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' Avery is very dedicated and his easy going personality makes selling and buying a home a little less stressful. He was always quick with a response ... more '
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Tuesday, September 24, 2013

August 2013 IAR Monthly Housing Report

(INDIANAPOLIS, IN) - The number of existing, single-family homes sold last month statewide increased 13 percent when compared with August 2012. The median sale price of those 7,566 homes is $125,000 – a 2.9 percent increase from the same month of last year. This is according to the monthly Indiana Real Estate Markets Report today released by the state's REALTORS®.
Other year-over-year, statewide comparisons from the report show -
  • The average sale price of homes increased 3 percent to $150,728
  • The percent of original list price received increased 2.3 percent to 92.7 percent
  • The number of pending home sales increased 6.9 percent to 6,573
  • The number of new listings increased 12.4 percent to 11,045
August 2013 was the 26th consecutive month of year-over-year gains in the number of closed home sales, and marked these other consecutive year-over-year gains –
  • The median sale price of homes has increased for 21 months
  • The average sale price has increased for 20 months
  • Sellers received a greater share of their original list price for the 18th month
  • The number of pending home sales has increased for 23 months
"The traditional summer selling season ended on a high note in Indiana," said Kevin Kirkpatrick, 2013 President of the Indiana Association of REALTORS®. "The idea that mortgage rates may rise further is likely spurring some of the demand we are now seeing in early September. With the limited inventory we have, buyers should be prepared to first submit their most competitive offers.
"Whether housing continues to be a bright spot in the nation's economy depends on real employment and wage growth, as well as consumer sentiment, which can be swayed by rising gas prices, stock market shifts and global economic happenings," Kirkpatrick concluded.

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.

Thursday, September 19, 2013

Zestimate, Schmestimate!


What is Zestimate?

 

Zestimate is Zillow.com's "proprietary" home valuation tool. It appears in your home’s page on Zillow.com, whether it is for sale or not.

 

How is my Zestimate Calculated?

 

Zestimate values are calculated from county tax documents, which are public record. Essentially they are your county’s tax assessment of your home.

 

Is Zestimate what my Home is Worth?

 

NO! Your home’s worth is equal to the most someone is willing to pay for it! Market conditions dictate that. For instance, right now home inventory is low in the Indianapolis area, meaning there are fewer homes available relative to home-buyers searching. This means if your home is desirable, more people are going to want it, and of course, value goes up! It’s all about supply and demand.

 

Should I have my Home Re-Assessed to Raise Zestimate?

 

NO! All you will do is raise the property taxes you are paying currently, and what the eventual buyer will have to pay. Taxes are included in mortgage payments. An increase in taxes mean an increase in payment. An increase in payment means higher debt-to-income ratios, meaning less people will be able to get a loan on your home! No bueno!

 

How can I get a Fair Market Value of my Home?

 

Contact me, or another Realtor! We work in this market every day. We know what it is doing, what other homes have been going for, and can base our valuation off of market trends in your specific neighborhood. Pricing a home is as much of an art as it is a science. We consider numbers, and trends, but often times it is more of a feeling, or an instinct.

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.

Sunday, September 15, 2013

For Sale By Owner

If you want something done right, you have to do it yourself.

I believe that myself. Especially today. Google has made us all a lot smarter. With a few simple searches you can get information on any subject. There are how-to guides, DIY youtube videos. I'm a pretty smart guy. If I can find this expert advise online, I can learn how to do it myself, and save myself the money a so-called expert will charge.

I'm going to tell you about two of my past experiences doing it myself, and explain how that relates to the FSBO process.

Filing my Own Taxes

If you check my resume, I have a Bachelor's Degree in Financial Management. Any self-respecting human with this degree would be shamed to have someone else do their taxes, right?

That's what I thought. I decided to do my own taxes. I did the research, printed out the forms, filled in the paperwork, sent in the proof, and mailed all this to the IRS.

Putting that envelope in the mail, I felt pretty good about myself. I puffed my chest out, thought about the money I saved, and remember thinking, "Who needs an Accountant?"

A few weeks go by, I'm back at the mailbox, and get a letter from the IRS. I open it expecting a confirmation letter saying they received my documents. No! They received my documents, but there was a certain way some of the exemptions I claimed needed to be worded, and I ended up owing a lot more than I expected.

So, I caved, took the letter and what I filed to an accountant, he fixed it, and lowered my tax bill substantially. His service charge was definitely worth more than what I owed.

Representing Myself in Court

So, a few years back I got my driver's license suspended. I was driving a rental car on business, got a speeding ticket while driving it, and the insurance I had at the time wouldn't send in proof to the state, leading to a suspended license.

So I started doing research online, and found out that I would qualify for a hardship license. I contacted an attorney, and they would charge me about $1,000! I thought that was crazy!

It seemed like a simple process, so I decided to do it myself. I again did the research, constructed the court documents, filed them at the courthouse, and scheduled the hearing.

At the hearing, I explained what happened, told the judge I need my license for work, and risked losing my job if I lost my license. Should have been an open and shut case.

However, it seems there were a few different Indiana Law Codes you can petition the court under for this, and of course I picked the wrong one, and they denied my case.

So again, I walked back to the attorney's office with my tail tucked between my legs, and paid him to represent me. He did, got it done for me, and got my license back.

Expert are Experts for a Reason

There is a certain level of expertise people gain from doing the same thing over and over again on a daily basis. Think about the job you do. When you started it, you didn't know all the ins and outs, but as you kept doing it, you encountered different situations that arose, and figured them out. As time went by, you were ready for almost anything.

The same thing is true in real estate. Good Realtors buy and sell homes everyday for other people. We learn what to look for, what can make a deal go south, how to make the most out of a deal. We know the ins and outs. We know how to handle inspection responses, what turns buyers on and off, what upgrades are worth it, and what upgrades aren't. We can save and make you a lot of money.

The fact is that about 85% of FSBO's end up listing with a Realtor, and most that do sell their homes themselves, sell it for a lot less then they would have gotten with a Realtor. I have worked with a few sellers that tried to FSBO before listing with me. One had their home reassessed by the tax appraiser in hopes of getting the Zestimate of their home value on Zillow increased. This did nothing but raise their tax bill on their home, and eliminate buyers who would have otherwise been qualified due to PMI ratios of payments. Another had spent thousands of dollars on upgrades that did next to nothing to increase the value of the home.

Many times I have been able to sell my past FSBO clients' homes for a lot more then what they had it priced as a FSBO, which paid for the commission, and left them with more profit, even with paying extra commission.

Just like my examples above, even though the experts charged a lot of money, it ended up being worth it based on what they saved me in time, money, and hassle.

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.

Thursday, September 12, 2013

3 Reasons to Buy a Home Now!


1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released last week projects appreciation in home values over the next five years to be between 12.3% (most pessimistic) and 32.8% (most optimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes any sense.

2. Mortgage Interest Rates Are Increasing

As reported by Freddie Mac, interest rates for 30-year fixed-rate mortgages have risen about one full percentage point over recent historic lows.

The National Association of Realtors, the Mortgage Bankers Association, Freddie Mac and Fannie Mae, in their July forecasts, have all projected 30-year-fixed mortgage interest rates to be between 4.8 and 5.1% by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

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.