Last week I spent a few days in Indianapolis helping my daughter with her two boys while her husband, Mark Jones, climbed Mt. Ranier. Mark had been preparing for this climb for many months and was in great physical shape. His phone call to us when he finished the climb was jubilant and humble. "It was the hardest physical thing I've ever done, mountaineers are a rare breed, I'm glad I did it, and I never want to do it again." As you can see by the photos, the vistas were magnificent and the joy on his face says it all.
Mark is an amazing man - he has a bulletin board with his goals listed, and one was "I will climb a mountain". Well he did it and I'm so proud of him.
Now look at his two sons eating their "snow cones". Corey is 8 and Dylan is 6.
I'm so blessed to have four wonderful grandchildren. Lea lives here and our other grandson, Berk, also lives in Indianapolis.
A recent article in "Real Estate Magazine" highlights RE/MAX founder Dave Liniger. Dave is widely noted as one of the most brilliant real estate minds ever. He built the huge RE/MAX system from nothing in the early 70's and was born in Marion, Indiana. I like to think his strong Hoosier roots gave him the wherewithal to begin this huge company. He is still active in the business daily and his staff will tell you he is a great "idea" man. He is also personable and witty and loves to have a good time.
He seized upon the reality of the sub prime mortgage crisis by telling RE/MAX agent to get their CDPE designation, certified distressed property expert. By learning how to handle foreclosures and short sales, RE/MAX agents became the first agents trained in the process. The need for skilled real estate professionals has never been great than it is for the distressed homeowner.
Liniger has been named as one of the Bloomberg Business Week's 50 Most Powerful People in Real estate. He has been a leading advocate for improvements in the way short sales are processed. He has met with leaders of Wells Fargo and Bank of America as well as officials at the FDIC and FHFA, Freddie Mac and Fannie Mae.
SOUTH BEND, IN--(August 23, 2010) An anticipated property sales slowdown set into the Saint Joseph County real estate market in July following the expiration of the federal homebuyer tax credit. The credit had propelled local home sales for five straight months beginning in February; however home sales suffered a double-digit decline in July.
July 2010
July 2009
% Change
Active Homes
2578
2712
1.66%
Homes Pended
261
332
-21%
Homes Sold
219
294
-25.51%
AVG Price
$109,335
$115,253
-5.13%
Median Price
$81,500
$101,625
-19.80%
AVG DOM
98.8
104.5
-5.46%
According to the latest monthly data compiled by RE/MAX of Indiana, July sales of single-family homes throughout Saint Joseph County market fell 25.5 percent compared to July 2009. Sales volume faltered in all single-family home pricing segments except among properties $200,000-$300,000, which were flat. "Homebuying came earlier and at a more robust pace than we would normally have seen in the Saint Joseph County area during the spring and summer months because of the tax credit, but indicators showed that sales would decline once the credit expired, so this comes as no surprise," said Marsha Lambright, Broker/Owner RE/MAX 100. "It is encouraging that pricing has remained stable and that on a year-to-date basis home sales are actually slightly ahead of 2009 levels."
Typically there is a seasonal summer uptick during May through July; however that peak season came early in March and April with consumers taking advantage of the tax credit. "Although mortgage rates are at historically low levels and prices remain affordable, unemployment and job uncertainty continue to hurt home sales" states Dan Breault, Regional Director of RE/MAX of Indiana.
The average price of a single-family home declined 5.1 percent from July 2009 to $109,335. The July single-family home median price-the figure at which half of the homes sold for more and half sold for less-dipped 19.8 percent from one year earlier to $81,500, as 56 percent of homes sold were under $100,000 in the Saint Joseph County area.
The number of available properties, or active listings, at the end of July rose 1.6 percent from July 2009 to 2,578. Month-end pending sales for July totaled 261, down 21.3 percent from last year, suggesting that sales will be down again in August. The month's inventory of single-family homes for June extended to 11.8 months compared to 7.8 months one year earlier, but remains healthier than the national month's inventory of single-family homes of 8.9 months, reported by the National Association of REALTORS® (NAR).
Broken out by segment, July sales of homes priced from $100,000 and below dropped 16 percent and homes priced between $100,000 and $200,000 fell 43 percent; those in the $200,000 to $300,000 has the smallest decline down 4 percent; homes priced between $300,000 and $400,000 declined 36 percent.
2010 Units
2009 Units
Units Growth
2010 ASP
2009 ASP
AVG Price Growth
2010 Med. Price
2009 Med. Price
Median Price Growth
JULY TOTALS
219
294
-25.51%
$109,335
$115,253
-5.13%
$81,500
$101,625
-19.80%
YTD TOTALS
1729
1613
7.19%
$104,646
$100,768
3.85%
$86,500
$83,000
4.22%
On a year-to-date basis, however, single-family home sales are up 7.1 percent over 2009 levels. Pricing continues to be at positive levels, average home prices up 7.1 percent to $104,646 and median home prices up 4.2 percent to $86,500.
Statistics pulled from Greater South Bend-Mishawaka Association of REALTORS® for the dates of 7/1/2010 -7/31/2010 and 7/1/2009 - 7/31/2009
About RE/MAX of Indiana:
RE/MAX of Indiana is affiliated with RE/MAX, LLC. Since its inception in 1987, RE/MAX of Indiana has grown to more than 80 offices with more than 1,200 sales associates throughout Indiana, providing residential and commercial real estate, as well as relocation and referral services. For more, visit www.remax-indiana.com. Follow us on Facebook: RE/MAX of Indiana and Twitter: www.twitter.com/remaxofindiana
The web site http://www.fivecentnickel.com/ will show how to reduce the interest you are paying on your mortgage. If you make a half payment every two weeks instead of a full payment once a month, you end up making the equivalent of an extra payment each year. This will cut years off the life of the loan.
Another way to pay off your mortgage faster is to make additional principal payments each moth. Even as little as 10% extra, especially in the early years of the loan, will shave years off the mortgage. If you need an amortization schedule just call us and we'll run one for you. Be proactive on your mortgage and make a goal to get your mortgage paid off. Living debt free will be the best gift you can give yourself and your family. When you have no debt you can be generous with others and live life to the fullest.
Another fun web site is http://www.mydeco.com/. It allows you to design an entire room in 3-D using images from its database or ones you can upload yourself. You can find other people's projects to get ideas too.
If you are travelling soon check out http://www.fly.com/ to compare flight options and prices including taxes and fees. The coolest feature is the calendar that displays the cheapest ticket to a destination on a given day.
Our office had five homes in Eastgate open for our broker tour yesterday. Not only did we receive great food, we got to see five wonderful properties. Two years ago all of these would have sold the first week on the market. Now sadly they sit there waiting for buyers. These homes ranged in price from $99,900 to $139,900. All five are in excellent move in condition.
In thinking about buyers for these homes I checked with Jane Koebel, our in office mortgage broker, to see what an FHA payment would be on a purchase price of $106,000. If the seller would assist in closing costs, a buyer could put down less than $2000 and have a monthly payment with taxes and insurance of $736.89. Yes that's right. Plus the buyer would get a tax credit from the seller for around $500 or so making their out of pocket costs less than $2000.
Call our office today to see any of these great homes in Eastgate.
Our office visited "The Foundry at Eddy Street Commons" today. Wow what a great addition to our community. The loft apartments have almost all been rented out already. It's a mixture of grad students (no resident under 21 years of age), professionals and football game/parents. Tenants must show gross income equal to or exceeding three times the monthly rent. A three bedroom, three bath rents for $2400 per month if it has an exceptional view, a bit less if not. Parking garage is attached to two of the buildings.
There is a great community room, game room and theater room plus a "WOW" fitness center. The rooftop deck offers a unique party area with views of the golden dome and space for 135 guests to party down. We were all impressed and decided we'd love to have an event there!!
30 year fixed mortgages last week were at 4.57 and 15 year were at 4.06. Compare these rates to last year at this time, 30 year fixed was 5.14. We are at a 50 year low in interest rates - combine that with the discounted prices of homes currently on the market and it's a perfect time to buy. Don't wait and miss this great opportunity. Call us today.
SOUTH BEND, IN--(July 29, 2010)- Closings of properties purchased through the federal homebuyer tax credit combined with the seasonal spring-summer uptick in consumer activity kept Saint Joseph County-area single-family home sales in positive territory for a fourth straight month in June. However, almost 40 percent of homes sales occurred below $75,000, slowing the price appreciation that the market enjoyed in recent months.
June 2010
June 2009
% Change
Active Homes
2578
2662
-4.73
Homes Pended
300
252
19.04%
Homes Sold
326
260
25.38%
$ Volume Sold
$37,551,035
$30,799,984
21.92%
AVG Price
$115,187
$118,461
-2.76%
Median Price
$96,500
$98,500
-2.07%
AVG DOM
91.81
91.95
-0.15%
According to the latest monthly data compiled by RE/MAX of Indiana, June sales of single-family homes throughout the Saint Joseph County market rose 25 percent compared to June 2009. That follows increases of 10.2 percent in March, 5.6 percent in April and 3.2 percent in May.
"The Saint Joseph County real estate market conditions have become more balanced, which is good for both buyers and sellers." said Marsha Lambright, Broker/Owner of RE/MAX 100 in Mishawaka. "Despite these market swings, total annual home sales are rising above 2009 and we're looking for overall gains again this year", said Lambright.
2009
2010
# Change
% Change
< $75,000
91
124
33
36%
$75,001 - $150K
101
120
19
19%
$150,001-$250K
49
59
10
20%
$250,001-$500K
17
21
4
24%
$500,000+
2
2
0
0%
TOTAL
260
326
66
25%
There were 563 homes that came onto the market in June, down 10 percent compared to June 2009. Month-end pending sales-those listings expected to close within the next 30 days-totaled 300, which was 19 percent higher than last year and 46% higher than May.
The average price of single-family homes in June was $115,187, a decrease of 5 percent from one year earlier. Year-over-year sales of single-family homes priced below $75,000-the busiest segment of the housing market-rose 36 percent in June.
Overall in 2010, the housing market has seen positive gains year-to-date. Home sales are up 10 percent and prices have appreciated 6 percent versus 2009.
SAINT JOSEPH COUNTY - Market Summary YTD June 2010
Metrics
Jan 09 - Jun 09
Jan 10 - Jun 10
Growth
Homes Sales
1,264
1,402
138
$ Volume Sales
124,381,931
146,848,914
$22,466,983
Average Price
$98,403
$104,742
$6,339
DOM
99.1
103.74
4.64
Asking vs. Sales Price %
91.76%
92.48%
0.72%
Statistics pulled from Greater South Bend-Mishawaka Association of REALTORS® for the dates of 6/1/2010 -6/30/2010 and 6/1/2009 - 6/30/2009
About RE/MAX of Indiana:
RE/MAX of Indiana is affiliated with RE/MAX, LLC. Since its inception in 1987, RE/MAX of Indiana has grown to more than 80 offices with more than 1,200 sales associates throughout Indiana, providing residential and commercial real estate, as well as relocation and referral services. For more, visit www.remax-indiana.com. Follow us on Facebook: RE/MAX of Indiana and Twitter: www.twitter.com/remaxofindiana
At our company meeting today Heather Short, Director of Professional Development and Student Leaning, and Teresa Carroll, Director of Communications for PHM School Corp. spoke about the new open enrollment that PHM and other school corporations in the State now have.
If you want more info about the program go to their website at www.PHMSchools.org and check it out. The program allows any student to fill out an application to attend any PHM school and if they are accepted the charge is "around $800" per year. They also have to provide their own transportation.
