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.

Short Sale Basics

The Basics of a Short Sale

I’ve heard it said that “patience is a virtue.” Nowhere is this more true than in a short sale situation. Some banks are better than others, but none really get in a hurry. To further complicate things, if your home has an FHA insured loan, which most are, you not only have to deal with your bank, but also have to get approval through HUD. Quite frankly, paint dries quicker in the rain!

The main point to remember with short sales is to lower your expectations, and the expectations of anyone involved, especially early on. Most short sales take at least 6 months from the time the process is started, to the time where the bank approves the best offer, and sets it up for closing.

The Short Sale Process at the Bank

Buyers may wait a very long time to get a response from the bank. It is imperative for the listing agent to regularly call the bank and keep careful notes of the short sale process. Buyers may get so tired of waiting for the short sale approval that they may feel the need to threaten to cancel if they don't get an answer within a specified time period.

That type of attitude is self-defeating and will not speed up the short sale process. If buyers are the type with little patience, perhaps a short sale is not for them.

Following is a typical short sale process at the bank:

• Bank acknowledges receipt of the file. This can take 10 days to a month.
• A negotiator is assigned. This can take 30 to 60 days.
• A Broker Price Opinion is ordered. The bank probably will refuse to share the results of the BPO.
• A second negotiator may be assigned. This can take another 30 days.
• The file is sent for review. This can take 2 weeks to 30 days.
• The bank may then request that all parties sign disclosures.
• The bank issues a short sale approval letter.

Short Sale Seller Basics

Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.

A few examples of a hardship are:

• Unemployment / reduced income
• Divorce
• Medical emergency
• Job transfer out of town
• Bankruptcy
• Death

The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines but -- with the exception of Wachovia, which is the best short sale bank in the world -- the basic procedure is similar from bank to bank. The seller's short sale package will most likely consist of:

• Letter of authorization, which lets your agent speak to the bank.
• HUD-1 or preliminary net sheet
• Completed financial statement
• Seller's hardship letter
• 2 years of tax returns
• 2 years of W-2s
• Recent payroll stubs
• Last 2 months of bank statements
• Comparative market analysis or list of recent comparable sales

 

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.

Local Market Review: Strong Activity Continues, Second Month Surge in New Listings Delights Buyers

The May 2013 housing data released by MIBOR today shows a continuing increase in closed and pending sales in central Indiana. According to the MIBOR Monthly Indicators Report, the number of closed sales in central Indiana increased 23.7 percent in the three months ending in May 2013 compared to the same period of 2012. Closed sales rose a dramatic 30.6 percent in in May alone when compared to May of last year.  Pending sales are keeping up by increasing by 24.1 percent for the month of May and 18.9 percent in the quarterly comparison.  The much-watched new listings number jumped for the second month in a row. New listings increased by 15.6 percent in May and 5.6 percent for the three months ending in May.

 

Prices performed better with median sales price up 2.3 percent for the quarter, and up 4.2 for the month of May.  Average sales price was a bit stronger still; 4.5 percent in May and 3.0 percent for the quarter ending in May. The current average sales price in central Indiana is $172,322; median sales price is $138,000. Consistent with last month’s news, months of inventory stands at 5.6 months.

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.

Saint Mom

Thank God for Moms! I especially thank God for my mom! That woman should be up for saint-hood by now! She raised me, my 2 brothers, and 3 sisters to be somewhat successful and functioning members of society. That is a miracle by any definition of the word!

Mom told me a lot of things growing up, a lot of which I ignored and forgot because I thought I knew better. What I will always remember is what she showed us.

Mom showed us the true meaning of unconditional love. No matter what mistakes we made growing up, we always knew that mom would be there. She never gave up on us, even if we had given up on ourselves.

She showed us it is better to give than to receive. She was always there when we needed her to be, no matter the inconvenience. She's helped us out of many pinches and tight spots in our lives.

She showed us that working hard, having faith, and doing the right thing is more rewarding than doing what you want to do, and in the end, gives you what you really want.

She showed us that life isn't about getting, it is about giving.

Happy Mothers Day!

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 seller 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.

Five Tips to Create a Home Wish List That Works

Five Tips to Create a HOME Wish LIst that works

 

When dreaming of a first home the options are endless. From a backyard oasis with a patio and swimming pool, to a gourmet kitchen with the most up-to-date appliances, plenty of space to entertain friends or a gorgeous master bedroom suite, no first time home buyers wish list is the same. However, in reality, it is not always possible to find a first home with everything, so buyers must decide in advance what items are “must-haves” and “nice-to-haves” on a first home wish list.

 

 

1.     Know your budget: The first step to creating a list of “must-haves” is to be realistic about what is affordable and determine a budget. Buyers should enlist a local real estate agent to help with the home search. An agent with years of expertise understands the local market and can help buyers find comparable home prices and determine what is affordable in their budget.

 

2.     Find that perfect “location, location, location”: Everyone has heard this phrase before when it comes to real estate, and while the surrounding neighborhood and home itself may improve over time, the physical location will remain the same. Buyers should determine in advance how close they would like to live to their work, schools or extended family. A short commute to work, proximity to family or having easy access to highways and mass transit are often “must-haves.” The location will also determine some home amenities that are possible or difficult to have within the buyer’s budget. For example, if a buyer has to live close to work in a big city, they may have to cross a garage or outdoor space from their wish list.

 

3.     Determine non-negotiable accommodations: A comfortable place for everyone in the family is always a “must have.” For a family of four, three bedrooms may be non-negotiable.  For a family with grandparents living at home, an extra bedroom on the first floor may also be non-negotiable.  After determining the budget and neighborhood, the most important factor is that everyone living in the home has a comfortable place to stay. 

 

4.     Pick a lifestyle fit: After fulfilling the most important needs, buyers should find out what features of a home will best fit their lifestyle.  For example, buyers who love to cook and entertain may want a home with a gourmet kitchen and decide to give up the large master bedroom.  Or, buyers who love to spend time outdoors may compromise a large family room for a big backyard.

 

5.     Have a vision:  When looking at a first home, buyers should avoid getting distracted by decorations, paint or flooring that may not fit their taste.  Items such as paint color or carpeting are easy to fix and always worth compromising on.  If everything else about a home fits the wish list, a new coat of paint and a little redecorating are easy finishing touches on a dream 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 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 seller 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.

Sweet Brown: Real Estate Consultant "Ain't Nobody Got Time for That!"

I got up to get me a cold pop, I thought someone was barbecuing.

Most people wait until we start barbecuing in spring and early summer before they think about putting their home they want to sell on the market.

I said Oh Lawd Jesus there's a Fire! I ran! I didn't grab no shoes or nothin' Jesus! I ran for my life!

The housing market is on fire right now! Home inventories are low and demand is up, meaning there are not enough homes available to meet the needs of home-buyers. Many homes in the area are selling for thousands over list price! If you want to sell your home, you need to run the phone, don't grab your shoes or nothing, and call me to schedule your free market valuation on your home!

Then the smoke got me! I got bronchitis!

While we are optimistic about the market, it is a cautioned optimism. Summer gas prices are always higher, putting a squeeze on consumers. There are rumors about a "shadow inventory" of foreclosed homes that the banks are holding back off the market. If that rumor is true, they will start releasing them to take advantage of this demand. There is a lot that could happen. Don't get sick with bronchitis or anything else because you wanted to wait to sell your home, and missed out on this opportunity!

Ain't nobody got time for that!

In all seriousness, if you have tried to sell your home in recent years, now is the time to do it. Call me to schedule your free consultation to learn about how I would market your home, and receive a free estimate of your homes current market value.

You can call or text me at 317-721-2274. Email at soldbyavery@gmail.com. Online at www.soldbyavery.com.

I am proud to serve the following areas in Indiana:

Indianapolis, Carmel, Fishers, Noblesville, Lebannon, Avon, Danville, Mooresville, Plainfield, Greenwood, Franklin, Shelbyville, Beech Grove, Greenfield, Lawrence, Whiteland, Columbus, Greensburg, Edinburgh, and beyond.

What Are You Waiting For?

What Are You Waiting For?

Interested in Selling?
If you have been thinking about selling your home, the time is NOW. Home prices are up, home inventory is down, and demand is high! This creates the Perfect Storm for you to list your home! Why wait any longer? Don't take my word for it, check out this recent article from the Indianapolis Star:
http://www.indystar.com/article/20130225/BUSINESS/302250037/Indianapolis-home-sales-jump-22-January


Interested in Buying?
It is still the best time in history to purchase a home! Interest rates are the lowest they have EVER been! Act quickly to ensure you take advantage of this! With demand as high as it is, I'm not sure how long interest rates will be held this low. Check out Coldwell Banker's Buyer's Guide to get prepared, here: http://viewer.zmags.com/publication/345b3326

Featured Home:

1246 Salem Creek Blvd. Indianapolis, IN 46231
4 BR, 2.5 Bath, 3,479 sq. ft., 2.5 Car Garage, Finished Basement 
$190,900

 

Full MLS Listing:     http://idx33626.mibor.fusionblc.com/?r=1018467367&id=373939393032.324