Monday, March 11 2013
This month I want to recap the local real estate market in 2012 compared to 2011. This is especially easy since our market improved in virtually every category last year.
The easy place to start is closed transactions. Our BLC (broker listing cooperative, which used to be called MLS) closed 4,387 home sales last year up 8.83% from 2011. The median sales price increased 4.4% increasing our average sales price to $125,971. Days on market decreased 11.3% compared to 2011 but is still higher than I like, at 105 days.
The big news, which I have mentioned frequently over the past year, is that the months supply of homes listed for sale continues to decline. The average for 2012 was 7.32 months down from 8.70 months in 2011 and 9.43 in 2010. This is the lowest average level in 6 years. As of today there are fewer than 2,400 active listings on the market. My records do not go far enough back to find fewer active listings than this. If you are considering selling your home, now is the time to list. I am confident that new home construction will increase significantly this year. Homes listed now will reach the market before these new homes are completed and on the market.
If you are considering listing your home, no one has better tools to market your home. Traffic on FCTuckerEmge.com and Tuckermobile.com are higher now than they have ever been. In fact, visits to FCTuckerEmge.com for the first two months of the year are up almost 11% versus the same time last year. With over 95,000 visits, FCTuckerEmge.com is the source for information on real estate in our area. And don’t forget that TuckerMobile.com is always with you on your smart phone!
Please let me know if you know of anyone considering selling their home. I would be happy to prepare a market analysis and help them sell their home.
Thursday, October 27 2011
Several times over the past few months I have suggested that we need more listings because properly priced listings are selling. There are three reasons that I feel so strongly that this is the case. First, the number of listings on the market is below historical norms. We currently have less than 2900 active listings in our area. This compares to a high of over 3700 listings, or a reduction of 25%. Second, is that our month’s supply has remained pretty consistent since February at levels lower than the previous two years. Third, our prices have stabilized at levels about 3% above last year’s prices. Keep in mind this information applies to the housing market in this area only, not the entire country.
I have been confident that good listings are selling for some time now but received some confirmation from an unexpected source recently. I have a Realtor friend in Ft. Wayne who does a lot of real estate statistical analysis. He asked me if I would share some information about our MLS so he could see what his analysis suggested about our local market. I sent him the information he requested and a few days later he sent me an email. The first half of his comments were statistical in nature and discussed the ratios he used, but the second half was pretty clear either to the novice or a seasoned veteran. He said “All I can say is you better be getting listings because they are selling, certainly if priced right…” Keep in mind his analysis is based only on hard numbers and has nothing to do with his direct experience in this market. If you or anyone you know is considering a move, now is the right time to act.
Homes in good condition that are priced right are selling. I can’t promise that I can sell your home today but I can promise that no company or agent in this area has better tools or a better marketing system that F. C. Tucker Emge Realtors. Call me today and I can get your home on the market before conditions change again.
Kathy and I have been working on a Home Buyer’s Guide for some time now and we would be more than happy to share this with you. Just call me at 812-499-9234 or email me at Rolando@RolandoTrentini.com and I will email you the report.
We hope you will enjoy the rest of the fall season as we are. We took a small trip to Patoka Lake last weekend and saw thoroughly enjoyed nature in full color.
Tuesday, September 20 2011
2011 continues to be a year of distinctly different halves. For the first five months of this year local sales, in units, compared to last year were down almost 13%. For the past 3 months the same comparison shows that unit sales are up over 12%. I believe that by year end we will have sold slightly more units than we did in 2010 and I’m positive that the dollar amount of sales volume will be significantly higher than last year; perhaps close to 10% higher.
The supply of homes for sale on the market has also been more stable and more in balance. For the 10 months starting last July there was an average of just over 10 months supply, with a high of over 13 months supply. Since May we have averaged just under 8 months supply with a high of less than 9 months.
I recently read an article in Inman News discussing the 10 markets nationwide that have fared both best and worst in housing price recovery over the past 5 years. The markets studied are all larger than our area, but not surprisingly when I compare our local data to the national figures we are very well. The worst areas consisted of 6 markets in California, two in Florida plus Phoenix and Las Vegas. The decline in prices ranged from 67% to 56%. The best markets were less concentrated and ranged from a 17% increase to a .6% increase. The study was based on July prices only. Locally our average July price was up 1.9% from July of 2006, which would have ranked us in the top ten nationally. While I don’t place a great deal of confidence in some of the national studies I see, I do have a lot of confidence in our market and I’m happy I live in the Midwest. I expect the remainder of this calendar year to stay relatively consistent for our local real estate market, even in light of some disturbing national economic trends.
We are pleased to report that for the month of September we have added 3 new listings. Our listing inventory is low compared to years past. This is good for our sellers. From our side we certainly would like this number to increase. We are kindly asking you to keep an ear out for any information you can pass on to us when you hear that someone in your circle of friends is interested to sell their home.
Please let me know if I can help or any of your friends price their current home or look for your next home. You can always find me at FCTuckerEmge.com or TuckerMobile.com, and keep in mind weekly area open houses are now posted at TuckerOpenHouses.com starting Thursday of every week.
Wednesday, August 24 2011
Recent stock market gyrations have been challenging and general economic news hasn’t been inspirational, to say the least. Fortunately we live in the Tri-State where both economic data and housing sales are better than last year and moving in the right direction. Nationally there are actually slightly fewer employed people that there were last year at this time. On a statewide basis, there are almost 50,000 more people working and the unemployment rate has dropped from 10.1% to 8.5%. In our area there are almost 9,000 more people working and the unemployment rate has dropped to 7.4%.
Home sales are also up for the past two months, compared to June and July of last year. Closed units in our MLS were up 8% compared to last June and July. I expect a similar trend for the remainder of this year. Another subtle shift from last year is in the price range of homes sold. Last year, partially due to the home-buyer’s tax credit, less expensive home sales increased significantly from the previous year. This year sales of homes priced under $150,000 have declined just over 10%. Homes priced from $150,000-250,000 have been essentially unchanged, while homes priced over $250,000 have increased over 9%. Keep in mind, that the median sales price in our market is under $110,000, so there are always more homes sold under $150,000 than over that amount.
Our marketing and technology departments continue help me provide tools to make buying homes for my clients easier. I know I have already mentioned TuckerMobile.com. This GPS enabled mobile site continues to attract more traffic with over 30,000 unique visitors last month. Recently we acquired TuckerOpenHouses.com. Starting on Thursday of every week, you can view not just F. C. Tucker Emge open houses, but any home scheduled to be open that is posted with our MLS service. It is a great tool because you can search for open houses just like you search for any other listed property. Give it a try; I’m sure you will like it.
Although real estate prices have not changed considerably here, it never hurts to get a yearly market analysis on your home. Kathy and I would be more than happy to prepare one for you. Just give us a call at 812-499-9234 and we will get things rolling.
Enjoy the rest of the summer months. We are sure looking forward to cooler temperatures.
Thursday, July 21 2011
We have more good news to report based on last month’s local real estate activity. We closed more transactions in June than we did last June. That would not be so impressive, until one considers that June of 2010 was the last month in which buyers could close transactions and take advantage of the homebuyer’s tax credit. The real estate market has been out of the tax credit business for a full year now and it is clear that we are a better position today than we were a year ago. We are absolutely positive that we will close significantly more transactions over the next few months than we did over the same period last year. Based on June sales, our month’s supply of active listings is lower than it has been for 35 of the past 36 months. Properly priced listings are selling in today’s market. We would be happy to do a market analysis for you, or anyone you know who is considering selling their home.
As we have said many times, all real estate is local, and as proud as we are of how our market has recovered there are some other non real estate specific issues that have had a positive impact on our local market. First on a state level, Indiana has recovered far better than most states. According to The U. S. Bureau of Economic Analysis, Indiana’s GDP grew 4.6% in 2010 which was third highest in the nation. Partially as a result of decreasing the state’s corporate tax rate, Chief Executive Magazine ranks Indiana’s business climate best in the Midwest and sixth best in the nation. The U. S. Conference of Mayors recently ranked metropolitan areas based on the projected time at which they will have fully recovered to pre-recession levels. The conference studied the 15 largest Indiana metropolitan areas. Out of that group, the Evansville metro area is expected to recover the soonest.
We are always researching new ways to help our buyers and sellers. Next month we will be able to tell you about another new tool we are adding to give better service for your real estate needs. Feel free to contact me on my cell phone at 812-499-9234 or send me an email: Rolando@TheTrentiniTeam.com
Enjoy the rest of the summer and stay cool.
Wednesday, April 13 2011
If you remember the Market Watch I sent in December, I made several specific predictions about how our local real estate market would perform the first several months of this year compared to last year. Those predictions have been accurate to-date but what is probably more telling is how we are doing compared to 2009. As I have mentioned before the homebuyer tax credits in the first half of last year distorted sales. There were no homebuyer tax credits in the first half of 2009. Closed sales in the first three months of 2011 were up 11.7% in units and up 18% in total sales dollars compared to the corresponding period in 2009. The local housing market has improved and will continue to get better.
The number of active listings on the market continues to stay at historically low levels. Housing affordability which is influenced primarily by the price of homes and interest rates is at historically high levels. If you are thinking about buying, waiting will inevitably mean you pay more for your home, either in terms of price, interest rates or both. If you are thinking about selling, it is better to get your house on the market now before inventory levels begin to rise.
If you are selling your home, it is important to understand that buyer behavior has changed significantly in the past few years. Now virtually all buyers look at homes online before physically visiting a house. In other words showings happen online. Today the number of times a home is viewed online is as, or more important than the number of physical showings and is a better barometer of buyer interest. Seller reporting at FCTuckeremge.com provides sellers a realistic picture of marketing activity. This tool allows you to know when and how often potential buyers are looking at your home online. Call me if you have additional questions about this valuable program.
Let me know if I can help you with any of your real estate needs and please enjoy the beautiful spring weather that has finally arrived. You can reach me at 812-499-9234 or Kathy at 812-499-0246.
Tuesday, March 15 2011
While the national media continues to report that home prices are declining and sales are decreasing I have much better news locally. Closed transactions for the January-February 2011 time period were up 12.6% compared to the same period in 2010 (501 homes in 2011 vs. 445 homes in 2010). In addition the average sale price is up 2% to $120,711 for the first two months of the year.
If you are thinking about listing your home let me give you some great reasons to list it now. At the time I wrote this Market Watch there were only 2660 active listings in our multiple listing service. There have not been that few homes on the market since May of 2006. Many sellers think that “buying season” correlates to the summer months but the truth is homes sales pick up in the spring and potential buyers, on average, look for a couple of months before they sign a purchase agreement. All of this means that buyers who will close on the purchase of their new home this summer are looking for homes now. If your home is not on the market buyers won’t find it.
My company feels so certain of this time schedule that we are kicking off a new billboard and radio campaign this month. We will advertise both FCTuckerEmge.com as well as our mobile site, Tuckermobile.com. These are absolutely the best local sites for buyers to find homes whether they are at home, in the office, or in their cars. They are also some of the most effective marketing tools for our sellers.
Remember, buyers are looking, improving weather makes looking for a home more pleasant and I am ready to help you sell your home today. Give me a call and let me show you how I can help you today. You can reach me at 812-499-9234 or Rolando@TheTrentiniTeam.com or our website www.TheTrentiniTeam.com
Tuesday, January 25 2011
The average sales price for residential homes in parts of the tri-state has jumped.
Local realtors say they are seeing an increase in demand when it comes to buying homes. With an increase of money people are getting for their homes, they say that combination could make for a strong housing market in 2011.
The Evansville Area Association of Realtors reports a 4.7 percent increase in both the average sale price and median sale price of homes sold in Vanderburgh, Warrick, Posey and Gibson counties, from 2009 to 2010.
"The fact that these have gone up means that people are buying more expensive homes which is good and prices have stabilized in the area," says Chris Dickson, President of the EAAR.
Other realtors are also happy with the news.
"For sellers right now it's a good time to list your home because you can get a little more for you home than in the past," says Walt Caswell, a realtor with ERA.
On top of that, more buyers are now looking and willing to spend.
"Historically, the mortgages, the interest rates are really low, so a lot of people are capitalizing on that and it's just a really good time to buy a home," says Caswell.
"They seem reasonable to me. I'm not an expert but they do seem reasonable," says potential buyer Lori Scott.
Scott is on the hunt for a new house, and says despite the increase in price, she is still ready to move.
"I would like to move and just find something bigger but there would be the problem of could we sell our house right now and then the money that we need to get out of it in order to afford something a little bigger."
Steve Minor and his wife just listed their home.
"Just got it listed this week and then, so there's an open house today. Hopefully there's a lot more movement," says Minor.
"It looks like 2011 is going to move in that direction. It's a good pace moving into 2011 so we're looking forward to it," says Caswell.
This also seems to be the trend nationally. Sales of existing homes jumped 12 percent in December.
Monday, January 24 2011
2010 on par with 2009;
Today’s release of the “Indiana Real Estate Markets Report” by the Indiana Association of REALTORS® (IAR) provides the usual month-over-month comparison and because of timing, also provides a comparison of calendar years that supports the association’s past recommendation for reviewing housing data in the long-term.
“The federal homebuyer tax credit was only in play for a third of last year. And yet, the numbers show the market on par with 2009, which might take some who listen to non-local news by surprise,” said Karl Berron, Chief Executive Officer.
Thursday, December 16 2010
It’s almost a new year, so let me make some specific and bold
The national press will be full of articles discussing significant year
My advice for now would be to take advantage of very low interest rates
Kathy and I would like to take this opportunity to extend our best
Friday, November 12 2010
For over a year now Market Watch has focused on statistical information. I will continue to provide that sort of information on a regular basis. This month, however, I will step back and take a “big picture” look at the housing market, long term trends, and general advice I would give to prospective homebuyers or sellers.
Please feel free to call or email me at 812-499-9234 if you have any questions.
Wednesday, September 15 2010
I have some good news to report based on August pended (accepted purchase agreements) results. August pended transactions increased for the fourth consecutive month. As I have mentioned a couple of times over the past few months, the now expired tax credit makes month to month comparisons difficult. The tax credit clearly stimulated, then depressed the housing market. As expected May pended transactions dropped dramatically after the spectacular March and April numbers. This coincided with the expiration of the tax credit on April 30th.
We have gone from 269 pended transactions in May to 387 pended transactions in August. This represents a 44% increase. Although that is good news, it is important to keep in mind that the 44% increase is from a low starting point. What is good however is that the 387 pended transactions is slightly higher that the preceding twelve month average of closed transactions. The average sales price in this May-August period has been virtually unchanged. Both of these pieces of information suggest that our market has stabilized, both in terms of price and units sold.
Friday, August 13 2010
Market Watch For August 2010
Two months have passed since the expiration of the homebuyer’s tax credit and we’ve had time to see how the market would react. As I predicted, we did see a decline in closed transactions from May and June levels as a result of a decrease in written transactions from the previous months. And while the news isn’t great, it’s better than expected. July brought an increase in written contracts up 37% from May and up 22% from June. I believe July written contracts are more representative of the remainder of the year than either the spectacular numbers we saw in March and April or the depressed numbers we saw in May and June.
The tax credit has expired, but there really has never been a better time to buy. I mentioned briefly last month that interest rates were attractive but I don’t think many potential buyers realize how much more house the same payment buys today than it did not long ago. Thirty year fixed rates are now about 4.25%. On a $100,000 loan that monthly payment (before taxes and insurance) is only $492. That is $75 a month less than the payment at 5.5% and $140 a month less than the payment at 6.5%. Buyers can buy the same home and have more money in their pocket or buy a bigger home with the same payment. Either way rates are great and will not stay at this level. Don’t miss your chance to take advantage of this opportunity.
While you are shopping for your home don’t forget that TuckerMobile.com allows you to search for any listed home from any smart phone. It is easy to search by price, address or MLS number and you can save your search results. Please call me at 812-499-9234 if you have any questions.
We would like to take this opportunity to congratulate Kevin Eastridge Broker/Owner of F.C.TuckerEmge Realtors this year’s recipient of the Realtor of The Year 2010 Award.
Enjoy your Labor Day weekend and I’ll update you again next month.
Monday, July 19 2010
Local realtors say they're selling more homes this year than last.
Monday, July 19 2010
Market Watch For July 2010
We now have results from June closings and as I suggested, closed transactions declined from April and May. Although June closings were almost 21% below May levels they were still slightly higher than the average for the preceding twelve months. I do not expect July closings to be significantly different from June. 2010 will be something of a mirror image of 2009 for closed transactions. The second half of 2009 was significantly stronger than the first half of 2009. I believe that the first six months of 2010 will be stronger than the second six months of 2010. The reason for this disparity in both years is the timing of tax credits. The initial homebuyer tax credit expired in November of 2009. The tax credits were subsequently extended and they expired in April of 2010. I do not expect any renewal of these tax credits.
The best news going forward is that interest rates are at some of the lowest levels in history. Since home prices are lower than they were a few years ago, and rates are great, you can buy more house with a lower monthly payment than at any time in recent history.
We have also made shopping for homes easier than ever. We just introduced Tuckermobile.com. This allows you to shop for homes quickly from your smart phone. Now you can find everything from anywhere, any time. Simply go to Tuckermobile.com and you can search by Street name, MLS number, zip code or any of several other options. You can also save properties you select. If you have signed up for MyFCTuckerEmge.com any saved properties you select on Tuckermobile.com will automatically appear on your saved searches. All of this is free. All of this is automatic. None of it requires a download and it gives you 24/7 access to the entire MLS system from your smart phone.
I can’t do anything about the temperature outside but I can help you shop from where ever you are comfortable. Give me a call if I can help with any of your real estate needs and as always I really appreciate referrals if you know of someone else that is thinking about buying or selling.
Wishing you a great summer and we look forward talking to you soon.
Friday, May 28 2010
Observers of Tri-State home sales have something to smile about.
A report from the Evansville Area Association of Realtors reveals home sales in Vanderburgh, Warrick, Posey and Gibson counties continue to climb, well after federal tax incentives for buyers expired at the end of April.
Chris Dickson, president-elect of the association, said the number of single-family homes in the four-county area were up 18.7 percent the first 21 days of this May, compared to the first 21 days of May 2009.
The increase was slightly higher than the 17.6 percent increase in sales for all of last month, compared to April 2009, he said.
“Clearly the tax credits had their intended effect. They ‘primed the pump’ and got the housing market going,” said Dickson, a real estate agent with ERA 1st Advantage Realty.
“We expect the increased activity to continue, because buyers who did not find the perfect home in April are still looking.”
For statistic lovers, a total of 241 homes were sold in the four counties in the first 21 days of this May, compared with 203 homes sold during the same period in 2009.
Dickson said the median sale price continues to also increase, up 11.2 percent so far this May, compared to May of last year.
He said the current median sale price was $123,500 vs. $111,000 a year ago.
“The overall volume and contribution to the economy has increased by 33.4 percent. Over $34.3 million worth of homes were sold in the first 21 days of this May, compared to $25.7 million during the first 21 days of last May.”
Dickson said that although the tax credits are no longer available for everyone, they are still available for people in the U.S. military.
“Also, there is plenty of FHA and conventional mortgage money available,” he said.
“Interest rates are still at historic lows. Interest rates for a 30-year fixed rate are available for around 5 percent.”
Tuesday, May 18 2010
As I said last month, pended transactions (signed contracts for sales not yet closed) for March were great. Pended transactions for April were simply off the chart. I believe that pended transactions for March and April combined were the best two month period in local MLS history. As a result, inventory was just over 7 month’s supply. I think the important questions, as a result of the past two months performance, are what does this mean and where are we going?
I think we know several things and we can draw some conclusions. First, closed transactions during May and June will be excellent. This will continue to keep inventory levels relatively low especially compared to unusually high levels we saw at the beginning of the year. I also believe that the homebuyer tax credits that expired at the end of April were clearly a factor in these remarkable sales numbers. The key question is: how big a factor were the tax credits? If average pended transactions for May-July are only down 25% from April’s spectacular numbers the housing market is in excellent condition. If pended transactions are down closer to 50% then we still have to wait for a fuller recovery. I believe that the number will be between 30-40%. That indicates that things have definitely improved and we are moving in the right direction, but we still have room for improvement.
Two other bright spots are an improvement in closed transactions over $200,000 and an improvement in sales price to list price percentage. For homes over $200,000 sales are up 31.3% in the first four months of this year compared to the same four months last year. Sales price to list price in April was 95.83%, the highest percentage in almost two years. This is another sign of our improving market.
School will be out soon and I’m looking forward to a great summer. It’s easy to look for homes anytime, regardless of the weather, at http://TheTrentiniTeam.com
Tuesday, March 16 2010
The snow is gone and we are ready to sell some homes. It seems however that our market is not leading the nation in the housing recovery. Almost half of the country showed an increase in the price of homes in the 4th quarter compared to the previous year. The number of homes sold increased in 48 states in the 4th quarter compared to the 4th quarter of the previous year. Nationally the supply of homes on the market is less than 6.5 months. These are all positive and encouraging statistics.
When the real estate market started slowing a couple of years ago our market stayed stronger longer and never declined to the same extent as the nation as a whole. Since our market slow down started later and since we did not fall as far, our recovery is running a little later than most parts of the country. For the first two months of 2010 our market is virtually unchanged having closed 2 fewer homes than the corresponding period in 2009. Average prices however were slightly higher at $118,075 compared to $112,319. Our inventory of homes is still too high at just under 12 months supply. I am certain that we will show a significant increase in closed sales in March compared to January or February. We have also seen more activity in more expensive home transactions in the past few months. Pending transactions increased significantly the second half of February and I firmly believe that sales will stay strong at least through April. I am confident about the April date partially because of the Home Buyers tax credit which is still available for contracts that are completed by April 30 and close by June 30. Smart shoppers and prudent sellers need to act soon to take advantage of this credit before it expires.
Remember the best place to start your home search is at FCTuckerEmge.com, where you can register yourself and receive automatic notifications at My FCTuckerEmge.com. Signing up is simple and easy.
Wednesday, December 16 2009
As we mentioned last month, the Home Buyer Tax Credit has been extended and expanded. For first time buyers the extension is straightforward, you must have an accepted contract no later than April 30, and close the transaction no later than June 30, 2010. In order to take advantage of the existing buyer credit the owner must have used the property as their principal residence for 5 of the past 8 years. The owner must purchase the new home under the same deadlines as a first time buyer.
Although this sounds simple enough, let’s talk about realistic timing to take advantage of this unique and probably one time only opportunity to receive a $6,500 gift from Uncle Sam. Most buyers prefer to sell their existing home before purchasing a new home. In our area during November the average days on market for houses that sold were 107 days (more on this later). It is not unusual, and is frequently helpful, for sellers to stage and spruce up their house before putting it on the market. These steps can maximize the sales price and reduce marketing time. The typical buyer starts their home search 10 weeks before purchasing a home. If you back up 107 days from April 30 and factor in some time for looking for a new home, it is easy to see that the buyers with the best chance of receiving their $6,500 gift will be those that start the process immediately.
The next few weeks will be an excellent time to list a house for several reasons. First there are over 300 fewer houses on the market today than there were last November. In addition 52 more homes sold this November than last November. Finally the list price to sales price ratio was a full percentage point higher last month than it was a year ago. The keys to maximizing your return on your house are to have it in great condition and price it right. Keep in mind the average days on market for homes that sold last month was 107 days. By comparison, houses currently listed have been on the market 162 days. From this one can conclude that houses priced right are selling. This is probably the only year we can help get you a $6,500 Christmas gift. Give us a call at 812-499-9234 or email us at Rolando@TheTrentiniTeam.com
Saturday, November 28 2009
Tuesday, November 10 2009
Great news to report this month both nationally and locally. The home buyer’s tax credit has been extended and expanded. The $8,000 first time credit is extended. In addition to the first time buyer’s credit there is a new $6,500 credit for buyers who have lived in their current residence for five of the past eight years. Both credits apply to transactions under contract by April 30th as long as the transaction closes by June 30th 2010, and neither credit will be extended again. As always consult your tax advisor for specifics as it relates to your situation.
Locally the dollar amount of closed transactions in October was 11.5% higher than last October. In addition the average days on market in October were under 100 days for only the second time this year (OK it was only 98 days but under 100 is under 100). The best news however is the supply of listed homes on the market. We now have 7.7 months supply of homes for sale. This is the second lowest figure in over two years and is a clear indication that market conditions have improved. Our market is not booming but it is stable and has improved significantly over the past year.
Although no one knows exactly how much impact these tax credits will have on our local market, they will definitely create some new buyers. Given that contracts must be signed no later than April 30th, buyers and sellers should take action quickly to take advantage of this valuable opportunity. Buyers on average start looking at homes about 12 weeks before they sign a contract. If you are considering selling your home it is not too soon to have it on the market. Real estate in our area is somewhat seasonal but last winter, in the slowest market in decades we still sold over 1,000 homes from November through February. While having prospective buyers in your house during the holidays can be an inconvenience, it is a small price to pay if the result is a successful sale and a new home in 2010.
Best wishes for a happy Thanksgiving holiday.
Thursday, September 10 2009
We trust you enjoyed a relaxing Labor Day weekend. I know we did. The next two months will be busy in the real estate business. The $8,000 first time homebuyer’s tax credit is scheduled to Expire November 30th. There is very little time to complete purchases in time to take advantage of this program and we anticipate that title companies will be scrambling to accommodate closings scheduled for the end of November.
There have been some very positive articles recently about home sales nationally. Specifically pending contracts (a forward looking indicator) have increased for six consecutive months and are at their highest level since July of 2007. Although reviewing National information is fine, local statistics are much more important to your personal housing decisions. Locally, average sales price for all of 2008 was $119,301. This year through August average sales price is $117,390, a decline of only 1.6%. List price to sale price is also virtually unchanged from 95.61% for 2008 compared to 94.69% this year to date. These numbers suggest that prices have declined but only very slightly and that buyers who think they are going to buy homes at significant discounts from a couple of years ago will be disappointed. As we said last month sales and inventory levels in our local market remain remarkably consistent. Our market, although not booming, is still healthy. The best way to determine market value for your home is to compare it to recent sales of homes of similar condition and location. We would be happy to help you determine the market value of your home, just give us a call at 812-499-9234 or email at Rolando@TheTrentiniTEam.com
Things are going very well here at F. C. Tucker Emge Realtors and next month we will update you on some of the services we make available to our customers and clients.