Southern Indiana Real Estate Blog

Southern Indiana Real Estate Market Report 12/7/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 10 Dec 2008 10:34:11 -0600

Good morning everyone! Another gloomy day here in Southern Indiana with the temperature dropping rapidly. I don't really like all the weather changes, but I guess it isn't up to me!

Hope everyone is having fun getting ready for Christmas. Only 15 more days! It is really hard to believe I know.

Below are the numbers for the Southern Indiana Area. You can also view the numbers for the Greater Louisville area as well as the Elizabethtown / Ft. Knox areas by clicking here. As always, if you have any questions about these numbers or would like to discuss them further, please don't hesitate to call or email me.

The numbers for Southern IN are as follows as of Sunday, November 16, 2008:

Active Listings Stats

2,400 homes currently on the market
$170,985 is the average list price of those homes
There is currently 15.8 months of inventory*

Last 30 Days Stats

152 homes sold
The average sales price was $119,549
The Sales Price vs. List Price was 95.6%**
The average Days on Market was 103***
There were 346 new listings on the market
There were 349 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,626 homes sold
The average sales price was $128,628
The Sales Price vs. List Price was 96.3%**
The average Days on Market was 106***

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

**Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

***This number does not reflect the times a home that is sold has been on the market before by (1) it's owner, (2) another Realtor whose listing expired, or (3) a listing cancelled and then relisted to generate new interest. This number in most instances does not refleect the number of days from contract to close which averages 30-45 days for most closings. In order to have a true picture of the date property is listed to the date of closing a seller would need to add prior "days for sale" activity to the above average days on market plus 30-45 days from contract to close. The above is not reflective of a specific area but takes into account all homes on the MLS that sold in the last 30 days and the last 12 months. Your agent can give you a specific report tailored to your area.

Southern Indiana Area is primarily Clark, Floyd, Harrison and surrounding Indiana counties just north of the Ohio River. Information is deemed reliable but not guaranteed. These statistics include single family homes and condos only.

Opportunities are Still Abundant!

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Tue, 09 Dec 2008 15:00:10 -0600

Hello everyone. I hope you're all having a wonderful day today despite this great weather we're having here in Southern Indiana.

Awhile back I wrote about opportunites being everywhere. Well the only thing that has changed is it is even better now! Combine the already low prices with the fact that the interest rates are lower than they've been in years and you get an unbelievably good time to buy!

Below are some links to some recently listed properties in the market. There are vacant properties mainly such as foreclosures, estate sales or relocation property. There are also properties listed as having tenants currently.

Recently Listed Vacant Investment Opportunities

Recently Listed Properties with Tenants

Listen, I'm sure some of you are thinking "Of course he's saying it's a great time to buy. He has to sell houses to live". And you would be right. But I want you to know that my job first and foremost is the well-being of my clients. My job is to look after their best interests even ahead of my own.

Houses are selling everyday. These properties aren't lasting long because there are smart investors out there stock piling properties at bargain prices. They would rather me not even mention this because it will only add more competition for them.

Please let me know if I can answer any questions that you have about real estate investing or any other real estate related topic. Also, if you know anyone looking to buy or sell a home, let me know and I'll help them every way possible without applying any pressure whatsoever.

Thanks everybody and have a great day!

Southern Indiana Real Estate Market Report 11/16/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 19 Nov 2008 10:38:27 -0600

Hello everybody! One more week (almost) until Thanksgiving! Hope everyone is staying warm out there.

The numbers for Southern IN are as follows as of Sunday, November 16, 2008:

Active Listings Stats

2,501 homes currently on the market
$172,444 is the average list price of those homes
There is currently 15 months of inventory*

Last 30 Days Stats

167 homes sold
The average sales price was $121,014
The Sales Price vs. List Price was 96%**
The average Days on Market was 111***
There were 466 new listings on the market
There were 380 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,661 homes sold
The average sales price was $129,117
The Sales Price vs. List Price was 96.4%**
The average Days on Market was 106***

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

**Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Southern Indiana Real Estate Market Report 11/09/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 12 Nov 2008 11:58:10 -0600

Well it's official. I don't like cold weather! Where did my sunshine go? Oh well, might as well get used to it because it's probably going to be a while before it comes back. Hope everyone is having a wonderful week. We had some major news announced today during our sales meeting. I am pretty excited about it. I'm not going to tell anyone what it is yet, but it will be awesome for both buyers and sellers. More to come soon!

The numbers for Southern IN are as follows as of Sunday, November 9, 2008:

Active Listings Stats

2,498 homes currently on the market
$172,352 is the average list price of those homes
There is currently 14.9 months of inventory*

Last 30 Days Stats

168 homes sold
The average sales price was $119,340
The Sales Price vs. List Price was 96%**
The average Days on Market was 109***
There were 457 new listings on the market
There were 394 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,682 homes sold
The average sales price was $130,059
The Sales Price vs. List Price was 96.4%**
The average Days on Market was 106***

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

**Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Southern Indiana Real Estate Market Report 11/02/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Thu, 06 Nov 2008 11:59:18 -0600

Hello everyone. What an unbelievable week here in Southern Indiana. The weather has been absolutely gorgeous. Too bad it can't last forever. To be honest, I kind of like the change. These next two months are my favorite time of year with Thanksgiving and dare I say it, Christmas right around the corner! Anyway, hope you're all having a great week!

The numbers for Southern IN are as follows as of Sunday, November 2, 2008:

Active Listings Stats

2,482 homes currently on the market
$173,495 is the average list price of those homes
There is currently 14.8 months of inventory*

Last 30 Days Stats

168 homes sold
The average sales price was $121,516
The Sales Price vs. List Price was 96%**
The average Days on Market was 110***
There were 443 new listings on the market
There were 408 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,698 homes sold
The average sales price was $130,313
The Sales Price vs. List Price was 96.4%**
The average Days on Market was 106***

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

**Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Southern Indiana Real Estate Market Report 10/19/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Thu, 23 Oct 2008 16:12:47 -0500

Hey everybody! I'm running a little late with this weeks numbers so I apologize. Hope you are all having a great week!

The numbers for Southern IN are as follows as of Sunday, October 19, 2008:

Active Listings Stats

2,494 homes currently on the market
$173,795 is the average list price of those homes
There is currently 12.5 months of inventory*

Last 30 Days Stats

199 homes sold
The average sales price was $130,534
The Sales Price vs. List Price was 97.2%+
The average Days on Market was 103
There were 425 new listings on the market
There were 409 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,739 homes sold
The average sales price was $130,457
The Sales Price vs. List Price was 96.4%+
The average Days on Market was 105

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

+Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Southern Indiana Real Estate Investment Opportunites 10-19-08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Sun, 19 Oct 2008 14:08:26 -0500

Good afternoon everybody. What a glorious day we are having today. I love the warm weather of summer, but I was ready for the change. There is something about being able to put a sweatshirt on that makes me happy! Silly I know.

Anyway, this blog is sort of a follow-up to the one I wrote a little while back talking about Opportunity Knocking. It was a blog about the current real estate market and how people can really take advantage of some unbelievable buying opportunities right now.

I am going to be posting all the newly listed investment opportunities here every week. The listings will mainly consist of foreclosures, REO properties and maybe some estate sales. The great thing about these homes is most of the time they are vacant and very easy to see if you like. Just give me a call and I'd love to meet you at any of them to take a look around. I'll also post some properties that are currently being used as rentals. This is another chance to get in the game and what better way to do it than to already have someone making your payments for you (tenants)?

As always, this will mainly consist of only the newly listed properties. Remember that there are plenty of others available as well and if you would like info on those or if you have questions or comments about anything, give me a call or send me an email. I'd love to hear from you!

Below is the link for this week's properties:

Vacant Investment Property 10/19/08

Southern Indiana Real Estate Market Report 10/12/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 15 Oct 2008 09:34:23 -0500

Hello everyone! I hope you are all having a wonderful Wednesday!

The numbers for Southern IN are as follows as of Sunday, October 12, 2008:

Active Listings Stats

2,519 homes currently on the market
$173,154 is the average list price of those homes
There is currently 12.9 months of inventory*

Last 30 Days Stats

196 homes sold
The average sales price was $134,503
The Sales Price vs. List Price was 97.2%+
The average Days on Market was 108
There were 426 new listings on the market
There were 428 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,769 homes sold
The average sales price was $130,782
The Sales Price vs. List Price was 96.4%+
The average Days on Market was 105

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

+Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Southern Indiana Real Estate Market Report 10/5/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 08 Oct 2008 10:46:22 -0500

Hello everyone. Big news this week with the announcement of the bailout. I think I'm going to reserve judgement for a while to see how the whole thing plays out. I will say again that this is an excellent market to buy in. There are opportunites all over the place and if you were on the fence about whether or not to do it, my only question is what you are waiting for? Give me a call if you would like to discuss this issue further or if you know anyone who could be in the market.

The numbers for Southern IN are as follows as of Sunday, October 5, 2008:

Active Listings Stats

2,544 homes currently on the market
$173,982 is the average list price of those homes
There is currently 12.2 months of inventory*

Last 30 Days Stats

208 homes sold
The average sales price was $128,593
The Sales Price vs. List Price was 97.2%+
The average Days on Market was 108
There were 418 new listings on the market
There were 413 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,779 homes sold
The average sales price was $131,036
The Sales Price vs. List Price was 96.4%+
The average Days on Market was 105

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

+Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Opportunity is Knocking...Right Now

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Thu, 02 Oct 2008 16:29:57 -0500

Yesterday while posting the market numbers for Southern Indiana Real Estate, I said that I am really excited about opportunities I see for both buyers and sellers. Today I'd like to expand on that a little bit, but from mainly a buyer's point of view.

I think it is safe to say that most people know we are in a challenging real estate market right now. There has been an above average number of foreclosures and home prices have dropped on the national average over the last year or two. Neither of these things are good and they aren't what we like to see.

With that said though, no one ever talks about a few things that I'd like to point out here today. The first being that our market here in the Midwest and more specifically, Southern Indiana, is a much more stable market than some of those around the country. While we didn't see the dramatic price increases during the "Real Estate Boom", we also didn't see the dramatic decreases when the "bubble burst" either. Our market has proved over time that real estate was, is and in my opinion always will be a great investment opportunity.

The second thing I want to talk about is the foreclosures and other investment properties. So often when I hear of people wanting to get into the investment side of real estate, it is on the "flip" side. That means they want to buy low, fix it up and then sell high for a profit. This is a good way to try and make money quickly. The only problem with that is again the fact that we live in a much more stable market. Their is much less room for error than there is on any the real estate shows you see on TV. The margins that they have in some of those areas compared to those we have here don't really compare.

What I try to talk to people about is a different side of investing. If there was ever a time to buy property to hold onto, now is it! If history has proved anything, it is over time our market will continue to climb. Combine that with the fact that there are some unbelievable buying opportunities out there (ie. foreclosures, relo homes, etc.) and I can't think of any good reasons why you wouldn't want to do it. Some will say they don't want to mess with tenants or something to that effect. I say phooey! If you know that is part of it and you have to deal with it up front, you will be able to handle it and will probably be surprised by how easy it can be. Plus, if done correctly, and you are cash flowing money every month, those tenants won't seem to get to you near as much as you thought they might.

Folks, think of it like this. If you don't do it, somebody else will. And they will be the ones reaping all the rewards from them taking their chance when opportunity came calling. Wayne Gretzky probably said it better than anyone else when he said "You miss 100% of the shots you don't take.

If anyone would like more information or has questions they would like answered, please don't be afraid to call or email me. I would love to hear from all of you.

***EDIT***

I almost forgot, these are some lists of homes in the Southern Indiana area that currently have tenants in them. What a great way to get started, buy a house that is already making money!

Clark County Indiana homes with tenants as of 10/2/08

Floyd County Indiana homes with tenants as of 10/2/08

Open House - Harvest Ridge Subdivision in Memphis, IN 47143 - 10/5/08 from 2-5pm

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 01 Oct 2008 13:53:30 -0500

Good afternoon everyone. Wanted to let you know I'll be in a gorgeous subdivision called Harvest Ridge in Memphis, IN this coming Sunday from 2-5pm. This is a great neighborhood that is literally just minutes from I-65. The lot sizes in the subdivision average about one acre so you will have plenty of yard space.

Specifically, I'll be holding open two homes located on Woodland Trail. The first is located at 1103 Woodland Trail. It is a 3BR 2BA home that is on a full unfinished basement. No one has ever lived in this home so it is in prestine condition.

The second home is 1105 Woodland Trail and it is also a 3BR 2BA home. This home has a daylight basement to allow for lots of natural light to flow through. It also has never had anyone living in it so the condition is excellent.

Both homes are priced at $199,000 and will really make somebody very happy.

If you are out and about on Sunday, come by and see me or if you know of anyone looking to buy or sell, give me a call and I'll work as hard as I can to help them with all their real estate needs.

Thanks everybody and have a great afternoon!

Southern Indiana Real Estate Market Report 9/28/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 01 Oct 2008 11:08:56 -0500

Hello everyone. Thanks again for stopping by and checking out my blog. What a week it has been. I know there are a lot of people concerned about the market and what is going to happen. But I have to tell you that I am really excited about some real opportunities for both buyers and sellers. Give me a call if you would like to hear more about them.

The numbers for Southern IN are as follows as of Sunday, September 28, 2008:

Active Listings Stats

2,585 homes currently on the market
$174,422 is the average list price of those homes
There is currently 16.8 months of inventory*

Last 30 Days Stats

154 homes sold
The average sales price was $125,827
The Sales Price vs. List Price was 97.1%+
The average Days on Market was 111
There were 415 new listings on the market
There were 371 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,743 homes sold
The average sales price was $131,016
The Sales Price vs. List Price was 96.3%+
The average Days on Market was 105

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

+Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Open House - 6302 Skyview Ln, Charlestown, IN 47112 - September 28, 2008 2-5pm

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Thu, 25 Sep 2008 15:54:34 -0500

Hello everybody. This coming Sunday I'll be in Charlestown holding open a very attractive brick ranch home in Skyline Acres. This home is listed at $168,850 and offers the peace and quiet of the countryside and the convenience of the city. Some of the features include the following:

Open Floorplan
Gas Fireplace
Walkout Basement
Vaulted Ceilings
1st Floor Laundry

You can view the entire listing as well as neighborhood and mortgage information here on my web site.

This home was built in 2005 and still looks new!

Come by and see me Sunday or if you know of someone who is looking to buy, give me a call. Hope everyone has a great weekend!

Southern Indiana Real Estate Market Report 9/21/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 24 Sep 2008 21:34:27 -0500

Hello everyone. Thanks again for stopping by and checking out my blog. I hope everyone's power has been restored by now and we can all start the cleanup so things can get back to normal.

The numbers for Southern IN are as follows as of Sunday, September 21, 2008:

Active Listings Stats

2,590 homes currently on the market
$173,911 is the average list price of those homes
There is currently 14.9 months of inventory*

Last 30 Days Stats

174 homes sold
The average sales price was $120,902
The Sales Price vs. List Price was 96.2%+
The average Days on Market was 115
There were 448 new listings on the market
There were 367 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,779 homes sold
The average sales price was $130,707
The Sales Price vs. List Price was 96.3%+
The average Days on Market was 105

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

+Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Southern Indiana Real Estate Market Report 9/14/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 17 Sep 2008 08:56:52 -0500

Greetings everyone. Well what a week here in Southern Indiana. I know there are a lot of people still without power (including myself). Unlike most of you though, I still have power running to my house. With that said, we decided to turn it off in the house because our electrical box was pulled off the house by a tree limb. So while most people are waiting for Duke Energy to turn their power on, I'm waiting for them to turn it off! That sounds crazy doesn't it?

Anyway, I didn't want to miss putting up the numbers for this week. Below are the numbers for the Southern Indiana Area. You can also view the numbers for the Greater Louisville area as well as the Elizabethtown / Ft. Knox areas by clicking here.

The numbers for Southern IN are as follows as of Sunday, September 14, 2008:

Active Listings Stats

2,615 homes currently on the market
$174,512 is the average list price of those homes
There is currently 14.5 months of inventory*

Last 30 Days Stats

181 homes sold
The average sales price was $125,916
The Sales Price vs. List Price was 96.5%+
The average Days on Market was 115
There were 481 new listings on the market
There were 380 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,794 homes sold
The average sales price was $131,051
The Sales Price vs. List Price was 96.3%+
The average Days on Market was 105

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

+Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Southern Indiana region gets hit with remnants from Ike.

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Mon, 15 Sep 2008 11:01:09 -0500

This past Sunday blew me away, almost literally. What was leftover from Ike blew through the area yesterday for something we weren't used to here in the Midwest. Strong straight-line winds, which were reported to reach up 75 miles per hour by the local news affiliates, ripped through Kentucky and Indiana. As of this morning, it was reported that around 300,000 people are without power and it could be the end of the week before they get it back.

I experienced the wind first hand at home. I had just reached the office and was preparing to go work an Open House when Chasidy called and said I needed to come back home immediately because a tree just destroyed the house. While I'm talking on the phone with her, my neighbor is calling in on the other line. When I answer, all I can hear is wind blowing into the phone and my neighbor frantically telling me its on my carport.

Well, luckily no one was hurt and the damage really could have been much worse. The top of our tree in the backyard snapped and flew across the yard and landed on top of the carport. It was smashed, the electrical box was pulled off the house and part of the siding was ripped off. All things said, I think we are pretty lucky.

***Edit*** I forgot to mention that we were also lucky that there weren't any cars under the carport when this happened.

Southern Indiana Real Estate Market Report 9/7/08

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 10 Sep 2008 14:52:46 -0500

Hello everyone. I hope you are all having a great afternoon! Have you seen the weather outside? If not, get out there and enjoy it. It is absolutely gorgeous!

Anyway, back to the subject at hand. Below are the numbers for our local Southern Indiana area. I will publish and track these numbers each week so that we can all stay on top of where the market is headed. You can also view the numbers for Greater Louisville and the Elizabethtown / Ft. Knox areas by clicking here.

The numbers for Southern IN are as follows as of Sunday, September 7, 2008:

Active Listings Stats

2,660 homes currently on the market
$175,711 is the average list price of those homes
There is currently 13.8 months of inventory*

Last 30 Days Stats

193 homes sold
The average sales price was $137,257
The Sales Price vs. List Price was 96.3%+
The average Days on Market was 108
There were 517 new listings on the market
There were 366 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,816 homes sold
The average sales price was $131,762
The Sales Price vs. List Price was 96.3%+
The average Days on Market was 105

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

+Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Will Your House Sell? Make it Stand Out.

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Mon, 08 Sep 2008 12:06:09 -0500

Hey everybody. Thanks for stopping by and I hope you all had a great weekend.

Today we're going to talk about some of the reasons that homes won't sell. I don't think it is any secret that we are facing a challenging market, even here in Southern Indiana. But just because it is challenging, it doesn't mean your home won't sell. There are still houses being sold every day, just not as many as there were over the last five years or so. So what does that mean? It means that if you need your home to sell, it better stand out and be better than everyone else. So basically, nothing has changed.

There are different factors that affect every home sale. Some of those we can control while others we can't. The factors you can't control are:

Location
Market Conditions*
Competition

*Even though some think we do, we Realtors do NOT control the market.

The factors that you can control are:

Condition of the Property
Ease of Showing
Listing Price
Terms Offered
Choice of Realtor

Remember that all of these things affect your home sale, whether you can control them or not. You can't control where your home is. Well, you can, but only before you buy it. This is something you need to take into consideration before you make your purchase.

The market conditions are another factor you can do nothing about. I'm convinced that some people think their home's value will appreciate no matter what the market conditions are. I don't know why they think this, but I know there are some that do. Instead of thinking that, think of your home as what it is, an investment. Just like stocks or bonds, your home can lose value. Hopefully it won't, but it definitely can.

Lastly, your competition is another factor you can't control. The more homes on the market that are comparable to yours, the more attractive you need to make yours look to stand out from the rest.

OK now we're going to get into what you can do to help give your home it's best chance to sell.

First off is condition. Be sure that the overall condition of the home is in good shape. Fix all the "little things" that need to be attended to. Update things that need to be updated (carpet, paint, utilities, etc.). Remember this though, there is normally a range to which the price of your home could be. If it is in excellent condition, then it can be placed towards the top of the range. If it is in bad condition, it will be closer to the bottom of the range. Just because you spent $3,000 on new carpet, doesn't mean you should add that cost to your listing price. You are making your home easier to sell and putting it closer to the top of your range. Also be sure to get out all the clutter. People need to see the house, not your stuff.

Ease of showing is important. If you make it difficult for buyers and agents to see the property, they could forget about it. Also, they could be thinking "If it is hard just to get in, imagine trying to work out a transaction" and end up walking away.

The listing price is by far the number one thing you can do to help get your home sold. Your listing price is affected by every other factor on this list. You have to get it priced close to, or even a little under, market value from the get go. There are many that happen if you overprice. The first problem is that you could scare away potential buyers. Your home will receive the most amount of attention in the first month. If your house is priced too high, your buyer may not even see it. That means you will have to start reducing, reducing, and reducing some more and could potentially end up getting far less than market value. If you price it right in the first place, you will have a much better chance at receiving an offer early, and a chance at a multiple offer situation (which could be more $$$).

One option that is becoming more prevalent in today's market is offering terms on the property. Basically you are going to handle your buyer's financing. When I first started in this business about four years ago, I could count on one hand the amount of homes listed offering terms. That number has grown considerably since then. Sellers are having to do this in order to attract more possible buyers. I will say that if you do this, be careful and work with your Realtor and Real Estate Attorney to make sure you have the correct paperwork filled out.

Lastly is your choice of Realtor or agent. Make sure you are getting someone who will work hard for you. They should have a plan. I show my clients an exact list of how their home will be marketed and when. I keep them advised of what is happening and touch base with them on a regular basis.

As I said earlier, homes are selling everyday. Be sure you give yours a chance or it could be a long and frustrating process.

Open House Sunday September 7th 2-5pm Brookstone in Georgetown, IN

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Thu, 04 Sep 2008 11:37:13 -0500

Hello everyone! I am holding two beautiful homes this weekend. Both are located on Brookstone Court in the highly desirable subdivision of Brookstone in Georgetown Indiana. While both homes are great, they are very different and each offers an abundance of features. Come out and see us!

Weekly Market Snapshot for Southern IN / Greater Louisville Aug 31, 2008

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Wed, 03 Sep 2008 11:59:25 -0500

Hey everybody. I hope you're all having a great Wednesday today. With the short week I thought it was Tuesday for a second! Anyway, here are the weekly snapshot numbers for the Southern Indiana market. You can also view the numbers for the Greater Louisville market and the Elizabethtown / Fort Knox market by clicking here.

The numbers for Southern IN are as follows:

Active Listings Stats

2,661 homes currently on the market
$176,885 is the average list price of those homes
There is currently 9.4 months of inventory*

Last 30 Days Stats

284 homes sold
The average sales price was $133,732
The Sales Price vs. List Price was 96.3%+
The average Days on Market was 110
There were 616 new listings on the market
There were 441 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,834 homes sold
The average sales price was $132,037
The Sales Price vs. List Price was 96.3%+
The average Days on Market was 105

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

+Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Weekly Market Snapshot for Louisville / Southern Indiana Aug 24, 2008

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Sat, 30 Aug 2008 14:39:32 -0500

Hello everyone and thanks for coming to check out my blog. I'm going to try and post this once a week so that we can all keep up with what is going on in our local market.

While I will only post the Southern Indiana numbers directly on the blog itself, you can also see numbers for Greater Louisville as well as the Elizabethtown / Fort Knox area by clicking here.

The numbers for Southern Indiana for this week are as follows:

Active Listings Stats

2,668 homes currently on the market
$176,220 is the average list price of those homes
There is currently 10.5 months of inventory*

Last 30 Days Stats

255 homes sold
The average sales price was $133,848
The Sales Price vs. List Price was 96.3%+
The average Days on Market was 104
There were 626 new listings on the market
There were 410 listings that were either canceled, withdrawn or expired

Last 12 Months Stats

2,898 homes sold
The average sales price was $132,545
The Sales Price vs. List Price was 96.4%+
The average Days on Market was 105

*Months of inventory is calculated by dividing the current inventory by the amount of homes sold the previous 30 days

+Sales Price vs. List price is determined by dividing the average sales price into the average list price of homes sold

Guess who came for dinner?

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Thu, 28 Aug 2008 17:19:10 -0500

This came to me on an email the other day and I thought I would pass it along.

A fawn followed this beagle home -- right through the doggie door --
in the Bittinger, MD area. The owner came home to find the visitor
had made himself right at home. This hit the 6 o'clock news big time.
Sure beat out the McCain/Obama political news for a change.

Common Home Buyer Mistakes

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Tue, 26 Aug 2008 10:29:29 -0500

Today I'd like to talk a little about common mistakes made by first-time (and sometimes second or third-time) buyers that could easily be avoided. Below is a list taken from a really cool web site realestatechecklists.com called Common First-Time Home Buyer Mistakes.

They don't ask enough questions of their lender and end up missing out on the best deal.
They don't act quickly enough to make a decision and someone else buys the house.
They don't find the right agent who's willing to help them through the homebuying process.
They don't do enough to make their offer look appealing to the seller.
They don't think about the resale before they buy. The average first-time buyer only stays in a home for four years.

This is a pretty good list, but I'd like to expand on it a little bit and explain further why these things can be bad and what you can do to avoid them. Also, as I mentioned above, I don't think this list is exclusive to first-time buyers. There are plenty of second or third-time buyers who can make the same mistakes.

Starting with number one, not asking enough questions of their lender. Be sure that you understand everything your lender is telling you. There is no shame in asking them to stop and go back to explain something. Remember that these people do this every day and sometimes can forget that you may not know what a "buydown" is or whether you should go with "fixed" or "adjustable". Just because they forget, doesn't mean they don't want you to understand. The lenders that I work with really try to go the extra mile to ensure my clients know everything about their loan. They work closely with them so that they feel comfortable and confident with the whole loan process.

Number two covers not acting quickly enough. I know that everywhere you look right now it says we are in a Buyers' Market, meaning there are plenty of homes for buyers to choose. While it is true to an extent, that doesn't mean this can't happen to you. If you find a home that you like, someone else will like it too and if you can't make a decision, you could lose it. The way to avoid this is to be sure you are completely ready before even stepping into your first home. There isn't any reason you should look unless you know you can make a decision then and there. If you do this, then you can shop with confidence knowing you can buy whatever you are looking at.

Number three talks about finding the right agent. This is a very important step in the process. You need to find someone who is not only willing to help, but able as well. Different agents have different skills, abilities and even schedules. You need to be sure you and your agent are on the same page with everything like when to view homes, how to contact you, exactly what you are looking for, etc. When you find an agent that you mesh with, it will make the whole process much smoother and hopefully much more fun! The way to do this is to talk to a few different agents, but then choose one to work with and let the others know you are working with someone else. Some people think if they have more agents looking, they have a better chance at finding something, but it isn't true. Just like any relationship, this one is built on trust, loyalty and respect. If you commit to one agent, they will commit to you and work hard for you until you reach your goal.

Number four talks about your offer. Everybody wants a deal! This is unfortunately one of the most common mistakes buyers can make. They want to try and "low-ball" a seller with there offer. A lot of times it can upset the seller and make them unwilling to work with you. You have to remember that this needs to be a win/win for everyone in order to make it work. You are trying to get a good deal and the seller is trying to sell at a fair price. You have to be realistic with your offer. A lot of times, the listing agent has already gotten them to come down on their listing price to make it even more attractive to more people, so if you are unrealistic with your offer, your chances of getting an acceptance could be very slim.

Finally number five deals with thinking about the resale. This is more important for first-timers than anyone else. If you are buying your second or third home, you may be planning on staying forever, but even then plans change sometimes. So you have to look at resale on any property you are buying. You need to work with your agent to find something that will sell again in a few years if you need to.

I hope this blog will help you or someone you know avoid making these all too common mistakes. If you have any questions or comments, please feel free to contact me anytime.

Foreclosures Down 48%

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Sun, 18 May 2008 08:44:31 -0500

I received an email from my CEO the other day. He likes to send out industry news or announcements etc. Anyway, his message on Friday was filled with excitement and surprise.

The first part of his message was discussing an article he saw in the USA Today Newspaper. The article was about foreclosures rising 65% in the month of April. I know what you are thinking, how can that be good news? Well the good news didn't come from there.

That same day, Louisville's Courier Journal reported that foreclosures were down 48% for the month of April in Louisville and the surrounding counties compared to last year. That is great news!

As my CEO said, we have to give credit where credit is due. It is rare that the media report news that is good and not filled with doom and gloom. I commend the CJ and would love to see them do some positive articles about our area because the fact of the matter is, we live in a pretty stable market, but people tend to believe everything they hear.

Some people may think I'm crazy, but I truly belive that if the media would do more focus pieces that were positive in nature, it would only help the whole economy. It might sound a little far fetched, but I don't think it sounds completely unreasonable.

Home-Buying Myths Disspelled

Southern Indiana REALTOR® ~ Brett Mumaw (Semonin Realtors) — Sat, 10 May 2008 16:13:48 -0500

I'd like to talk to you today about some common misconceptions about home-buying and maybe answer questions you may have about the process.

Myths About Mortgages

Myth: I had some debt when I was young and ruined my credit. I'll never get a mortgage.

Reality: You don't know what your credit history shows until you look. And if you do have blemishes from the past - even a bankruptcy - many lenders will overlook problems if the past two years show good credit practice on your part.

Myth: I heard you need to put 25% down to buy a house. But my friend says that you can get a mortgage with no down payment at all.

Reality: Both scenarios are uncommon. Although there are a variety of financing programs available, most require you to put at least 3% to 10% down, but rarely would you need 25%.

Myths About Agents

Myth: If I have several agents looking for homes on my behalf, I'll find a house more quickly.

Reality: Like most relationships, this one thrives on communication, loyalty and trust. By working exclusively with one agent you will improve both the process and the results.

Myth: If I want an agent to represent me as a buyer, I'll have to pay them myself.

Reality: Buyer representation means that the sales associate you select works with your best interests in mind. In most cases, however, they receive a portion of the commission paid by the seller.

Myths About Buying

Myth: I should find a new home first before I sell the one I now own.

Reality: If you find a buyer for your home first, you'll have more negotiating power in both the sale of your current home and the purchase of a new one.

Myth: I just made an offer on a house I love, but so did several other people. I'm worried that someone else will outbid me and get it.

Reality: Different sellers are motivated by different things. In addition to price, a seller will look at the other terms of the offer - contingencies, closing date, required repairs. Many times a "clean" offer from a pre-approved buyer will be more attractive, even if the price is slightly lower.