Hendricks County real estate specialist, Chris Castetter

Housing Stimulus Expanded

Mon, 09 Nov 2009 08:53:03 -0600

The First Time Home Buyer Tax has been extended and expanded. So much so that calling it by that name is only half the story.

As an amendment to an unemployment insurance bill, a RPAC endorsed extension and expansion of the current home buyer tax credit unanimously passed the Senate late Wednesday and the House of Representatives on Thursday. President Obama signed the bill on Friday.

To summarize the new bill, first-time home buyers will still be able to claim the $8000 tax credit until April 30, 2010. In addition, closing the sale isn't required prior to the deadline. This credit would apply if a binding contract is in place by April 30, 2010; buyers have an additional 60 days to close the sale.

In addition, current homeowners who have maintained the home they want to sell as their primary residence for five of the last eight years are also eligible. In those cases, the maximum credit is lower: $6,500 or 10 percent of the sale price, whichever is least.

The previous credit included income caps of $75,000 and $150,000 for individuals and couples. The new bill lifts those caps to $150,000 and $225,000 for individuals and couples, respectively. The new version does, however, cap the purchase price of homes purchased; the credit may not be claimed when the purchase price is $800,000 or greater.

There are several other minor changes to the current credit through this legislation. You can see a side-by-side comparison of the two bills by clicking here.

Extending the Home Buyer tax credit

Mon, 02 Nov 2009 12:20:25 -0600

Extending/Expanding the Home Buyer Tax Credit

Senate leaders from both parties have agreed to extend and expand the First Time Home Buyer Tax Credit that is set to expire at the end of November. Unfortunately, an agreement doesn't count as a vote. The hold up? Senate procedures and a legislative vehicle.

The agreement is currently in the form of an amendment to an Unemployment Insurance bill.

The Senate is expected to vote this evening for a "Motion to Invoke Cloture." If 60 Senators vote yes on the cloture motion, the Senate will then be able to schedule a vote on the bill that contains the amendment. Once the Senate acts, the tax credit must still go to the House of Representatives for action.

If passed by both houses of Congress unchanged, the amendment would:

EXTEND:

- The current credit until April 30, 2010. However, this deadline would apply for sales contracts; closings would have to be finalized by June 30th. Senator Johnny Isakson (GA-R), sponsor of the amendment, is quoted as saying "The American people should understand this -- and the affected industries -- this is the last extension. Tax credits like this only work by creating the sense of urgency to take advantage of them."

EXPAND:

-The amendment offers an additional tax credit of $6,500 to any home buyer who has lived in their current home for at least 5 years.

-The current agreement also expands the current income limits from $75,000 to $125,000 for individuals and from $150,000 to $225,000 for couples. However, homes being purchased for more than $800,000 would not be eligible for the credit.

OTHER DIFFERENCES:

-Homes being purchased for more than $800,000 would not be eligible for the credit.

-Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit.

-To combat fraud, a HUD-1 Settlement Statement will have to be attached to the tax return to secure the credit. Claimants must also be 18 years old.

The credit is estimated to cost $10.2 billion, but Senate Banking Committee Chairman Chris Dodd said that the plan's price tag would be off-set by delaying a tax break for multi-national companies scheduled to take place next year.

As with any piece of legislation, all of this could change at any minute. Once passed by the Senate, it could change or die in the House of Representatives. The Obama Administration has endorsed the current amendment.

Top Agent quoted in the Business Leader

Tue, 06 Oct 2009 20:19:01 -0500

Chris Castetter quoted in the Hendricks County Business Leader...

Everyone knows how dismal the housing market has been recently. Chris Castetter knows. He is a Realtor. He is also a small business owner and knew he had to do something. "You have to change with the times or fall through the cracks," he says. As the downturn continued, Castetter asked himself, "What is it going to take to set me apart?" He researched successful agents nationwide and interviewed them. "I educated myself (to know) what it means to have a website and how to drive traffic to it"

Castetter says. He uses his website to educate consumers and keep them informed. "The marketing for sales is mostly web-based now," he adds. Castetter also reassessed how he worked. As a result, he hired another agent to concentrate on homebuyers, so he could concentrate on sellers. He established a partnership with Home Matters, LLC, a professional home staging company and added a consultation for all of his listing clients. Administratively, he hired an assistant. Now he spends most of his time working with clients and building his business.

"I determined what I had to do to survive, and thrive in this economic climate. The foundation of my past clients was and is my saving grace (in the beginning), and now I am meeting new people I may never have had contact with (through my website)." He credits the strategic changes made in his business for making 2009 his strongest sales year to date. Score one for small business. He can be contacted through www.chriscastetter.com or at (317)414-1117.

Chris Castetter real estate

Thu, 13 Aug 2009 19:48:32 -0500

EXCELLENT BUY IN WEST INDIANAPOLIS. CONTACT WWW.CHRISCASTETTER.COM

Chris Castetter real estate

Thu, 13 Aug 2009 19:44:40 -0500

JULY 2009- JUST SOLD

Avon, Indiana real estate

Thu, 13 Aug 2009 19:42:14 -0500

MARCH 2009- JUST SOLD. WILLIAMSBURG IN THE WOODS

Danville, Indiana Real Estate

Thu, 13 Aug 2009 19:39:52 -0500

JUNE 2009- JUST SOLD!

Avon, Indiana real estate

Thu, 13 Aug 2009 19:37:03 -0500

JUST SOLD IN AVON, INDIANA. JUNE 2009! THE MARKET IS HEATING UP!

Eagle Creek Waterfront Home

Thu, 13 Aug 2009 19:30:50 -0500

EXCLUSIVE WATERFRONT ON EAGLE CREEK. CONTEMPORARY HOME WITH OVER 7,000

SQUARE FEET PRCIED IN THE $500'S!

Avon, Indiana real estate

Thu, 13 Aug 2009 19:27:14 -0500

THIS PRESTWICK HOME WITH GOLF COURSE VIEWS WON'T LAST LONG!

Cedar Mill in Avon/ Homes for sale by Chris Castetter

Thu, 13 Aug 2009 19:23:59 -0500

THIS AVON HOME IS TRULY A STEP ABOVE THE REST. CONTACT ME DIRECT FOR MORE DETAILS.

Prestwick Home for sale

Thu, 13 Aug 2009 19:19:10 -0500

ENJOY THIS GOLF COURSE VIEW YEAR ROUND FOR UNDER $200,000! FOUR BEDROOMS,

3,000+ SQUARE FEET.

Great Momentum Being Gained!

Tue, 11 Aug 2009 20:01:39 -0500

Three counties show improvement in Central Indiana housing market

July statistics point to areas with improved sales, overall shrinking inventory

HENDRICKS COUNTY - While overall pended home sales remain lower on a month-to-month and year-to-date basis in Central Indiana, three Indianapolis-area counties reported higher sales than the same time last year, according to pended sales statistics compiled by F.C. Tucker Company.

July pended home sales in the nine-county area were down 3.1 percent overall with 2,267 homes pending compared to 2,339 in July 2008. Johnson County posted a 1.3 percent increase, followed by Marion County and Hamilton County, with 1.1 percent and .7 percent increase, respectively. Year to date, overall pended home sales are down 9.1 percent compared to the sametime frame in 2008.

Housing inventory in Central Indiana continued to drop in July with 16,223 homes on the market in the nine-county region, 3,267 fewer homes than in July 2008 - a 16.8 percent decrease overall in inventory. Marion County was the only county to experience above average inventory declines with a 21.5 percent decrease.

"While the Central Indiana real estate market continues to stabilize and improve, I believe the momentum we've gained in the past few months will carry through to the end of the year," "The economy is picking up, and we're seeing the light at the end of the tunnel."

Average year-to-date home sale prices, down 11.8 percent from the July 2008 year-to-date figures, have shown a steady improvement since January 2009. In January 2009, the average year-to-date home sale price was $118,438; in July 2009, it was $136,943.

A recent USA Today survey indicated two-thirds of economists believe existing-home sales have hit bottom. Also, consumer spending has stabilized. Such signals are prompting 37 percent of economists to predict a moderate or fast recovery.

Quick Links:

Active Listings - Inventory

Pended single-family and condominium home sales

Active Listings over Time

Average Sale Price

Home Prices over Time

Sale Price

County	YTD July 08	YTD July 09	% Change
Boone	$257,359	$224,708	-12.7%
Hamilton	$251,116	$224,758	-10.5%
Hancock	$140,076	$129,801	-7.3%
Hendricks	$161,859	$159,435	-1.5%
Johnson	$147,717	$137,560	-6.9%
Madison	$77,603	$70,356	-9.3%
Marion	$106,589	$101,822	-4.5%
Morgan	$135,201	$122,492	-9.4%
Shelby	$103,174	$79,466	-23.0%
Average	$155,240	$136,943	-11.8%

Month	YTD Average Sale Price	YTD % Change from Prior Year
Jan-09	$118,438	-12.6%
Feb-09	$120,880	-12.6%
Mar-09	$123,461	-12.4%
Apr-09	$123,813	-11.9%
May-09	$129,672	-9.5%
Jun-09	$135,408	-6.9%
Jul-09	$136,943	-11.8%

Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on August 7, 2009. Pending means the sales contract has been signed, but the transaction has not closed. According tothe NAR, pending sales typically are finalized within a month or two of signing.

TOP AGENT / JUST SOLD

Tue, 11 Aug 2009 11:18:20 -0500

ANOTHER STELLAR HENDRICKS COUNTY HOME JUST SOLD~

SUMMER RIDGE IN BROWNSBURG, INDIANA

TOP AGENT / JUST SOLD

Tue, 11 Aug 2009 11:00:46 -0500

AUGUST 2009 ~ JUST SOLD ~ 7744 HARNESSMAKER COURT LOCATED AT

WILLIAMSBURG IN THE WOODS.

$8000 1ST TIME HOME BUYER TAX INCENTIVE...

Thu, 26 Feb 2009 10:33:15 -0600

Yesterday, the IRS updated information on their web site to include a revised Form 5405, the form used to calculate the credit available. Below is a link to an IRS web page that has additional information on the credit and a link to the form.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Senate Passes Extended Tax Credit

Thu, 05 Feb 2009 11:19:33 -0600

The Senate last night passed an expansion of the tax credit proposal. The proposal would be available to all purchasers (not just first-time homebuyers). The key elements are:

• A tax credit in the amount of $15,000 or 10 percent of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years.

• The tax credit is available to all purchases of any home from date of enactment for one full year.

• Able to claim the credit against the 2008 tax return.

• Buyers must occupy the homes for two years as their principal residences.

• Purchases of homes by investors are ineligible.

• Terminates the previous $7,500 Housing Tax credit on the date of enactment

We have been told the Senate is likely to pass its entire Stimulus Bill by this week-end. The House and Senate will then have a conference next week to work out the differences.

Hendricks County real estate, Top Agent

Wed, 04 Feb 2009 09:44:18 -0600

Avon Indiana real estate, Market Value versus value... (edit/delete)

Market value vs. value...

Avon, Indiana - Realtor Chris Castetter can help you best determine the market value for your property. Often times we do not stop to realize that there is a difference in market value versus value. When selling your home is the main goal, market value will be key.

market value n. The amount that a seller may expect to obtain for merchandise, services or securities in the open market. (The question to consider is this: "In today's real estate market, what will an educated, objective buyer pay for my property?" Remember, buyers shop by comparison and know the market sometimes better than a seller.)

Often times I am presented with an appraisal from a potential home seller, which usually tells me that the homeowner believes that this "appraised value" is what his or her home will sell for in today's real estate market. This is not the case usually...

An appraisal for an existing property is most often performed for the sake of refinancing a home to gain a second mortgage or line of credit (which I do not recommend.) also referred to as a HELOC. This

The lender will need to show a certain percentage spread to be able to make the loan and complete the refinance. Generally the appraisal is inflated to reflect a high enough value to cover the percentage spread needed. This does not reflect "market value". It reflects the value that the lender needs to see in order to loan you money. This is the case in Indianapolis or anywhere in the U.S.

appraised value v. to estimate the quality, amount, size and other features of;

value n. Worth in usefulness or importance to the possessor; utility or merit.

http://www.chriscastetter.com

Hendricks County real estate, Top Agent

Wed, 04 Feb 2009 09:31:18 -0600

JUST SOLD FEBRUARY 2009. STUNNING ESTRIDGE BUILT HOME. WHO SAYS

HOMES ARE NOT SELLING? VISIT WWW.CHRISCASTETTER.COM

JUST SOLD IN AVON

Wed, 04 Feb 2009 09:26:15 -0600

JUST SOLD FEBRUARY 2009 IN AVON, INDIANA - WHO SAYS HOUSES ARE NOT SELLING?

VISIT WWW.CHRISCASTETTER.COM

JUST SOLD IN AVON

Wed, 04 Feb 2009 09:22:25 -0600

JUST SOLD FEBRUARY 2009 LOCATED AT THE PARKS AT PRESTWICK IN AVON.

WHO SAYS HOMES ARE NOT SELLING? VISIT WWW.CHRISCASTETTER.COM

Hendricks County real estate, Top Agent

Wed, 28 Jan 2009 20:12:26 -0600

THANK YOU FOR VISITING MY DADDY'S BLOG... PLEASE ALSO VISIT WWW.CHRISCASTETTER.COM

Hendricks County real estate, Top Agent

Wed, 28 Jan 2009 20:03:04 -0600

CUSTOM BUILT HOME WITH A PERFECT IN-LAW-QUARTERS OR FULL HOME OFFICE!

THIS PLAINFIELD HOME IS OFFERED FOR SALE IN THE MID $300'S.

TO SEE MORE PHOTOS AND FULL DETAILS OF THIS PROPERTY,

GO TO WWW.CHRISCASTETTER.COM

Find Top Agent in Hendricks County - Indiana

Sat, 24 Jan 2009 20:46:56 -0600

HENDRICKS COUNTY INDIANA - While overall home sales remain lower on a month-to-month and year-to-date basis in Central Indiana, three Indianapolis-area counties reported higher sales in December 2008 than the same time in 2007, according to finalized pended sales statistics compiled by F.C. Tucker Company. Hancock, Johnson and Marion counties showed improvement over other counties in the nine-county region.

Available homes for sale dropped 14.3 percent in December 2008 with 2,605 fewer homes on the market than in December 2007. Total homes available for sale at year-end were 15,600. Marion County and Hendricks County experienced the greatest decrease in inventory at 19.2 percent each.

Current interest rates are hovering around 5 percent for a 30-year, fixed-rate loan, and with the Federal Reserves MBS (mortgage-backed securities) buying program in full swing, many experts believe that mortgage rates will stay down for the foreseeable future.

"We continue to be encouraged by the decline in inventory in Central Indiana, as available inventory declines, we hope to see pricing firm up. Also, as interest rates remain historically low, consumer confidence will continue to grow."

Homes remained on the market an average of 92 days in December, only a 2.2 percent increase comparing year-to-date figures from 2007 and 2008. Four counties - Hancock, Hendricks, Johnson and Madison - showed a decrease in days on the market, compared to December 2007.

Madison County also showed a 7.4 percent increase in average home sales price in December 2008, compared to December 2007. Home inventory in the county decreased 7.9 percent over the same time frame.

I continue to stay optimistic about the real estate market, depsite the sometimes meida gloom and doom. Please contact www.chriscastetter.comfor your real estate needs in Hendricks and west Marion Counties. Proudly serving Avon, Plainfield, Danville and Brownsburg. indymarketleader@gmail.com

TO SELL OR NOT TO SELL? PART III

Mon, 19 Jan 2009 14:14:06 -0600

So now the information is in hand. You have been given a CMA, which gives you an opinion of the fair market value of your property. Many homeowners like to have two or three opinions, thus interviewing more than one agent. However, be cautious for the one(s) who tells you want you want to hear. It is not fair to anyone involved to tell you that your home is worth more than it really is just so that Realtor can get your business. This will turn out to be a lose, lose situation for you. Instead, be objective and honest with yourself through this process.

By now, you will be able to determine if now is the right time for you to make a move or not. If it is the right time, then here are some questions that every homeowner should ask their potential real estate agent prior to listing.

May I see your past clients testimonials?
May I see your resume?
What areas do you specialize in selling real estate?
Where do today's buyer's originate from and how will you reach them?
Show me your personal marketing plan for my home.
How many web-sites do you market my home on & what are they?
How many viewers search these sites monthly?
What percentage of your companies listings sell rather than expire?
What is the current absorption rate in my area?
What is the average days on the market for our area?

For more information regarding pricing, conditions, and home staging, please feel free to contact me for all of your Home Selling Matters. at 317-414-1117 or visit www.chriscastetter.com. I want the opportunity to earn your business and appreciate your referrals.