Real Estate Market Conditions

April 2012 Zionsville Real Estate Market Conditions

May 2, 2012

March Zionsville Updates

51 Homes sold in March
112 Average days on the market for sold homes in March
$333,320 Median price of homes sold in March

April Zionsville Updates

258 Homes for sale
52 Homes sold in April
121 Average days on the market for sold homes in April
$379,900 Median price of homes currently for sale
$355,000 Median price of homes sold in April

Helpful Hints for Refinancing and Mortgages

With interest rates at record lows and favorable pricing on many homes, we are assisting friends and clients to refinance or assisting them in the mortgage process. Below is a list of DON’Ts when going through this process. Much of this is common sense, but just in case you have any doubt about what not to do, check it out. Avoiding these pitfalls can help to move through this process as quickly and efficiently as possible.

1. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable.

2. Don’t make any large purchases like a new car or a bunch of new furniture. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher ratios…higher ratios make for riskier loans…and sometimes qualified borrowers are no longer qualifying.

3. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. With that obligation comes higher ratios, as well. Even if you swear you won’t be making the payments, the lender will be counting the payment against you.

4. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is a consistency of accounts. Frankly, before you even transfer money between accounts, talk to your loan officer.

5. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

6. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more approvable. Wrong. A major component of your score is your length and depth credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.

If you have further questions as you embark on this process, feel free to contact me. I’d be happy to help you or put you in touch with some of my trusted partners in the refinance and mortgage business.

February 2012 Zionsville Real Estate Market Conditions

February 17, 2012

279 Homes for sale
24 Homes sold in January
125 Average days on the market for sold homes in January
$359,900 Median price of homes currently for sale
$284,316 Median price of homes sold in January

2011 Market Recap

419 Homes sold in 2011
107 Average days on the market for sold homes in 2011
$297,000 Median price of homes sold in 2011

Why List Now?

2011 saw an increase in transactions by 6% while the average days on market and median home price remained consistent with 2010 numbers. Clearly the Zionsville market has stabilized and is poised to improve in 2012.

Recently when working on behalf of buyers, I’ve had to face a consistent challenge – lack of available inventory! We’ve had to broaden our search parameters in order to accommodate those willing and able buyers.

These two factors lead me to one conclusion – Now is the time to list! If you are considering selling your home, please contact me. I’d be happy to help. And, my success in 2011 speaks for itself. Tracy Wright Team produced more the $16 million in written volume, including more than 20 homes sold in Zionsville. We can help you build or buy your dream home!

December 2011 Zionsville Real Estate Market Conditions

December 16, 2011

280 Homes for sale
26 Homes sold in November
101 Average days on the market for sold homes in November
$350,000 Median price of homes currently for sale
$239,950 Median price of homes sold in November

Selling Your Home Over the Holidays

Many recognize this time of year as an opportunity to celebrate with friends and family, but it is also a time when homes are purchased and sold. If your home is currently on the market or soon to be listed, here are some tips to attracting a buyer:

1. As always, less is more. Pack away any photos, trophies and other personal items. It may seem to you a bit impersonal, but it allows potential buyers the opportunity to see themselves and their own personal treasures within your home.

2. Keep your holiday décor to a minimum. If tolerable, keep your holiday decorations packed away for another season. Some might find overtly religious décor offensive, so it’s best to keep to a winter theme instead. Try winter pinecones in a basket or other Fall and Winter items.

3. Photos, Photos, Photos. Due to inclement weather, fewer interested buyers will be out and about this season, so be sure your home is represented well in photos and virtual tours online. As we know, most potential buyers start their home search on the internet, but this time of year it is even more critical given the weather. If available, hire a professional photographer to take photos of your home.

Selling your home over the holidays can be challenging, but it is the perfect opportunity to take advantage of serious buyers that may have more free time for house hunting – especially while other homes may have been pulled off the market.

October 2011 Zionsville Real Estate Market Conditions

October 31, 2011

298 Homes for sale
31 Homes sold in September
106 Average days on the market for sold homes in September
$358,875 Median price of homes currently for sale
$278,900 Median price of homes sold in September

The Tracy Wright Team has a portfolio of nearly 20 listings totaling $7.7 million. If you are in the market for a new home, check out all we can offer you! Whether listed with us or not, we’d be happy to help you find your next home!

Is Now the Time to Buy?

Yes! And if you don’t believe me, check this out. Buried in all the media’s omnipresent “OH NO” news on the economy, two well respected and widely read media outlets, The Wall Street Journal and Forbes.com, encouraged its subscribers to purchase homes now.

“It’s an excellent time to buy a house, either to live in for the long term or for investment income…Houses aren’t the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump.” Stated the WSJ in an article called It’s Time to Buy That House.

And Forbes.com told it’s readers: “If rents simply kept up with inflation at a 3.2% annual increase, a $1,500 rent payment would cost that renter nearly $900,000 over the next 30 years. The same $1,500 payment made to their mortgage would be only $540,000 (because the payments don’t increase with inflation).”

Given these statistics and the conditions we are seeing in our own market in Zionsville and the rest of Indianapolis, we strongly believe that now is the time to purchase a home. Call me today and we’ll get started!

September 2011 Zionsville Real Estate Market Conditions

September 29, 2011

314 Homes for sale
47 Homes sold in August
83 Average days on the market for sold homes in August
$362,125 Median price of homes currently for sale
$336,900 Median price of homes sold in August

The Tracy Wright Team has closed almost 30 transactions and nearly $10m in sales volume this year. As selling agents they have achieved a 97.3% sales price to list price ratio.

Let’s Wait Until Spring…

This time of year, we Realtors hear the same refrain: “I’m going to wait to list my home until the spring buying season begins next year.” At times this may be a good idea, specifically if a home is in need of repairs or upgrades prior to listing. Now would be the time to make those repairs to make it “market ready.”

But, I believe now is the time to list your home and here’s why. Banks and economists are warning of a glut of foreclosed homes coming to the market next spring. Late last year, banks were warned that they needed to guarantee that the paperwork necessary to start a foreclosure process on a family was both accurate and complete. Since then, the banks have slowed the foreclosure process while the re-evaluate their procedures. There are a large number of seriously delinquent mortgage loans in limbo and waiting for a settlement between the banks and the state attorney generals.

With these millions of homes awaiting foreclosure, now is the time to list. Get your home ready for sale and on the market, before these homes beat you to it!