Indianapolis and Fishers Real Estate

Fishers Real Estate Market Report for November 2009

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Sun, 13 Dec 2009 11:23:43 -0600

The Fishers Real Estate Market has turned the corner? Last month we saw the 2009 monthly totals beat the 2008 monthly totals by 4 houses, this month we see the 2009 number 18 better than 2008 November.

Let's have a look at the graph and talk about November.

For November 2009, there were 113 homes that sold and 16 (14%) of those were distressed properties. Last year for November, there were 85 homes that sold and 9 (10%) were distressed properties.

Of the 113 that sold this month; the average days on the market were 66; this compared with 92 a year ago and that is a storyline! The homes are selling quicker in a month that typically is slow. Here's my theory on that; there were a lot of people who went under contract BEFORE the first time buyer credit extension was announced. So, we have to be careful how we look at the data. We need another few months to be sure we are moving into a seller's market.

The average price per sq ft is down just slightly to $94 from last year at $96.

Of the 113 homes that sold in Fishers, five of them were above $500,000 and five were below $100,000. The most expensive home was in Canal Place for $1,155,000 with nearly 10,000 sq ft. The two that were on the market the longest were in Sandstone; the one on Napa Valley was on the market 416 days and the one on Tumbleweed was on the market 347 days.

The neighborhoods with the most activity this November were the Sandstones (8), Wildwood Estates (5) and several ties with four homes each including Summerlin Trails, Lakeside Green and the Del Webb neighborhood of Britton Falls.

Be sure to check out the other Fishers Market Reports for all of 2009 and 2008. This Fishers Realtor has her pulse on the Fishers market from all the research over these last few years.

Currently there are 736 homes for sale in Fishers and I would love to show you any of them and get you closed in time to take advantage of the extended first time buyer credit ($8,000) or the repeat buyer credit ($6,500) or just get you into a new home that you will love because of a growing family or because of a smaller family.

Your Fishers Realtor stands ready to help you find the right home!

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Cindy "in Indy" Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775

Should I be a REALTOR?

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Sat, 05 Dec 2009 15:30:06 -0600

I have been selling Fishers Real Estate since 2001 part time and 2004 full time and sell between $7 and $10 million a year as an individual and the Marchant Team will sell $25,000,000 this year.

I am asked at least a dozen times a year whether someone should "go into" selling real estate. Sometimes I think I make it look easy. There are some very quantitative exercises to go through to help you determine if you will be successful at it. Here they are:

Can you sit down right now and make a list of 100 people you know well enough to ask them if they know anyone looking to buy, sell or invest in real estate?

Do you have at least 10 buckets where you can capture leads? Some examples would include a BNI group, Chamber involvement, connections with HR personnel of companies that relocate employees to and from Indianapolis, soccer parents, etc.

How much are you willing to spend in time and money to have a website presence? It is in fact how you landed on this particular blog and year to date, I have closed approximately $1MM of business from my Fishers Blog.

There are other things to consider in choosing a career in real estate. Many people think that if I sell a home for $100,000 I get to keep $3,500 of that commission. Most people know that if the commission is 7% that the buying agent gets 3.5% and the selling agent gets 3.5%.

But did you know that often we split our commissions with our Brokerage firm at a 70/30% split. There are also MIBOR technology fees, licensure fees, website fees, and lockboxes and signage to purchase. On average I spend 28% of every dollar earned (70% of the commission I receive) on these types of fees, advertising, and office space. This varies by company and Keller Williams does have a "Cap" so that once you reach the cap; you are able to keep 100% of your commissions!

And then there are taxes! As an independent contractor you get to pay both portions of FICA, both the employee (7.65%) and the employer (7.65%) or 15.3% in addition to Federal and State Taxes.

The other typical question I discuss with prospective real estate agents is whether to join a large firm like Keller Williams or RE/MAX, etc or to go with a smaller boutique type firm with fewer than 10 agents in it. I hands down recommend a larger firm for a couple of reasons. You will find a wealth of knowledge with an established firm and the agents they bring in. The education in larger firms is better, more frequent and always relevant. Add to that the ability to be part of a team to lower the fees you pay to the firm and to increase the number of leads you receive to help supplement your client base are three of the most important.

So, while I love selling real estate and have found success in it; it is not probably a career choice that works for everyone. If you can successfully complete the first three quantitative exercises, then give me a call and work through the numbers with you to determine how much you need to sell to earn the income you would like.

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317-290-7775

Finding Foreclosures in Fishers Fast for Free

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Thu, 03 Dec 2009 22:21:00 -0600

Working at Keller Williams has many benefits from their focus on God to their entrepreneurial style of leadership. But, one thing I love is that the tools they provide their agents are relevant. Our latest tool is a search for Just Foreclosures in Fishers (or Carmel, Noblesville or Indianapolis). Our splash page on our Fishers Real Estate website has all four buttons for easy navigation or there is a Fishers Foreclosure tab on the left side tool bar.

There are currently 21 Fishers Foreclosures on our website ranging from $97,000 for a condo in Middleton Place to $999,000 in the Hawthornes.

Here are some things to keep in mind for foreclosure/bank owned homes:

The owners stopped maintaining the home long before they started to miss their payments, so there will be things that will need attention from missing lights to mold.
The bank has already discounted the price and may not take much less than it is listed for.
The bank has far more of these types of properties than they can manage, so the wait is usually longer.
There are usually lots of buyers "hovering" around these properties and if you do not act quickly, by the time you make your offer the listing agent will contact all those potential buyers and you most likely will find yourself in a multiple bid (best and final offer) situation.
You more than likely will have a decent amount of equity if you can be patient and let your Realtor® guide you through the process.

The Marchant Team is well equipped in both assisting you in the buy process or getting your short sale approved through your bank if you are needing to sell short. We know the questions to ask and we know what the answers need to be to help you get to the closing table.

We can compute the amount of equity you will have and provide vendors to assist in fixing things that you may not feel comfortable fixing on your own.

Let us know what questions you have, we are here to help.

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Cindy "in Indy" Marchant - Fishers Real Estate Agent
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317-290-7775

Time to Make a Move in Real Estate

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Thu, 03 Dec 2009 22:18:06 -0600

There are 713 homes for sale in Carmel Indiana today and with the new tax credit available to repeat buyers and the extension of the first time home buyer credit; it is an excellent time to make a move.

Here are my Top 10 Reasons to Move:

Brand new baby
Great new job
Just got married
Just got divorced
All the kids have moved out and your are tired of cleaning all that space
You can't take the barking dog next door anymore
You had your family over for Thanksgiving and with the added grandkids, you need more space
Your job has you relocating (we know great agents in other cities, why fly blind)
You want to build equity through the purchase of a distressed property
You want the $$$ from the tax credits available

When you begin to seriously consider selling your home, you want to be well informed about the Carmel Real Estate market, about your neighborhood and about your home. Requesting a CMA (Competitive Market Analysis) is something this Carmel Realtor can provide for FREE! It will give you the numbers you need to consider in making a move, a list of improvements you can make to your home to increase the value and an idea of the timing involved to make your move.

When you are in the market to buy a home for the first time, the best way to understand the process is to attend one of our free classes detailing the home buying process. We have a lender, a home inspector, and a Realtor to answer any of your questions. They are held monthly, you just need to register.

If you are a repeat buyer, I can help you determine the best home for you based on your needs and many of your wants, commute times and family requirements. I am in 100s of Carmel homes for sale each month and can easily navigate you to where you want to be.

Our website has a search by neighborhood feature, a search for Foreclosure homes in Carmel feature, a search by map feature and a search by phone feature. In addition, if you email us, we can give you a phone number to call to search the price on any home for sale as you are driving around!

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Cindy "in Indy" Marchant - Carmel Real Estate Agent
Keller Williams Realty Indy Metro NE
Carmel IN Real Estate Website
317-290-7775

The Year a Buyer was Born might matter!

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Wed, 18 Nov 2009 20:47:52 -0600

I consider it very important to take the required courses to remain a Fishers Realtor of choice. Recently I took a class on Multi-Generational Marketing that I thought was very interesting. I need to pay attention to the age of my buyer because what they value may differ depending on how they grew up.

There are basically five generations as follows:

G.I. Generation (1901-1924) and they represent about 5% of the market
Silent Generation (1925-1945) representing 20% of the market
Baby Boomers (1946-1964) representing 45% of the market
Generation X (1965-1981) at 20% of the market
Generation Y (1982-2000) 10% or so of the market

A great way to look at this is to think about how Kennedy died. The first three would say gunshot in Dallas, the Generation X may say a plane crash near Martha's Vineyard and the Y Generation would say of old age and in 2009!

The Veterans (GI) are often selling their homes and moving into assisted living or nursing homes. They may not have family and need me to be do many things for them. For example, I helped an elderly lady secure people to clean out her house to be ready to sell. They often have accumulated a lot of stuff!

The Silent Generation values hard work, family, tradition and discipline. The are often the group that is looking at reverse mortgages, they may want to stay in their home awhile longer but do not have the money for the necessary repairs to keep their home liveable. To be eligible for a reverse mortgage, you need to be 62 years old or older; the older you are the more of your equity you can free up to either repair your current home or use for medicine, etc. There are no restrictions on the use of the money.

The Baby Boomers are perhaps the busiest. They often have parents in a generation above and children in a generation below! There are approximately 78 million Boomers and they are often the richest generation. They are concerned about retirement and healthcare issues. When they look at a home, they often want open floor plans, master on main, and an office space. Often they are looking for a room they can convert if an elderly parent needs to live with them.

The Generation X people typically will stay in their homes a shorter amount of time than previous generations. They are not tied to a job as earlier generations were and often will switch for greater job satisfaction. They like to have entertainment spaces. They are very well informed and fairly tech savvy; with 81% using the internet to find their homes. But they still need Realtors® to look at the history, resale values and potential zoning issues.

Generation Y are the fastest growing Generation. They are just entering the work force and because of the $8,000 buyer's credit; are also taking the home buying population by storm. Generation Y is plugged in 24/7 with I-Phones, Blackberrys, and other devices. They typically will prioritize family over work. They want a house that is move in ready, no painting, no fixer upper, no huge time commitment to make the house their own.

Understanding the various generations helps me to zero in on what type of community and Fishers home will work best for the buyer and their lifestyle. It helps me know what kind of information to give them about finances to make the most sense for what they want to accomplish. It isn't about just finding someone a house, it is about finding them a home...and there IS a difference.

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Fishers IN Real Estate Website
317-290-7775

Carmel Indiana Real Estate Market Report for October 2009

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Mon, 16 Nov 2009 19:53:55 -0600

With 731 homes for sale in Carmel, it is good to see them selling again! Of the 731 homes for sale in Carmel, 245 of them are over $500,000 or 34% and 62 of them are less than $150,000 (less than 10%). In addition 93 of those 731 homes were built in 2009 so still a very active new construction market in Carmel.

The graph shows two months in a row where 2009 sales are more than 2008 and October is showing a 63% increase, which is a significant increase from a year ago.

In October we had 126 homes sell and there were five that were over $1,000,000. The first one sold for $1,250,000 in the Village of West Clay, but was on the market since April of 2008. The second one sold for $1,100,000 in Laurelwood and was 10,000 sq ft on over 1.5 acreas. It was assessed at $1,700,000 and as a result sold in 21 days. Quite a difference between those two; showing pricing will make a difference.

There were 21 homes sold in Carmel that were less than $150,000. It is hard to find a home in Carmel in that price range, but it can be done. This Carmel Realtor knows where they are.

Distressed properties were 19 this month compared with 8 last year; so those deals are still out there. I closed one of those this month; it was in Bellewood. We bought it for $485,000 and it was in great condition; the last time it sold it went for over $700,000. My buyer got instant equity!

The Days on Market were 84 this year and 83 last year so no real change and still less than 90 days which is great and not surprising for this area with a great school system, shops and those lovely round-a-bouts!

The price per square foot took a nice increase in comparing the two years, from $108 to $112 or a 4% increase.

Finally the neighborhoods that sell the most are the usual suspects with Village of West Clay, Lexington Farms, Brookshire and a new one this month, Lenox Trace.

Let me know if you would like your neighborhood evaluated specifically because the data does VARY by neighborhood.

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Cindy "in Indy" Marchant - Carmel Real Estate Agent
Keller Williams Realty Indy Metro NE
Carmel IN Real Estate Website
317-290-7775

Fishers Real Estate Market Report for October 2009

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Sat, 14 Nov 2009 06:40:35 -0600

It's my monthly analysis of the Fishers Real Estate market. There are currently 759 homes for sale in Fishers, with 135 of them below $150,000. Here is a quick list of those homes less than $150,000 in Fishers; it is dynamic so changes daily. Those are great homes for first time buyers to take advantage of the extended $8,000 tax credit. If you haven't already heard, there is a credit for repeat buyers as well now. The rules are:

Must have lived in the home five of the last eight years
Must have a married income of less than $225,000 or a single income of $125,000
Must purchase a new home
Both the sale and buy must take place between now and 4/30/2010; closing before 6/30/2010.

Moving into the October market for Fishers, we saw 118 homes close compared with 114 last year. This is great to see after several months of 2008 beating 2009. We are currently still behind about 7% from a year ago in looking at the year to date figures. In terms of distressed properties, there were 15 this month and 14 last October.

The average days on market were 80 this month which is substantially less than they were a year ago at 96. The average price per square foot remains relatively constant at $100 from a year ago; so not a great deal of appreciation this year although it DOES vary by subdivision.

We saw Sunblest Farms hit it out of the park this month with 7 sold properties and the days on market were 4, 5, 8, 13 and 34 for five of those. When you can list a house and sell it in the same week; that's a hot neighborhood!

Lake Stonebridge had three that sold this month; it is where I ultimately want to retire! I watch that neighborhood closely.

There were two homes that were over $1,000,000 sell this month; the days on market for those were significant at 156 days and 246 days.

If you'd like specific information on your neighborhood, send me a quick email or reply to this blog post and I'll give you graphs and statistics on your home.

I am your Fishers Realtor signing out!

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Cindy "in Indy" Marchant - Fishers Real Estate Agent
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Fishers IN Real Estate Website
317-290-7775

Carmel Indiana Realtor Highlights Brookshire Neighborhood

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Wed, 04 Nov 2009 21:10:19 -0600

In my monthly Carmel sales reports, Brookshire often shows up as one of the neighborhoods with the most activity. There are several Brookshire neighborhoods, there is North, Villages, Pines and Lakes. Today I want to highlight Brookshire located between 116th to 126th and Gray. You've probably been by it; it has the pillars with the lions at the entrances.

It is an older neighborhood, built mostly in the early 70's. Most of the homes have basements and are four bedrooms and 2 1/2 baths. It is a very large neighborhood with nearly 400 homes. The neighborhood has beautiful mature trees and winding roads. It is conveniently located near Brookshire Golf Course.

Currently there are only seven homes available. Five of those are two story homes and the other two are ranch style homes. There are several tri-level homes as well. Most of the homes sell for approximately $100/sq ft. This is one neighborhood that has avoided most of the foreclosure/bank owned homes. Only one sold since January 1, 2009 and it sold for $66/sq ft.

The days on the market average is all over the map and that is probably because some of the homes haven't been updated since the 70's and others have. On the short end, they sell in about 60 days; on the long end, they take over 150 days to sell.

Since January 1, 2009 there have been 12 homes that have sold which is a little better than 1 per month. There are currently seven on the market, so about a six month supply. A balanced market between buyers and sellers is at five months.

The location of Brookshire, the variety of homes and the maturity of the area make this neighborhood very popular for people looking to buy a home for sale in Carmel.

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Cindy "in Indy" Marchant - Carmel Real Estate Agent
Keller Williams Realty Indy Metro NE
Carmel IN Real Estate Website
317-290-7775

Are you worth your commissions?

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Wed, 28 Oct 2009 06:03:31 -0500

If you have a Fishers home for sale, you undoubtedly have talked about the commissions that will be paid. Whether they are justified or not is certainly a topic of controversy. I could take either side of that depending on who we are talking about as the Realtor.®

I think I'll talk about the expenses first and then give you some ideas on how to negotiate the commission. My time is worth something, to put a dollar amount on it would be difficult. But, there is time involved in scheduling stagers, photographers and sign installation. There is time involved in getting the listing on to MIBOR with profile sheets and numerous forms that need to be copied and entered as well as pictures and tours being loaded. There is time involved in following up with showings, securing various documents for the showing agent (i.e. disclosures, surveys, lead based paint, etc). There is a tremendous amount of time to get the transaction to the closing table, mostly in terms of talking with the appraiser if needed and certainly scheduling contractors for inspection issues.

I also pay for the consultation with the stager, staging (no furniture rental) and the professional photographer to shoot the pictures of the home.

I spend premium dollars with Trulia and Realtor.com as well as others that allow me to showcase your home with more pictures and better positioning. Most Realtors® can feed their listings to various sites, but it costs more to have the premium packages.

You pay for me networking abilities and negotiation skills. I am a more experienced Fishers Realtor® and also had a previous career that was highly visible allowing me to have a very large circle of influence. I typically can sell my own listings because I actively look for buyers for them! You pay me to set your home apart from the others and to get premium dollars. For 2009, I am getting 96% to list price!

This is a nice transition to how you might be able to receive a lower commission from me. If I do bring the buyer, I often will discount the commission. If you buy a home from me once we sell yours, I often will discount the commission. If you are a strong referrer, I will discount the commission. I have one teacher at Indian Creek who has brought me so much business that when it sells, it will be for free on the listing side. I will still have to pay for the agent who brings the buyer.

I hope that helps explain why the commission rate is what it is; contrary to popular belief it is not just for putting the sign in the yard. But, NOT all Realtors® work the same. Ask yours why they are worth their commission or better yet, hire me!

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317-290-7775

Top 5 Secrets to Buy a Home

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Sun, 25 Oct 2009 17:39:00 -0500

Today, there are 800 homes for sale in Carmel Indiana! If you are thinking about buying one of them, here are five secrets you should know as you begin your search.

Be sure you have spoken to a lender FIRST. There is nothing more disappointing than looking at homes and falling in love with one only to find out you cannot afford it. The general rule of thumb, and I mean "general" is 2 1/2 times your earnings for your mortgage amount. So if you make $100,000 you can mortgage $250,000. Remember you must have at least 3.5% to put down making your purchase price right about $260,000. This of course all depends on your credit and debt ratios. If you need a lender, let me know. I have three that are outstanding in their business and highly responsive.

When looking at homes, play the substance versus style game. Determine what things are important to you BEFORE you start to look at a home. If a big yard is important to you, it is a substance item meaning we cannot change the size of the lot. If you want an open floor plan, that may very well be a style item because moving walls can be done. If you know a home won't work as soon as you walk in, move on. Your time is valuable.

Go by the home you are interested in at different times of the day to understand the neighborhood or traffic patterns for example. If I have a relocation client that is going to work downtown and is looking at a home that must use I69 to reach; I need to be sure they drive that at 5:00 to understand the traffic snarls.

Look at things other than the layout of the home, look at baseboards, in ovens and at the ceilings, especially the registers. How a seller takes care of visible items gives clues to how they takes care of the home in general. If you are buying a used house, which most people do, you want to be sure it is well maintained.

Be sure your Carmel Realtor runs the comparables and analyzes the data to the point that YOU understand it. A price per sq ft is a good starting point, but the history on the property is also important. Things like how long it has been on the market matter. I try to be sure I get a list of any updates to the home for the listing agent (likewise I have this ready for my listings). If possible, know the seller's motivation. If they have already bought a house, they might be more apt to negotiating.

Buying a home for sale in Carmel is easy in some respects, the community has great schools, wonderful events and an amazing appreciation rate on homes. But, you want to be sure you have considered these five points before you start!

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Cindy "in Indy" Marchant - Carmel Real Estate Agent
Keller Williams Realty Indy Metro NE
Carmel IN Real Estate Website
317-290-7775

Things to KNOW about the 1st Time Home Buyer's Credit

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Thu, 22 Oct 2009 19:49:44 -0500

As we approach the end of a terrific first time buying season in Fishers Indiana, I wanted to share some information from the IRS on the first time buyers credit.

As you know, unless it is renewed, it will cease to exist on transactions closing after 11/30/09 which means you would have to be under contract by 10/30/09 at the latest. There are a few short weeks, so hopefully this information will be useful if you or someone you know is almost ready to pull the trigger.

I work with many clients looking for a home for sale in Fishers that will fit their needs. These are some of the questions I have heard and the answers.

Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Q. A taxpayer owned her principal residence. Several years ago, she decided to relocate to a rented apartment, but did not sell the former residence. Instead, she rented it out to tenants. Now the taxpayer plans to buy another house and make it her new principal residence. Does she qualify for the first-time homebuyer credit?

A. A taxpayer who owned rental property within the past three years is still eligible for the credit. The taxpayer cannot have owned and used a home as his or her principal residence within the last three years.

Q. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?

A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence.

There are various other first time home buyers tax credit questions so please read the full report. I offer first time home buying classes every month at our Fishers office, you can register at our Fishers Real Estate website. I include a home inspector, a lender and then myself to help people understand the process of buying a home. Hope to meet you soon!

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Cindy "in Indy" Marchant - Fishers Real Estate Agent
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317-290-7775

Noblesville Indiana Real Estate Market Report

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Mon, 19 Oct 2009 15:18:24 -0500

Everyone continues to be curious about the Noblesville housing market, so here is the market report for September 30th, 2009. There are currently 658 homes for sale in Noblesville and another 119 are under contract (pended). For the time period January 1, 2009 through Septemer 30th, 2009, the total amount of Noblesville real estate sold is 682 homes versus 754 for the same period in 2008.

Looking at the graph, we can see that in every month but one, 2008 has outperformed 2009.

In the 2009 time period 151 (22%) were distressed properties compared with 114 (15%) in 2008. We are seeing an increase in other parts of Metro Indy as well in this area.

Of the homes that sold, 352 were under $150,000 and 18 were over $500,000. Neighborhoods with the highest number of solds were:

Deer Path with 32
Mill Grove with 18
Pine Knoll and North Harbour both with 14
Cherry Tree with 12

The most expensive home sold this year was in Morse Overlook for $775,000. It had 4800 sq ft and additional 1800 in the finished walk out basement. It was listed and sold in the same day. This is somewhat unusual for the over $500,000 market, the average days on market are well over 100.

If you are thinking about selling your Noblesville home, be sure to contact your Noblesville Realtor. Our team is averaging 59 days on the market in 2009 and our sale price to list price is 96%

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How can Buyers find the Right Neighborhood

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Sun, 18 Oct 2009 10:57:00 -0500

When relocating and buying a home for sale in Fishers, the average person can be overwhelmed with the number of great neighborhoods. How can a Fishers Reator® guide her clients without "Steering"? Steering in general means guiding buyers to a particular area based on the desire to keep the makeup of that neighborhood the same or intentionally change it. This isn't restricted to just ethnicity, but also demographically in terms of age or family make up. It is an illegal practice.

There are several tools we give to our buyers to help them discern if a neighborhood is right for them. The first thing I have to do though is listen. A buyer will give me a lot of informaton initially and I need to be able to figure out which pieces of informaton are most important in their search for a home.

For example, if a buyer has small children and wants a lot of children in their neighborhood I tell them to pay particular attention to the number of swingsets in the yards or to visit the home during school bus times.

If a buyer wants a social or active neighborhood, I ask them to drive by on a Saturday and see if people are out. For example in my neighborhood on a Saturday you would see moms walking babies in strollers, older people out for a stroll, a gazillion people walking their dogs and probably a few bikes or runners too.

If a buyer wants a neighborhood that is quiet, I might look at a low maintenance community that offers lawn care services for example. Looking at the amenities a neighborhood offers also might be useful, is their a playground and pool?

If a buyer is concerned about safety and is unfamiliar with our area, I ask them to visit familywatchdog.us to get specific crime statistics for the Fishers home they are interested in.

If a buyer wants a neighborhood with great resale, I pull the statistics for that neighborhood. For example I pull the average price per square foot for 2007, 2008 and 2009 and watch the trend. I look at days on market trending.

Lately, another statistic I am pulling for neighborhoods is the number of distressed properties (i.e. bank owned or foreclosure).

So, while I cannot "steer" people to a neighborhood of "my choice"; I can offer suggestions and data to help my buyers understand what is available that matches what is important to them. But again, it begins with listening. I'm all ears for you!

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Carmel Indiana Real Estate Market Report for September 2009

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Thu, 15 Oct 2009 21:30:24 -0500

This is the monthly Carmel Real Estate Report card. There are currently 822 homes for sale in Carmel Indiana, which is down slightly from last month. Before we talk about the month; let's just recap the first three quarters of 2009.

There have been 906 homes that have sold/closed since January 1, 2009. If we look at the absorption rate, that means about 100 homes sell each month. If we have 822 homes for sale currently in Carmel; we have an 8 month supply of homes. Now, of course this is a very general calculation; if your home were for sale you would want to do the absorption rate for either your specific neighborhood or for the price range you are in to more definitely focus on similar homes. Neighborhoods and price points do vary the calculations.

For September 2009, there were 113 homes that sold, so somewhat better than the average of 100. For the same time period in 2008, there were 105 homes. So 2009 sold more than 2008 for the first time this year! That is awesome news.

Just a quick note on distressed properties, there were 12 this month os about 10%.

The highest priced home that sold in Carmel was $1,006,325 in Grandin Hall which is built by Estridge. It was a 2009 home with 4,400 sq ft and an additional 2,600 in the finished basement. The lowest priced home sold for $85,000 in Homeplace.

The neighborhoods were very diverse, with several neighborhoods having three or four sales this month. Those were Concord Village, Brookshire, Village at Weston and the Village of West Clay.

There were 15 condo's in the 113 homes that sold in Carmel; so to get an accurate price per sq ft and days on market, I've excluded them. The average price per sq ft is $109 and the average days on market were 71. The stats for the Marchant Team are 59 days on the market and our sale price to list price is 96%, so if you are thinking about selling please give this Carmel Realtor the opportunity to win your business.

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Fishers Real Estate Market Report for September 2009

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Wed, 14 Oct 2009 20:09:18 -0500

The amount of homes for sale in Fishers remains fairly constant at around 750; currently there are 773 homes for sale. This blog post is to talk about the sales in September and also look at the full month by month report for 2009 for Fishers Real Estate.

For September, there were 129 homes that sold compared with 172 in September of 2008. This is a 25% decline.

The most popular neighborhoods were Sunblest, South Avalon, and Sandstone. Of the 129 homes that sold 49 of them or 38% were in the $150,000 to $250,000 price point with only 15 homes over $350,000.

The average price per square foot was $93 and the average days on market were 71. (The Marchant Team days on market for 2009 is averaging only 59!)

The most expensive home that sold in Fishers was $2,625,000 in Breakwater with over 14,000 square feet and on 3 acres! The most inexpensive home was for $65,000 near 113th and Florida road with only 1,152 square feet.

The last two months (July and August) we have thrown out the possibility that we have "borrowed" buyers in the earlier months of the year. I think September continues to show that trend.

The other possibility is that in September of last year, the zero % financing ended so many buyers quickly purchased before that funding was sunset in the July-September timeframe.

Next month should be an interesting bar on our graph to substantiate one of these hypothesis.

Another trend we are watching is the distressed property numbers. This month there were 21 of the 129 or 16% that were distressed.

Last year for the month there were only 9 or 5%. I have six closings this month and 4 of them are with a distressed property.

Remember if you are needing to sell your home and think you may be upside down or you are looking to buy a distressed property, this Fishers Realtor is very educated and savvy on those types of sales.

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Halloween Activities in Carmel Indiana

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Tue, 13 Oct 2009 20:13:51 -0500

There are some great Halloween events planned for Carmel residents! While October is a great month to purchase one of the 826 homes for sale in Carmel Indiana, it is also a great month to get out and enjoy our Indiana cool weather.

The Carmel Clay Parks has many events! If you have kids that like to color, they can pick up a coloring sheet at the Monon Center or at the website and submit it by October 23rd to be entered to win a prize. The artwork will be judged in age groups of 0-2; 3-5; 6-8 and 9-12 years old.

The Pumpkinfest will be on Saturday, October 24th from 12-4 and is FREE. You can purchase a pumpkin, enjoy a hayride and create a scarecrow!

There will be pumpkin decorating on October 17th from 2-3; pumpkins are $10.00 each.

There is a Pumpkin Patch Festival from 10-1 at the Clarian North facility at 11700 N Meridian. There will a bounce house, petting zoo, face painting, clowns and balloons for the kids. Costumes are encouraged!

For other events around town; check out these sites:

Headless Horseman at Conner Prairie is a favorite for all!

A visit to Tuttles Apple Orchard to pick apples or take a hayride.

The 37th annual Pumpkin Harvest Festival in Noblesville is a great choice and available during October.

The Indianapolis Zoo is hosting Halloween ZooBoo during the weekends in October.

The largest Haunted House is at Hanna's Haunted Acres!

If trick or treating is all you want to do this Halloween, residents in Carmel will be trick or treating on Saturday, October 31st from 5 -8 p.m.

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Halloween Activities in Fishers Indiana

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Tue, 13 Oct 2009 20:11:56 -0500

It's October and time to give you my Top Halloween Spot pics! From the hundreds of clicks on my Easter Egg Hunt post, I know many of you follow the blog to find out what's happening in and around the Fishers area as well as staying up to date on the Fishers Real Estate market. Just as an update, today there are 782 homes for sale in Fishers!

I think the Children's Museum is one of the best places to take your kids anytime of year! But at Halloween, they have the Tomb of Doom. From October 16th through the 31st, kids can wear their costumes and explore the Egyptian labyrinth of fun including the Desert of Despair, Vile Nile and Pyramid of Peril as they search for the Lost Mummy! There is a lights on version during the day for this event also.

The Indianapolis Zoo has their Halloween ZooBoo every weekend starting the 16th - Oct 30th. The zoo stays open late with the animals on exhibit. There is a hay maze, monster music, pumpkin bowling, a haunted train ride and trick or treat stations.

Something fun to do any time this fall is a visit to Tuttles Orchard where you can go on a hayride, weave your way through the four acre family friendly corn maze or pick your pumpkin from the pumpkin patch. You can also pick over 22 varieties of apples!

One of the most popular events for Fisher Home Owners is the Headless Horseman at Conner Prairie. The cost is $9 or $13 depending on the day of the week you go. There is storytelling, crafts, live music, and a nightly staging of "The Legend of Sleepy Hollow" complete with hayride.

There are so many other great Halloween events including:

The 37th annual Pumpkin Harvest Festival in Noblesville is a great choice and available during October.

The largest Haunted House is at Hanna's Haunted Acres!

So, have a great October enjoying the events, have some warm cider, pumpkin bread and please continue to come back and read about Fishers Real Estate, Events and Happenings!

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Listing Agent who actually sells!

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Mon, 12 Oct 2009 20:10:24 -0500

With nearly 800 homes for sale in Fishers, it is important to have a Realtor® who understands the Fishers Real Estate market, knows how to set your home apart from others and communicates with you. Every so often I receive a call from someone who has their home listed with another real estate agent and they find me from this blog and ask me to list their Fishers home. The number one reason they switch from their current real estate agent is communication.

There are a variety of reasons to list you home with this Fishers Realtor that include:

A track record in 2009 for selling at 96% of list price and in 59 days.
The upfront work I do in staging your home and professionally photographing your home.
The tips and tricks I have learned in 10 years of selling real estate; for example how to set your home apart from all the others on Craig's List with ★ symbols before your listing!
The background I have in negotiating and conflict resolution makes for a smoother transaction.
Communication!

As part of my normal communication, I create a Seller's Report that shows activity, competition, marketing and recommendations.

It gives the seller a snapshot of the activity and important aspects of selling their home in a timely fashion.

I usually like to do this report at least once a month.

Do I sometimes recommend price reductions, absolutely. Typically I ask for them after 11 showings or 21 days, whichever comes first. But, if they see what I am doing in terms of marketing, I think they understand my requests.

One of the latest recommendations I am making is holding an open house during the week, maybe a Thursday night with snacks! I attend conferences and educational seminars to get different ideas that help sell my client's homes. This is one of those ideas.

When you list your Fishers home for sale, you hope it isn't with a Realtor that just puts a sign in the yard, drops it in MIBOR with a picture or two and prays it sells. You want someone who spends time with you and understands why you bought the home and why you are motivated to sell it. You want someone who will give you suggestions on what to do to increase the price or decrease the time on the market. You want someone who gives you professionals to help "sell" your home like stagers and photographers and sometimes painters and handymen. But you aslo want someone who will communicate with you too. Read my references, call me and let's get your Fishers home sold!

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Why use a Realtor when considering New Construction

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Sun, 04 Oct 2009 19:53:00 -0500

There are currently 731 homes for resale in Fishers that were built before 1/1/09 and another 53 on the market that were built after 1/1/09.

Of the 53 new homes in Fishers for sale, 12 are condo's and 41 are homes. The majority of the new construction in Fishers are Ryland, Pulte/Centex and Estridge with a few MI, Drees, Beazer and Custom Builders. The average price per square foot of these homes that are at least 3 bedrooms and are residential versus condo is $141.00. A custom build is usually well over $150.00 a square foot.

I have spent the last couple of weeks working with various buyers that want new construction in the Fishers or Carmel area. You might wonder why would you use a Fishers Realtor® if you are building new construction here.

Most builders have employed integrity pricing, meaning they are doing very little negotiations. This is important to you because you want to know that what you paid for your home is close to what the neighbor paid for his. You don't want the Builder to have discounted it for whatever reason; it will just bring the value of your home down. That being said, there was a buyer that I represented and was able to negotiate 6% off his purchase price by providing comparables; so sometimes we can do that for our clients.

But you do want a Fishers Real Estate agent to represent you for the following reasons:

You will not pay any more to have buyer representation; the builder pays the commission from a marketing fee. It will not change the price you pay for the home whether you use a Real Estate Agent or not so why wouldn't you want someone to represent you.
One of my clients was torn between two builders, so I ran comps for both neighborhoods so they would know what the price per square foot and the days on market were in each neighborhood. They could be vastly different by neighborhood and that impacts your resale and appreciation.
The builders do offer incentives and how the incentive is structured can matter to you. For example one builder is giving 3 points. Most people assume that is to buy down the rate. It would take you 30 years to realize the full benefit of that. But what most people don't know is that you can do a 3-2-1 ARM loan or you can have the builder pay your interest for six months or until the 3 points are used up, whichever comes first. That allows you to receive the full benefit in 6 months. For example if you buy a $300,000 home; those three points equals $9,000 off your payments in the first six months!

Read the rest of the article at MyFishers Blog!

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Five Critical Success Factors to Selling your Home!

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Tue, 22 Sep 2009 16:08:45 -0500

Looking at the Fishers homes for sale currently, there are 790. Of those, 45 of them were listed prior to January 1 of 2009 and another 74 were listed before March 31st! That is over 15% of the current listings. Why are they still there?

Here are 5 items to consider when selling your Fishers house:

Be sure the buyer is qualified. It used to be you could just breathe and be approved for a loan. This has all changed and you now need to almost give your first born! Be sure you know the difference between a pre approval and a pre qualification letter. Your Realtor® should! For my seller clients, I will typically call the buyers lender and just check in and let them know my email and phone number if they have questions and then ask if there is anything unusual or that I should know about the buyer they are representing.
Consider how long your property has been on the market. I love my home and the work and sweat equity I have put into it and I'm sure you love your home too! But the reality is if you have had 11 showings or have been on the market for 21 days; you should be reducing price about 3% each time. While the Realtor makes a recommendation and the seller ultimately decides what the home should be listed for, it is in fact the buyer that will decide what it will sell for.
Where can you compromise? If your first choice isn't price, can you give a paint allowance, pay closing costs, leave your appliances. Try to find a win-win and take every offer seriously.
If your home is vacant, consider staging the home. A consultation from my stagers ranges in the $120 price point. They give you a full report of what needs to be done and what their staging would cost. You cannot underestimate the value of staging! It has been shown that 94.6% of ASP staged homes sell in 35 days or less!
Beware of the Appraisal! Every year it seems an issue or two come into play consistently; this is the year of appraisals. I could write an entire post on appraisals, oh wait...I have! It is similar to #2; we all value our homes but once the buyer values the home, the appraiser has to validate that. Even buyers are over valuing the homes these days according to appraisers!

As a bonus this post; here are two questions you should ask the real estate agent you are considering to sell your Fishers home:

How long is it taking you "on average" to sell the homes you list?
What is the sale price you are getting compared to the list price?

If you were to ask this Fishers Realtor; the answers would be 1) 59 days and 2) 96% and those are hard to beat! If you are curious about the value of your Fishers home, ask me! I'm here to help navigate the process for you.

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Carmel Indiana Real Estate Market Report for Jan- Aug 2009

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Fri, 18 Sep 2009 16:18:11 -0500

There are currently 846 homes for sale in Carmel Indiana and 144 additional homes that are under contract (pended). The graph below shows 122 homes sold in August compared with 130 in August 2008, so very close with the activity of a year ago.

The neighborhoods with the most sold in August were Brookshire, Plum Creek and Shelborne Greene. From the graph we can see that August actually is the closest to its counterpart in 2008; so maybe that is good news!

The highest priced home in Carmel that sold was for $1,255,000 in Bridlebourne and it was only on the market 109 days. The Indianapolis Business Journal had an article two weeks ago that said million dollar homes weren't selling; this one must have been priced well and in great condition. There was one other home that sold over a million; it was in Windsor Grove and sold for $1,100,000 and on the market for 222 days.

There were six homes that sold for less than $100,000. It is very hard to find a home in Carmel for sale that is less than $100,000. Most of these are condo's. Buyers in this price range might have more options is they searched in Fishers or Noblesville.

There were only 12 distressed properties compared with 8 a year ago; there just aren't quite as many in Carmel. I did happen to see one this weekend that is a great deal in Bellewood. If you have questions about homes for sale in Carmel or what your home might be worth, please contact your Carmel Realtor and I'll get to work for you!

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Fishers Real Estate Market Report for August

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Tue, 15 Sep 2009 12:29:30 -0500

There are currently 790 homes for sale in Fishers and there are 204 pended (sales contract is in place) but what a story we have on homes in Fishers that sold in August! The graph below shows the trend from January through August for sold Fishers Real Estate. I think using the graph is a great way to see a bigger picture, than just writing about the month of August.

The numbers have been consistently close through June and then we saw a 14% decline in July and we are seeing a 31% decline in August! Our hypothesis in July was that perhaps the influx of first time home buyers was beginning to decrease as most were already in the market. I think that this is more evidence to support that hypothesis. There were 139 homes that sold in Fishers versus 201 a year ago in August.

I did consider whether the number of pends was unusually high and by looking at the pends by date; this could be an explanation. Of the 204 homes for sale in Fishers that have a contract; 102 of those pended in August. I know "getting to the closing table" is much harder than it used to be; so timing may be a factor. There were new lending regulations that came out at the end of July requiring better disclosures and longer time tables.

Of course the highest price home in Fishers that sold was for $1.1 million and it was Marcus Schrenker's home in Geist. Most of the lowest priced homes that sold were the condo's at Cedar Cove that have the traffic of 96th and Allisonville to contend with. Sunblest, Sweet Briar and Woodberry had the most homes for sale in Fishers that sold.

The number of distressed homes continues to decline from the 2008 levels signifying the run on bargains may be approaching a balanced level. For the third month in a row, the number of homes for sale in Fishers that are distressed is less than the number in 2008. There were only 14 homes in August 2009 that were designated as distressed.

Our team continues to help many people understand the difference between foreclosing on a home and selling short. We have a Certified Distressed Property Expert (CDPE) or Short Sale Realtor® on our team, her name is Susan Timmerman. It is worth talking to her or referring someone you know in a negative equity position to Susan to discuss the differences between foreclosures and selling short.

If you are thinking about having your home in Fishers for sale; you need to choose your Realtor® wisely. The best two questions to ask a Realtor are:

How long does it usually take you to sell a home; known as days on market?
What is the percentage you usually get compared to list price for a sales price?

The Marchant Team for 2009 statistics are 59 days on the market meaning we sell your homes in less than two months and our average sale price to list price is 96%. If you have a home listed at $200,000; you can expect the Marchant Team to get you $192,000 as the sales price. There are very few Realtors in Fishers that can compete with those numbers. If you want the best selling or buying experience, hire the best Realtor.

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Fishers Realtor highlights Gray Eagle

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Fri, 11 Sep 2009 21:02:24 -0500

There are 773 homes for sale in Fishers today! I love to highlight all the various Fishers neighborhoods that make up those 773 homes, today I have chosen Gray Eagle! Gray Eagle is a golfing community in Fishers with Prairieview Golf Course surrounding the subdivision and is located on 116th to 126th in east Fishers.

Gray Eagle has 682 homes that were primarily built by Pulte Homes and is enclosed by 240 acres of wooded preservation. There are various subdivisions within Gray Eagle, for example "The Bluffs" are located off of Brooks School Road at 126th and are ranches with finished basements that either back up to the woods or golf courses.

Currently there are 14 homes for sale in Fishers Gray Eagle. They range in price per sq foot depending on which area in Gray Eagle you are looking, but the majority are in the $120-$130 price per sq ft. Currently the highest priced home is at $499,000 with 4,400 sq ft PLUS an additional 2,000 in the basement at 11751 Skyhawk Court. It has five bedrooms and four full baths. The lowest is at $339,000 with 2,770 sq ft and an additional 1,500 in the basement.

Most of the homes were built in the early 2000s and have three car garages, basements and often three to four full baths.

Since January 1, 2009 there have been 26 homes sold in Gray Eagle, which is about 3 homes per month. If we look at the absorption rate, we would say with 15 homes for sale in Fishers Gray Eagle, we have just under a five month absorption rate. This is approaching a balanced market.

Gray Eagle homes typically sell in less than 90 days as well demonstrating that it is a neighborhood that is popular to home buyers in Fishers.

It is also popular due to its proximity to shopping, schools and interstates; yet with a golf courses and wooded lots, maintains a private quiet backdrop for its residents.

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Short Sale versus Foreclosure Discussion

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Thu, 10 Sep 2009 08:06:00 -0500

There are many people who have homes for sale in Fishers or are thinking about selling their home and know that they probably owe more than they can get for their home. This can cause a lot of sleepless nights.

In many areas in the surrounding Indianapolis market, the 2009 prices have not appreciated above the 2006 prices. This means if you bought your home in 2006; you may not be able to sell it for more than what you paid. This creates negative cash flow when you add in typical seller expenses such as taxes (paid in arrears in Indiana), commissions and title work.

There are options! You may be able to sell your home "short" and preserve your credit. Banks have the option of submitting the short sale to the creditu bureau as "Paid in Full" or "Settled for less than full balance". The problem is when you stop making payments; then your credit score will suffer. There are ways to sell short while you are making your payments.

In 2007, the U.S. Congress passed the Mortgage Debt Forgiveness Relief Act and it is now in effect through 2012. The essence is that you will not pay taxes on the debt that is forgiven if it was your principle residence.

We have a short sale or CDPE (Certified Distressed Property Expert) agent on our team. This is a workpaper she has shared with our team that might be useful to my readers.

If you are being relocated for a job or have a declining market in your neighborhood, your lender may agree to allow you to sell short rather than go into foreclosure. If you do not become delinquent on your payments, you may be able to sell short and not harm your credit scores.

This is a very important discussion that is individual specific so please let me know if you would like to talk with me or my team member to see if it might be an option for you or someone you know.

The Marchant Team is about selling real estate, but it is more about creating a win-win situation for each client we have the opportunity to work with in the Fishers Real Estate area.

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Fishers Realtor explains Private Mortgage Insurance

Cindy "in Indy" Marchant Carmel, and Fishers Real Estate (Keller Williams) — Sun, 06 Sep 2009 19:48:06 -0500

You typically will see PMI applied when you have less than 20% equity (mortgaged amount is more than 80%). The misnomer I often see is that people interpret that to mean they need 20% down in cash. There are other ways to ensure the 1st mortgage is at 80%; by taking a 2nd mortgage for say 10% and then the balance of 10% is in cash. The 2nd mortgage will run a bit higher on an interest rate, but some people prefer to pay that off quickly and avoid the PMI charges completely.

Or course, a 2nd is much harder to come by these days. A credit score over 700 is expected.

When you purchase a home with an FHA loan; PMI is automatically attached regardless of the amount put down. It is typically .55%. This is true if you have a 30 year FHA loan; PMI would not be required on a 15 year FHA with 10% or more down. (thanks David!)

PMI costs vary greatly, they can be as low as 1/2 % of the mortgaged value to 1.00%. Here is an example of how this might work:

A buyer searching in the Fishers Real Estate market might find a home in Sunblest for $139,900. Their Fishers Realtor® negotiates the price to $133,000. The buyer puts down $13,000 leaving a mortgage of $120,000. Lots of numbers, I know...stay with me. The PMI is 1% of the mortgage balance or $1,200 or an extra $100 a month.

Here's a bit of good news, PMI is now deductible up to $1,000 a year.

It is important to understand the "Total" monthly mortgage payment. Often calculators on various websites give you an amount that is JUST principle and interest. You must also include property taxes, homeowner insurance and PMI (depending on your loan) and possibly a monthly maintenance fee if you are buying a condo or choose a home in a low maintenance community.

If you have other questions about PMI or other real estate lingo, please let me know. I am here to help you understand the buying and selling process. More real estate terms defined here.

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