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Thursday, August 28 2014

(INDIANAPOLIS, IN) – There were 60 less homes sold statewide in July than during the same month of last year. This is according to the Indiana Real Estate Markets Report today released by the state's REALTORS®.

However, the median price of the 7,803 homes sold last month ($132,000) is 1.5 percent higher than the median price of homes sold in July 2013. The average price of those same homes ($159,032) is also 1.5 percent higher. And, the number of pending home sales in July is 4.8 percent higher, possibly pointing to a stronger-than-expected late summer and early fall.

"After double-digit increases in closed sales for all of last year, it would be easy to get discouraged by recent year-over-year comparisons," said Kevin Eastridge, 2014 President of the Indiana Association of REALTORS® and Owner/Managing Broker of the Evansville-based F.C. Tucker Emge REALTORS®. "When you look farther back, you see that housing activity statewide is actually on par with 2007, proving that local markets truly have stabilized."

Year-to-date comparisons from the report show -

  • The number of closed home sales decreased 5.4 percent to 42,466
  • The median sale price of those homes ($125,000) is 2.5 percent higher
  • The average sale price ($150,842) is 3.9 percent higher
  • The percent of original list price received increased 1.5 percent to 93.3 percent
  • The number of pending home sales decreased 2.7 percent to 44,561
  • The number of new listings decreased 3.8 percent to 73,036

"Potential sellers should be motivated by the pricing figures in today's report and should also understand conditions could soon change with newly constructed homes presenting a competitive hurdle and economists predicting interest rates will rise in 2015," continued Eastridge. "At the end of the day, housing is always dependent on job creation, wage growth, and credit availability. Provided the economy and the lending environment continue on their current paths, IAR members expect for this report to be about the same for the next few months."

IAR represents approximately 15,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America's largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Monday, July 28 2014

Market Watch July 2014

The halfway point of the year is a good time to see where we are this year compared to last year.  Before we look at this year compared to last I think it is important to remember how strong last year was.  Both unit sales and dollar volume increased over 21% last year.  This was by far the biggest year over year increase we have ever had.  It is not surprising that our results this year have been much more mundane.  Unit sales this year have declined by 6.3% while average prices have increased just over 2%.

     While I would never say I’m happy with a reduction in sales, the truth is I’m not really that disappointed.  Increases like we saw in 2013 are clearly unsustainable.  A moderate decline in unit sales this year demonstrates that the market has fully recovered from the housing recession.  I believe that by the end of this year we will be closer to 2013 levels than we are now.  There are two specific reasons I feel this way.  One is that the last two months of 2013 were very weak compared to the first ten months. The second is that the first two months of 2014 were significantly slower than the March through June period.  

     The two biggest factors affecting the housing market going forward are job growth and inventory levels.  Job growth has clearly been sluggish for the past few years but has begun to show some improvement in recent months.  Inventory levels are still significantly below historical levels.  The best way to increase inventory is to build more new homes.  I do believe that construction levels will continue to increase but not as fast as fast as the market demands.

     Over the second half of the year I do not expect to see the dramatic monthly swings we saw earlier this year.  I expect inventory levels to remain a challenge and I believe that if job growth improves, so will real estate sales.

     If you are in the market to buy a home you must be prepared to make an offer on a home as soon as it is listed and you had a chance to see the home. Homes that are updated and priced right sell within days. If you are in the market to sell your home you are in a good position. We have very low inventories. In either case, if you are buying or selling, call me on my cell phone 812-499-9234 or email at RolandoTrentini@FCTE.com

Posted by: Rolando Trentini AT 10:07 am   |  Permalink   |  0 Comments  |  Email
Thursday, October 31 2013

 


 

Market Watch

     The national landscape for real estate has changed over the course of this year.  Clearly 2013 has been an excellent year for real estate sales nationwide.  Nationally year-to-date unit sales through September climbed 15%, while statewide units were up 14% and our local market increased 16%.  Although these numbers are excellent the market is experiencing some other changes.

     The mix of buyers has changed over the past few years. Investors represented about 34% of all buyers so far this year, while the percentage of first time buyers is fewer than 30%, a significant drop from historical levels, which have been closer to 40%.  This relatively high percentage of investor buyers suggests that professional investors still feel real estate is a good investment.  First time buyers have not declined because they don’t want to own their own home.  Contrary to some articles you may have seen, the desire to own a home continues to be a goal across age groups.  Survey after survey shows that if buyers have the ability to own a home they have a strong preference for owning vs. renting.  There are two very clear reasons that the number of first time buyers has declined.  One reason is the difficulty in obtaining mortgage loans.  Increased banking regulations have made borrowing money an onerous process. Lenders have money and want to lend, unfortunately they are required to comply with expensive regulations making the entire process more cumbersome for everyone.

     One additional positive in the housing market is the continued improvement in homeowner equity.  Short sales and foreclosures have unfortunately been a significant portion of the market the past few years.  With improved prices and more buyers the number of homes “underwater” has declined significantly.  Current estimates suggest that over 8 million homeowners who currently owe more than their home is worth will be in a positive equity situation over the next 15 months. 

     Strong demand from investors, a strong desire to own vs. rent, and an improved equity situation all suggest that housing will stay strong for the foreseeable future.

     Best wishes for the upcoming holiday season and please let me know if I can help with any of your or your friends housing needs. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com

Posted by: Rolando Trentini AT 09:07 am   |  Permalink   |  0 Comments  |  Email
Tuesday, April 23 2013
Market Watch
 
     Over the past few months, I have been pretty optimistic about real estate sales. I have shared statistics based on local information to support my opinions. This month I’m going to share some national and statewide information that demonstrates that the real estate market has indeed shifted into high gear.
     First on a national basis, according to the S&P/Case-Shiller composite index, average sale prices have increased 8.1% over the past year. In addition, the housing price index posted its largest gain in the last seven years from January 2012 to January 2013.
   I have spoken to several Realtor friends in other geographic areas and inventory shortages and multiple offers seem to be the norm, not the exception. In addition to the decline in listed inventory, shadow inventory, (delinquent mortgages, properties in foreclosure and bank owned property) is down 28% from its peak. This decline in pipeline properties will continue to suppress inventory levels.
   On a statewide level, the news is also very positive. Over the past year:
·        The number of closed home sales increased 18.4%
·        The median sale price of those homes increased 4.5%
·        The number of pending home sales increased 11.8%
·        The number of closed home sales has increased year-over-year for 20 consecutive months.
·        The median sale price has increased for 15 consecutive months
·        The number of pending home sales has increased for 17 consecutive months.
    
 
 
   Locally the big story is still listing inventory. As an example the number of active listings on the market has been as follows:
  

Local Housing Inventory

 # of Active Listings:
January 2010         3,034
January 2011         2,839
January 2012         2,532
January 2013         2,247
The absolute number of active listings is lower than at any point in at least 7 years and the month’s supply is lower than all but one month in the past 6 years.
     All of this is good news, so what does it mean for you?  It’s “time to get back in the housing game!” If you are considering selling your house, list it now. We have the best tools to market, sell and get you the home you want at the right price. Please note that we provide a free market analysis on your home. To order yours, please call me at 812-499-9234 or email me at Rolando@RolandoTrentini.com
Posted by: Rolando Trentini AT 11:16 am   |  Permalink   |  0 Comments  |  Email
Thursday, April 04 2013
February pending home sales flattened with limited buyer choices, but remained at the second highest level in nearly three years, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, slipped 0.4 percent to 104.8 in February from a downwardly revised 105.2 in January, but is 8.4 percent higher than February 2012 when it was 96.6. Contract activity has been above year-ago levels for the past 22 months; the data reflect contracts but not closings.

Before January, the last time the index showed a higher reading was in April 2010 when it was 110.9, shortly before the deadline for the home buyer tax credit.

Lawrence Yun , NAR chief economist, said limited inventory is holding back the market in many areas. "Only new home construction can genuinely help relieve the inventory shortage, and housing starts need to rise at least 50 percent from current levels," he said. "Most local home builders are small businesses and simply don't have access to capital on Wall Street. Clearer regulatory rules, applied to construction loans for smaller community banks and credit unions, could bring many small-sized builders back into the market."

The PHSI in the Northeast declined 2.5 percent to 82.8 in February but is 6.8 percent above February 2012. In the Midwest the index rose 0.4 percent to 103.6 in February and is 13.2 percent higher than a year ago. Pending home sales in the South slipped 0.3 percent to an index of 118.8 in February but are 12.1 percent above February 2012. In the West the index increased 0.1 percent in February to 101.4 but is 0.8 percent below a year ago.

Yun projects existing-home sales to rise about 7 percent in 2013 to approximately 5 million sales, which is near the current level of activity. "The volume of home sales appears to be leveling off with the constrained inventory conditions, and the leveling of the index means little change is likely in the pace of sales over the next couple months," he said.

The national median existing-home price is forecast to rise nearly 7 percent this year, while mortgage interest rates should remain historically low, but trend up slowly and reach 4 percent in the fourth quarter.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit www.houselogic.com and http://retradio.com.

Read more here: http://www.realtor.org/news-releases/2013/03/pending-home-sales-slip-on-constrained-inventory

 

Posted by: Rolando Trentini AT 08:52 am   |  Permalink   |  0 Comments  |  Email
Monday, March 11 2013
Market Watch
 
     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.
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Tuesday, January 15 2013
Market Watch
     Normally in January’s Market Watch I try to compare results from the past two years. Although I may mention a few comparisons, the overriding message in this Market Watch is pretty simple – if you are considering selling your house list it now! There are several reasons I feel so strongly about this.
     First, nationally the inventory of existing homes for sale is at its lowest number since 2001. Locally our inventory is at its lowest level since January of 2006. Many sellers thinking about selling wait until April or May to list their homes, thinking that is when the selling season starts. Based on my experience, the spring selling season begins on Super Bowl Sunday! Last year in the four month February to May time period we sold exactly 33% of the homes that were sold over the course of the entire year. Waiting to list your home doesn’t make it more likely to sell, it just costs time. As more homes come on the market the competition increases so take advantage of buyers who are looking now.
     Second, prices are up. The National Association of Realtors reports that nationally median home prices are up 10.1% from a year ago and through November prices increased for the ninth consecutive month, the longest streak since 2006. Locally our median price increased 4.3% from last year and I am confident that the median price will continue to rise this year.
     Shadow inventory (homes 90 days delinquent, homes in foreclosure, and homes already owned by lenders) continues to decline. Although it is impossible to know exactly how many homes meet these criteria, virtually all experts agree that the number has declined significantly. Although there will continue to be some of these homes listed the number will be significantly less than in recent years, creating less competition for normal home sellers and less competition means higher prices.
   Fourth, rental rates and occupancy continue to increase making homeownership more affordable in many cases, than renting. This coupled with increased consumer confidence in the housing industry, an increased desire nationally to own a home and increasing household formation all combine to generate more buyers.
   If you or anyone you know is considering selling their home why wouldn’t they list it with the company that has been helping buyers and sellers for over 100 years and the company with the absolute best website for shoppers looking to buy in our area? Please visit FCTuckerEmge.com or better yet call me today. Let’s get started now.
Posted by: Rolando Trentini AT 08:32 am   |  Permalink   |  0 Comments  |  Email
Thursday, January 03 2013

The Indiana Association of Realtors is reporting increases in November closed home sales. The organization says that number jumped 26.2 percent, compared to the same month in 2011. The average sale price throughout the state increased 5.1 percent.

The Indiana Real Estate Markets Report today released by the state’s REALTORS® shows that statewide, when comparing November 2012 to November 2011, the following occurred:

• The number of closed home sales increased 26.2 percent to 5,566,
• The median sale price of those homes increased 8.6 percent to $119,500,
• The average sale price increased 5.1 percent to $139,688,
• The percent of original list price received increased 0.9 percent to 90.2 percent,
• The number of pending home sales increased 17.2 percent to 4,640, and
• The number of new listings increased 4.9 percent to 7,055.

“Home sales continued to increase through the end of November suggesting that Hoosiers’ belief in homeownership remains strong as the year comes to a close,” said Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®. “But the biggest story of today’s report and perhaps the whole year is that homes have not only held their value, but also made price gains.”

The good news made last month is part of a trend that proves local residential real estate markets across the state continue to strengthen from the worst of the recession. November 2012 marks the following consecutive year-over-year gains in home prices and market activity:

• The number of closed home sales has increased year-over-year for 17 consecutive months,
• The median sale price of homes has increased for 12 consecutive months,
• The average sale price has increased for 11 consecutive months,
• Sellers received a greater share of their original list price for the ninth consecutive month, and
• The number of pending home sales has increased for 14 consecutive months.

Anyone looking to buy or invest should start with the sortable county tables of this report and then talk to a local REALTOR® who can give the most insight into what’s happening in a neighborhood, city or school district.

More about the Indiana Real Estate Markets Report

Established in May 2009, the Indiana Real Estate Markets Report was the first-ever county-by-county comparison of existing single-family home sales in Indiana. In March 2010, IAR added statistics on other types of existing detached single-family (DSF) home sales – condominiums, duplexes, townhomes, mobile homes, etc. – to the report.

The report became even more robust in August 2010. It now tells how the statewide housing market is performing according to eight different indicators, each with one-month and year-to-date comparisons, as well as a historical look. It also provides specific county information for 91 of Indiana’s 92 counties in a sortable table format, allowing for consistent comparison between local markets. IAR obtains the data directly from and releases this report in partnership with 26 of the state’s 27 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in both central and southwestern Indiana.

IAR represents approximately 15,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

Source: Indiana Association of Realtors http://www.insideindianabusiness.com/newsitem.asp?ID=57258

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Wednesday, November 28 2012
 
Market Watch
 
 
     As I mentioned last month I will recap Lawrence Yun’s economic/real estate forecast for 2013. Lawrence Yun PhD is the chief economist for the National Association of Realtors. He graduated from Purdue University and received his doctorate in economics from The University of Maryland. He serves on Harvard University’s Industrial Economic Council and has been recognized as one of the top ten economic forecasters in the country.
     Dr. Yun is more optimistic about real estate than the economy as a whole. He anticipates sales of existing homes to reach 5 million units next year with the median price up 5% and median prices up almost 15% over a three year period. He also anticipates new construction to increase next year by 25%. Although a 25% increase is a huge increase it is important to note that new construction has been very low for three years and new construction inventory is at a 50 year low. Interest rates should stay low for at least two more years. GDP will rise about 2% next year.
    Both Dr. Yun and Mark Vitner, Managing Director and Sr. economist with Wells Fargo spoke at the same economic presentation. Both economists assume that we will not have a recession next year. Both also point out that to avoid a recession we must reduce our deficit and to reduce our deficit we must implement significant entitlement reform.   
     Dr. Yun, The National Association of Homebuilders and Wells Fargo all point out that homes are more affordable today than they have been in decades. Seventy four percent of all homes sold in the 3rd quarter were affordable to families making the median household income of $65,000.
     If you haven’t signed up for My F.C. Tucker Emge on our website please do or call me for instructions. New enhancements to our map search at FCTuckeremge.com have made shopping for a home easier than ever. You can reach me on my cell phone at 812-499-9234.
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Tuesday, November 27 2012

The Indiana Association of Realtors says home sales, sale price and home listings in October all increased from the same month last year. Chief Executive Officer Karl Berron says low borrowing costs and strong home values have buyers and sellers "clearly feeling more confident."

Indianapolis, Ind. -- The Indiana Real Estate Markets Report today released by the state’s REALTORS® shows that statewide, when comparing October 2012 to October 2011, the following occurred:

• The number of closed home sales increased 24.5 percent to 6,092,
• The median sale price of those homes increased 5.9 percent to $117,500,
• The average sale price increased 3.7 percent to $139,732,
• The percent of original list price received increased 0.9 percent to 90.6 percent,
• The number of pending home sales increased 25.7 percent to 5,560, and
• The number of new listings increased seven percent to 8,772.

The good news made last month is part of a trend that proves local residential real estate markets across the state continue to strengthen from the worst of the recession. October 2012 marks the following consecutive year-over-year gains in home prices and market activity:

• The number of closed home sales has increased year-over-year for 16 consecutive months,
• The median sale price of homes has increased for 11 consecutive months,
• The average sale price has increased for 10 consecutive months,
• Sellers received a greater share of their original list price for the eighth consecutive month, and
• The number of pending home sales has increased for 13 consecutive months.

“To have strong sales and price gains as we enter the last quarter of the year is encouraging,” said Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®. “Buyers and sellers are clearly feeling more confident, as are our members.

“Cheap borrowing costs and the fact homes here have historically held value are still the glue binding this recovery together,” continued Berron. “Sustained recovery will not happen without real employment and wage growth.”

Anyone looking to buy or invest should start with the sortable county tables of this report and then talk to a local REALTOR® who can give the most insight into what’s happening in a neighborhood, city or school district.

More about the Indiana Real Estate Markets Report

Established in May 2009, the Indiana Real Estate Markets Report was the first-ever county-by-county comparison of existing single-family home sales in Indiana. In March 2010, IAR added statistics on other types of existing detached single-family (DSF) home sales – condominiums, duplexes, townhomes, mobile homes, etc. – to the report.

The report became even more robust in August 2010. It now tells how the statewide housing market is performing according to eight different indicators, each with one-month and year-to-date comparisons, as well as a historical look. It also provides specific county information for 91 of Indiana’s 92 counties in a sortable table format, allowing for consistent comparison between local markets. IAR obtains the data directly from and releases this report in partnership with 26 of the state’s 27 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in both central and southwestern Indiana.

IAR represents approximately 15,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

Source: Indiana Association of Realtors

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
Monday, August 13 2012

A few major predictions came out of the panel discussion that kicked off Inman's Real Estate Connect event yesterday morning in San Francisco. The session, moderated by Inman News founder Brad Inman, featured experts from the worlds of real estate and finance. Here were some of the most important forecasts for the real estate industry:

1. Rates will remain low for at least another year.

Amy Brandt, CEO of Vantium Capital, offered the most conservative prediction: that rates would probably start to rise significantly by the summer of next year. Bill Emmons, assistant vice president and economist of the Federal Reserve Bank of St. Louis, said he expects the Fed to do whatever it can to hold rates down until the end of 2014.

2. No matter what happens, the government will continue to play a major role in mortgage financing.

Brandt pointed out that more than 90 percent of mortgages are somehow supported today by the federal government. It will probably stay that way for a couple of reasons, the first being that investors want it that way, said Joel Singer, CEO of the California Association of REALTORS®. But another issue is that no private entity or group is big enough to fill that role right now. However, it's unclear whether the FHA or a reconstituted Fannie Mae and Freddie Mac would take the lead.

3. Hard assets such as oil, gold, and real estate will probably be on the rise for some time to come.

All of the panelists agreed, with some minor exceptions, that real estate is a good investment right now. And like other tangible assets, it will likely grow in value over the next few years.

They also all agreed that it will take some time before the economy returns to stable, long-lasting growth. The reason? The downturn was driven by major problems in the financial sector, and the broken system will have to be retooled before the economy can truly flourish, said Patrick Stone, president and CEO of the Williston Financial Group.?@

That rebuilding could take some time, Singer added. "This transition is going to take a while," he said. "The failure of institutions to grasp the problem and come up with solutions is what's caused this to last so long."

Emmons said the extreme aversion to risk among business right now -- causing capital to flow into low-risk, low-return assets -- should improve soon, but added that unprecedented levels of public and private debt could hold back growth. "There's still a lot of debt to work through," he explained. "In some respects, we look like Japan. Rather than take the 18 months of hell to get through that, we're just kicking it down the road."

However, the panel was generally optimistic about the long-term prospects of the economy.

"We train and educate the innovators of tomorrow," Stone said. "And no country is better at connecting capital and innovation."

Brandt also expressed confidence in the ability of most real estate professionals to adapt to any major economic shifts, just as they did with the advent of the Internet. "I think this is an innovative group that can come up with solutions," she said, but added that practitioners should raise their awareness of and involvement in the mortgage financing part of the transaction.

"If I were running a real estate company, I would try to be more tightly integrated with the financial side," she said.

- Brian Summerfield, REALTOR Magazine http://realtormag.realtor.org/daily-news/2012/08/02/3-big-predictions-for-real-estate

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Friday, July 27 2012

Home prices and market activity held strong during June according to themonthly Indiana Real Estate MarketsReport today released by the state’s REALTORS®.

Highlightsfrom the report include:

• The median sale price of homes statewide is in its seventh consecutivemonth of year-over-year increases and back to a level not seen since 2007.
•  The average sale price of homes statewide is in its sixth consecutivemonth of year-over-year increases and also back to a level not seen since 2007.
•  The number of closed home sales is in its 12th consecutivemonth of year-over-year increases with 2012 on track to surpass years in whicha federal home buyer tax credit was available.

“Forthe third month in a row, the statewide housing market has made very goodnews,” said Karl Berron, Chief Executive Officer of the Indiana Association ofREALTORS®. “Home prices and market activity were strong during June which is a resultof pent-up demand and continued low interest rates. It’s also because homesacross Indiana have historically held value, so real estate here has long beenviewed as a wise investment.

“Thedemand will only be sustained if Hoosiers are working and confident in theirlong-term employment,” continued Berron. “So we are listening for economicdevelopment plans and watching jobs numbers closely.”

Gettingback to the traditional year-over-year comparisons of the Indiana Real Estate Markets Report, statewide, when comparing June2012 to June 2011:

•  The number of closed home sales increased 11 percent to 6,750;
•  The median sale price of those homes increased 3.4 percent to $124,000;
•  The average sale price increased 2.7 percent to $147,559;
•  The number of pending home sales increased 9.7 percent to 6,026;
•  The number of new listings decreased 2.1 percent to 10,598; and
•  The percent of original list price received increased 1.2 percent to 91.8percent.

Anyonelooking to buy or invest should start with the sortable county tables of this reportand then talk to a local REALTOR® who can give the most insight into what’shappening in a neighborhood, city or school district.

Source: http://www2.realtoractioncenter.com/site/MessageViewer?em_id=138603.0&autologin=true

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Wednesday, February 29 2012

Existing-home sales rose 4.3 percent in January to a seasonally adjusted annual rate of 4.57 million, marking the third gain for home sales in the last four months, the National Association of REALTORS® reports.

“The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents,” NAR’s Chief Economist Lawrence Yun says.

While sales ticked up, inventories of for-sale homes also continued to show improvement, NAR reported. At the end of January, total housing inventory fell 0.4 percent to 2.31 million existing homes for sale, which represents a 6.1-month supply at the current sales pace.

“The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” Yun says. “Foreclosure sales are moving swiftly with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.”

Unsold listed inventory has steadily dropped since reaching a peak of 4.04 million in July 2007. It now is 20.6 percent below where it was a year ago, NAR reports.

Housing Affordability Improves

As home prices have fallen and mortgage rates at all-time record lows, housing affordability is at some of its highest levels on record.

“Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,” says NAR President Moe Veissi. “With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We’re cautiously optimistic that an uptrend will continue this year.”

The national median existing-home price for all housing types in January was $154,700, which is down 2 percent year-over-year.

Distressed sales, which tend to sell at steep discounts, continue to hamper home prices nationwide. Foreclosures and short sales accounted for 35 percent of all January home sales, which is up slightly from 32 percent in December.

Still, “home buyers over the past three years have had some of the lowest default rates in history,” Yun said. “Entering the market at a low point and buying at discounted prices have greatly helped in that success.”

Breakdown by Housing Type

Here’s a closer look at how home sales fared by housing type in January:

Single-family home sales: increased 3.8 percent to a seasonally adjusted annual rate of 4.05 million in January from 3.90 million in December. They are 2.3 percent above the 3.96 million-unit pace a year ago. Median price: $154,400 in January, down 2.6 percent from January 2011.

Existing condominium and co-op sales: rose 8.3 percent to a seasonally adjusted annual rate of 520,000 in January from 480,000 in December. They are 10.3 percent lower than the 580,000-unit level in January 2011. Median price: $156,600 in January, up 2 percent from a year ago.

Home Sales by Region

The following is a breakdown of existing-home sales in January by region:

  • Northeast: increased3.4 percent to an annual pace of 600,000 in January and are 7.1 percent above a year ago. Median price: $225,700, which is 4.2 percent below January 2011.
  • Midwest: increased 1 percent in December to a level of 980,000 and are 3.2 percent higher than January 2011. Median price: $122,000, down 3.9 percent from a year ago.
  • South: rose 3.5 percent to an annual level of 1.76 million in January but are unchanged from a year ago. Median price: $134,800, which is 0.3 percent below January 2011.
  • West: increased 8.8 percent to an annual pace of 1.23 million in January but are 3.1 percent below a spike in January 2011. Median price: $187,100, down 1.8 percent from a year ago.

Contract Delays, Cancellations Remain High

Twenty-one percent of NAR members in January reported delays in contracts, and 33 percent said contracts fell through, according to NAR. The number of contract cancellations remains mostly unchanged from December.

The increase in the past year of contract cancellations or delays has been blamed on more lenders declining mortgage applications from stricter underwriting standards and low appraisals coming in under the agreed upon contract price.

Source: National Association of REALTORS®http://realtormag.realtor.org/daily-news/2012/02/23/home-sales-rise-ready-for-spring-buying-season

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
Wednesday, November 30 2011
New-home sales for single-family homes rose 1.3 percent in October, marking the best pace for new-home sales activity since this May, the U.S. Commerce Department reports.

Following the sector’s worst year for new-home activity on record last year, several recent reports are suggesting a pick-up in new construction.

"Builders have been seeing some marginal improvement in sales activity over the past few months, particularly in select markets where consumer confidence is higher due to improved economic conditions," Bob Nielsen, chairman of the National Association of Home Builders, said in a statement. "While this trend is encouraging, overall sales activity is still well below normal due to the effects of overly tight credit conditions for builders and buyers, the continued flow of distressed properties on the market, and inaccurate appraisal values on new homes."

Despite the October gain in sales, new-home sales for the month were at an annual rate of 307,000--still less than half the 700,000 in sales that most economists consider healthy for the housing market.

A Regional Look

A break down of sales by region in October:

  • Midwest: Rose 22.2 percent
  • West: Rose 14.9 percent
  • Northeast: Stayed flat
  • South: Declined 9.5 percent

Inventory Drops Drastically

Nationwide, the inventory of new homes for sale stayed at an all-time record low of 162,000 units in October.

"Particularly encouraging is the fact that builders continue to hold down their inventories to match the current sales rate, with the number of new homes for sale now down to a sustainable, 6.3-month supply," NAHB Chief Economist David Crowe said in a statement.

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

http://realtormag.realtor.org/daily-news/2011/11/29/new-home-sales-post-biggest-gains-in-months

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
Friday, October 28 2011

Home sales in the Evansville area were up nearly 15 percent in the third quarter of 2011, compared to the same period last year, with Gibson County the only county in a four-county Southwestern Indiana metro area showing a slight decline.

At the same time, Gibson County led the way with a sharp increase in median home prices, an apparent result of near-back-to-normal operations at Toyota Motor Manufacturing Indiana near Princeton.

Median prices also rose in Vanderburgh and Warrick counties. The median increase in the four-county area was more than 10 percent better than in the July-September period last year, with a decline reported only in Posey County.

Still, the developments last quarter are part of a year where home sales in Vanderburgh and the three surrounding Hoosier counties together are lagging behind those in the first nine months of 2010. But average home prices for the year to date are up. Sales so far this year are 4.8 percent behind last year, but the average sale price is up 4.6 percent and the median sales price is up 3.1 percent.

The new quarterly statistics are "part of a period of stabilization we've seen over the past two years" in local residential sales, said Bob S. Reid, president of Appraisal Consultants Inc. of Evansville, which compiled the data. "Property values are holding, and sales are steady also," he said. The period from 2007 through most of 2009 saw a substantial decline.

Read more here: Evansville Courier-News

Source: http://www.americantowns.com/in/evansville/news/home-sales-point-to-continued-039-stabilization-039-period-7209434

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
Tuesday, April 26 2011
Here we have a copy of the Indiana Statewide Housing market Overview. It is important to note that real estate is local and local conditions do not necessarily follow state or nationwide conditions. We are fortunate to be in the Tristate.  Our averages are running above those of both the state and the nationwide levels. One indicator we keep an eye on is the Months Supply of Inventory, at the local level, which for the year ending in March 2011 is 9.1. The Indiana State wide Months Supply of Inventory is 9.7. We will report on this again in one month time to see if there were any differences. Please feel free to contact me at: RolandoTrentini@FCTE.com if you have any questions or concerns. - RT

The Indiana Association of REALTORS® (IAR) today released its monthly “Indiana Real Estate Markets Report” as a continuation of its “Indiana is Home” project.  Statewide, when comparing March 2011 to March 2010:


The median sale price of homes decreased 2.8 percent to $105,000; and
The number of closed sales decreased 13.0% to 4,599.

“As expected, the number of closed sales and the median sale price of homes are down year-over-year,” said Karl Berron, Chief Executive Officer.  “It is likely we'll report larger percentage decreases in those measures next month. Neither is particularly concerning because of the April 30th federal home buyer tax credit deadline that pulled sales forward last year.”


REALTORS® have advised consumers for awhile now to review housing data in the long-term until the impact of the tax credit recedes. While the impact won't be as great after April, those who took advantage of the credit had until September 30, 2010, to close their transaction. This means that October 2012 is the soonest a true year-over-year comparison can be made.


“Until then, it’s a good idea to look deeper into the report,” said Berron. “Historical graphs show stability. Add that to continued low, but rising, interest rates, and qualified buyers couldn't ask for a much better time.
“Stability won't turn into growth without consumer confidence, so we're watching jobs numbers and unemployment claims closely, both of which are headed in the right direction,” he continued. “We're also watching - and advocating for changes to the mortgage industry that will ensure access to adequate mortgage capital for qualified buyers.”


More about the “Indiana Real Estate Markets Report

Posted by: Rolando Trentini AT 01:00 pm   |  Permalink   |  Email
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.

Source: http://www.news25.us/Global/story.asp?S=13893668

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
Monday, January 24 2011

2010 on par with 2009;
Median sale price of homes increases for the 13th month out of the last 15

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.


Statewide, when comparing 2010 to 2009:
The number of closed home sales decreased 6.6% to 57,765; and
The median sale price of homes increased 1.8% to $112,000.
The Report at a glance:
 
Statewide Housing Market Overview
(Monthly Indicators)
Sortable County Tables:
One-month & Year-to-date Views
Trailing three- & 12-month Views
Reportisode:
"The Long View"

“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.
“Admittedly, activity is not as high as we want it to be,” he continued.  “The good news is that prices are up, which is important to not just homeowners and families, but also to communities and the state.  In fact, the median sale price of homes has increased 13 out of the last 15 months."


The usual month-over-month comparison shows that statewide, in December 2010:
The number of closed home sales decreased 8.9 percent from December 2009 to 4,288;
The number of pending home sales decreased 10.3 percent from December 2009 to 3,247;
The average sale price of homes increased 4.4 percent from December 2009 to $132,811; and
The median sale price of homes increased 3.9 percent from December 2009 to $109,000

.
“Again, the nation’s economic turmoil and the federal home buyer tax credit make it impossible to fairly evaluate the marketplace in the short-term, especially with regard to activity,” said Berron.  “That’s why we’ll focus on the long-term; at least until the impact of the tax credit recedes. 


“Most industry experts and the association’s leadership believe real estate markets will continue to improve, albeit slowly,” he continued.  “What we do know is that there’s no better time to be a buyer than now.  Interest rates remain low, though ticking upward, and there is a higher than normal inventory of homes available.”


Established in May 2009 and found online under the Reports tab of www.IndianaIsHome.com, the “Indiana Real Estate Markets Report” was the first-ever county-by-county comparison of existing single-family home sales in Indiana.  In March 2010, IAR added statistics on other types of existing detached single-family (DSF) home sales – condominiums, duplexes, townhomes, mobile homes, etc. – to the report.
This past August, the report became even more robust.  It now tells how the statewide housing market is performing according to eight different indicators, each with one-month and year-to-date comparisons, as well as a historical look.  It also provides specific county information for 91 of Indiana’s 92 counties in a sortable table format, allowing for consistent comparison between local markets.  IAR obtains the data directly from 26 of the state’s 27 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in central Indiana.


IAR represents approximately 16,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of the world’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

Source: IAR

 

Posted by: AT 09:18 am   |  Permalink   |  Email
Thursday, January 13 2011
Market Watch January 2011
The holidays are over. A new year has started and I know the snow won’t last forever. Every year The National Association surveys thousands of buyers and sellers who purchased or sold homes the preceding year. Below you will see the most recent chart detailing where buyer’s found the home they purchased. 
 
Over the past few years F. C. Tucker Emge Realtors and I have adjusted the way we market homes. These changes are based on buyer behavior. Not surprisingly, the biggest change in buyer behavior has been a shift away from print media toward the internet for their real estate needs. In 2001 only 8% of buyers found their home online. Now 37% find their home online. Over the same time period the number of buyers who found their home in the newspaper or some type of home magazine declined from 9% to only 2%. The only source helping buyers find homes more than the internet is their real estate agent. These are exactly the reasons that we have focused more of our advertising efforts on our web site and other tech tools instead of other less efficient options. Not only do we have the Tri-States leading real estate website but we are in the process of adding even more helpful features. I’ll discuss some of those changes next month. In the meantime stay warm and safe. I’m already working on improving my marketing efforts for 2011 and look forward to a great year.
Please feel free to call or email me if you have any questions. You can reach me at 812-499-9234 or Rolando@TheTrentiniTeam.com
Posted by: Rolando Trentini AT 02:36 pm   |  Permalink   |  Email
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.
     Anyone who reads or listens to the media knows that everybody likes to talk about housing and most of them think they are “experts”.  Sensational headlines appear almost weekly and, in my opinion, are not as important as the size of the print.  In other words, one week’s statistical anomaly does not necessarily mean the housing market has changed significantly.  Homeownership is not a get rich quick scheme.  Homeownership works because there are several significant long term benefits.  I believe housing statistics are much more meaningful when viewed on a longer term basis.
     Residential housing has been one of the pillars of the American economy for decades, accounting for about 17% of our economy.  Clearly the housing market is not as strong as it was 3-4 years ago.  It is also true that there are more homes on the market today than has historically been the case. Part of the problem was caused by investors treating residential real estate as a short term investment.  In addition, there are some existing lending and related securities issues that have hurt the housing market.                                  
     All of those things being said, there are several overriding positive aspects of the housing industry that have not changed.  First, housing has long been a hedge against inflation and has historically grown fairly steadily in value.  Second, taking out a mortgage to buy a home essentially serves as a “savings account”.  Paying down a loan is, in many ways, the same as saving money.  Third, housing has significant tax advantages based on the deductibility of both mortgage interest and real estate taxes.  Finally, there are several reasons that housing’s current problems will lessen.  Over the past several years household formation has decreased while population has increased.  This trend is impossible to sustain.  Currently, America’s population increases by one million annually.  Even with this consistent growth there are 2.5 million fewer homeowners that there were in 2004.  When our economy improves, our unemployment rate declines, and foreclosures lessen there will be a significant resurgence in home buying.  When compared to renters, homeowners make more money, are better educated, are healthier, pay more taxes, and donate more to charities.
     The American dream of homeownership has not decreased.  The current rate of homeownership in the U.S. is 66.9%.  Even in today’s market 77% of American’s believe now is a good time to buy a home.  Homeownership has historically, and will continue to be a sound long term investment.  Buyers who sit on the sideline today will have missed a golden opportunity.

Please feel free to call or email me at 812-499-9234 if you have any questions.

Posted by: Rolando Trentini AT 08:30 am   |  Permalink   |  Email
Monday, October 04 2010

Pending home sales have increased for the second consecutive month, according to the National Association of REALTORS®.

The Pending Home Sales Index rose 4.3%, but is 20.1% below August 2009. The data reflect contracts and not closings. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

NAR chief economist Lawrence Yun said the latest data is consistent with a gradual improvement in home sales in upcoming months. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautioned any sudden rise in mortgage rates could slow the recovery. “Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he said. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”

Regional pending home sales

The PHSI in the Northeast declined 2.9% in August and remains 28.8% below August 2009. In the Midwest the index rose 2.1%, but is 26.5% below a year ago. Pending home sales in the South increased 6.7%, but are 13.1% below August 2009.  In the West, the index rose 6.4%, but remains 19.6% below a year ago.

Source: NAR



Read more: http://www.houselogic.com/news/articles/pending-home-sales-show-another-gain/#ixzz11PKEp9me
Posted by: Rolando Trentini AT 11:15 am   |  Permalink   |  Email
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.

Posted by: Rolando Trentini AT 10:17 am   |  Permalink   |  Email
Sunday, June 27 2010

The Report, found online at www.IndianaIsHomge.com, was the first-ever county-by-county comparison of existing single-family home sales in Indiana. In March, statistics on other types of existing, single-family home sales - condominiums, duplexes, townhomes, mobile homes, etc. - was added to the report.

IAR obtains the data directly from 26 of the state's 27 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in central Indiana. To date, the Report represents 98% of the housing market statewide and 91 of 92 Indiana counties.

Statewide, May sales of all types of existing, single-family homes increased 25.9% from the same month last year; median prices saw an increase of 5%. This is the third consecutive month that there has been an increase in sales and the eighth consecutive month that there has been an increase in median prices over the previous year.

"Because those who took advantage of the federal tax credit have until June 30th to close their transaction, we don't yet have a clear idea of what the credit's expiration will mean to our local markets," said Karl Berron, Chief Executive Officer. "Over the next few months, our reports will become more robust, including information on pending sales and other indicators that will help us understand impact of the tax credit.

"The good news is that median prices did enjoy a welcomed five percent increase over last May," continued Berron. "Regardless of the availability of the tax credit, we expect prices to remain relatively stable with the potential for some softness if demand indicators continue to wane."

In coming months, as Berron mentioned, the Report will include information on new listings, pending sales, average sales price, percent of original list price received at sale, housing affordability and month's supply of inventory.

Reportisode #9, archived along the right side of the Reports tab at www.IndianaIsHome.com, is still of interest. It talks about the other incentives available to help consumers achieve their dream of homeownership, namely the Market Stabilization Program created by the Indiana Housing & Community Development Authority (IHCDA) to minimize the negative effects of foreclosures in many Hoosier communities. That program runs through the end of June.

More about "Indiana Is Home"

It is a multi-media project hosted by media professional Pat Carlini and aimed at keeping Hoosier homeowners, would-be homeowners, policymakers and the media well-informed on the ever-changing local real estate markets. Indianapolis-based Boost Media and Entertainment shot and produced all videos found at www.IndianaIsHome.com.

Source: http://www.indianaishome.com/4_0_Reports.asp



Posted by: Rolando Trentini AT 12:32 pm   |  Permalink   |  Email
Saturday, June 26 2010
Existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates, according to the National Association of REALTORS®. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, were at a seasonally adjusted annual rate of 5.66 million units in May, down 2.2 percent from an upwardly revised surge of 5.79 million units in April. May closings are 19.2 percent above the 4.75 million-unit level in May 2009; April sales were revised to show an 8.0 percent monthly gain.

Buyers Face Purchasing Delays
Lawrence Yun, NAR chief economist, said he expects one more month of elevated home sales. “We are witnessing the ongoing effects of the home buyer tax credit, which we’ll also see in June real estate closings,” he said. “However, approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales.

“In addition, many potential sales are being delayed by an interruption in the National Flood Insurance Program. Florida and Louisiana, also impacted by the oil spill, have the highest percentage of homes that require flood insurance.”

As the leading advocate for homeownership issues, NAR is supporting Senate amendments to extend the home buyer tax credit closing deadline through September 30 for contracts written by April 30, and to renew the flood insurance program. “Sales and related local economic activity would have been higher without delays in the closing process or flood insurance issues,” Yun noted.

Housing Still Affordable
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.89 percent in May from 5.10 percent in April; the rate was 4.86 percent in May 2009.

The national median existing-home price for all housing types was $179,600 in May, up 2.7 percent from May 2009. Distressed homes slipped to 31 percent of sales last month, compared with 33 percent in April; it was also 33 percent in May 2009.

NAR President Vicki Cox Golder said home prices have been stabilizing all year. “With distressed sales at roughly the same level as a year ago, the gain in home prices is a hopeful sign that the market is in a good position to stand on its own without further government stimulus,” she said. “Very affordable mortgage interest rates and stabilizing home prices are encouraging home buyers who were on the sidelines during most of the boom and bust cycle.”

Pending home sales are expected to decline notably in May and June from the spring surge, but Yun added that job growth and a manageable level of foreclosures are keys to sales and price performance during the second half of the year.

Inventory Falling
A parallel NAR practitioner survey shows first-time buyers purchased 46 percent of homes in May, down from 49 percent in April. Investors accounted for 14 percent of transactions in May compared with 15 percent in April; the remaining sales were to repeat buyers. All-cash sales were at 25 percent in May, edging down from a 26 percent share in April.

Total housing inventory at the end of May fell 3.4 percent to 3.89 million existing homes available for sale, which represents an 8.3-month supply at the current sales pace, compared with an 8.4-month supply in April. Raw unsold inventory is 1.1 percent above a year ago, but is still 14.9 percent below the record of 4.58 million in July 2008.
Single-family home sales declined 1.6 percent to a seasonally adjusted annual rate of 4.98 million in May from a pace of 5.06 million in April, but are 17.5 percent above the 4.24 million level in May 2009. The median existing single-family home price was $179,400 in May, which is 2.7 percent above a year ago.

Single-family median existing-home prices were higher in 16 out of 20 metropolitan statistical areas reported in May from a year ago. In addition, existing single-family home sales rose in 18 of the 20 areas from May 2009.

Existing condominium and co-op sales fell 6.8 percent to a seasonally adjusted annual rate of 680,000 in May from 730,000 in April, but are 32.6 percent above the 513,000-unit pace in May 2009. The median existing condo price was $181,300 in May, up 3.4 percent from a year ago.

By Region
  • Existing-home sales in the Northeast fell 18.3 percent to an annual level of 890,000 in May from a surge in April, but are 12.7 percent higher than a year ago. The median price in the Northeast was $240,200, down 2.2 percent from May 2009.
  • In the Midwest, existing-home sales were unchanged in May at a pace of 1.33 million and are 22.0 percent above May 2009. The median price in the Midwest was $150,700, up 2.2 percent from a year ago.
  • In the South, sales increased 0.5 percent to an annual level of 2.15 million in May and are 22.9 percent above a year ago. The median price in the South was $159,000, up 1.0 percent from May 2009.
  • Existing-home sales in the West rose 4.9 percent to an annual rate of 1.29 million in May and are 15.2 percent higher than May 2009. The median price in the West was $221,300, up 7.4 percent from a year ago.

Source: NAR http://www.realtor.org/RMODaily.nsf/pages/News2010062201?OpenDocument
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
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.”

Source: http://www.courierpress.com/news/2010/may/26/tri-state-home-sales-continue-be-strong/

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Tuesday, May 25 2010

The Indiana Association of REALTORS® (IAR) today released its "Indiana Real Estate Markets Report" for the month of April as a continuation of its "Indiana is Home" project.

The Report, found online at www.IndianaIsHome.com, was the first-ever county-by-county comparison of existing single-family home sales in Indiana. In March, statistics on other types of existing, single-family home sales - condominiums, duplexes, townhomes, mobile homes, etc. - was added to the report.

IAR obtains the data directly from 26 of the state's 27 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in central Indiana. To date, the Report represents 98% of the housing market statewide and 91 of 92 Indiana counties.

Statewide, April sales of all types of existing, single-family homes increased 28.4% from the same month last year; median prices saw an increase of 13.7%.

This is the seventh consecutive month that there has been an increase in median prices over the previous year.

"April showed continuation of an expected spring surge due to the federal tax credit," said Karl Berron, Chief Executive Officer. "While the increase in sales is positive, the best news is that inventory is trending down and there seems to be a broad stabilization in home prices, demonstrating that the tax credit did its job to preserve housing wealth."

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
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

Posted by: Rolando Trentini AT 03:31 pm   |  Permalink   |  Email
Monday, April 12 2010

     What a difference a year, and maybe a little sunshine can make.  Real estate sales in March were significantly better; by practically any measure, than they were just a year ago.  January and February of 2010 from a local real estate perspective were virtually identical to the same two months in 2009, but everything changed for the better in March.  Last month, in our area, we closed 391 home sales, compared to 307 a year ago, a 27.4% increase.  The average sale price this March, on those closed sales was $123,980 compared to $114,002 last March, an 8.8% increase.  Finally the supply of homes on the market, measured by month’s supply, declined to 7.45 months compared to 9.7 month’s supply last March.  The 7.45 month supply was the second lowest monthly total in the past two years.  Only June of 2009 with 7.37 month’s supply was better.

     National surveys suggested that March was going to be a good month in many parts of the country.  The Pending Home Sales Index (PHSI) is a forward looking indicator based on contracts signed, but not yet closed, increased in February.  The PHSI in February of 2010 was 17.3% above the corresponding month in 2009.  Since contracts typically take 1-2 months to close increased March closings were inevitable. 

     So what does this mean going forward?  I am confident that closed sales in April will be significantly higher than last April.  (OK I cheated on this one because I know that pending transactions were higher this March than last March)  I am also confident that closed transactions will stay strong in May.  The unknown is the degree to which the expiration of The Home Buyer’s Tax Credit will affect sales this summer.  The credit expires if contracts are not signed by April 30.  I believe that sales this summer will be similar to last summer’s putting our market on a more steady and sustainable level.  I know we all want to avoid the significant price and sales declines of 2008 and 2009, and I believe we will; Great news for both buyers and sellers.     

Posted by: Rolando Trentini AT 02:28 pm   |  Permalink   |  0 Comments  |  Email
Wednesday, March 24 2010

Home Sales Up in Some Regions, Down in Others

Existing-home sales declined slightly in February, with modest gains in the Northeast and Midwest offset by softer sales in the South and West, according to the National Association of Realtors®.
Existing-home sales, including single-family, townhomes, condominiums, and co-ops, slipped 0.6% nationally to a seasonally adjusted annual rate of 5.02 million units in February from 5.05 million in January, but are 7% higher than the 4.69 million-unit pace in February 2009.

Widespread winter storms in February may mask underlying demand, said NAR Chief Economist Lawrence Yun. “Some closings were simply postponed by winter storms, but buyers couldn’t get out to look at homes in some areas and that should negatively impact near-term contract activity,” he said. “Although sales have been higher than year-ago levels for eight straight months and home prices are much more stable compared to the past few years, the housing recovery is fragile at the moment.”

Total housing inventory at the end of February rose 9.5% to 3.59 million existing homes available for sale, which represents an 8.6-month supply at the current sales pace, up from a 7.8-month supply in January. Raw unsold inventory is 5.5% below a year ago.

“The key test for a durable recovery comes in the next few months as the tax credit deadline approaches,” Yun said. “If we see a surge in home buying comparable to last fall in the months leading up to the original tax credit deadline, then enough inventory should be absorbed to ensure a broad home price stabilization.”

The national median existing-home price for all housing types was $165,100 in February, which is 1.8% below February 2009. Distressed homes, generally sold at discount, accounted for 35% of sales last month.

A parallel NAR practitioner survey shows first-time buyers purchased 42% of homes in February, up from 40% in January. Investors accounted for 19% of transactions in February, compared with 17% in January; the remaining sales were to repeat buyers.

Among the different home types, single-family home sales declined 1.4% to a seasonally adjusted annual rate of 4.37 million in February from a pace of 4.43 million in January. Still, that’s 4.3% higher than the 4.19 million level posted a year ago. The median existing single-family home price was $164,300 in February, down 2.1% from February 2009.

Meanwhile, existing condominium and co-op sales rose 4.8% to a seasonally adjusted annual rate of 650,000 in February from 620,000 in January, and are 30.3% above the 499,000-unit pace in February 2009. The median existing condo price was $170,200 in February, down 0.2% from a year ago.

Regionally, existing-home sales in the Northeast rose 2.4% to an annual pace of 840,000 in February and are 12% above a year ago. The median price in the Northeast was $254,700, up 7.5% from February 2009.

Existing-home sales in the Midwest increased 2.8% in February to a level of 1.11 million and are 8.8% higher than February 2009. The median price in the Midwest was $128,000, which is 2.0% below a year ago. 

In the South, existing-home sales slipped 1.1% to an annual pace of 1.85 million in February but are 6.9% above a year ago. The median price in the South was $139,600, down 4.2% from February 2009.

Existing-home sales in the West fell 4.7% to an annual rate of 1.22 million in February but are 3.4% higher than February 2009. The median price in the West was $207,900, down 9.8% from a year ago. “A lack of affordable housing inventory is holding back sales and pressuring prices to be bid upwards in many California markets,” Yun noted.

Source: National Association of Realtors® http://www.houselogic.com/news/articles/home-sales-some-regions-down-others/

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Friday, March 19 2010

Realtors cite federal tax credit, very low interest rate.

The $6,500 federal tax credit for home-owners buying their next home is being credited for part of the upward movement in house prices in Vanderburgh and surrounding counties.

According to a report by the Evansville Area Association of Realtors, the sale price of single-family homes in Vanderburgh, Warrick, Posey and Gibson counties in January and February increased by 13.5 percent over the same period last year.

Chris Dickson, the association's president-elect, said he believes the tax credit brought out buyers for homes in the range of $150,000 to $250,000.

"There are more buyers in the market looking to take advantage of the federal tax incentives," said Dickson.

"The fact that average sale prices in 2010 are starting out strong, compared to 2009, also shows that the housing market in this area continues to rebound."

Dickson also attributed the increase in part to mortgage rates that remain at historic lows.

Bob Reid, president of the Realtors association, agreed.

He predicted March and April also will be strong as the April 30 deadline nears for the expiration of the $6,500 tax credit and for the $8,000 federal tax credit for first-time home buyers.

"There's been no discussion about extending the credits," Reid said.

According to Reid, a person must sign a contract agreement to buy a house by April 30 and must close on the house purchase by June 30 to be eligible for the tax credits.

In January and February this year, the average house sale price in the four counties was $126,282, up from $111,603 in the same two months in 2009, according to the association report.

In Vanderburgh County, the average sale price for the two months rose 7.7 percent to $104,380.

The price was $96,849 for the same period in 2009.

Dickson said Warrick County had the biggest increase, rising by 15.59 percent to $186,818, compared with $161,148 in 2009.

The number of homes sold in the four-county area remained about the same: 341 sold the past two months compared with 343 for the same period last year.

The number of days it took to sell a house on average was 100 in January and February, compared with 110 in 2009.

Because of the increase in the average sale price, the overall volume rose 12.8 percent with more than $43.1 million in homes sold in January and February, compared with $38.2 million last January and February.

"Unfortunately," Dickson said, "many sellers are under the mistaken impression that the market is poor, so they are hesitant to put their homes on the market."

As a result, the number of homes available to buyers dropped to its lowest level in over two years, according to Dickson.

"We need more homes on the market to supply the buyer demand. ... Homes that are in good condition and priced well are selling."

Source: http://www.courierpress.com/news/2010/mar/17/area-home-prices-on-the-rise/

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
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.
 
Posted by: Rolando Trentini AT 08:11 am   |  Permalink   |  0 Comments  |  Email
Saturday, February 27 2010

 

WASHINGTON—Existing-home sales were up 11.5% in January compared to January of 2009, but down 7.2%from December 2009, according to data from the National Association of Realtors®.

In January, 5.05 million single-family homes, townhomes, condominiums, and co-ops sold, compared to 5.44 million in December. That’s 11.5% above the 4.53 million-unit level in January 2009.

There is still some delay between shopping and closing that affected current sales, said NAR Chief Economist Lawrence Yun. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the homebuyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

Total housing inventory at the end of January fell 0.5% to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% below a year ago, and is at the lowest level since March 2006.

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38% of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.

First-time buyers purchased 40% of homes in January, down from 43% in December, according to a parallel NAR practitioner survey. Investors accounted for 17% of transactions in January, up from 15% in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4% in January.
                     
Buying a home in the current environment has become more challenging, said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates, Tucson, Ariz. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said.

Single-family sales

Single-family home sales fell 6.9% to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6% above the 4.08 million pace set in January 2009. The median existing single-family home price was $163,600 in January, down 0.4% from a year ago.

Condo sales

Existing condominium and co-op sales dropped 8.1% to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1% above the 449,000-unit level posted a year ago. The median existing condo price was $172,400 in January, which is 1.4% higher than January 2009.

Northeastern U.S. home sales

Regionally, existing-home sales in the Northeast fell 10.9% to an annual pace of 820,000 in January but are 22.4% above a year ago. The median price in the Northeast was $245,300, a gain of 8.8% from January 2009.

Midwestern U.S. home sales

Existing-home sales in the Midwest declined 6.9% in January to a level of 1.08 million but are 8.0% higher than January 2009. The median price in the Midwest was $130,300, which is 1.0% below a year ago. 

Southern U.S. home sales

In the South, existing-home sales dropped 7.4% to an annual pace of 1.87 million in January but are 12.0% above a year ago. The median price in the South was $140,200, down 2.0% from January 2009.

Western U.S. home sales

Existing-home sales in the West declined 5.2% to an annual rate of 1.28 million in January but are 7.6% higher than January 2009. The median price in the West was $203,400, down 5.8% from a year ago.

Source: NAR

http://www.houselogic.com/news/articles/home-sales-115-time-last-year/

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Wednesday, February 10 2010
January started an exciting year for F.C. Tucker Emge REALTORS. We had our annual kickoff meeting to begin our 100th year of service to Tri-State home buyers and sellers. A video was produced chronicling our company history which began when Eli Huber drove his horse drawn buggy to Rockport, IN and sold a farm. From that, we have grown to the area’s dominant real estate company. We now have over 200 REALTORS and employees located in 8 locations. The tools we use combined with the best agents in the area led to market dominance in 2009. According to local Multiple Listing Service data, we sold $50 million more than our closest competitor in 2009. Furthermore, I am proud to work at a company that is involved in so many community organizations and is committed to the future of our area.
Although our company is well positioned, January sales in our area were somewhat below my expectations. Our local Multiple Listing Service reported closed transactions were down slightly from January of 2009. That said, the average sales price was up, resulting in an increase of $1.4 million in sales volume for the month. January’s weather, although not highly unusual, did not lend itself to leisurely home shopping. I am very optimistic that March and April will show much better sales figures. I anticipate that improved weather and some help from the extended and expanded tax credit will boost sales. As I mentioned last month, buyers must have a signed contract by the end of April in order to receive either a $6,500 or $8,000 one time gift from the U.S. Treasury. Call me for more details about this one time opportunity.
I am excited to inform you that “The Easiest Search On The Web” just got even better. When you visit FCTuckerEmge.com and scroll over a picture of a home the picture automatically enlarges and property pictures throughout the site are bigger. In addition, we now list all area open houses so it’s even easier to find your dream home all on one site.
Posted by: Rolando Trentini AT 10:32 am   |  Permalink   |  0 Comments  |  Email
Monday, January 25 2010
January is a great time to reflect on last year as well as plan for this year. 2009 was the year that residential real estate stopped its temporary decline in sales. Although our market saw fewer sales in the first six months of 2009 compared to 2008 (1879 vs. 2098) the second half of 2009 showed significant improvement. Units sold in the second half of 2009 improved 20.8% compared to the first half of the year and were up 7.6% compared to the second half of 2008. Our local market showed 4149 closed residential transactions representing almost $500 million in sales.   Another encouraging statistic is the supply of houses currently for sale. In mid December, there were fewer than 3000 houses listed for sale. In August and September of 2007, there were over 3700 homes on the market. Even more importantly, the “months supply” (listed homes divided by number of monthly sales) declined over the course of 2009. Over the first six months of 2009, months supply averaged 10.19 with a peak of 15.1 months supply last January. The second half of the year averaged 8.3 months supply, a significant improvement. These numbers put us in a much better position for home sales than we were in a year ago and that is exactly what I believe will happen.
The extended and expanded Home Buyer Tax Credit will definitely help sales start this year much better than last year. I know I mentioned this credit last month but I can’t emphasize enough how important it is to start now if you are considering buying or selling this year. For sellers, your house has to be listed to expose it to this Spring’s buyers. For buyers, it is not unusual to spend some time looking for a home before signing a purchase agreement and buyers need to allow enough time to arrange financing and complete the closing.
As always the best place to look for homes is at FCTUCKEREMGE.COM “The Easiest Search On The Web”. I have some exciting things to share about my company in next month’s Market Watch and in the meantime call me with any of your real estate questions.
Posted by: Rolando Trentini AT 07:02 pm   |  Permalink   |  0 Comments  |  Email
Wednesday, December 30 2009

INDIANA ASSOCIATION OF REALTORS®, INC.


December 22, 2009
FOR IMMEDIATE RELEASE
REALTORS® RELEASE "INDIANA REAL ESTATE MARKETS REPORT" FOR NOVEMBER
Sales, Median Prices Increase for the Second Month in a Row
(INDIANAPOLIS, IN) - The Indiana Association of REALTORS® (IAR) today released its "Indiana Real Estate Markets Report" for the month of November as a continuation of its "Indiana is Home" project.
The Report, found online at www.IndianaIsHome.com, is the first-ever county-by-county comparison of existing single-family home sales in Indiana. IAR obtains the data directly from the state's 23 largest Multiple Listing Services (MLSs) and the Broker Listing Cooperative® (BLC®) in central Indiana. To date, the Report represents 98% of the housing market statewide.
Statewide, November sales increased 36.5% from the same month last year; median prices saw an increase of 10.5%. This is the second consecutive month that there has been an increase in sales over the previous year.
"The numbers that we have seen from November, as well as October, are welcomed news as we approach the end of the year," said Karl Berron, Chief Executive Officer. "It remains the fact that homes continue to be affordable to Hoosier families. And while the recent jump in numbers can be linked to the impact of the $8,000 first-time homebuyer tax credit, it's important to recognize that Indiana's housing markets are continuing to make a turnaround after a very tough year.
"The increase in sales combined with other housing statistics, including increases in new construction, are important steps forward for our state's and country's economic recovery," Berron added.
More about "Indiana Is Home"
It is a multi-media project hosted by media professional Pat Carlini and aimed at keeping Hoosier homeowners, would-be homeowners, policymakers and the media well-informed on the ever-changing local real estate markets.
This month, Carlini narrates a video explaining the extension and expansion of the $8,000 first-time homebuyer tax credit. Indianapolis-based Boost Media and Entertainment shot and produced all videos found at www.IndianaIsHome.com.
IAR represents more than 16,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of the world's largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.
Reporters' contacts:       Stacey Hartman, IAR; (317) 644-9210 or sahartman@indianarealtors.com Jason Tomcsi, IAR; (317) 217-9530 or jtomcsi@indianarealtors.com Andy Wilson, Boost; (317) 843-8005 or pr@boostmediaentertainment.com


 


Executive Offices: 7301 N. Shadeland Ave., Ste. A, Indianapolis, Indiana 46250
Governmental Affairs Office: Circle Tower Building, 55 Monument Circle, Ste.712 Indianapolis, 46204 Telephone (317) 913-3230 -- Toll-Free (800) 284-0084 -- www.indianarealtors.com
REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict code of ethics as a member of the National Association of REALTORS®



INDIANA ASSOCIATION OF REALTORS®, INC.


For a local REALTOR® comment:
Anderson/Madison County Board of REALTORS® (Madison County) Patty Kuhn, (765-649-8106 or pkuhn@andersonarearealtors.com
Bedford Board of REALTORS® (Lawrence County)
Debbie Suddarth, (812) 849-3456 or debbiesuddarth@verizon.net
Bloomington Board of REALTORS® (Monroe & Owen Counties) Elizabeth Kehoe, (812) 339-1301 or Elizabeth.kehoe@homefinder.org
Elkhart County Board of REALTORS® (Elkhart County) Julie Alert, (574) 875-3283 or Julie@ecbor.com
Evansville Area Association of REALTORS®
(Daviess, Dubois, Gibson, Martin, Perry, Pike, Posey, Spencer, Vanderburgh & Warrick Counties)
George Postletheweight, (812) 473-3333 or georgep@evansvillerealtors.com
Greater Northwest Indiana Association of REALTORS®
(Jasper, Lake, Newton & Porter Counties)
Peter D. Novak, Jr., (219) 795-3600 or pete@gniar.com
Greene County Board of REALTORS® (Greene County) R. Randall Baker, (812) 847-3300 or gcbor@bakerfile.com
Northeastern Indiana Association of REALTORS®
(DeKalb, LaGrange, Noble & Steuben Counties)
Keith M. Vautherot, (260) 347-1593 or niaor1@mchsi.com
Putnam County Board of REALTORS® (Parke & Putnam Counties)
Diane Ummel, (765) 653-6998 or diane@putnamcountyboardofrealtors.com
REALTORS® Association of Central Indiana
(Cass, Grant, Howard, Miami, Tipton & Wabash Counties)
Kathy Harbaugh, (866) 657-7224 or kathy@raci.org
Terre Haute Area Association of REALTORS® (Clay, Sullivan, Vermillion & Vigo Counties) Julie Hux, (812) 234-8732 or Julie@thaar.com
Washington County Board of REALTORS® (Washington County) Teresa Smedley; (812) 883-5695 or wcbor@blueriver.net


 


Executive Offices: 7301 N. Shadeland Ave., Ste. A, Indianapolis, Indiana 46250
Governmental Affairs Office: Circle Tower Building, 55 Monument Circle, Ste.712 Indianapolis, 46204 Telephone (317) 913-3230 -- Toll-Free (800) 284-0084 -- www.indianarealtors.com
REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict code of ethics as a member of the National Association of REALTORS®
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Wednesday, December 23 2009

The Indiana Association of Realtors (IAR) says statewide home sales increased 36.5 percent in November, compared to the same month a year earlier. It is the second consecutive monthly increase. IAR also reports median prices last month increased 10.5 percent.

The Indiana Association of REALTORS (IAR) today released its “Indiana Real Estate Markets Report” for the month of November as a continuation of its “Indiana is Home” project.

The Report, found online at www.IndianaIsHome.com, is the first-ever county-by-county comparison of existing single-family home sales in Indiana. IAR obtains the data directly from the state’s 23 largest Multiple Listing Services (MLSs) and the Broker Listing Cooperative (BLC) in central Indiana. To date, the Report represents 98% of the housing market statewide.

Statewide, November sales increased 36.5% from the same month last year; median prices saw an increase of 10.5%. This is the second consecutive month that there has been an increase in sales over the previous year.

“The numbers that we have seen from November, as well as October, are welcomed news as we approach the end of the year,” said Karl Berron, Chief Executive Officer. “It remains the fact that homes continue to be affordable to Hoosier families. And while the recent jump in numbers can be linked to the impact of the $8,000 first-time homebuyer tax credit, it’s important to recognize that Indiana’s housing markets are continuing to make a turnaround after a very tough year.

“The increase in sales combined with other housing statistics, including increases in new construction, are important steps forward for our state’s and country’s economic recovery,” Berron added.


More about “Indiana Is Home”

It is a multi-media project hosted by media professional Pat Carlini and aimed at keeping Hoosier homeowners, would-be homeowners, policymakers and the media well-informed on the ever-changing local real estate markets.

This month, Carlini narrates a video explaining the extension and expansion of the $8,000 first-time homebuyer tax credit.

Indianapolis-based Boost Media and Entertainment shot and produced all videos found at www.IndianaIsHome.com.

IAR represents more than 16,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of the world’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.


Source: Indiana Association of Realtors & Inside INdiana Business

http://www.insideindianabusiness.com/newsitem.asp?ID=39316

Posted by: Rolando Trentini AT 04:27 pm   |  Permalink   |  0 Comments  |  Email
Tuesday, November 10 2009
 

Market Watch
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.    
Posted by: Rolando Trentini AT 07:03 pm   |  Permalink   |  0 Comments  |  Email
Sunday, October 18 2009
 
 
Market Watch For October 2009

Most economists and Ben Bernanke believe that the recession is over.  In addition, the “pending sales index” has increased for seven consecutive months, the first time that has occurred since the index was started in 2001.  Although both of these pieces of information sound great, and they are good, we should look beyond headlines to see what is really happening in the Evansville area.  We have seen a Toyota expansion, we are losing some Whirlpool jobs and we are adding some Berry Plastics jobs.  Currently national unemployment is almost 10% while the Evansville area is less at 8.6%.  Although the economy is improving no one we know is forecasting rapid economic growth.

Local housing sales continue at a very steady rate.  Over the past four months our local MLS has sold 1585 homes compared to 1600 over the same period last year.  Month to month sales have been virtually unchanged since May.  The supply of homes on the market in our area has also stayed very steady.  Although we can not say that sales are brisk, we can say that in some locations and price ranges the supply of homes is limited.  If you are curious about the housing market in a specific location or price range give us a call and we can help you with that information.

From our friends in the financial services industry we have the following to report: But for mildly weak 3-month and 30-year Treasury auctions last week, it was a strong week for the credit markets and even stronger for the real estate market. The reported quantity of mortgage applications for the week prior showed a 16.4% rise overall, with strong jumps for both the purchase money and the refinancing mortgages. The Freddie Mac weekly loan average rate fell to 4.87%. And the average of all mortgage rates (including jumbos, whose rates are declining while applications rise) ended the week at 5.27%.   

A little over a year ago my company, F. C. Tucker Emge Realtors launched a completely redesigned website designed specifically to help make the home buying process easy.  At the same time we started spending less money on print advertising and spent more resources enhancing and promoting our website.  This decision was one of the best decisions we ever made.  We are now selling more real estate than our next two competitors combined and more and more buyers are finding their new home at www.FCTuckerEmge.com  If you haven’t visited the site please do.  We think you will like what you see.

Posted by: Rolando Trentini AT 12:44 pm   |  Permalink   |  0 Comments  |  Email
Friday, August 21 2009

The Indiana Association of Realtors (IAR) reports statewide sales of single-family homes in July dropped 6.3 percent, compared to the previous year. IAR also says the median price declined by only 0.9 percent. Chief Executive Officer Karl Berron says there are signs the decline in home sales is slowing. He adds the state may be "near or at the bottom of this challenging period."

The Indiana Association of REALTORS® (IAR) today released its “Indiana Real Estate Markets Report” for the month of July as a continuation of its “Indiana is Home” project.

The Report, found online at www.IndianaIsHome.com, is the first-ever county-by-county comparison of existing single-family home sales in Indiana. IAR obtains the data directly from the state’s 18 largest Multiple Listing Services (MLSs) and the Broker Listing Cooperative® (BLC®) in central Indiana. July’s Report includes Dearborn, Ohio, Ripley, Switzerland and White Counties for the first time, bringing the Report’s representation to 93% of the housing market statewide.

July’s report was similar to June’s in that statewide sales of existing single-family homes decreased from the previous year. From July 2008 sales decreased 6.3%, but median prices declined at a much smaller rate of .9%.

“The decline in sales is slowing and when compared with a year ago, sales have not declined as much as they did in the first half of the year,” said Karl Berron, Chief Executive Officer. “This indicates that we may be near or at the bottom of this challenging period. Combined with the signs of the overall economy, there is cause for optimism.”

Clark, Allen, Johnson, Grant, Porter and Montgomery Counties saw increases in sales, median prices or both.

More about “Indiana Is Home”

It is a multi-media project aimed at keeping Hoosier homeowners, would-be homeowners, policymakers and the media well-informed on the ever-changing local real estate markets.

This month, media professional and host Pat Carlini narrates a third reportisode entitled, “1st Timer,” which explains how the $8,000 tax credit can be used by first-time home buyers, or those who have not purchased a home within the last three years.

Indianapolis-based Boost Media and Entertainment shot and produced all videos found at www.IndianaIsHome.com.

IAR represents more than 16,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of the world’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

Source: Inside INdiana Business http://www.insideindianabusiness.com/newsitem.asp?id=37302

Posted by: Rolando Trentini AT 02:25 pm   |  Permalink   |  0 Comments  |  Email
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The Trentini Team
F.C. Tucker EMGE REALTORS®
7820 Eagle Crest Bvd., Suite 200
Evansville, IN 47715
Office: (812) 479-0801
Cell: (812) 499-9234
Email: Rolando@RolandoTrentini.com


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