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Wednesday, December 17 2014

Market Watch December 2014

I realize that Thanksgiving has passed us this year but I wanted to mention several real estate specific results and other factors for which we should all be thankful.

Although 2014 is not yet finished, our local market is certain to close more real estate volume than we did in 2013 and that is on top of the huge recovery we made in 2012.  In fact, our multiple listing service will close more dollar volume in sales than the previous year for the 4th consecutive year and sales volume will be 36% higher than it was in 2010.  In addition, our average sales price has increased 6.2% this year and will be a whopping 15% higher than it was in 2010.

I believe that this slow, but steady, recovery is a result of both increased consumer confidence and a similar slow, but gradually improving job environment.  The housing market is tied directly to qualified homeowners.  A job is the first step in qualification and with over 300,000 net new jobs created last month, I’m confident that some will soon be first time buyers.

Another positive development is that the Federal Housing Finance Authority recently issued new more clear rules which will allow lenders to be more confident about the types of residential mortgage loans they make.  I expect more buyers will qualify for loans in the future than the recent past.  Clearly this helps the housing market.

From a strictly local perspective, I’m very excited about the new convention hotel and the Medical Center coming to Southwest Indiana.  Both of these projects will provide a significant economic boost to our area for years to come.  All of these give me plenty of reasons to be thankful and optimistic about real estate.

Finally, I can’t wait to give you a taste of what’s coming in January!  Although FCTuckerEmge.com is already the area’s dominant real estate website we are launching a newer upgraded FCTuckerEmge.com next month.  The enhanced site will have bigger, brighter pictures, a really cool mapping function and lots of other features I’m sure you will like.

Kathy and I extend our best wishes for a joyous holiday season.

Posted by: Rolando Trentini AT 09:47 am   |  Permalink   |  0 Comments  |  Email
Friday, October 17 2014

Market Watch October 2014

     I have a lot of interesting information and statistics for this month’s Market Watch, but before I start that discussion I think I should share some basic real estate concepts.  First, basic economic concepts apply to real estate.  For example, increased supply results in decreased demand, which lowers prices.  Conversely decreased supply results in increased demand, which increases prices.  The catch to this basic principle is that other factors such as the general state of the economy, the job market, interest rates and consumer optimism also affect prices as well as buyers and sellers desire to buy or sell homes.  With this most basic background let’s now explore some interesting trends in the market.

     First, according to The Wall Street Journal, new home sales (as opposed to previously owned homes) were at their highest level in August since May of 2008.  These sales were up 33% compared to August of last year.  Although this is clearly good news, I think we should view this in context of very low new home construction over the past few years.  Good numbers in August suggest full year totals of between 400,000 and 450,000 new home sales for all of 2014.  Although this is clearly an improvement from less than 250,000 sales a few years ago, it still falls far short of the 1 million new homes that sold at the height of the real estate boom.  Increased new home sales have left only a 4.8 month supply of new homes on the market.

     A second fact, according to RIS Media, is that prices increased for the 30th consecutive month when compared to the previous year.  This statistic seems pretty clear.  Home prices continue to rise at what has remained a pretty steady pace.  The median price of a home nationwide is now $219,000.

   My third fact, again according to RIS Media is that in the 2nd quarter of 2014, 950,000 homes returned to a positive equity situation, meaning that these homes are now worth more than the outstanding mortgage balance on those homes.  As you may recall, when the real estate market was adversely affected by the last recession many homes nationwide lost value and owners owed more in mortgage loans that their homes were worth.  RIS claims that as of today, 14.9% of homes nationwide are still in a negative equity situation but that represents 2 million fewer homes underwater than just a year ago.

     I think we can draw several conclusions from this data.  First, the real estate market is on sound ground and continues to improve.  Second, new home construction continues to recover.  Third, prices continue to rise slowly.  And finally inventory levels are still lower than normal and there is demand for more listings.

    All of the information in this month’s Market Watch is national data although I believe that the same trends I’ve just discussed apply locally.  As is always the case with real estate, demand and price for homes is always specific to one individual home.  Please give me a call if you would like to discuss the value of your house or the home you are considering buying. You can reach me on my cell phone 812-499-9234 or email: Rolando@RolandoTrentini.com 

If you want to do some research before we talk, the most accurate information on our local real estate market is always at FCTuckerEmge.com.

Posted by: Rolando Trentini AT 09:30 am   |  Permalink   |  0 Comments  |  Email
Wednesday, August 27 2014

Market Watch August 2014

The biggest news story in national real estate this past month has been the announcement of the merger between Zillow and Trulia.  Many consumers are familiar with both firms, but in case you are not, let me tell you a little about these companies.  Both companies are real estate advertising portals.  Many potential buyers and sellers visit these sites, under the impression that they are the best sites to visit to find a home to buy.  Zillow is ranked first and Trulia second in real estate internet traffic followed by Realtor.com in third place. 

I am certainly not privy to either Zillow or Trulia’s plans but both have publicly stated that they have no intention of actually selling or listing homes.  Their goal is to generate enough traffic to sell advertising and leads, primarily to Realtors. If these companies don’t actually sell real estate one might wonder why they get so much traffic.  Zillow is famous, at least in part, for it’s “Zestimates”.  In theory, Zestimates are estimated values for specific homes.  Theoretically anyone can go online, enter an address and get the value of that home.  Unfortunately, even by Zillow’s own admission, many of their Zestimates are significantly inaccurate.  Both Zillow and Trulia obtain information displayed on their sites from many different sources, some accurate, others not so much.  Sometimes information is updated promptly and accurately and other times it is significantly out of date and wildly inaccurate. 

I am not trying to tell anyone not to visit a particular site.  I am, however, very comfortable giving sound, accurate advice on local real estate websites.  If you are looking for homes listed for sale in this part of the world there is no site that is more accurate or up to date than FCTuckerEmge.com

Our site is designed to make shopping for homes as easy as possible without gimmicks or outdated, inaccurate information.  If you want to know the value of your home, ask me.  A website that has never seen your home, sold a home or visited your neighborhood will not be as accurate as a trained professional. Please feel free to call or email me if you are interested to receive the market analysis of your home. You can reach me on my cell phone 812-499-9234 or email at Rolando@RolandoTrentini.com

Try to stay cool and enjoy the remainder of your summer.

Posted by: Rolando Trentini AT 09:34 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
Friday, May 09 2014

                                           Market Watch April 2014

As you may be able to tell from your allergies, spring has certainly sprung in Southwestern Indiana.  The real estate market is heating up right along with the warmer temperatures.  We are witnessing a significant increase in sales activity and anticipate that will continue through the spring.  Lawrence Yun, the chief economist for the National Association of Realtors, said a gain was inevitable, following a dismal winter.  (We certainly agree here!) On a national level, showing activity is increasing and sales activity is expected to follow suit as more inventory reaches the market. And in our office, the homes that are priced right and in good condition are getting lots of attention and in some cases, multiple offers. 

The key challenge will continue to be inventory.  We continue to see a shortage of homes for sale, with inventory rates near record lows.  While this shortage will drive an increase in median existing-home price, continued positive momentum is dependent on the availability of homes for sale.  Opportunity’s knock is getting louder on the doors of potential sellers, who at this point will dictate the performance of the local housing markets for the next couple of months. 

While need for listings is high, sellers must present a home that is in good condition and priced right. Working with a real estate agent from the beginning ensures you have a knowledgeable professional that knows the market and can help get your home sold in the shortest amount of time.

If you’ve considered selling your home, now is the time.  With many active buyers, you don’t want to miss this market surge!  And if you’re ready to buy, I’d encourage you to visit www.TheTrentiniTeam.com , where you can use our interactive map search to perfectly define your search area.  Until next month!

Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Wednesday, January 22 2014

Market Watch January 2014

Before we talk about 2014, I think this is an excellent time to compare the real estate market in 2013 to the previous year.  My ulterior motive is that from virtually any perspective 2013 was a great year!

Unit sales in our market increased just over 10% from 2012 to 2013, while the median price increased 2.2% over the same time frame.  While these increases did not improve quite as much as our statewide increases of 13.6% in units and 4.2% in median sales price this was still an excellent year.  If you remember Market Watch from a couple of months ago, I pointed out then that the decline in unit sales and median prices was not as great as the state as a whole so I did not expect the increase to be as strong either.  2013 was the best year we have ever had in sales volume.  This was the first time that F. C.  Tucker Emge Realtors closed over $400 million in sales volume.

In addition to the increase in both homes sold and in prices, there was even more good news.  Both days on market and the list price to sales price ratio also improved.   Homes are now selling, on average, about 100 days after they are listed, down from 122 days at the beginning of 2012.  The final list price to sale price ratio averaged just under 96% for all of 2013.  Both of these numbers are sustainable and are good indicators of a stable market.

One statistic that is outside the normal range is the number of homes currently for sale.  As of mid December there were 2,326 homes for sale in our MLS.  This is the lowest number of homes on the market since May of 2005.  The message here is that if you are considering selling your home, get it on the market now.  The spring selling season always starts sooner than most sellers think.  On average, buyers look for 10 weeks before buying a home.  Since it takes 30-45 days for a typical transaction to close, buyers who will actually move in April or May are looking for homes online today.  Don't miss the best time of year to get your home on the market, and keep in mind the most visited local website is FCTuckerEmge.com.

If you haven't already registered to receive email notifications of new listings in you geographic area or price range give me a call and I can help you register.  You can even help friends or family find what they are looking for. Give me a call if you have any questions about our market or specific questions about the value of your home. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com

Posted by: Rolando Trentini AT 12:11 pm   |  Permalink   |  0 Comments  |  Email
Monday, December 02 2013

Market Watch

     Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), recently gave his annual forecast for home sales for 2014.  Dr. Yun has been the chief economist for NAR for several years and was recognized last year by USA Today as one of the top 10 economists in the country.

     His estimate for sales of existing homes in 2014 is 5.12 million homes, virtually identical to 2013’s 5.13 million sales.  He expects new home sales to reach 508,000 in 2014 compared to 429,000 in 2013.  This forecast says total sales will be essentially identical to last year.  Although sales may remain flat he expects prices to rise 6% over last year.  Steady sales with healthy a price increase is actually pretty impressive when one considers how much sales and prices have improved over the past two years.

     Over the past two years cumulative unit’s sales have climbed 20% and prices have increased 18%.  Those kinds of increases are clearly not sustainable which make this year’s prediction very positive.  Although prices are up Dr. Yun points out “We’ve come off record high housing affordability conditions in the past year, and are now at a five year low, but conditions are still the fifth best in the past 40 years.”  Dr. Yun also said that limited inventory; exacerbated by low numbers of new home construction, as well as a tsunami of new federal banking regulations, would hold back home sales.

     As is always the case, national statistics are interesting but your home or the one you are thinking about buying are even more interesting.  Trends in our market have been similar but less pronounced that the national numbers.  What is accurate locally is that although sales and prices have increased, homes are still very affordable.  If you would like to know the market value of your home or you are ready to start looking for a new one give me a call.  Although real estate is somewhat seasonal, homes do sell during the holidays and in January.  There is less competition in the winter and buyers planning to buy in the spring usually start looking months before they buy.

Posted by: Rolando Trentini AT 09:54 am   |  Permalink   |  0 Comments  |  Email
Monday, September 09 2013

 

MARKET  WATCH

 

 There are a lot of positive things to discuss about real estate in this month’s Market Watch, both locally and nationally.  Although from both perspectives the news is good, the news is not necessarily the same.

     According to Lawrence Yun, chief economist for The National Association of Realtors, sales prices nationally are 13.7% above last year’s levels.  Prices are still 7.3% below their all time high (July 2006).  Days on market data is more difficult to obtain accurately but best estimates are in the 60-70 day range.  There is currently a 5.1 month supply of homes on the market.  Several factors influence these statistics.  Cash buyers represent 31% of the market.  This segment is largely represented by investors, who obviously view real estate as an attractive long term investment.  Distressed properties represented 15% of all sales in July.  That percentage is down about 40% from its high but is still almost double the historical average.  This suggests that shadow inventory is disappearing, which is good, but it will still take a couple of years to get back to historically normal levels.  Finally, first time buyers currently represent about 29% of the market, substantially below the normal 40-45% of the market.

     Locally, our market is very similar to the rest of the nation in terms of month’s supply of inventory.  We currently have a little under 5.3 months supply and have been under six months supply since April.  Our days on market is higher than most of the country and is still just over 100 days.  The most interesting comparison however is sales price and how it has changed.  While year-to-date sales prices are only up 4.7% from last year’s average our market is now at the highest level of both average and median prices we have ever seen.  The median price in our market declined for 4 consecutive years and our low point was in 2009.  Since that time our median price has increased every year with this year representing the highest average and median prices we have ever experienced in this market.  While it may not feel that way our market simply did not decline as much as the nation as a whole and our market has, at least in terms of price, completely recovered from the recession.

     One interesting thought I had after looking at this data was that it all made sense to me except I would have thought our days on market would be lower than it is, given all of the other market conditions.  I asked another Realtor in our office what she thought and she said

“It’s simple.  Houses priced right in excellent condition sell quickly.  Houses that need work or are a little over priced just sit on the market”.  She is right.  If you want to know the right price for your home or if you need some tips on getting your house ready to sell give me a call today.  If you want to see some homes visit FCTuckerEmge.com or give me a call. You can reach me on my cell phone at 812-499-9234.

Posted by: Rolando Trentini AT 02:00 pm   |  Permalink   |  0 Comments  |  Email
Tuesday, July 30 2013

     Last month I said I would make this month’s Market Watch a comparison of the first six months of 2012 to the first six months of 2013.  I knew this would be fun because by every measure, the first six months of 2013 have been better than the first six months of 2012.

  • Number of sold homes increased from 2095 units to 2390 units é 14.1%
  • Average sales price increased from $125,838 to $131,171 é 4.2%
  • Dollar volume of closed sales increased from $262.1 million to $310.8 million
    é 18.6%
  • List price to sale price ratio increased from 95.40% to 96.36% é .96%
  • Days on market decreased from 124 to 111 days ê 13 days

     Our area’s increase is in line with statewide changes.  Nationally we exceeded unit increases and trailed price changes.  Statewide unit sales increased 17.8% and the average price increased 4.3%.  Nationally unit sales increased 13% and prices jumped 15%.

     We are very proud of our performance at F.C. Tucker Emge Realtors through the first six months of the year.  As a potential seller you should be very happy to know that our days on market and our list price to sale price are significantly better than our competition.  Our days on market for the first six months of this year were 97 days (compared to the market of 111 days) and our list price to sale price ratio for the same period was 97.36%, a full percentage point higher than the competition.  This means that on the average transaction at F.C. Tucker Emge Realtors our clients sold their house 12.6% faster and our seller received over $1,600 more for their house than did clients of our competitors.

     Enjoy the rest of the summer and please call or email if I can help with your or any of your friends real estate needs. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com

Posted by: Rolando Trentini AT 09:49 am   |  Permalink   |  0 Comments  |  Email
Thursday, May 30 2013

 


 

Market Watch

     Although home sales have improved across all regions of the country, including our local market, I believe there are some subtle differences in both the results and the reasons.  First, from a national perspective, existing home sales increased again in April to an annualized rate of almost 5 million homes.  This is up 9.7% from the same time last year.  According to the National Association of Realtors (NAR) median sale prices for existing homes were up 11% in April compared to April of 2012.  Nationally foreclosures and short sales accounted for 18% of sales in April, down significantly from 28% last April.  Finally the days on market number nationally has declined significantly to only 46 days this April compared to 83 days last April.

     Locally we have seen improvements in all of the same areas but for the most part they have not been as dramatic.  For the first four months of this year unit sales, (both existing and new combined) have increased 9.1% over the first four months of last year.  I am confident that trend will continue for the next couple of months based on pending activity which has already occurred.  Our improvements in days on market and average prices have been much less spectacular.  Both have improved but not by statistically significant amounts.  We have however seen a .67% improvement in the list price to sale price ratio or just over $1,000 on a sale price of $150,000.

    There is a big difference in the reason for today’s sales figures and the real estate boom of 2005 and 2006.  In 2005 and 2006 the market was fueled by “easy money”, meaning lending standards were too lenient and a significant number of buyers were ultimately foreclosed upon.  Today’s market is based on a more tested economic reality, supply and demand.  Nationally in April there was a 5.2 month supply of homes on the market.  Locally April supply was similar at 5.65 months supply.   Three reasons for this decline in inventory are reduced foreclosures, a return to a more normal level of buying activity and new construction has not caught up to current demand.

     What does all this mean to you?  If you are a buyer, interest rates are at bargain prices and local home prices have not increased dramatically. Both interest rates and home prices will ultimately rise. If you are a seller, housing supply has decreased and new construction has not caught up so there is less competition.  If you would like to know what your house is worth give me a call and I can help you determine the market value of your home.  If you are thinking about buying you can see what’s on the market at FCTuckerEmge.com or just give me a call.  You can reach me on my cell phone at 812-499-9234 or email Rolando@RolandoTrentini.com

Posted by: Rolando Trentini AT 10:54 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
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
Monday, October 15 2012
                                                                       Market Watch
 
      We are three quarters of the way through the year, sold units through September are 5% ahead of last year and, the median sale price is up 3.3%. Sales this year have exceeded those in the corresponding month last year in 7 of 9 months. Unfortunately, September was one of those two months. I am confident that there is a valid reason for this decline. I have felt for a long time that contested Presidential elections have a short-term, negative impact on real estate sales. Earlier this month I saw a national survey that confirmed my thoughts. According to this survey, 12% of potential homebuyers would definitely delay purchasing a home until after the election and 13% of potential homebuyers might delay their purchase until after the election. Fortunately closed sales locally were only 7.6% below last September. The good news is that the election is less than a month away and I expect a return to normal activity after that.
 
     Another national trend I have been following is the steady decline in foreclosures and shadow inventory. Shadow inventory includes homes currently in the foreclosure process, homes owned by lenders not yet listed for sale and homes 90 or more days delinquent on their mortgage payments. Although these numbers are impossible to track with exact precision, virtually every group that tracks this information shows a steady decline in these numbers. As these homes continue to be removed from the market it cannot help but have a positive impact on both prices and new construction. 
     As is almost always the case, our Marketing Department is continually making improvements and enhancements to our website, FCTuckerEmge.com. We will soon have a substantially improved interactive map search and will also start providing information on sold properties. Our local Multiple Listing Service requires users to log in before we can provide this sold information. Simply sign up for a MyFCTuckerEmge.com account and you can search sold properties. Or you can always call or email me and I will be happy to get the information for you. Enjoy the beautiful fall weather and next month I will give you some economic information from our annual National Association of Realtors convention, which is always a great source of information. You can reach me on my cell phone at 812-499-9234.
Posted by: Rolando Trentini AT 11:36 am   |  Permalink   |  0 Comments  |  Email
Wednesday, August 22 2012
Market Watch
     This month’s Market Watch is about mortgage financing and how it affects the housing market. We all know that our country suffered a terrible recession just a few years ago. Although we don’t hear as much as we used to no one disputes that the primary cause of the recession was mortgage loan defaults caused by lending standards that were far too lenient. The Federal Government, primarily through Fannie Mae and Freddie Mac not only loosened lending standards but in many instances mandated, through the guise of the Community Reinvestment Act, that mortgages be extended to unqualified buyers. In addition to being the biggest single cause of the recession Fannie Mae and Freddie Mac sustained billions of dollars in losses on these loans. Since that time, lending standards have been made much more stringent. In my opinion, the pendulum swung too far one way and has now swung too far the other way. In addition to lending standards other restrictions and rules are inhibiting lending. The HUD disclosure, which was 3 pages, is being “simplified” to 8 pages, for example. The National Association of Realtors estimates that as many as 20% of potential buyers are being prevented from entering the housing market by unreasonable lending standards. Regulators are currently planning and implementing even more rules and restrictions. Clearly these are not only unnecessary, but are becoming oppressive and hurting the housing market. Although no one wants Fannie Mae and Freddie Mac to lose money that is no longer a problem. Last quarter Fannie Mae and Freddie Mac combined made over $8 billion in profits. Lending standards already in place are more than stringent enough to generate a profit for these lenders. Further restrictions will slow the housing market, reduce lending and reduce profits because fewer loans will be extended. 
      Our local market had another acceptable month. This calendar year has been remarkably consistent and through July we are up 6.6% in closed units and up 2% in median price. Inventory levels are better here than in many parts of the country. Interest rates are still unbelievably low. These rates will not last forever. Buyers continue to remain selective about the condition and maintenance of properties they are considering. If you are selling make sure your property is neat, clean and well maintained. Call me if you would like some tips on preparing your house for sale. You can reach me on my cell phone 812-499-9234.
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Tuesday, July 17 2012
Market Watch
 
     We are halfway through 2012 and I think it is a good time to see where we are this year and compare 2012 to 2011. For the first six months of 2012 our Broker Listing Cooperative, (we used to call this our MLS) has sold almost $260 million of real estate up just over 4% from the preceding year. Homes sold this year have exceeded last year in 5 of the first 6 months and are up almost 5% from last year. In addition the list price to sale price ratio, which is the percentage of list price compared to the asking price has improved slightly and is over 95% so far this year. Days on market (how long a house is listed before it sells) is at 123 days this year. Although I would like for this number to be lower is down from almost 140 days last year at this time. Finally our inventory levels are better than they have been for several years. We have had less than 7 months supply of homes on the market for 3 of the past 4 months. We never had less than 7 months supply in 2011 and we averaged 8.7 months for the entire year. This is a significant improvement and 2012 will the best year we have had since 2006 for inventory levels.
     All of the figures in the preceding paragraph were from our BLC. I am proud that F.C. Tucker Emge Realtors has substantially outperformed the market for the first 6 months of the year. My company increased sales 14.9% over this time frame and in fact if you remove Tucker’s increase the rest of our BLC was down .4% over the same time period. Although I always work hard for my clients I know one reason our company has performed much better than the market is because both our FCTuckeremge.com website and our Tuckermobile.com websites are superior to those of all of our local competitors. Virtually all buyers start their home search on the web and we want to make sure that buyers continue to go to our site first. It helps our buying clients find what they are looking for and is the best exposure available for our sellers.
   
     Kathy and I are here for all of your real estate needs. Please contact either of us if you have any questions or concerns. You can reach me on my cell phone at 812-499-9234.
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
Tuesday, May 15 2012
Market Watch
     Every year the National Association of Realtors (NAR) surveys home buyers and sellers. Last year over 80,000 consumers answered this survey. I use the results of this survey to help understand public perception and my company uses the information when planning marketing efforts. The survey is conducted nationally by NAR and broken down by state. There are always some interesting tidbits and I thought I would share some of this year’s survey results in this Market Watch.
     First time buyers accounted for 37% of all purchases compared to 50% in the prior year. Only 16% of purchases were of new homes which makes sense since new home construction was at its lowest level since NAR has been tracking that statistic. The most common first step taken by buyers in the home buying process is to look on the internet. 88% of buyers use the internet in the search process. I’m sure that’s why my company has devoted so many resources to FCTuckerEmge.com. The typical buyer spends 12 weeks from the time they first start a search until they sign a contract and physically look at 12 homes during the process.
     The typical seller has lived in their home for 9 years prior to selling. For the homes that sell, the median amount of time on the market was 12 weeks, although 35% of homes sold were on the market for 6 months or longer. The take away from this statistic is that homes priced correctly sell quickly while those that are overpriced languish on the market. 85% of sellers and 89% of buyers hired a Realtor for their transaction. 41% of clients were referred to their Realtor by a friend or relative. Besides wanting to give you the highest level of service I can, you can see that referrals are a key component of every Realtor’s business. Please think of me when you hear of someone thinking about buying or selling a home. If you have any questions about this information or want more detail about other aspects of the home buying or selling process email or give me a call. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Wednesday, April 18 2012
Market Watch
 
     Last month’s Market Watch was all about listings. I suggested that based on the way this year’s real estate market has started that we would soon need more listings and that based on virtually any measure, now would be a good time to list your home if you were considering a move. Everything I suggested last month has proven to be true and there are even more reasons to list real estate for sale now.
     We have fewer homes on the market than at any time in 6 years. The month’s supply of homes on the market (6.59) is lower than it has been for 68 of the past 70 months. Our average month’s supply for the first 3 months has been lower than any year for the past 4 years. We have seen slight improvements in both our list to sale price ratio (95.10%) and in our days on market number. Unit sales are up 7% from the first 3 months of last year and I am confident that next month will show continued improvement. Even the national media has made some positive comments about real estate.
     Although everything I said in the previous two paragraphs is true and I am confident that now is a good time to list a home. I don’t want to overstate or exaggerate the current state of our real estate market. Things have definitely improved but we will not have as strong a year as we did in 2006 or 2007. Prices have improved but have not returned to their previous highs. Although the market has rebounded it would not surprise me to see a little slowdown this fall because of uncertainty about this fall’s election. Interest rates are great but will not stay this low forever, which is another reason for buyers to act and take advantage of current rates.
As always I am happy to answer your real estate questions. You can reach me on my cell phone at 812-499 or email Rolando@RolandoTrentini.com
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
Monday, March 19 2012
Market Watch
 
     I have one important message in this month’s Market Watch: If you or someone you know is thinking about selling their house, list it NOW. Seriously, I know that sounds like a Realtor talking but it is also the truth. Let me tell you why.
    Combined January and February closed transactions are up 5% from last year and up 17% from 2010. The number of homes currently listed is down 10.1% from last year and down 17.6% from 2010. When sales increase, as they have, and listings decrease, as they have, the month’s supply of homes also decreases. It will then be no surprise that average month’s supply has also declined significantly.   The average month’s supply this year is 16.2% less than last year and 30.7% less than 2010. The absolute number of active listings is down over 33% from its peak. If we close the same number of homes this March as we did last year in March and active listings don’t increase we will only have 6.28 month’s supply of homes on the market. The supply of homes has been that low for exactly one month since June of 2006. That was for the month in which the last home buyer tax credit expired, clearly an aberration.
    Winter decided to skip us this year. The home buying season has already started. Home affordability (a calculation based on average household income, median home price and mortgage interest rates) is at an all time high. Homes have never been more affordable and there are not too many on the market.
    No one has better tools to market your house and FCTuckerEmge.com is the best local website for shoppers in our market. Opportunity is knocking. Call me now and take advantage of today’s housing environment. You can reach me on my cell phone 812-499-9234 or by email Rolando@RolandoTrentini.com
Kathy and I wish you a happy and safe spring season.
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Thursday, February 23 2012
Market Watch
January 2012 closed volume was the best January our market had seen in four years. Closed sales in January 2009 through 2012 have been; 197, 198, 220 and 241. Although January is typically the slowest month of the year for real estate closings this 9.5% increase in 2012 following the 11.1% increase in 2011 suggests that our market is showing steady improvement. Our local figures mirror the nation which also had a bump in January volume. 
Although resale home sales are off to a good start new home construction is still slow.  Just a little over 300,000 new homes were built nationwide last year. Prior to the financial crisis new home construction had not been less than 1 million units for 15 consecutive years. This slowdown will also improve. The short explanation is that there is too much supply and too little demand.  There are currently about 1 ¾ million vacant homes in the U.S. Until the number of vacant homes declines there is not enough demand to warrant significant new home construction. A normal number would be in the 1 ¼ million range. The good news is that the number of vacant homes continues to decline. I believe we are 12-18 months from getting back to normal levels. In the meantime I expect continued but gradual improvement the real estate market.
Recently our MLS (multiple listing service) became a BLC (broker listing cooperative). The reason for this change is that national aggregators of real estate information have, in many cases, hijacked the term MLS. REALTOR organizations did not trademark the term decades ago and it is now too late. By switching to a BLC we will be better able to assure the public that our information is both complete and accurate. Many national companies advertise and solicit leads through their websites. They offer valuation data and show homes for sale. Unfortunately their data is almost always incomplete and frequently inaccurate. The best way to get accurate, complete real estate information is to contact me or go to FCTuckerEmge.com or TuckerMobile.com I can help you with any real estate information you need and you can be sure the information is complete and accurate.
You can reach me by phone at 812-499-9234 or by email at Rolando@RolandoTrentini.com
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Monday, January 16 2012
 MARKET WATCH
 
 We have started a new year and it’s a great time to compare 2011 to 2010. In our market we sold 9 fewer homes in 2011 compared to 2010 (3999 vs. 3990). The average price of the homes sold was 2% higher than the previous year. 2011 average sales price was $125,697. Total sales volume was up 1.8%. None of these statistics sound very exciting but I am pleased with the direction of the market. Our market has improved and there are other items that bode well for the future.
     I have mentioned shadow inventory in previous Market Watch’s. Shadow inventory is the total of homes 90 days or more delinquent, homes currently in foreclosure and homes banks already own but that have not yet been listed for sale. Two years ago this inventory was estimated at 2.4 million homes, nationwide. The current estimate is that there are about half as many or about 1.2 million homes. Although 1.2 million is more than anyone wishes the reduction from the previous year is very positive. A reduction in these foreclosed homes helps price appreciation, and as these homes are liquidated, demand for new home construction increases. New home construction provides a significant boost to employment which also helps the economy.   Assuming no big hiccups this year, shadow inventory will be back to near normal levels a year from now. 
     Listed inventory levels also improved this past year. Our average month’s supply of homes averaged 8.71 months for 2011. 2009 and 2010 averaged 9.4 months. Reduced inventory, both nationally and locally, stabilized or slightly increasing prices and exceedingly low interest rates bode well for the future. I anticipate continued slow improvement to our market in 2012 and more improvement in 2013.
     We have recently enhanced our TuckerOpenHouses.com website. You can now search for virtually all open houses in one spot and from your smart phone. You can also sign up for open house alerts and even map you open house schedule all in one convenient spot. Please use this link for your easy access: http://tinyurl.com/RolandoTrentini
     Best wishes for a prosperous new year and please let me know if I can help you sign up to automatically receive information about open houses or new listings from our website. 
 
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  Email
Monday, November 28 2011
Market Watch
 
     Last December in Market Watch, I made several specific predictions about what I thought our housing market would do in 2011. My projections from last December have proven to be accurate. As I said then, the fact that we had two tax credit programs made specific monthly forecasting easier. The one area I missed a little was interest rates. I said last year that rates would rise. I still believe that rates will increase but it appears that it will take a little longer than I thought. Partially because the Federal Reserve has kept short term rates low, fixed rate mortgage loans have remained at historically low levels. 
     The National Association of Realtors (NAR) has forecast a 4-5% increase in homes sold nationally in 2012 compared to 2011. Although Indiana’s business environment is one of the best in the country and the unemployment rate in our area is below the national average I think that projection is a little optimistic. One reason is that we will have a hotly contested Presidential election next year. My experience is that big national elections tend to slow real estate purchases in the short run. After an election, everyone knows the winner. Those that voted for the winner are happy and positive, and those that voted the other way at least know who won and a clear path, even if not their preferred path, is better for housing than not knowing what to expect.
     I expect sales locally in 2012 to increase slightly over 2011. I don’t see significant month over month changes like we had this year because there was no tax credit in 2011. Eventually interest rates and home prices will rise. Locally, inventory is still low based on historical norms. Based on low inventory, don’t be afraid to put your house on the market.  There is less competition than normal. If you are thinking about buying, Lawrence Yun, the highly respected economist for NAR believes there is more upside appreciation potential than there is downside risk and I agree.
   For those of you who are interested to get more information on real estate in Evansville, we invite you to log on to TheTrentiniBlog at www.EvansvilleRealEstate.info We update this blog on a regular basis and we are proud to say that our reader ship is increasing every month.
  
Please feel free to contact me at 812-499-9234 or at Rolando@TheTrentiniTeam.com if you have any questions. 
 
 
Posted by: Rolando Trentini AT 01:25 pm   |  Permalink   |  0 Comments  |  Email
Thursday, October 27 2011
Several times over the past few months I have suggested that we need more listings because properly priced listings are selling. There are three reasons that I feel so strongly that this is the case. First, the number of listings on the market is below historical norms. We currently have less than 2900 active listings in our area. This compares to a high of over 3700 listings, or a reduction of 25%. Second, is that our month’s supply has remained pretty consistent since February at levels lower than the previous two years. Third, our prices have stabilized at levels about 3% above last year’s prices. Keep in mind this information applies to the housing market in this area only, not the entire country.
     I have been confident that good listings are selling for some time now but received some confirmation from an unexpected source recently. I have a Realtor friend in Ft. Wayne who does a lot of real estate statistical analysis. He asked me if I would share some information about our MLS so he could see what his analysis suggested about our local market. I sent him the information he requested and a few days later he sent me an email. The first half of his comments were statistical in nature and discussed the ratios he used, but the second half was pretty clear either to the novice or a seasoned veteran. He said “All I can say is you better be getting listings because they are selling, certainly if priced right…” Keep in mind his analysis is based only on hard numbers and has nothing to do with his direct experience in this market. If you or anyone you know is considering a move, now is the right time to act.  
    Homes in good condition that are priced right are selling. I can’t promise that I can sell your home today but I can promise that no company or agent in this area has better tools or a better marketing system that F. C. Tucker Emge Realtors. Call me today and I can get your home on the market before conditions change again.
   Kathy and I have been working on a Home Buyer’s Guide for some time now and we would be more than happy to share this with you. Just call me at 812-499-9234 or email me at Rolando@RolandoTrentini.com and I will email you the report.
 
We hope you will enjoy the rest of the fall season as we are. We took a small trip to Patoka Lake last weekend and saw thoroughly enjoyed nature in full color.
 
 
 
 
Posted by: AT 08:00 am   |  Permalink   |  Email
Tuesday, September 20 2011
                                             
2011 continues to be a year of distinctly different halves. For the first five months of this year local sales, in units, compared to last year were down almost 13%. For the past 3 months the same comparison shows that unit sales are up over 12%. I believe that by year end we will have sold slightly more units than we did in 2010 and I’m positive that the dollar amount of sales volume will be significantly higher than last year; perhaps close to 10% higher.
 
The supply of homes for sale on the market has also been more stable and more in balance. For the 10 months starting last July there was an average of just over 10 months supply, with a high of over 13 months supply. Since May we have averaged just under 8 months supply with a high of less than 9 months.
 
I recently read an article in Inman News discussing the 10 markets nationwide that have fared both best and worst in housing price recovery over the past 5 years. The markets studied are all larger than our area, but not surprisingly when I compare our local data to the national figures we are very well. The worst areas consisted of 6 markets in California, two in Florida plus Phoenix and Las Vegas. The decline in prices ranged from 67% to 56%. The best markets were less concentrated and ranged from a 17% increase to a .6% increase. The study was based on July prices only. Locally our average July price was up 1.9% from July of 2006, which would have ranked us in the top ten nationally. While I don’t place a great deal of confidence in some of the national studies I see, I do have a lot of confidence in our market and I’m happy I live in the Midwest. I expect the remainder of this calendar year to stay relatively consistent for our local real estate market, even in light of some disturbing national economic trends.
 
We are pleased to report that for the month of September we have added 3 new listings. Our listing inventory is low compared to years past. This is good for our sellers. From our side we certainly would like this number to increase. We are kindly asking you to keep an ear out for any information you can pass on to us when you hear that someone in your circle of friends is interested to sell their home.
 
Please let me know if I can help or any of your friends price their current home or look for your next home. You can always find me at FCTuckerEmge.com or TuckerMobile.com, and keep in mind weekly area open houses are now posted at TuckerOpenHouses.com starting Thursday of every week.
Posted by: Rolando Trentini AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Wednesday, August 24 2011
    
 Recent stock market gyrations have been challenging and general economic news hasn’t been inspirational, to say the least. Fortunately we live in the Tri-State where both economic data and housing sales are better than last year and moving in the right direction. Nationally there are actually slightly fewer employed people that there were last year at this time. On a statewide basis, there are almost 50,000 more people working and the unemployment rate has dropped from 10.1% to 8.5%. In our area there are almost 9,000 more people working and the unemployment rate has dropped to 7.4%.
 
     Home sales are also up for the past two months, compared to June and July of last year. Closed units in our MLS were up 8% compared to last June and July. I expect a similar trend for the remainder of this year. Another subtle shift from last year is in the price range of homes sold. Last year, partially due to the home-buyer’s tax credit, less expensive home sales increased significantly from the previous year. This year sales of homes priced under $150,000 have declined just over 10%. Homes priced from $150,000-250,000 have been essentially unchanged, while homes priced over $250,000 have increased over 9%. Keep in mind, that the median sales price in our market is under $110,000, so there are always more homes sold under $150,000 than over that amount.
 
     Our marketing and technology departments continue help me provide tools to make buying homes for my clients easier. I know I have already mentioned TuckerMobile.com. This GPS enabled mobile site continues to attract more traffic with over 30,000 unique visitors last month. Recently we acquired TuckerOpenHouses.com. Starting on Thursday of every week, you can view not just F. C. Tucker Emge open houses, but any home scheduled to be open that is posted with our MLS service. It is a great tool because you can search for open houses just like you search for any other listed property. Give it a try; I’m sure you will like it.
 
    Although real estate prices have not changed considerably here, it never hurts to get a yearly market analysis on your home. Kathy and I would be more than happy to prepare one for you. Just give us a call at 812-499-9234 and we will get things rolling.
 
   Enjoy the rest of the summer months. We are sure looking forward to cooler temperatures.
Posted by: AT 08:00 am   |  Permalink   |  0 Comments  |  Email
Thursday, July 21 2011
We have more good news to report based on last month’s local real estate activity. We closed more transactions in June than we did last June. That would not be so impressive, until one considers that June of 2010 was the last month in which buyers could close transactions and take advantage of the homebuyer’s tax credit. The real estate market has been out of the tax credit business for a full year now and it is clear that we are a better position today than we were a year ago. We are absolutely positive that we will close significantly more transactions over the next few months than we did over the same period last year. Based on June sales, our month’s supply of active listings is lower than it has been for 35 of the past 36 months.  Properly priced listings are selling in today’s market. We would be happy to do a market analysis for you, or anyone you know who is considering selling their home.
     As we have said many times, all real estate is local, and as proud as we are of how our market has recovered there are some other non real estate specific issues that have had a positive impact on our local market. First on a state level, Indiana has recovered far better than most states. According to The U. S. Bureau of Economic Analysis, Indiana’s GDP grew 4.6% in 2010 which was third highest in the nation. Partially as a result of decreasing the state’s corporate tax rate, Chief Executive Magazine ranks Indiana’s business climate best in the Midwest and sixth best in the nation. The U. S. Conference of Mayors recently ranked metropolitan areas based on the projected time at which they will have fully recovered to pre-recession levels. The conference studied the 15 largest Indiana metropolitan areas. Out of that group, the Evansville metro area is expected to recover the soonest.
     We are always researching new ways to help our buyers and sellers. Next month we will be able to tell you about another new tool we are adding to give better service for your real estate needs. Feel free to contact me on my cell phone at 812-499-9234 or send me an email: Rolando@TheTrentiniTeam.com
Enjoy the rest of the summer and stay cool.
Posted by: Rolando Trentini AT 09:48 am   |  Permalink   |  0 Comments  |  Email
Monday, June 13 2011
     I have some news and observations this month that I think you will find interesting. First on the national front, housing affordability has reached an all time high. This calculation, released by Wells Fargo and The National Association of Home Builders, says that 74.6% of all homes sold in the first quarter of 2011 were affordable for families earning the national median income of $64,400. This is the highest level in the 20 years this data has been tracked. The two driving factors in this calculation are the price of homes and interest rates, both of which are at very low levels. In fact, according to Corelogic, national home prices have declined 33.8% from their peak. Keep in mind that is a nationwide statistic.
   Locally home values never declined that much. In fact from our peak average annual sale price of $129,421 in 2006 prices have only declined only 5% based on the Jan.-May 2011 time period. Average sale price for the first 5 months of this year is $122,939 and has increased from 2009 to 2010 and again so far this year. As I have said several times in this letter not only have prices in our area stabilized they have started to increase. 
     Homes may never be more affordable and contrary to popular opinion there are not too many homes currently on the market in our area.   Based on May sales we only have 8.04 month’s supply of homes currently listed. That is lower than the average annual month’s supply for every year from 2007-2010. There are almost 1000 fewer homes currently listed than there were at our peak in September of 2007. In fact, I’ve heard several buyers mention that there aren’t many potential homes to see.    
     At FCTuckerEmge.com and TuckerMobile.com we have more tools to help both buyers and sellers than any of our competitors. Go online or call me today, whether you are thinking about buying your next home or selling your current home. The time is right.      
  We are continuing to improve our new website for TheTrentiniBlog at EvansvilleReaestate.info We invite you to visit our site for updates on real estate information as well as information on the Tri-State area.
  Kathy and I wish all you happy summer season and safe travels if you are going on your holidays.
Posted by: Rolando Trentini AT 01:42 pm   |  Permalink   |  Email
Monday, June 13 2011
     I have some news and observations this month that I think you will find interesting. First on the national front, housing affordability has reached an all time high. This calculation, released by Wells Fargo and The National Association of Home Builders, says that 74.6% of all homes sold in the first quarter of 2011 were affordable for families earning the national median income of $64,400. This is the highest level in the 20 years this data has been tracked. The two driving factors in this calculation are the price of homes and interest rates, both of which are at very low levels. In fact, according to Corelogic, national home prices have declined 33.8% from their peak. Keep in mind that is a nationwide statistic.
   Locally home values never declined that much. In fact from our peak average annual sale price of $129,421 in 2006 prices have only declined only 5% based on the Jan.-May 2011 time period. Average sale price for the first 5 months of this year is $122,939 and has increased from 2009 to 2010 and again so far this year. As I have said several times in this letter not only have prices in our area stabilized they have started to increase. 
     Homes may never be more affordable and contrary to popular opinion there are not too many homes currently on the market in our area.   Based on May sales we only have 8.04 month’s supply of homes currently listed. That is lower than the average annual month’s supply for every year from 2007-2010. There are almost 1000 fewer homes currently listed than there were at our peak in September of 2007. In fact, I’ve heard several buyers mention that there aren’t many potential homes to see.    
     At FCTuckerEmge.com and TuckerMobile.com we have more tools to help both buyers and sellers than any of our competitors. Go online or call me today, whether you are thinking about buying your next home or selling your current home. The time is right.      
  We are continuing to improve our new website for TheTrentiniBlog at EvansvilleRealestate.info/ We invite you to visit our site for updates on real estate information as well as information on the Tri-State area.
  Kathy and I wish all you happy summer season and safe travels if you are going on your holidays.
Posted by: Rolando Trentini AT 01:42 pm   |  Permalink   |  Email
Thursday, May 19 2011
Market Watch
     Residential closed transactions in April declined slightly from March but pended transactions increased from March to April. I expect closed transactions to increase slightly over the next few months and still believe that the second half of 2011 will be significantly better than the second half of 2010. 
     The primary factors influencing sales over the next few months will be interest rates, shadow inventory and general economic conditions with particular emphasis on employment. Although I still believe interest rates will increase, I do not expect any significant increase for several months, maybe not until 2012.        Shadow inventory, which consists of foreclosed, or seriously delinquent mortgage loans continue to decline. The National Association of Realtors has forecasted a 1.8% decline in median home prices nationwide for 2011, however locally our prices are up over 2% for the first four months of this year compared to last year. This is another sign that our prices had already stabilized last year.
     The national economy continues to grow at a relatively slow rate (only a 1.8% pace during the first quarter of this year), the bad news. But, our local employment data suggests we are doing better than the nation as a whole, the good news. While national unemployment is still at 9.0% locally our rate is 7.5%. What is more encouraging is the actual number of workers who are gainfully employed. The nine county regions in southwest Indiana had 167,034 employed people as of March compared to 160,420 last March. This year’s figures are after the loss of 1,100 Whirlpool workers last summer. These employment numbers coupled with the stabilization of home prices, give me cause to be optimistic about our local housing market. 
     Please try TuckerMobile.com on your smart phone next time you want to learn about the house you just drove by. Just click “Find Properties Near Me” for properties details and photos on any listing in our MLS. Although I want to be your ultimate resource TuckerMobile.com can help you get immediate answers and save you some time. 
Kathy and I are very excited about our new site at www.EvansvilleRealEstate.info. We hope you will enjoy the articles and perhaps even take time to reply to us if there are any questions you have about real estate or Evansville. You can reach me at 812-499-9234 or at Rolando@TheTrentiniTeam.com
 
Rolando & Kathy Trentini
Posted by: Rolando Trentini AT 03:10 pm   |  Permalink   |  0 Comments  |  Email
Wednesday, April 13 2011
 

Market Watch
 
     If you remember the Market Watch I sent in December, I made several specific predictions about how our local real estate market would perform the first several months of this year compared to last year. Those predictions have been accurate to-date but what is probably more telling is how we are doing compared to 2009. As I have mentioned before the homebuyer tax credits in the first half of last year distorted sales. There were no homebuyer tax credits in the first half of 2009. Closed sales in the first three months of 2011 were up 11.7% in units and up 18% in total sales dollars compared to the corresponding period in 2009. The local housing market has improved and will continue to get better. 
     The number of active listings on the market continues to stay at historically low levels. Housing affordability which is influenced primarily by the price of homes and interest rates is at historically high levels. If you are thinking about buying, waiting will inevitably mean you pay more for your home, either in terms of price, interest rates or both. If you are thinking about selling, it is better to get your house on the market now before inventory levels begin to rise.
     If you are selling your home, it is important to understand that buyer behavior has changed significantly in the past few years. Now virtually all buyers look at homes online before physically visiting a house. In other words showings happen online. Today the number of times a home is viewed online is as, or more important than the number of physical showings and is a better barometer of buyer interest. Seller reporting at FCTuckeremge.com provides sellers a realistic picture of marketing activity. This tool allows you to know when and how often potential buyers are looking at your home online. Call me if you have additional questions about this valuable program.
     Let me know if I can help you with any of your real estate needs and please enjoy the beautiful spring weather that has finally arrived.   You can reach me at 812-499-9234 or Kathy at 812-499-0246.   
Posted by: Rolando Trentini AT 03:21 pm   |  Permalink   |  Email
Tuesday, March 15 2011
     While the national media continues to report that home prices are declining and sales are decreasing I have much better news locally. Closed transactions for the January-February 2011 time period were up 12.6% compared to the same period in 2010 (501 homes in 2011 vs. 445 homes in 2010). In addition the average sale price is up 2% to $120,711 for the first two months of the year. 
     If you are thinking about listing your home let me give you some great reasons to list it now. At the time I wrote this Market Watch there were only 2660 active listings in our multiple listing service. There have not been that few homes on the market since May of 2006. Many sellers think that “buying season” correlates to the summer months but the truth is homes sales pick up in the spring and potential buyers, on average, look for a couple of months before they sign a purchase agreement. All of this means that buyers who will close on the purchase of their new home this summer are looking for homes now. If your home is not on the market buyers won’t find it. 
     My company feels so certain of this time schedule that we are kicking off a new billboard and radio campaign this month. We will advertise both FCTuckerEmge.com as well as our mobile site, Tuckermobile.com. These are absolutely the best local sites for buyers to find homes whether they are at home, in the office, or in their cars. They are also some of the most effective marketing tools for our sellers.
     Remember, buyers are looking, improving weather makes looking for a home more pleasant and I am ready to help you sell your home today. Give me a call and let me show you how I can help you today. You can reach me at 812-499-9234 or Rolando@TheTrentiniTeam.com or our website www.TheTrentiniTeam.com
Posted by: Rolando Trentini AT 03:00 pm   |  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
Thursday, December 16 2010

  It’s almost a new year, so let me make some specific and bold
  predictions about real estate sales in 2011.  Sales, compared to 2010, will
  be greater in January, about the same in February and will be less in March,
  April and May.  What does this mean about the state of real estate and where
  we will be after the first half of 2011?  The answer is, absolutely
  nothing.  In case you are wondering why I’ve started this month’s Market
  Watch as I have, let me explain.  The real estate market has experienced two
  tax credits that have expired since November of 2009.  In both cases the tax
  credits boosted, then slowed real estate transactions.  My predictions only
  reflect the reality of the real estate market returning to normalcy, without
  unusual stimulus.

       The national press will be full of articles discussing significant year
  over year changes in the real estate market.  Don’t be fooled by assuming,
  based on these articles that there are really big changes occurring in real
  estate sales.  We will not really have meaningful year over year information
  until July of next year.

       My advice for now would be to take advantage of very low interest rates
  that are sure to rise. Home prices locally have already stabilized, in fact
  the average sales price in our market has climbed from $117,592 for all of
  2009 to $122,430 through the first eleven months of 2010. If you or someone
  you know does not currently own a home, and is financially qualified, there
  will not be a better time to buy in the foreseeable future. The net worth of
  a homeowner, on average, is 41 times greater than the net worth of a person
  who does not own his or her home.  If you are contemplating moving to a
  different home let me give you realistic expectations about the value of
  your current home and show you the cost of the home you would like to own.

       Kathy and I would like to take this opportunity to extend our best
  wishes for a joyous holiday season and a Happy New Year.

Posted by: Rolando Trentini AT 01:43 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
Wednesday, September 15 2010

I have some good news to report based on August pended (accepted purchase agreements) results.  August pended transactions increased for the fourth consecutive month.  As I have mentioned a couple of times over the past few months, the now expired tax credit makes month to month comparisons difficult.  The tax credit clearly stimulated, then depressed the housing market.  As expected May pended transactions dropped dramatically after the spectacular March and April numbers.  This coincided with the expiration of the tax credit on April 30th

We have gone from 269 pended transactions in May to 387 pended transactions in August.  This represents a 44% increase.  Although that is good news, it is important to keep in mind that the 44% increase is from a low starting point.  What is good however is that the 387 pended transactions is slightly higher that the preceding twelve month average of closed transactions.  The average sales price in this May-August period has been virtually unchanged.  Both of these pieces of information suggest that our market has stabilized, both in terms of price and units sold.

I do not anticipate continued growth at these levels over the next few months.  Until the unemployment rate drops and our economy begins growing at a faster rate there will not be additional significant improvement in the housing market. 


We did add another enhancement to FCTuckerEmge.com last month.  In the detail section of every listing there is a “Community Info” section.  In this area you can click on “What’s nearby”, “Nearby Schools”, “Nearby Sold Listings” or “Community Stats” to get detailed location specific information about every listed home.  If you are not at your computer you can always get property information on your smart phone at Tuckermobile.com

Hopefully you had a chance to enjoy the fabulous weather over the Labor Day Weekend.  I’ll be back in touch next month with more current local housing information.

Posted by: Rolando Trentini AT 03:12 pm   |  Permalink   |  Email
Friday, August 13 2010

 

 

Market Watch For August 2010

Two months have passed since the expiration of the homebuyer’s tax credit and we’ve had time to see how the market would react.  As I predicted, we did see a decline in closed transactions from May and June levels as a result of a decrease in written transactions from the previous months.  And while the news isn’t great, it’s better than expected.  July brought an increase in written contracts up 37% from May and up 22% from June.  I believe July written contracts are more representative of the remainder of the year than either the spectacular numbers we saw in March and April or the depressed numbers we saw in May and June.

The tax credit has expired, but there really has never been a better time to buy.  I mentioned briefly last month that interest rates were attractive but I don’t think many potential buyers realize how much more house the same payment buys today than it did not long ago.  Thirty year fixed rates are now about 4.25%.  On a $100,000 loan that monthly payment (before taxes and insurance) is only $492.  That is $75 a month less than the payment at 5.5% and $140 a month less than the payment at 6.5%.  Buyers can buy the same home and have more money in their pocket or buy a bigger home with the same payment.  Either way rates are great and will not stay at this level.  Don’t miss your chance to take advantage of this opportunity.

While you are shopping for your home don’t forget that TuckerMobile.com allows you to search for any listed home from any smart phone.  It is easy to search by price, address or MLS number and you can save your search results.  Please call me at 812-499-9234 if you have any questions. 

We would like to take this opportunity to congratulate Kevin Eastridge Broker/Owner of F.C.TuckerEmge Realtors this year’s recipient of the Realtor of The Year 2010 Award.

Enjoy your Labor Day weekend and I’ll update you again next month. 

Posted by: Rolando Trentini AT 09:48 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
Wednesday, June 16 2010

As I said last month, sales in March and April were spectacular!  Many of the contracts written in those months closed in May.  Closed volume in May was at its highest level since June of 2007 and was $10 million higher than any month in over two years.  All those closings also reduced our month’s supply of inventory to just over 6 months supply.  That means our inventory of homes is at its lowest level in almost 4 years.  All of that is great news, but real estate results and conditions should not be measured based only on one or two month’s activity.  A longer period of time gives us a more accurate picture.  Pended transactions declined significantly in May, partially as a result of the expiration of the tax credit.  Closings will still be healthy in June, just not at May levels. 

The key question now is where do we go from here?  Although we will not see results like March and April anytime soon, there are several reasons, according to The Kiplinger Letter, to believe that housing sales are on a steady but slow increase.  First home prices are very affordable.  It now takes about 18% of the typical household income to meet principal and interest payments on a single family home which compares favorably with the long term average of 26%.  Second, consumer confidence is improving which is critical to expensive, long term commitments, like home purchases.  As I said a couple of months ago, three quarters of Americans believe now is a good time to buy.  Third, there is a consensus that credit conditions will ease and that mortgage interest rates will remain at their very low level for several more months.  We won’t, and we shouldn’t, go back to the freewheeling days of 2007 but a slight loosening of credit can be helpful without creating unreasonable risks.

The best tip I can give you about shopping for homes is to start at www.TheTrentiniTeam.com or www.FCTuckerEmge.com  We just enhanced and enlarged the size of pictures on all listings and are in the process of making several other improvements which we will roll out later this year.

Kathy and I would like to take this opportunity to whish you happy summer holidays and above all safe travels.

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
Wednesday, April 28 2010
The Indiana Association of REALTORS® (IAR) today released its "Indiana Real Estate Markets Report" for the month of March 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. Last month, 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 with Knox County being the latest addition.

Statewide, March sales of all types of existing, single-family homes increased 17.9 % from the same month last year; median prices saw an increase of 8.2%.

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

"Some of the large increase in sales can be contributed to the federal tax credit that will expire at the end of April," said Karl Berron, Chief Executive Officer. "But also the trajectory of the market is clearly positive. As we have seen from the reports over the last several months, prices have firmed and Indiana's real estate markets are on better footing than they have been in some time."

Consumers should know that there are other incentives available to help 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. Find out more by watching the Reportisode (video) that accompanies the Report at www.IndianaIsHome.com. You should pause the video immediately after playing and allow it to load for a few seconds before pushing play again.



 

Posted by: Rolando Trentini AT 10:57 am   |  Permalink   |  0 Comments  |  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
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 16 2009
As we mentioned last month, the Home Buyer Tax Credit has been extended and expanded. For first time buyers the extension is straightforward, you must have an accepted contract no later than April 30, and close the transaction no later than June 30, 2010. In order to take advantage of the existing buyer credit the owner must have used the property as their principal residence for 5 of the past 8 years. The owner must purchase the new home under the same deadlines as a first time buyer.
 Although this sounds simple enough, let’s talk about realistic timing to take advantage of this unique and probably one time only opportunity to receive a $6,500 gift from Uncle Sam. Most buyers prefer to sell their existing home before purchasing a new home. In our area during November the average days on market for houses that sold were 107 days (more on this later). It is not unusual, and is frequently helpful, for sellers to stage and spruce up their house before putting it on the market. These steps can maximize the sales price and reduce marketing time. The typical buyer starts their home search 10 weeks before purchasing a home. If you back up 107 days from April 30 and factor in some time for looking for a new home, it is easy to see that the buyers with the best chance of receiving their $6,500 gift will be those that start the process immediately.    
 The next few weeks will be an excellent time to list a house for several reasons. First there are over 300 fewer houses on the market today than there were last November. In addition 52 more homes sold this November than last November. Finally the list price to sales price ratio was a full percentage point higher last month than it was a year ago. The keys to maximizing your return on your house are to have it in great condition and price it right. Keep in mind the average days on market for homes that sold last month was 107 days. By comparison, houses currently listed have been on the market 162 days. From this one can conclude that houses priced right are selling. This is probably the only year we can help get you a $6,500 Christmas gift. Give us a call at 812-499-9234 or email us at Rolando@TheTrentiniTeam.com
Posted by: Rolando Trentini AT 07:52 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
Thursday, September 10 2009
We trust you enjoyed a relaxing Labor Day weekend. I know we did.   The next two months will be busy in the real estate business. The $8,000 first time homebuyer’s tax credit is scheduled to Expire November 30th. There is very little time to complete purchases in time to take advantage of this program and we anticipate that title companies will be scrambling to accommodate closings scheduled for the end of November. 
 
There have been some very positive articles recently about home sales nationally. Specifically pending contracts (a forward looking indicator) have increased for six consecutive months and are at their highest level since July of 2007. Although reviewing National information is fine, local statistics are much more important to your personal housing decisions. Locally, average sales price for all of 2008 was $119,301. This year through August average sales price is $117,390, a decline of only 1.6%. List price to sale price is also virtually unchanged from 95.61% for 2008 compared to 94.69% this year to date. These numbers suggest that prices have declined but only very slightly and that buyers who think they are going to buy homes at significant discounts from a couple of years ago will be disappointed. As we said last month sales and inventory levels in our local market remain remarkably consistent. Our market, although not booming, is still healthy. The best way to determine market value for your home is to compare it to recent sales of homes of similar condition and location. We would be happy to help you determine the market value of your home, just give us a call at 812-499-9234 or email at Rolando@TheTrentiniTEam.com
 
Things are going very well here at F. C. Tucker Emge Realtors and next month we will update you on some of the services we make available to our customers and clients.
Posted by: Rolando Trentini AT 04:03 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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