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 The Avon Indiana real estate market actually improved year over year for the month of December. More homes sold, although only by a few, the price increase is very positive, especially for homeowners who are tracking the market and want to sell their home this Spring.
I was interested to see how the numbers would pan out after November's deluge of first time home buyers closed. Remember, the original deadline was November 30th for first time homebuyers who wanted to take advantage of the $8000.00 incentive, so many were already scheduled and closed in November.
Avon-
December 2009 |
#Homes Sold |
Average Price |
Days on Market |
|
2008
|
47
|
$161,732
|
74
|
|
2009
|
50
|
$173,849
|
84
|
| % Difference |
+6% |
+7% |
+12% |
Will this become the normal? It is really anyone's guess, but the year over year report for all home sales in Avon looks like the trend is starting to balance and move upward. Most of the 2009 home prices were below the average for 2008. The average price of homes in Avon has increased over the last few months. It's interesting to note there were only 7 homes sold in Avon in 2009 over $400,000. This is also a trend in housing; not only in Avon, but around Indianapolis and the country.
As we look at the trending line in each of the graphs, we see the gap is starting to open up towards the end of the year. As we move into the new year, it will be interesting to see how homes sales in Avon compare to 2009.
Foreclosure Activity in Avon
In 2008 there were 832 homes sold in Avon with 168 sold as distressed property, which is 20.2%.
- In 2009, there were 753 homes sold in Avon with 166 sold as distressed properties, which is 22%
- We currently have 403 homes for sale in Avon and 63 distressed properties.15.6% is a much lower number to start the year with.
With 403 active Avon homes on the market, the current absorption rate is 8 months, which indicates it is still a buyer's market. We'll see that number reduce as we approach Spring. Average days on market and absorption rate will vary by price range.
As always, if you have any questions about the values of homes in your Avon Subdivision or neighborhood or just want to talk real estate, you can email me or call me.
Search here for a free downloadable Avon neighborhood report
Keep track of sales in your Avon Indiana Subdivision
Copyright 2010 by Paula Henry *Avon Indiana Real Estate Market Statistcs - December 2009*
Originally Posted at Indy Real Etate Talk.
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Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were listed on the Indianapolis BLC; private sales are not included. All information is believed to be reliable, but is not guaranteed.
Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.
Paula Henry
Red DoorReal Estate
 Cobblestone Springs home for sale in Avon Indiana. You'll love every detail this beautiful home and neighborhood has to offer. From the beautiful flowing fountain at the entrance of Cobblestone Springs to the view of the pond from the patio of your new home.
A very desirable split master floorplan, includes a master retreat you will appreciate. Large enough for a sitting area, his and hers closets, dual vanities, jacuzzi tub and separate shower.Two additional bedrooms on the other side of the home and an office/den/fourth bedroom.
Great room, family room, formal dining and spacious kitchen make up the center of the home with just enough separation to offer space for everyone to enjoy.
See more details about 6968 Cobblesprings Dr.
SOLD IN 10 DAYS
Copyright © 2009 by Paula Henry, All Rights Reserved. *Cobblestone Springs Home for sale in Avon Indiana*
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Indianapolis Real Estate
Avon Indiana Homes for Sale
Avon Indiana Subdivisions
Indianapolis Real Estate Blog
Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs. Paula Henry
Red DoorReal Estate
Avon Indiana’s finest neighborhoods offer luxury living at it’s best. There are several neighborhoods in Avon featuring homes built by Indy’s top home builders. Build your custom dream home or choose an existing home in one of these distinguished Avon neighborhooods.
Homes in these communities start at $500,000.
Parks at Prestwick
Parks at Prestwick, located in the southwest corner of Avon is built on a nature preserve, with rolling hills, trails and wooded lots. Choose a home overlooking the Prestwick Country Club and golf course or a secluded home amongst trees.
Amenities include a community park, basketball court and swimming pool.
Search All Homes Available in Parks at Prestwick
Woodcreek Farm
Woodcreek Farm is a lovely community of stately homes on tree lined streets with large lots. Perfectly manicured lawns, open green areas and a small creek which runs through the neighborhood.
Located off CR200 (21st St), just east of SR 267, close to the new Ronald Reagan Parkway.
Search All Home Available in Woodcreek Farm
Heritage Hill
Heritage Hill is the newest custom and luxury home community in Avon. Built on 100 acres of nature, with rolling hills and wooded lots, there’s still time to choose a great lot for your custom home.
Future amenities include, park/playground, nature area, pool and clubhouse
Located off SR267, north of CR200.
Search All Available Homes in Heritage Hill
Copyright by Paula Henry 2008 - originally posted at IndyRealEstateTalk.com
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Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.
Paula Henry
Red DoorReal Estate
Great information and statistics about the rate of foreclosures, loan modifications and the looming number of defaults. Indiana currently ranks #7. Via Jeff Geoghan MBA - Lancaster PA Real Estate Expert (The Jeff Geoghan Realty Group, Coldwell Banker Lancaster PA): This is one of those posts where I wish I didn't have to write it, but felt it was so important to my readers that I would be remiss not to at least talk about it.
Everyone out there probably knows somebody who is behind on their mortgage payments, looking for alternatives and likely also just finding out that their home's value has dipped below what their loan amount is. I know some within my own personal circles. It's a tough situation for me to advise them as a professional because it's such a personal challenge to their pride and self-worth, not to mention their plans and dreams for the family. The question we're asking is "when is this going to stop and where are we heading?"
I'm going to put up a few graphs that show the trends nationally with regards to mortgage delinquincies:
This chart is by quarter - Single-family mortgages set a new record delinquency rate in the second quarter of 2009, according to a quarterly survey by the Mortgage Bankers Association. Those of us in the real estate business see the foreclosure process (just visit the local Sheriff Sale docket to see the current numbers) but the looming delinqency-to-foreclosure issue is far, far larger.
The Wall Street Journal on 8/3/09 reported the following quote: “While subprime mortgages sparked the first round of housing problems two years ago, now "troubles are lurking further up the food chain," says Joshua Shapiro, chief U.S. economist at MFR Inc. White-collar job losses have accelerated while more adjustable-rate loans to prime borrowers are resetting to higher payments. ‘You put all that together, it leads me to believe that the next leg down on home prices is going to come from the top,’ he says.”
The first objection someone may have would be to say "yes, but historically those who are delinqent usually get their act together and come current on the mortgage after a while". That WAS true, but not anymore! We call that the "Cure Rate", that is the rate of delinquencies that go back to current. The Wall Street Journal reported on 8/24/09 about a Fitch analysis that found that the Cure Rate from 2000-2006 was 45% (which means about half of people fix their delinquency). However, as of July 2009 the rate had dropped to just 6.6%! That means that over 90% of delinquent customers are going to foreclosure. Take a look again at the above chart...
The next thing someone will say is "well, that's the 'sand states' and not my area". Here's the chart for all 50 states showing the same breakdown of delinquencies and foreclosures. Guess what - most states have a significant problem, especially compared to historical figures.
Now the next thing someone may say is "aren't those loans going to get 'fixed' by a loan modification?" I know several people right now who are applying for a Lancaster County loan modification but are waiting and waiting. I hope it works out for them...
In reality, loan modifications are hardly making a dent. To me, that's a burning question. Why arent banks being more aggressive in giving customers the option to extend their loan and/or reset to a lower rate? Why are they being SO difficult? The people I know don't want to be foreclosed. They CAN make payments. They just need the terms redrawn to allow them to catch & keep up. Loan modifications are not helping us get this crisis under control.
What are the causes of all these delinquencies? Here's a chart that is enlightening:
We hear a lot about adjustable rate mortgages being the culprit, but the reality is that it's the loss of jobs and the tanking real estate market that's the perfect storm. See my previous post on unemployment in the nation, the state and Lancaster County.
Keep in mind, this post is not intended to give us "good news". You may be experiencing good things in your market and that's great. My intent is to get us thinking about the challenges that aren't going away and how we're going to address them as homeowners, agents and professionals. I'd love to hear your ideas!
Paula Henry
Red DoorReal Estate
Have you ever wondered why your loan modification or short sale was not approved? This excellent post from Katerina Gasset will shed some light on the "behind the scenes" happenings between the banks and investors which affect the outcome of your loan modification or short sale. Via Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.): Has your short sale or loan modification been turned down and you have no idea why? Let's examine some of the reasons. These reasons may not make you feel any better or maybe they are just excuses by your lender, however there are a few things you may not even know about your loan. 
Let's say that you make your mortgage payment to Wells Fargo. You can no longer handle your payments so you ask Wells Fargo to modify your loan- to do a loan modification for you. You are behind in your payments. You are in fact, in foreclosure but you are still living in your home and the judge in your case has not ordered the sale of your home at auction yet. You are scared. You see your neighbors losing their homes all around you. You are hopeful because you see on the news and in the newspapers that the Federal Making Homes Affordable Program has been helping some folks keep their home and get a loan modification.
You are no longer making your mortgage payment because your adjustable rate has been applied and your mortgage payment has gone from $1600 a month to $2300 per month. You just can not make these payments. You have been trying for almost 2 years now to get Wells Fargo to approve your loan modification. You even hired an attorney to help you with your foreclosure defense.
Wells Fargo turns down your loan modification request. You wonder, how could this be? After all, Wells Fargo is one of the large lenders and is participating in the government's Federal Making Homes Affordable program.
But Wells Fargo tells you that the investor is the one that will not allow you to get a loan modification. What in the world is an investor doing making decisions on your loan you wonder. Well, you are not alone in your confusion. Every day we are explaining the whole mortgage note owner thing to buyers agents, real estate agents and homeowners.
Just because you make your house payments to Wells Fargo does not mean they own that note that you are paying on. They are the servicer. Other words you will hear them called are asset management companies.
The very first thing you need to do before you ask for a loan modification is to find out who actually owns your note. You can do this by calling who you make your mortgage payments to and asking them.
If it is Freddie Mac or Fannie Mae that own your note- you have a much better chance at getting your loan modification approved if you qualify. If it is a private group of investors, your chances go way down. Why would this happen?
One in eight homeowners' loans were sold to investors on Wall Street. What happens is that a bunch of loans are packaged together. These are called mortgage-backed securities. They are then sold off to investors. Homeowners who have mortgage-backed securitized loan are five times more likely to be late on their house payments. Many of these borrowers were given loans they were not qualified for from the beginning. Many of the homeowners getting these loans did not read the fine print and did not realize how high their mortgage payments might go when adjusted.
The rules to allow modifications, short sales and terms of foreclosures and deficiencies are ambiguous at best. Homeowners who are told no by the investor have little recourse.
The federal Making Homes Affordable program lenders who participate in the program must modify all homeowners that qualify. The exception is when the investor has a rule that they do not allow modifications.
The Federal Housing Finance Agency reported to Congress on June 3rd that these securitized mortgages are a "hurdle" to the success of the Making Homes Affordable program. The treasury department has not disclosed why the modifications are denied so there are little to no facts to go on.
Why would the investors say no to your loan modification? Well, Wells Fargo's response is that the investors need their money. Wells Fargo has one situation where the borrowers ( the homeowners) are trying to get their loan modified but Goldman Sachs is the issuer and Deutsche Bank is the trustee. But when you go and talk to these investors and we have on several occasions when doing short sale negotiations for our sellers; the investor passes the buck back to the servicer. For instance, Deutsche Bank says that Wells Fargo is solely responsible for the decision to modify a loan or not.
Some people say that the investors are the scapegoats. Everything can easily be blamed on them. Since you rarely get to speak to anyone at the investors' group it is hard to tell who is telling the truth. In this particular situation Wells Fargo is saying that the investor is not forgiving the past due debt and that makes the payment go up on a loan modification because then Wells Fargo would have to put that past due balance along with all the penalties and fees into the loan modification which then may cause the homeowner to not qualify financially for the loan modification.
Servicers have agreements, contracts that they sign with investors. These agreements contain the rules for modifications. These agreements are called Pooling and Servicing Agreements which is known as PSA's. The PSA is most often what the servicer says is the reason for them not being able to do the loan modification or release the deficiency on a short sale.
But when you talk to other people in the management areas or to the investors they claim that there is nothing in the PSA's that would prevent the servicer from approving loan modifications, short sales and releases. There is a new study coming out from a law school wherein they state that only 8% of these mortgage-backed securities agreements contain any language that says the servicer is not allowed to do a loan modification for these notes. That means that about 92% of all the NO's; could actually be YES's. So why would that even happen?
 Fear of law suits! The language in the PSA in question here, Wells Fargo and Deutsche Bank- it says that Wells Fargo can "waive, modify or vary any term" as long as Wells Fargo as the servicer makes a "reasonable and prudent determination" that the modification is in the investor's best interest. Attorneys examining these agreements say there is quite a bit of room for servicers to make these decisions. But the language itself in this agreement is enough for the servicers legal counsel to be concerned with the investor suing them for not acting in the best interest of the investor. They can not, no matter how inhumane this sounds, put the homeowner ahead of the investor. This is about business and if they want business from investors they need to make sure they are looking out for the interests of the investors.
The treasury department has stated that the fear of law suits is the biggest deterrent to getting the servicers to approve loan modifications and short sales. So doing little or simply turning down the loan modifications are the answer many servicers choose. This is not personal and this is not against you, the homeowner. The position of the servicers is to watch their own backs and to protect the assets to which they have been entrusted with, your mortgage-backed security. The Treasury Department says they can relieve some of the pressure of the fear of lawsuits by standardizing requirements for loan modifications and also provide some type of calculation to figure out if the investor will make more money by the loan modification or by the foreclosure.
We need to keep in mind one big thing in all of this and that is that these investors end up being regular people because most of these mortgage-backed securities were bought by pension funds and retirement plans of folks like your parents or even yourselves. You may well be one of the shareholders of the very loan you can not pay.
 
To view Florida Short Sales- Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.
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Is Your Short Sale Or Loan Modification Being Turned Down?-was first published on South- Florida-Luxury-Living.com.
Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Is Your Short Sale Or Loan Modification Being Turned Down?*
Paula Henry
Red DoorReal Estate
Parks at Prestwick in Avon offers some of the most beautiful land in Hendricks County. Scenic tree lined and sloping hillside lots sitting above the Prestwick Country Club. On either side of the custom home lots are paired ranch maintenace free communities. I've always been a huge fan of these communities. No yard work, no shoveling snow, no exterior maintenance! Okay, so it's really a huge benefit for my husband, but still, if he's not busy maintaining all these items, I could create another honey - do list :) I mean honey-please list.
Last year the largest builder of maintenace free homes in Indianapolis went out of business and the communities are in foreclosure. I have been working with the Receiver of the homes at Grant Park and after a few months of getting all the details in place, I now have some of the homes at Grant Park listed and ready to sell. We will be adding additional homes to the inventory soon.
Although not officially bank owned, we have been given the liberty to price these homes to SELL.The price represents a savings of 25-30% off what the builder had these homes listed for.
My favorite model is the Majestic with the optional bonus room. We just happen to have one available. With over 2900 square foot, you would never know you are in a condo. This model home features a double sun room with a wall of windows overlooking the pond, hardwood flooring, fireplace and custom upgrades throughout.
I will be there on Sundays from 1-4 with all five models open, plus four additional homes. We have some homes which can be finished to specifications. Come by and check out this beautiful community. I'll see you there!
You can see more detail, floor plans and photos at GrantParkAvon.
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Indianapolis Real Estate
Avon Indiana Homes for Sale
Avon Indiana Subdivisions
Indianapolis Real Estate Blog
Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.
Paula Henry
Red DoorReal Estate
Facing Foreclosure
 Buying a home is the "American Dream" and a huge investment which is normally not taken lightly. I doubt many people who sign their loan documents and open the door to their new home, think "well, if I can't make it, I'll just let the bank foreclose".
As a matter of fact, I haven't met one homeowner who thought they would be facing foreclosure when they moved into their new home. Life happens, though and many today are finding themselves at the mercy of "the next paycheck" or the lack of a paycheck.
What I generally find when talking with homeowners in Indianapolis who are facing foreclosure, are those who have waited too long; struggling to make ends meet, thinking next month will be the month they will get caught up. It's the true definition of a rat race.
Losing one's home to foreclosure is not just about finances, credit ratings or foreclosure. In the face of the overwhelming stress of day to day living lies a real fear - the inborn need for security has been grasped from the hands of those who are behind in their mortgage payments.
Waiting Too Long
Waiting for the bank to foreclose is like living with a time bomb - dreading "the" day. My clients who choose to try a short sale on their home find being proactive about finding a solution to their circumstances is a better alternative than doing nothing.
By continuing to do nothing, homeowners lose valuable time in the foreclosure process and subsequently, the short sale process. The first thing you should do is contact your bank and see if you qualify for a loan modification. If not, ask if they will cooperate by selling the home by short sale. If so, contact an Indianapolis short sale agent with experience in the process.
If your not sure what is the best option for you, contact your legal and financial advisers. Inform yourself, so you can make the best decision for you and your famliy.
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Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs. Paula Henry
Red DoorReal Estate
 Brownsburg, Indiana gained national attention when CNN Money named it the 33rd best place to live in the country. Although traffic was named as a a detractor, the advantages of living in Brownsburg far outweigh the negative impact traffic has been for the city.
Job growth, schools and quality of life were factors in determining the best places. Other factors considered were: Crime, financial purchasing power, leisure and culture, access to amenities, weather (guess they didn't visit this week) and taxes. Real estate tax data was not available for Brownsburg when the numbers were reported.
For those of us familiar with the western suburbs of Indianapolis, Brownsburg is a great place to live. As a matter of fact, my daughter and her family recently moved to Brownsburg; they love it!
Traffic congestion can be a bit of a pain. I imagine that's true of any town or city where people want to live and the quality of life is above average. Congratulations to the town and community of Brownsburg!
Have a question about neighborhoods or real estate taxes in Brownsburg, contact us.
Search Brownsburg Indiana Homes
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Originally posted at IndyRealEstateTalk by Paula Henry.
Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs Paula Henry
Red DoorReal Estate
Recently, I was asked to provide some data about the state of foreclosures in Indianapolis and how it is affecting the economy. It was an eye-opening excercise, but certainly not surprising.
While the data reveals the state of foreclosures in Indianapolis (Marion County), the depth of what the statistics doesn’t reveal is mind boggling. The far reaching effect of foreclosures in many areas of Marion County will probably not be known for several years. I certainly have opinions about how we reached this point, which I’ll write about next; first I’ll show you the statistics.
*2009 data through 6/30/2009 *YonY = year on year % increase
Although I’m not a big gambler, I’m willing to bet the % of foreclosures in Indianapolis was less than 2003 or close to the same percentage. Back then we ranked in the top 10 states for % of foreclosures, often in the top three. Right now, we rank #13. Staggering………….
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Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs.
Paula Henry
Red DoorReal Estate
Family - Friends - Horses
There's room for eveyone here. Located in the Brownsburg - Danville area of Hendricks County is this perfectly maintained, updated home.
This is one of those homes where memories are made. Not only will you enjoy coming home at the end of the day - family gatherings will always be a special occasion.
What I love about this home is the neighborhood and land. Timberbrook is a small enclave of homes sitting on wooded front lots. Most builders today remove all the trees to build in custom neighborhoods. When the homes in Timberbrook were built, they left the trees in tact and the homes were built back from the street. It's a beautiful, serene and peaceful view from the front porch or looking out from any window in the home.
Inside is a beautifully updated home with tile, hardwood floors and space for everyone.
- 5 Bedrooms
- 3 Baths
- Updated Kitchen
- Dining Room
- Formal Living Room
- Family Room
- Separate Office
- Bonus Room
- 3 car garage
- Barn w/Stalls
- Workshop
- Swimming Pool
- Pool House
- 3 Acres
- Pastures
Come out today and view this slice of heaven yourself.
Click here for more information and a view of all the rooms of this wonderful home.
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Indianapolis Real Estate
Danville Indiana Homes for Sale
Avon Indiana Subdivisions
Indianapolis Real Estate Blog
Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in Indianapolis, Speedway, Hendricks County, Avon, Brownsburg, Plainfield, Zionsville, Carmel and Eagle Creek. When you're ready to buy or sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact Paula for your Indianapolis real estate needs. Paula Henry
Red DoorReal Estate
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Indianapolis Real Estate | Paula Henry
Avon,
IN
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Red Door Real Estate
Office Phone: (317) 733-3667
Cell Phone: (317) 605-4174
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