Tuesday, June 30, 2009

A Sample of Today's Interest Rates

Lenders are still swamped with getting to many refinances closed and with today being the end of the month, some residential closings are being delayed. Rates have been higher in the past few weeks, but today they are looking a little better. And always remember that rates below 6% are historically low and excellent for fixed rate mortgages.
Here is a sample of today's interest rates from local lenders and as always on the b-town Report rates are for 30 year fixed rate conventional mortgages for folks with really great credit scores:

Home Prices Are on the Rise in Bloomington



In an article from Realtor Magazine, Alan Greenspan is quoted as saying that a true economic recovery will not happen until home prices start to climb. Bloomington is doing its part to help the recovery of the economy. Based on single family home sales for this year compared to the same period last year, prices are up:

  • 2008 Average sales price was $186,538
  • 2009 Average sales price was $193,336

This is an increase of 3.64% over last year. Here is the article from Realtor Magazine:

Economic recovery depends on staunching the downward flow of home prices, says former Federal Reserve Chair Alan Greenspan.

As long as home prices continue to decline, the economy won’t stabilize, he predicts.

"The bulk of conforming mortgages made since 2005 are close to being underwater," Greenspan says. "We can take another 5 percent decline in house prices without much macroeconomic impact. But if prices fall by 12 percent, more than 4 million additional home owners will be underwater.”

Source: The Wall Street Journal, David Wessel (06/25/2009)

Monday, June 29, 2009

The Downtown B-Line Trail is Open!





On Friday the downtown Bloomington section of the b-line trail officially opened. By Saturday morning it was in full use by walkers, joggers and bicyclists.
This is just another benefit to Bloomington which will only help grow the housing market. Anyone visiting the area to look at houses should see the b-line trail and the farmers market which is always bustling with activity on Saturdays.

Saturday, June 27, 2009

What's the Most Expensive Home on the Market in Bloomington?



There are currently two homes priced at $2,950,000.00 in our MLS system. One of these two homes, pictured to the right, is a beautiful 9200+ square foot estate home featuring five bedrooms and five baths, all on 10.22 acres.

The amenities are endless and they include

  • A two bedroom guest house
  • A Japanese garden with water fall
  • A $50,000 audio/visual system
  • Wine cellar
  • A master suit with a fireplace and sitting room
  • and so much more

Located just minutes from downtown, this home has a super location. If you'd like to see this house, you'll have to be pre-approved by a lender for the purchase amount.

Friday, June 26, 2009

Market Statistics for Monroe County for the First Five Months



Here are some statistics based on information from the Bloomington Board of Realtors MLS for Monroe County (not including condos) for the first five months of 2009 :

  • The highest number of pending sales in a specific price range are for homes listed between $125,000 and $149,000.
  • The price range with the highest number of current active listings is homes priced from $125,000 to $149,000
  • There are currently 53 homes on the market priced at $600,000 or more. Based on market data, it will take 63.3 months (or 5.275 years) to sell this inventory

What does the increase in interest rates mean to you as a buyer?

Here's a great link to a video that talks about the rise in interest rates and how that will affect your payments. Here's the link:
http://www.youtube.com/watch?v=_lnrH0WhCNo

Thursday, June 25, 2009

A Sample of Today's Interest Rates



Rates have risen over the past couple of weeks. A post tomorrow here on the b-town report will show a video that talks about the effect that these new rates will have on your monthly expenditures. And keep in mind that these current rates are still amazingly low!
Here is a sample of today's rates from local lenders. And as always on the b-town Report the rates are for a 30 year fixed rate conventional mortgage and rates are subject to change:

The B-Line Trail Grand Opening Ceremony



The downtown section of the B-Line Trail will be held Friday June 26th starting at 4:30. Events start out at the Farmer's Market at the Showers Building in downtown. Here's a calendar of events:

  • 4:30 p.m. VIPs and Guest Speakers at the Farmers' Market Plaza 401 N. Morton St. on the B-Line Trail behind City Hall
  • 5:30 p.m.On the Farmers' Market Plaza:Bomi Lee, caricatures; Amy Brier, limestone carving; Jeanne Iler, plein air painting
  • 5:30-6:30 p.m.Fiddle 'n' Feet on the Farmers' Market Plaza
  • 5:30-6:30 p.m.Bobbie Lancaster's Little Folks and Children's Activity on the WonderLab Plaza
  • 5:30-6:30 p.m. Sarah's Swing Set at Animal Island on the B-Line Trail
  • 5:30-6:30 p.m.Anne Hurley & Jim Krause on the REALTOR Plaza Reception on the REALTOR Plaza hosted by the Bloomington Board of REALTORS and the Bloomington-Monroe County Convention Center

Wednesday, June 24, 2009

The Home Buyer Tax Credit Could Be Expanded

In a news release from the National Association of Realtors:
"A first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle. Now both legislators and the business community are hoping to build on the incentive's success by expanding it. A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes:
  • Setting a new cap of $15,000.
  • Extending the tax break into mid-2010.
  • Making the benefit available to all home buyers, not just first-timers.
  • Offering a separate tax credit to $3,000 for borrowers who refinance. "

Source: via Realtor.org and USA Today, Stephanie Armour (06/22/09)

Tuesday, June 23, 2009

June Housing Forcast from NAT

Straight from the National Association of Realtors:


"The three straight months of rising pending home sales is welcoming and encouraging. First-time buyers are responding to the incentives of rock-bottom mortgage rates and the tax credit to pick up low- priced homes. Recent figures suggest about 45 percent of buyers have been first-timers, higher than the typical 35 to 40 percent during more normal years. A high proportion of the transacted homes are distressed, either in foreclosure or requiring a lender approval short-sale, with deep discounted prices. By the fourth quarter, existing home sales are projected to be about 15 percent higher compared to the comparable period the year before, if all goes as planned."

Monday, June 22, 2009

The Top Ten Cities Most Likely to Bounce Back Quickly

We just love a top ten list at the b-town report. Courtesy of Forbes:

" Some cities are likely to recover more quickly from the housing downturn than others. Forbes magazine has identified the top 10 cities that it believes are poised for recovery by examining unemployment figures, projected gross domestic product from Moody’s Economy.com, and housing affordability data from the National Association of Home Builders. Overall, cities most likely to recover first are those with strong technology capabilities.Here is Forbes’ top 10:

  1. Austin-Roundrock, Texas
  2. Fayetteville-Springdale-Rogers, Ark.
  3. Boulder, Colo.
  4. Huntsville, Ala.
  5. San Antonio, Texas
  6. Mobile, Ala.
  7. Dallas-Fort Worth-Arlington, Texas
  8. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.
  9. McAllen-Edinburg-Mission, Texas
  10. Seattle-Tacoma-Bellevue, Wash."

Source: Forbes, Joshua Zumbrun (6/10/09) via Realtor Magazine Online

Saturday, June 20, 2009

Home Sales in the First Five Months Priced From $50,000 to $100,000 in Northwest Bloomington City

The big picture is always important, but sometimes it's interesting to see the small picture, a specific segment of the real estate market. Today's snapshot deals with entry level homes price under $100,000 in Bloomington's northwest section of the city using the following stats:

  • Sold from January 2009 through May 2009
  • Single family homes
  • Priced from $50,000 to $100,000
  • Located in Northwest Bloomington City
  • Stats from BBoR MLS

There were a total of seven sales. Five of the homes sold below $75,000. If you keep in mind the low interest rates and the $8,000 tax credit for first time home buyers that buyers will be able to use for their down payment, so many new residents of Bloomington can afford to buy a home. Call a lender today to find out if you qualify.

Friday, June 19, 2009



The first five months of 2009 continued the trend in Bloomington of prices increasing while the number of sales decreased. Here are the numbers for January through May of 2009:

  • Total number of sales: 417
  • Average sales price: $180,981

And for 2008:

  • Total number of sales: 517
  • Average sales price: $171,429

Home prices have increased in 2009 over 2008 for the first 5 months by 5.57% while the number of sales has decreased by 19%. As the year progresses we should see the number of sales increase due to the new first time home buyers $8K tax credit stimulus.

But the good news is that real estate in Bloomington is seeing a very strong increase in sales value.

Wednesday, June 17, 2009

Hoosier Acres Neighborhood Update









A sign of the popularity of the classic Bloomington neighborhood is the results of the first tear-down and rebuild.
Last fall a home on Meadowbrook was purchased for $200,000. Said to be the first home built in Hoosier Acres, the structure needed renovations and updating but it was on a 3/4 acre lot.(bottom photo) Soon after purchasing the home, it was raized (middle photo).
Nine months later the new house is complete (top photo). The owners built a solid limestone home planned to fit into the neighborhood and look as if it were one of the original homes of Hoosier Acres.
Now another home on Meadowbrook is being completely renovated. Updates will follow.






















Friday, June 12, 2009

120 Kirkwood is on it's way to becoming Downtown Bloomington's Newest Urban Condos


The commissioners of Bloomington gave the go-ahead for 120 Kirkwood, the newest downtown condo project for Bloomington. The final plans alter the exterior slightly from the drawing to the right.
Construction is slated to begin this September and will hopefully be completed by September of 2010.
According to the Bloomington MLS, all sixteen condos are still available with prices ranging from $199,000 to $649,000.

Thursday, June 11, 2009

The Top Ten (actually 12) Cities with the Most Price Reductions


According to http://www.trulia.com/ 1 in 4 houses in the US, currently on the market, have had price reductions. Trulia researched the top 50 real estate markets (based on population) and below are the top 12 cites with the most price reductions:


Percent of current listings with price reductions
Jacksonville, FL – 36 percent
Honolulu, HI – 31 percent
Tucson, AZ – 32 percent
Minneapolis, MN – 31 percent
Boston, MA – 32 percent
Austin, TX – 30 percent
Los Angeles, CA – 32 percent
Washington, DC – 30 percent
Columbus, OH – 31 percent
Baltimore, MD – 30 percent
Dallas, TX – 31 percent
Las Vegas, NV – 30 percent

Tuesday, June 9, 2009

Where do consumers find open houses?

In a recent study from www.trulia.com conducted by Harris Interactive®, online resources still lead the trend in where consumers find out about open houses. Print advertising is used approximately half as frequently by home buyers.
Another interesting fact is that 90% of home buyers say that they will visit open houses during their buying process. Attending open houses will probably not connect the consumer with the house that they purchase, but it does help consumers learn the real estate market in their community.

Source: Trulia.com