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Presented By Chris Wood

Chris Wood

Office (317) 841-8880
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Central Indiana Real Estate News Blog by Chris Wood, Realtor

Fishers Homes for Sale Market Data

Interested in FREE market data?

The best power is knowledge - don't go into the Spring market without having all the information you can get! If you would like a FREE market report on the Fishers area - or on how your home compares to the market around it - complete the form and you will receive a full color market report with over 20 pages of market data!

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Winter Home Maintenance Tasks

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Now that we are neck deep in winter - hopefully not neck deep in snow, but maybe for some. Do you have a maintenance list to take care of your home? Did you know that there are some simple things you can do to make sure that this big investment is taken care of? Some symptoms that might be diagnosed and solved before they become serious and expensive problems.

This list is by no means complete! But hopefully it gets you started with some regular check up and maintenance items.

Outside:

Often times we are in such a hurry to get into the house - we miss somethings that are happening on the exterior parts of the house.

  • Poke your head into the attic spaces. (These spaces should be cold - really within in about 5 degrees of the outside temp - if it’s not, you may have some insulation issues.

  • While you’re up there, shine a light on the upper surfaces to see if there is any moisture. This should be a dry space, if there is moisture - that’s something you’re going to want a roofer to look into. Could be ventilation issues, could be insulation issues - either way, you have issues.

  • Are all your outdoor lights working?

  • Take a peek at your exterior - does everything look ok?

Inside:

Since we are kind of locked up in our houses this time of...

December Home Prices Rise in Central Indiana

 


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Central Indiana ends year with a 5.3 percent bump in December home sales

F.C. Tucker reports average year-to-date home prices continue to climb while inventory tightens

INDIANAPOLIS – F.C. Tucker Company’s monthly real estate market stats indicated a strong finish to 2016, with home sales up 5.2 percent for the year and December 2016 sales up 5.3 percent compared to December 2015. Likewise, the average year-to-date home price for the 15-county Central Indiana region rose 3.4 percent to $188,616.

Home buyers were active in December, despite the weather, and contributed to 1,851 homes sold in Central Indiana, with Putnam and Decatur Counties showing the largest increase in the number of homes sold among the suburban counties. In December, 8 of the 15 counties that F.C. Tucker tracks experienced an increase in sales. Specifically:

  • Putnam and Decatur counties displayed significant growth in homes sold. Putnam County’s sales increased by 81.3 percent in December 2016 compared to December...

Buying a House on the Cheap!

Mortgage insurance premiums on FHA-backed loans will be lowered by 25 basis points on loans endorsed starting January 27!

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Sounds great right! - Now you ask, what does that mean? Well for starters is will mean more borrowers are eligible to purchase a home through FHA. Basically - it won’t cost you as much on the monthly payment due to the Mortgage Insurance required on an FHA loan - this could translate to a savings to the average home buyer by as much as $500 per year.

Looking for the Official release? [Click Here to access the article by HUD.gov]

In case you forgot - I know most of us have tried to - a few years back we had a bit of a housing bubble bursting thing that did quite a bit of damage. To help fix that requirements were put in place to make it more difficult to get these types of loans - essentially, making the loans less risky for the government. Now after a few years of solid growth, a review has shown that the insurance funds that protect on defaulting lenders is above where they needed it to be. Now they can make some tweaks and adjustments to relax some of those requirements.

Mind you, we’re not all the way there yet - One drawback on an FHA loan is that you pay that MIP (Mortgage Insurance Premium) over the life of the loan. It doesn’t go away when you build up 20% equity like more conventional loans. Yeah, we’re...

Are you Losing out on your next Home?

 

Our current market is lacking inventory and when inventory is low buyers have a tendency to pay more and sometime struggle to find the home they really want. The old “Supply and Demand” adage applies very much to the real estate industry.

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So When some recent buyers, let’s call them Tom and Sue, went out to look for a home to purchase, they struggled. At first they struggled because while shopping online, they kept seeing the same homes, over and over again - and they kept thinking, “Man those are expensive” - they started to think that they really couldn’t afford to buy a home.

 

When they did finally find a home that had recently come on the market, they immediately called the listing agent, who happily met them at the house to show them, and then told them that there were already several interested parties. Tom and Sue panicked a bit, because, THIS was the house they had been looking for. The agent showing the home told them that if they wanted even a chance at getting this house, they would need to put an offer in that day. They hadn’t even had a conversation with a loan officer to see what their payments would be, or even for that matter, what they could afford. Not Tom and Sue both work and earn a really good living, so they weren’t too worried. They told the agent that they would call their loan officer and get back with the agent about putting in an offer. Sue, really wanted the house and left practically in tears worried that someone else would buy it.

 

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A look at mortgage rates over the past 3 years

Rates creep up...everyone starts to panic. Rates creep down...everyone else starts to panic!

While our rates have started to creep up a bit at the end of 2016, they are still historically quite low. Finishing out 2016 at around 4.125% is pretty sweet, considering that at the end of 2013 the rates for a conventional 30 year mortgage was closer to 4.625% - and we thought that was fantastic.

Over the past 3 years we’ve seen rates dip as low as 3.50% on a 30 year conventional mortgage - (that rate assumes you have some pretty stellar credit along with several other things).

So knowing that - what are we to think about 2017? I believe we’ll still be cooking along under 5%, but they will continue to creep up. We may have a few months where we see it dip a bit, but I don’t think we’ll get back to under 4% anytime soon. (If I’m wrong, I’ll be very happy to admit it!!!)


2016 from June to September was a GREAT time to purchase a home!


If you are curious what great rate you would qualify for, Contact Kim Hazzard with Tucker Mortgage at (317) 841-8880, or khazzard@tuckermortgage.com

Above rates are based on 30 year conventional loans and have some specific credit requirements amongst other things. The best way to really know what you can afford, is to sit down and talk with a loan officer....