impacted by a government shutdown, since NFIP is funded by premiums and not tax dollars. Changes to the flood insurance program scheduled to take effect on October 1 will be implemented as scheduled.

Rural Housing Programs

For the U.S. Department of Agriculture programs, essential personnel working during a shutdown do not include field office staff who typically issue conditional commitments, loan note guarantees, and modification approvals. Thus, lenders will not receive approvals during the shutdown. If the lender has already received a conditional commitment from the Rural Development office, then the lender may proceed to close those loans during the shutdown. A conditional commitment, which is good for 90 days, is given to a lender once a USDA Underwriter approves the loan. If a commitment was already issued, the funds were already set aside and the lender may close the loan at its leisure. If Rural Development has not issued a conditional commitment, the lender must wait until funding legislation is enacted before closing a loan.

It is important to note that the traditional definition of "rural" for qualifying communities for assistance will be continued in effect during the shutdown. We expect that language to continue the current definition will be included in whatever funding measure is eventually enacted.

Government Sponsored Enterprises

Fannie Mae and Freddie Mac will continue operating normally, as will their regulator, the Federal Housing Finance Agency, since they are not reliant on appropriated funds.

Treasury

The Making Home Affordable program, including HAMP and HAFA, will not be affected as the program is funded through the Emergency Economic Stabilization Act which is mandatory spending not discretionary.

Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.com. See Avery's reviews and search for a home at www.SoldByAvery.net.

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.