Tag Archives: Pre-qualification

What does the 2016 Indianapolis Real Estate Market look like?

Posted on by

What is the outlook for our local 2016 real estate market?  As an agent, I don’t have a crystal ball, but I do have numbers and studies of market experts providing indicators to make our best guess of the direction of the local real estate market for this year.

Last year was more of a Seller’s Market — meaning the demand for homes was usually higher than the inventory of homes for sale. We move into 2016 with the same low inventory and this results in multiple offers on lots of the homes in some areas and the final sales prices being closer to or above asking price.

It was not and is not an all out Seller’s Market, Seller’s cannot name their price, remember, a home’s value is determined by what someone will pay for it – listing a $200,000 home for $300,000 will not get you $300,000, even with low inventory.  With the tightening of federal regulations, lenders being pickier and appraisers being closely scrutinized, the likelihood of a repeat of past history is not there.

The Federal Reserve has not raised the cost of borrowing in nine years. The economy is picking up and experts predict they are likely to begin gradually raising the interest rates. Most agree that sometime in the first quarter of 2016, we will see the increase start.  Rates are still at historic lows at the moment so buying now is a smart move if you are on the fence…and you should call me to do it!

Still renting?  It is actually cheaper to buy than rent in most areas of the country including ours. Rental rates are increasing at a fast rate. Concerned about your credit score?  Have limited funds?  or just afraid to find out? You’ll never know until you try, I have several lender partners that I am happy to have you talk to…remember, all discovered is confidential and they will not share your financial information, but are always happy to help you create a plan to work through the issues and get you ready to buy a home!  . Wouldn’t you love to stop throwing money away on rent?

After 10 to 15 years of a wild ride in the real estate market, analysts are predicting that “normal” is returning slowly but surely. Distressed  (bank owned, shortsales, forclosure) property sales are finally dropping instead of being a huge part of the housing market. New construction is on the rise again and home prices are rising at at a more normal rate.

2016 should be another busy year in the Indianapolis market. If you have been thinking of buying or selling, now is the time to do it. Take advantage of the lower interest rates if you are a buyer. Sellers jump in the market while inventory is still low.  Just let me know what I can do to help!

images

Vicki Reed

Boo ESPY’s…

Posted on by

Really ESPY…Caitlyn Jenner as the Arthur Ashe Courage Award winner?  This is a FORMER Olympic Champion who after years of living with the media…well the word I want to use is inappropriate…family and it;s pimp of a momager you decide to become a woman…and that takes courage?  More than…

Noah Galloway?  Galloway is a U.S. Army veteran. He lost two of his limbs while fighting in the Iraq War. He was given a second chance at life, and most recently competed on ABC’s Dancing With The Stars (he danced himself to third place with the help of Sharna Burgess). Noah (click here to read his story) served our country and is firm believer in giving back to those around him in need, Galloway recently created the No Excuses Charitable Fund, which raises money and awareness for organizations that mean the most to him, including Operation Enduring Warrior and the YMCA of Alabaster, AL  Despite what some may call “handicaps” , he continues to compete, participating in adventure races around the country, such as Tough Mudder, Spartan events, Crossfit competitions plus numerous 5K and 10K races.

Lauren Hill?   “Never give up.”…this was Lauren’s mantra as she battled a brain tumor and rallied those around her to help her achieve her dream of playing in a NCAA game.  Hill attended Mount St. Joseph  a Division III school and played after being diagnosed with the inoperable tumor. She spent her final year polishing a layup and inspiring others to live fully.  “She taught us that every day is a blessing, every moment is a gift,” school President Tony Aretz said.  She did it by showing up for practice even though turning her head made her dizzy and left her physically spent. She appeared in four games, making five layups, before the tumor’s effects forced her to stop.  To read more of Lauren’s story click here

There are many other inspiring athlete’s out there, why Jenner?  Would love to hear your opinions!

Lauren Hill Never Give Up

Lauren Hill Never Give Up

Vicki Reed

 

 

Time for Devour Downtown Winterfest!

Posted on by

Celebrating 10 years, it’s time for for Devour Downtown, launching on MLK Day and running through Feb. 1. Participating Devour Downtown restaurants will offer guests pre-fixe menus ranging from $10 – $35 while showcasing specialty dishes and highlighting popular items. Several lunch and dinner menus are two for $30.

Who’s participating this year?  Click this link for the full list:  Devour Downtown.  New participants include: Burgerhaus, Spoke & Steele, Chilly Water Brewing Company, Tow Yard Brewing Company and more.

Several Downtown venues will offer special discounts during Devour Downtown, including: NCAA Hall of Champions, Rhythm Discovery Center, Indiana Repertory Theatre, Indianapolis Symphony Orchestra, Eiteljorg Museum, Indiana Historical Society and Theatre on the Square.

Great opportunity to get out of those post holiday blues that January inevitably brings about and do something fun!  So where do you want to try?

Devour Downtown

Vicki Reed

How about a new home for Christmas?

Posted on by

There are benefits to buying a home at the end of the year, plus what a great Christmas gift to yourself!

Summer may be our busy season, but winter offers great opportunities for buying a house, especially for renters looking to become homeowners, growing families trading up to larger houses and baby boomers seeking homes to fit their evolving lifestyles.  The housing choices during December are less than in the spring, but market-wise, but if that fits your timeline, you could luck out.  The benefits to buying a house at the end of the year are fairly extensive:
1. Tax savings – If you close by December 31, you can deduct mortgage interest, property taxes, points on your loan and interest costs. These deductions can be significant, especially in the early years of your loan when you’re paying off a lot of interest.
2. Motivated sellers – Many sellers want to enjoy tax savings on the next home they purchase. They may accept lower bids in order to meet Uncle Sam’s deadlines. However, if you’re in a strong seller’s market, you’ll want to be conservative and heed advice from a real estate professional, like me!
3. Builder incentives – there are a number of Indianapolis builders who have “inventory” or “spec” homes that are available now and empty!  As the builders move to close out their year, they may offer upgrades or little extras to sell houses before the calendar turns.
4. Available movers – Many moving companies are booked six weeks or more in advance during the busy summer months, in the winter, it’s normally easier to find a moving company or rental equipment on shorter notice.
5. Paying toward something you own – If you’re renting, your monthly check goes toward something that will last you a month: You’ll never see any return on that money. When you buy a house, your monthly mortgage payment goes toward an investment—and ultimately a roof that’s yours.
6. Consistent payments – Landlords will likely increase your rent every year, once you buy a home, you can rely on consistent payments if you have a fixed-rate loan, the only fluctuation you might see is if your homeowners insurance or property taxes go up or down!
7. Freedom to renovate – Update your kitchen, paint your home’s exterior neon orange, change your fixtures or replace your flooring; whatever inspires you, no one can tell you, “No!”
8. Gaining equity – In the beginning, most of your payment goes toward interest. But gradually more will go toward paying off your principal, meaning you build up equity—or savings—in your home. Another factor in equity is appreciation: As home values rise, so does your rate of equity!
So who do you know that I can help Turn their dreams into an address…?
images

How much does “true love” cost?

Posted on by

The Twelve Days of Christmas costs what?  Every year, the PNC Wealth Management Christmas Price Index brings “The 12 Days of Christmas” carol lyrics to life by revealing how much each item mentioned in the song’s lyrics would cost in the present day.

If someone’s “true love” bought all of the gifts mentioned in the holiday classic, then the bill would come out to $27,673.22 in 2014, according to the bank, which gathered data from the National Aviary in Pittsburgh, PHILADANCO (The Philadelphia Dance Company) and the Pennsylvania Ballet Company.

Here is the full list:

  1. Partridge ($20 up from $15 last year) and the Pear tree ($188, last year $184) = $208
  2. Two turtle doves, $125
  3. Three French hens, $181 (last year: $165)
  4. Four calling birds (canaries), $600
  5. Five gold rings, $750
  6. Six geese-a-laying, $360 (last year: $210 what a jump in price!)
  7. Seven swans a-swimming, $7,000
  8. Eight maids a-milking, $58
  9. Nine ladies dancing (per performance), $7,553
  10. 10 lords a-leaping (per performance), $5,348 (last year: $5,243)
  11. 11 pipers piping (per performance), $2,635
  12. 12 drummers drumming (per performance), $2,855

So are your really ready to lay out the bucks for your “true love’s” gift?

twelve days of christmas

Vicki Reed

 

Wow…just Wow…

Posted on by

Yes, as they say in the real estate industry, I drank the Keller Williams kool-aid.  While we are a fantastic company, with lots of great training and opportunities for mentorship and coaching, that’s not why I chose this company…no, the events of today just prove to me what an amazing company and group of people I work with and I couldn’t be prouder to be associated with them!

Today was our City Wide Thanksgiving luncheon, a giant pitch in for all our local offices and always a lot of fun.  During the luncheon, the orchestra from Hamilton Southeastern High School entertained and a representative for the St. Mary’s Child Center spoke about their mission and the needs of many of the children they serve.

For the last several years, our office has supported 2 children for Christmas, yesterday our MCA opened the wish to support 10 children this year…at $100 a child and then the most amazing thing happened…the agents from our office Keller Williams IndyMetro Northeast office started the challenge – real estate teams pledging money to support 1 child and it kept moving from there!  Wallets and checkbooks came out and by the time the lunch was over…35 kids are going to have Christmas, thanks to this amazing group of agents!  The money is still coming in and we look forward more money coming in before Wednesday next week!

To share even more about how this touched everyone in the room, the HSE orchestra gave the donation we had given them to entertain…to the cause!  What a great generous heart from the young people, recognizing what they can do for others.

Tell me…do you work with such generous people?  What are do doing to support those less fortunate than you this year?

thanksgiving

Vicki Reed

Happy Labor day…do you know why today is a holiday????

Posted on by

From the U.S. Department of Labor Website:

LABOR DAY: WHAT IT MEANS

Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.

LABOR DAY LEGISLATION

Through the years the nation gave increasing emphasis to Labor Day. The first governmental recognition came through municipal ordinances passed during 1885 and 1886. From these, a movement developed to secure state legislation. The first state bill was introduced into the New York legislature, but the first to become law was passed by Oregon on February 21, 1887. During the year four more states — Colorado, Massachusetts, New Jersey, and New York — created the Labor Day holiday by legislative enactment. By the end of the decade Connecticut, Nebraska, and Pennsylvania had followed suit. By 1894, 23 other states had adopted the holiday in honor of workers, and on June 28 of that year, Congress passed an act making the first Monday in September of each year a legal holiday in the District of Columbia and the territories.

FOUNDER OF LABOR DAY

Some records show that Peter J. McGuire, general secretary of the Brotherhood of Carpenters and Joiners and a cofounder of the American Federation of Labor, was first in suggesting a day to honor those “who from rude nature have delved and carved all the grandeur we behold.”More than 100 years after the first Labor Day observance, there is still some doubt as to who first proposed the holiday for workers.

But Peter McGuire’s place in Labor Day history has not gone unchallenged. Many believe that Matthew Maguire, a machinist, not Peter McGuire, founded the holiday. Recent research seems to support the contention that Matthew Maguire, later the secretary of Local 344 of the International Association of Machinists in Paterson, N.J., proposed the holiday in 1882 while serving as secretary of the Central Labor Union in New York. What is clear is that the Central Labor Union adopted a Labor Day proposal and appointed a committee to plan a demonstration and picnic.

THE FIRST LABOR DAY

The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. The Central Labor Union held its second Labor Day holiday just a year later, on September 5, 1883.

In 1884 the first Monday in September was selected as the holiday, as originally proposed, and the Central Labor Union urged similar organizations in other cities to follow the example of New York and celebrate a “workingmen’s holiday” on that date. The idea spread with the growth of labor organizations, and in 1885 Labor Day was celebrated in many industrial centers of the country.

A NATIONWIDE HOLIDAY

The character of the Labor Day celebration has undergone a change in recent years, especially in large industrial centers where mass displays and huge parades have proved a problem. This change, however, is more a shift in emphasis and medium of expression. Labor Day addresses by leading union officials, industrialists, educators, clerics and government officials are given wide coverage in newspapers, radio, and television.The form that the observance and celebration of Labor Day should take was outlined in the first proposal of the holiday — a street parade to exhibit to the public “the strength and esprit de corps of the trade and labor organizations” of the community, followed by a festival for the recreation and amusement of the workers and their families. This became the pattern for the celebrations of Labor Day. Speeches by prominent men and women were introduced later, as more emphasis was placed upon the economic and civic significance of the holiday. Still later, by a resolution of the American Federation of Labor convention of 1909, the Sunday preceding Labor Day was adopted as Labor Sunday and dedicated to the spiritual and educational aspects of the labor movement.

The vital force of labor added materially to the highest standard of living and the greatest production the world has ever known and has brought us closer to the realization of our traditional ideals of economic and political democracy. It is appropriate, therefore, that the nation pay tribute on Labor Day to the creator of so much of the nation’s strength, freedom, and leadership — the American worker.

So what are your plans for this holiday?

labor day

Vicki Reed

 

Think you are ready to buy a house?

Posted on by

Buying a home is an emotional decision for most people, this is where you will likely spend the next 5 to 7 years of your life, more if you buy right and love the area.  Do your research!  Think about these things and when you are ready…CALL ME!

Researching the neighborhood: Is this some place you really want to live? What amenities are nearby? How is the school district? What does the traffic and street activity look like when you drive by it at different times of day, like Sunday morning and Monday evening rush hour?

Get an inspection: This is one of the biggest investments you’ll ever make, and you’ll be living with it for years to come. Don’t pinch pennies — shell out $400 for an inspection. Make sure you know exactly what you’re signing up for.

Remember, you can paint!  Don’t buy or not based on decor: Paint color can be changed. Tiles and cabinets can be changed. What you want to look at are the bones of the house. Will it meet your needs? Does it flow well? Does it have enough space?

Don’t buy the most expensive home on the block: Hate to break it to you, but the most expensive home on the block isn’t a good deal. It will only depreciate over time, and you could have trouble selling it when buyers can see plenty of more reasonably priced options in the same neighborhood.

Be realistic with your budget: There are 2 numbers to look at when you are buying a home, just because your lender says you qualify for a $250,000 mortgage, that doesn’t mean you can afford it, especially when you factor in the other costs that come with homeownership. Be real and only look at houses you can realistically afford.

Be realistic about your DIY abilities: Will you really tear down that wall to make a master suite or gut the entire kitchen to make it work for you? Don’t let too much HGTV and delusions of grandeur drive you to buy an ongoing project you’ll regret taking on.

Have money for a down payment:  FHA financing requires 3.5% down, Insured Conventional 5 or 10%, Conventional 20%.  Anything less than 20% down and you’ll pay private mortgage insurance (aka PMI) payments and a higher monthly mortgage payment overall. It may be worth saving up for an extra year or two to reduce your long-term costs.  VA and USDA are 100% down programs, but make certain that’s how you want to go.

Make sure you are ready: Are you financially ready?  Are you ready emotionally? Are you sure you want to stay in this area for years? Does your income feel stable? Are you prepared to take on all that yard work and the repairs you avoided as a renter?

Think you are ready?  Time to call in the experts and find a realtor!  Call or text me at 317-919-7931 or email at vlrrealestate@gmail.com…I’m looking forward to hearing from you!

Buying a house

Vicki Reed

 

 

NCAA Coaches live where???

Posted on by

Ever wonder where some of the NCAA coaches call home?  Think they live like we do?  Not really!  Early out in the NCAA offers them an opportunity to head to one of these great homes – MSN shares this slide show by Neal J. Leitereg of realtor.com:

March Madness mansions: Homes of college-hoops coaches

By Neal J. Leitereg of realtor.com

With its mix of powerhouse programs and Cinderella schools, March Madness energizes sports in a way that’s not quite like most events. At realtor.com, we’re pumped up from looking at the homes of some of NCAA basketball’s top coaches.

Take a look through the slide show below and tell us in the comments which coach’s home you would rank No. 1.

NOTE: All descriptive information comes from listings on realtor.com. Properties were on the market and listed as available at the time of publication in March 2014 unless noted otherwise.

Most people I know are likely most interested in Rick Pitino, Tom Izzo and Steve Alford’s homes, but I find the pricetags astounding!  And the square footage – who really needs 10,000 square feet!  Click through the slideshow to find out!

Meanwhile back in the state of Indiana…yes, I know, none of our teams made it to the dance this year, the spring market is really heating up, despite the fact we are in for a cold week ahead.  If you are thinking of buying or selling this spring, call, text or email me.

images

Vicki Reed

Spring Selling Season Arrives Early!

Posted on by

Winter finally seems to have broken and the temps seem to be on the upswing!  Homes in the hot areas are already moving quickly in the Indianapolis and surrounding areas.  If you’re thinking this spring is a good time to starting looking for a house, you aren’t alone. That’s the problem. Your dream house, which might have been easy enough for you to grab a few years ago, is being eyed by other potential buyers.

IT IS A SELLER’S MARKET!  Whether you are a first time buyer or a move-up/down buyer, you must have everything in order prior to viewing homes!  Gone are the days of getting your financing in order after you found the home of your dreams, in order to make the home buying process run as smoothly as possible, follow these simple tips and LISTEN TO YOUR REALTOR!:

1. Get your financing lined up.  You may not worry about being turned down by the mortgage lender, but the seller doesn’t know that. The seller may also be in a hurry to hand you the keys. YOU HAVE TO BE PRE-APPROVED FOR YOUR MORTGAGE!  There are 2 numbers when you are dealing with your financing – first is the number your lender approves you for and second is the number you are comfortable spending!  The lender may say you can spend $300,000, but what does that mean to your monthly budget?  Working with a lender will help you decide what the right number is – contact Pat Hammer at Waterstone Mortgage and get started today!

2. Try to find out why the seller is selling. Buying and selling homes are emotional decisions, an emotional seller versus a nonemotional seller will react to different things.  If you have sellers who raised their kids in the house and lived there for most of their lives, they may appreciate a buyer who will do the same. Sending a personal letter with your offer may move you to the front of the pack!

3. Be flexible.  If you’re competing against other buyers, be as accommodating as possible.  Be flexible on closing dates and occupancy, the goal is for you to get the home of your dreams, and see number 1…a mortgage contingency allows buyers to back out of the deal if they can’t get financing for the house. Sellers don’t like mortgage contingencies – they don’t want to wave off potential buyers only to learn that their buyer can’t actually purchase the house.

 4. Sweeten the deal.  In a hot market, it is not uncommon to offer over list price, how much more is up to you, but even another $500 might get the seller’s attention.  You could also consider waiving the appraisal. That means if the bank determines the house isn’t worth the purchase price you and the seller agreed to, and it won’t lend you all of the money to cover it, you’ll have to make up the difference – provided you have the funds, of course.

5. Be fast. This is a big decision and you likely don’t want to rush, but if you know you can afford the house and you love it and the neighborhood, then, yes, you probably should rush.  In an age of instantaneous communication, minutes count and can make the difference between an accepted or rejected offer.  Make certain your agent uses the most current technology such as electronic signatures, in order to ensure immediate responses.

6. Be bold. If you really want the house, don’t get too cute and make a lowball offer, thinking there will be a lot of negotiation. You should suggest something close to the price the homeowner is expecting, or risk your offer being ignored. And this isn’t the time to be petty – or cheap, don’t haggle over $500 on a $200,000 deal.

7. Provide good customer service. Wait, isn’t that the seller’s job? You would hope so, but in a competitive market, it comes down to thinking of the homeowner as your customer. You’ll get his business (well, the house) if you’re personable, easy to work with and able to offer a good deal. Of course, you want to make sure you don’t offer the seller such an amazing deal that you hate yourself the day after closing. You want the welcome mat – what you don’t want is to be a doormat.

I can help you meet your goals and provide excellent guidance through what is one of the most important purchases of your life…call, text or email me!

images

Vicki Reed