b-town report

Weekly update for the Bloomington Real Estate Market

2012-02-13T09:53:00.000-05:00

While I was cruising through the Caribbean Sea this past week, a great deal of activity was taking place in Bloomington. Here are the week's numbers:

102 new listings on the market
37 listings had price changes/reductions
43 listings received accepted offers
17 listings sold

The high price sale of the week was in Sutton Place on Derby Drive. This home was listed at $319,000 and sold for $300,000. This home was on the market for 118 days before it had an accepted offer.

The highest priced listing of the week is in Gentry East. This home is priced at $449,900 and has four bedrooms, three full baths and just over 3700 finished square feet. Plus there is an additional 700+ square feet of unfinished space in the basement.

It was a great week sailing in the Caribbean, but it's great to be back in Bloomington!

This past week's numbers for Bloomington

2012-01-30T11:44:00.000-05:00

As we wrap up the month of January, the real estate market continues to be very active. Mild weather, great interest rates and a good inventory of homes is creating a healthy environment.

There were fewer new listings this week caused by the fact that some many home owners focused on getting their houses on the market bright and early this month.

Here are the week's numbers:

80 new listings (there were 29 properties withdrawn, so we're most likely looking at 51 +/- actual new listings
30 properties sold
31 properties received accepted offers
42 properties had price reductions. (many of these will be home owners who are trying to make their house more appealing to buyers with the new year...a good idea.)

The high selling house of the week sold for $270,000. This house in Hyde Park was listed for $300,000.

Market update for the past week of Bloomington's real estate industry

2012-01-25T14:21:00.001-05:00

It's been a busy week in Bloomington and the surrounding area. Even with icy conditions buyers were ready to make a move. And more and more homes keep coming on the market which makes the shopping great fun!

Indiana as a whole is seeing appreciation again in many areas, which will bring even better conditions to Bloomington.

Here are this past week's numbers:

100 new listings
26 withdrawn listings (like last week, most of these homes will have been pulled out of the MLS system and re-entered with a new MLS number. All MLS numbers in this market start with the year they are entered into the system, so all new listings will be eight digits starting with 2012. And having a new MLS number will make the listing appear as if it is fresh on the market)
45 price changes (almost all, if not all, will be price reductions)
16 homes sold
61 homes went pending (this is a phenomenal number for this time of year!)

This time of year we are seeing a lot of local home owners making a move and trying to beat the rush of those buyers coming from out of the area with spring job offers. The fact that people are making moves for more space or to a different neighborhood is a great sign of the confidence that Bloomingtonians have in our local economy.

Stay warm!

What happened this week in Bloomington's real esate market?

2012-01-16T12:04:00.001-05:00

The real estate market here in Bloomington is in full bloom. Here are some of the numbers for this week's activity in Bloomington and the surrounding areas:

120 new listings!
55 listings had price changes (reductions is a more accurate term)
38 listings were withdrawn (most of these withdrawn listings will have been pulled from the MLS system by the listing agent and then re-entered so that the listing has the current year's MLS number...good marketing)
23 properties sold
29 properties went pending

All this is great news for Bloomington. Since the norm in this market is for it to take about 30 days for a house sale to close from the time an offer is accepted, these numbers show that 30+/- contracts were written and accepted in this area during the middle of December which is a typically quiet month for real estate.

And new listings are coming on the market every day. Keep checking back for more information or click the like button at on my facebook business page and follow all the trends in this market.

Three major metro areas in Indiana are marked as Improving Housing Markets.

2012-01-11T08:30:00.000-05:00

The National Association of Home Builders has added 35 new metro areas to their list of 'Improving Housing Markets'. Three of those cities are in Indiana: Elkhart, Lafeyette and Indianapolis. The complete list of 76 cites are in only 31 states and the District of Columbia.

Though Bloomington is too small to be in the radar screen for this type of data, it is a great sign that our neighboring communities are starting to be noticed for healthy recovery. The criteria that was used to compile the list: number of housing permits, home prices and employment monitored over six months.

2011 Market Report for Bloomington Indiana Sales 2011

2012-01-06T10:50:00.000-05:00

Overall, the sales market in Bloomington continued to be strong during the 2011 calendar year. Here are some number based on sales of homes in Bloomington:

Total homes sold: 897
Average days on the market: 89
Top selling priced bracket: $120,000 to $139,999
Second top selling price bracket: $140,000 to $159,999
The greatest number of homes sold in 30 days or less

How does that compare to 2010? Here are the 2010 numbers:

Total homes sold: 861
Average days on the market: 74
Top selling price bracket: Same as 2011
The greatest number of homes sold in under 30 days as well.

Jumping back to the hot real estate market of 2007, here are the number:

Total homes sold: 1240
Average days on the market: 112
Top selling price bracket: same as both 2010 and 2012
The greatest number of homes sold in 31 to 60 days on the market.

Bloomington Home Sales for January 2011

2011-02-13T10:06:00.002-05:00

And the numbers are in for Bloomington home sales for January. These figures are from the Bloomington Board of Realtors MLS system and are all residential sales in Bloomington for the month of January.

A total of 60 homes/condos sold during the month
Average sales price was $162,624
Median days on the market was 88 (good)
Homes sold for an average of 96% of their list price
The most active price range for sales was $140,000 to $159,999
The second most active price range was $160,000 to $179,000
The third most active price range was $100,000 to $119,000

Here's how these numbers compare to January 2010:

Total number of sales increased 11.11%
Average sales price is down 6%
Median days on the market is up 27%

More homes sold in 2011 but they had to work a little harder to get the job done. One has to keep in mind that the $8000 tax credit was in effect during January of 2010 which altered the standard real estate market.

RE/MAX is celebrating their 38th birthday with great successes!

2011-02-10T14:16:00.003-05:00

The RE/MAX brand was established 38 years ago and forever changed the face of real estate by creating maximum commission based businesses for top producing professionals. RE/MAX Chairman Dave Liniger opened the first RE/MAX office in 1973.

This past year saw many great accomplishments:

Worldwide franchise sales were up nearly 30% in 2010
Two national surveys ranked top performing RE/MAX agents above all other national franchise agents in average transaction sides of sales.
Reader's Digest Canada named RE/MAX the Most Trusted Brand in Real Estate
RE/MAX became one of three companies to pass $100M in donations to Children's Miracle Network Hospitals.
RE/MAX was named Top Ten Military Spouse-Friendly Employer by Military Spouse Magazine for the 4th year in a row.

And in the Bloomington area, RE/MAX accounted for the greatest amount of real estate sales with RE/MAX Acclaimed having the greatest sales volume.

10 major cities whose property values will rise in 2011

2011-02-09T17:33:00.000-05:00

Clear Capital's Home Data Index has listed ten cities that Clear Capital expects will rise in property value in 2011. They have taken the following factors into consideration: unemployment rates, foreclosure rates, and real estate inventory.

Here's their list:

Washington, D.C.: 6.5 % price increase
Houston, TX: 3.6 % price increase
Honolulu: 3.4 % price increase
Memphis, TN: 3.2 % price increase
Columbus, OH: 2.1 % price increase
Dallas, TX: 1/4 % price increase
New York: 1.3 % price increase
Birmingham, AL: 0.9 % price increase
Pittsburgh, PA: 0.8 % price increase
New Orleans: 0.5 % price increase

Clear Capital goes on to say that the real estate markets in Florida and the Western parts of the country will see a decrease in property values. They also said that Dayton, OH would likely see a decrease in value.

Source: Realtor.org and MSNBC (Jan. 26, 2011)

First Time Home Buyers are Look Most Often on www.trulia.com

2011-02-08T16:22:00.004-05:00

Realtor.com may be the number one real estate website, but first time home buyers are choosing Trulia.com to find their new home.

If you are planning on selling your home and you think it may appeal to a first time home buyer, be sure that your Realtor has a strong marketing presence on Trulia.com.

Almost all home buyers shop online now, so a heavy Internet presence is very important and it is also important to focus the marketing of your house directly to ideal prospective buyer.

The Master Plan for the Indiana University Bloomington Campus is now online

2010-11-11T13:31:00.004-05:00

I just attended an event today with guest speaker Lynn Coyne of IU. The master plan for IU is truly phenomenal and very progressive. You can see the entire master plan, along with great historical information about IU at http://www.indiana.edu/~uao/. Simply click on master plan logo (shown above) and you will be directed to a vast amount of information about the future of the IU Bloomington campus

Check out what's happening in the Indy real estate market this weekend

2010-10-23T09:24:00.005-04:00

This weekend is the Parade of Homes for Indianapolis. So if you have some time and are curious about our neighboring city's real estate market, this is a super opportunity to get inside a collection of new homes.

Homes are open today and tomorrow from 1:00 to 5:00. Check out more information at the Indianapolis Parade of Homes website: http://www.paradeofhomesindy.com/

Four Things Buyers Need to Know About the Forclosure Freeze

2010-10-14T14:36:00.007-04:00

Some very pertinent information from Trulia:

4 THINGS BUYERS SHOULD KNOW ABOUT THE FORECLOSURE FREEZE. With the temporary freeze on foreclosures, home owners and home buyers are affected. This week the New York Times ran an article about buyers who found out at the last minute that they could not close on the home they were purchasing because it was in foreclosure and the bank put a halt on the sale. This left this home buyer with out a home since she had already terminated her lease on the home in which she was living.

Here's a link to Trulia.com's information:

http://www.trulia.com/blog/taranelson/2010/10/4_things_buyers_need_to_know_about_robo-signing_and_the_foreclosure_freeze

Thanks Trulia.com!

The Beauty and Diversity of Bloomington's Architecture

2010-10-08T12:21:00.006-04:00

I usually walk 45 minutes to an hour every day. I have three primary routes that I take and all of them include passing by beautiful houses that showcase the diversity of Bloomington's architecture. So today I brought my camera and took pictures of a few of my favorite houses on this route. Some are unique, some are classic and some are simply sweet. What can I say, I love houses!

www.Trulia.com Bloomington area real estate searches

2010-05-26T10:53:00.002-04:00

According to www.trulia.com, the top three searches for our area on their website are:

Bloomington, IN with 8750 buyer/seller views
Martinsville, IN with 2940 buyer/seller views
Nashville, IN with 1147 buyer/seller views

These figures are a compilation of stats from both city name searches and zip code searches. The only zip code that made the top ten list for our area was 47429, meaning that people using www.trulia.com are searching by city name far more that by zip code. Interesting.

2010-05-05T15:38:00.002-04:00

From an article in Realtor Mag, the online magazine for Realtors from the National Association of Realtors, these ten cities are showing the greatest signs of continuing a declining trend in home values:

Atlantic City/Hammonton, NJ
Provo, UT
Portland/Vancouver, OR
Glen Falls, NY (home to Rachael Ray)
Bellingham, WA
Flagstaff, AZ
Charleston/Sommerfield, SC
Eugene/Springfield, OR
Salisbury, MD
Salt Lake City, UT

These figures were compiled by Forbes.

Fabian Seafood is heading back to Bloomington

2010-04-16T11:02:00.003-04:00

You know spring has arrived when Fabian Seafood starts coming to Bloomington again. The next visit is this Tuesday, April 20th from 1:30 till 5:30 at the Bloomingfoods East location on Third Street.

This is fresh shrimp and shucked oysters straight from the Gulf. These folks drive up from Galveston Texas to share their bounty with us land-locked folks. It sells out fast, so if you are interested, get there early!

BTW, if you sign up for their email notices, you get a discount. Simply email them at SteveF@fabianseafood.com or visit their website at http://www.fabianseafood.com and sign up.

A Sample of Today's Interest Rates

2010-04-14T14:01:00.002-04:00

An article in Sunday's New York Times said that interest rates were going nowhere but up. But they are still at historically low rates. Rates that we may not see again for decades. Here's a sample of today's rates from local lenders. Keep in mind that rates are subject to change and posted rates are based on credit scores, etc.

Fifth Third Bank (www.53.com): 5.00%
Premier Home Mortgage (www.premierhomemortage.com): 5.00%
People's State Bank (www.peoples-bank.com): 5.25%
United Commerce Bank (www.unitedcommercebank.com): 4.875%

Bloomington Farmers Market is Back!

2010-04-13T08:24:00.002-04:00

Bloomington's famous farmers market is back for the season. This fantastic outdoor market runs April through November.

Items currently available at the market include arugula, asparagus, cauliflower, goose eggs, rhubarb, and tamales (very good) and so much more. Here's a link to a complete list of what the farmers market has to offer so early in the season:
http://bloomington.in.gov/documents/viewDocument.php?document_id=1742
The market is located in downtown Bloomington on the b-line trail off of 7th street and is open every Saturday from 8 till 1. See you there!

Interest Rates Are Up!

2010-04-02T15:57:00.002-04:00

Are the glory days of interest rates below 5% over? Well, for now they seem to be. After months of hovering at or just below the 5% mark, they are now consistently up. The average rate that is being forwarded to me today show rates at 5.25%.

According to the National Association of Realtors, the increase is due to worries about inflation as the economy improves. If you are considering buying or refinancing, this might be the right time to talk to a local lender and make that move!

Updated Sales and Pricing Information for 120 Kirkwood in Downtown Bloomington

2010-03-22T10:28:00.002-04:00

Above is the latest information on sales and pricing for the 120 Kirkwood Project in downtown Bloomington. Floor plans are also available. Feel free to contact us with questions on this project and we'll do our best to get the answered for you.

2010-02-18T16:46:00.002-05:00

CNNMoney.com has just released published their top ten list of major real estate markets that are the most affordable cities in which to live. And kudos to Indianapolis for making the list. Here's the breakdown:

Indianapolis

Detroit

Dayton, Ohio

Youngstown, Ohio

Akron, Ohio

Just another benefit of living in the mid-west!

National Association of Realtors newest consumer website

2010-02-18T05:11:00.000-05:00

The NAR has just launched this week a new consumer website that is geared to help home owners make better decisions in maintaining, protecting and increasing the value of their homes.

This site will help home owners plan projects for their homes, and offer comprehensive articles with helpful information. And the site is free. Just go to www.houselogic.com to check it out.

Chicago Makes Forbes Magazine's Top Ten World's Most Beautiful Cities

2010-02-17T10:58:00.002-05:00

Forbes Magazine just came out with their top ten list of the world's most beautiful cities and our own mid-western mecca made the list. New York and San Francisco also made the list. Other cities included Paris, Tokyo, Cambridge England, Sydney, Florence Italy, Cape Town South Africa and London. Finishing up the list is Vancouver, home to this year's Winter Olympics.

2010-02-12T10:49:00.002-05:00

Talk about recycling at its finest. Several entities are creating homes out of used box creates. The home featured in the photo is from Canada's Bark Design Collective.

http://barkbark.ca/projects_atc.html

In an article from www.thedailygreen.com (see link below) you will see some truly creative ideas for this new form of construction.
http://www.thedailygreen.com/green-homes/latest/shipping-container-homes-460309
Talk about thinking outside the box...

Fresh Shrimp for the Last Time from Fabians

2009-10-23T13:04:00.003-04:00

Fabians Seafood will be making their last run to Bloomington for the season. This fresh shrimp from the Gulf Coast driven straight to Bloomington.

If shrimp is your thing, then head over to Bloomingfoods east side location on 3rd street this Tuesday, October 27th from 1:30 to 5:30.

Come early and dress warmly because there is always a line. They also will have fresh blue crab meat and fresh shucked oysters...but they sell out of these items quickly.

If you want to receive email notification of when they will be coming to town and receive a 10% discount, go to http://www.fabianseafood.com/ and sign up.

Sorry for the break in market information

2009-10-23T13:02:00.003-04:00

The b-town Report has been working on new formatting and information for this site. We'll still offer real estate market information, but the format will have a slightly different focus. Thanks for your patience as we work toward our new publication.

Luckily we picked a beautiful spot in central Vermont to work on the new format. Stay tuned!

Have a great day, Matthew

A Sample of Today's Interest Rates

2009-09-21T11:41:00.002-04:00

Interest rates have been hovering in the lower 5% range for the past week. 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 superior credit and rates are subject to change.

German American Bancorp (www.germanamericanbancorp.com): 5.00%
Peoples State Bank (www.peoples-bank.com): 5.125%
Regions (www.regions.com): 5.25%
United Commerce Bank (www.unitedcommercebank.com): 5.00%

Fabians Seafood Will Be In Bloomington Next Tuesday!

2009-09-11T06:20:00.000-04:00

Mark your calendars! Fabians Seafood will be making a run to Bloomington with fresh shrimp caught in the Gulf of Mexico. Fabians is out of Galveston Texas and the shrimp is amazingly fresh.

In addition they plan on having Fresh Blue Crab Meat and Maybe Red Snapper.

They sell out of refrigerated trucks in the Bloomingfoods parking lot on 3rd street.

Tuesday, September 15th from 2:00 till 5:30 or until they sell out. There's always a line so get there early!

Congress is Looking at Cuts in Deductions of Mortgage Interest

2009-09-10T11:30:00.001-04:00

From an article in Realtor.org/Mag:

The Congressional Budget Office has prepared a report that suggests ways for Congress to raise revenues. One key suggestion is that Congress cut deductions for homeowner mortgage interest from the present $1.1 million cap to $500,000, phasing in the reduction by $100,000 annually starting in 2013. Over a 10-year period, the change would increase revenue by an estimated $41 billion.

Alternatively, the CBO proposed replacing mortgage interest deductions with a flat tax credit that is 15 percent of mortgage interest paid. This would potentially increase revenue by nearly $390 billion from 2013 to 2019.

It also proposed eliminating deductions for all state and local taxes, including property taxes, which would cost taxpayers $862 billion by 2019.

What are the odds these ideas will fly? In the past, the mortgage deduction has been sacred. These days, some analysts say it may be vulnerable.

Source: Washington Post Writers Group, Kenneth R. Harney (08/30/2009)

Hoosier Acres Neighborhood Update

2009-09-08T06:12:00.000-04:00

There has been quite a bit of real estate activity in the Hoosier Acres neighborhood recently. The latest sale was 3738 Cameron Avenue which sold for $490,000. This home, which has a lovely pond, was listed for $499,000.

Current pending transactions are limited to one property. 3641 Homestead is now under contract with a list price of $1,195,000. This remodeled home is on over six acres which makes it a unique offering in Bloomington.

What is currently on the market? These are the three homes available as of this posting:

716 Fieldcrest Avenue listed at $525,000 (pictured above)
3855 Brighton Avenue listed at $324,900
3822 Brownridge Road listed at $299,900

The beauty of Hoosier Acres is not just its 'close in' location and large lots, but the variety of architecture and the vast range in property values. In the last few years there have been homes that sold for $110,000 in 1999 up to $650,000 in 2005. In the past year there have been several homes that have sold in the mid $300,000's. Now the most recent sale was for $490,0o0 and the most recent pending transaction listed for over $1,000,000. It sounds like there is a new round of property appreciation in the works in Hoosier Acres.

Almost There...Smith and Rogers Construction is Nearly Complete

2009-09-04T06:14:00.001-04:00

Almost There! The photo on the right was taken on July 12th. Just six weeks later and the construction for rebuilding the curve at Smith and Rogers Roads is nearly complete.

The residents of Hyde Park along with all those who wait at the 4-way stop sign at intersection of Rogers and Sare Roads will be thrilled when this section reopens this month.

The photo to the left was taken yesterday and shows the the paving work is completed. Any day now!

A Sample of Today's Interest Rates

2009-09-03T13:33:00.002-04:00

Rate are hovering in the 5%'s for the past couple of weeks. Today a couple of lenders posted really great rates worth looking over. Keep in mind that some of the rates are for purchases only and may not apply for refinancing, so check with the lender of your choice on this.

Here's a sample of today's rates from local lenders and as always on the b-town Report, rates are for 30 year conventional fixed rate mortgages for folks with amazing credit scores:

Fifth Third Bank (www.53.com): 4.875%
Peoples State Bank (www.peoples-bank.com): 5.25%
Regions (www.regions.com): 5.125%
United Commerce Bank (www.unitedcommercebank.com): 5.00%

Don't Forget That The Deadline For Using The $8000 First Time Home Buyer's Tax Credit Is Approaching

2009-09-03T06:12:00.000-04:00

The deadline for First Time Home Buyers to take advantage of the $8000.00 tax credit is approaching. Here is a note sent out by Tammy Walker of John Bethell Title Company with a link to an article about proposed legislation on this subject:

"I wanted to take a moment a remind everyone of the deadline for the $8000 tax credit deadline. The tax credit statute requires buyers to fully close on their purchases –– not just be under contract –– no later than Nov. 30.
This very important date falls on the Monday after Thanksgiving. With so many last minute delays I would encourage you to schedule transactions with buyers anticipating this credit prior to the deadline, Monday November 30th.
I have attached a link regarding the first-time home buyer tax credit for additional information. Thank you!"

http://www.baltimoresun.com/business/real-estate/bal-re.filler30aug30,0,4318788.story

August Condo and Townhouse Sales for Bloomington

2009-09-02T06:18:00.001-04:00

The students have moved back into Bloomington and Bloomington residents are back from their vacations. Life is bustling all over town. The b-line trail, pictured at left, is full of activity with walkers and bikers and runners. How many of these folks bought a condo or townhouse in August? 33

The condo market is not as active in Bloomington as the single family home market, but as with yesterday's posting, we are seeing a constant upward movement in our market from the same period last year in regard to the number of sales.

So here are the numbers for August sales of condos and townhouses in Bloomington:

Total sales: 33
Average sales price: $116.012
Average price per square foot: $87
Average days on the market: 197
Average list price to sales price ratio: 93%

In my opinion, Bloomington needs more affordable condos for retirees, graduate students and young professionals who want to stay in Bloomington and become home owners. The current Bloomington condo market consists of mostly rentals geared toward students. I would really like to see some smart new growth to offer home ownership opportunities to a larger section of the population.

How can this be done? By building condos near shopping areas and mass transit. The condos should have a modern and open floor plan and offer single level living for those who find stairs challenging. Attractive two story buildings that fit into the landscape could be built and offered at an affordable price so that the benefits of home ownership are more widely available.

With Bloomington's push to attract retires along with Bloomington's hope to retain young professionals after graduation from IU and Ivy Tech, we should offer a different type of housing option than we are currently seeing in our community.

The Numbers Are Coming in For August Sales in Bloomington

2009-09-01T11:07:00.004-04:00

The numbers may not be totally complete since this is only the first of September and there will have been many closings yesterday in the Bloomington area that have not been inputted to MLS, but here are some preliminary numbers. This is for single family homes in Bloomington sold during the month of August:

102 sales
Average price: $205,275
Average days on the market: 105
Average price per square foot: $95
List price to sales price ratio: 96%

These are some healthy numbers. For the same period in 2008, there were 103 sales, and keep in mind that there will be additional entries uploaded into our system today and tomorrow. Average sales price is up 6.2% from August of 2008 as well. And even the average days on the market is down from 116 in 2008 to 105 this year.

So as the national housing economy continues to shows wonderful signs of recovery (new housing sales were up in August across the country), our local market is moving from its normal healthy status to actually becoming quite strong. More numbers will be coming over the next few days here on the b-town Report.

The New York Times Reports "Housing Perks Up"

2009-08-28T09:42:00.006-04:00

According to an article in The New York Times, housing prices in nearly all of the major markets in the country rose in June. Home prices in San Fransisco rose 3.8% while home prices in Boston increased 2.6%.

In the Midwest, Cleveland saw an increase of 4.2% during June. How did Bloomington fare compared to the national market?

Keeping in mind that Bloomington has not seen prices decrease during this troubled time in the national market, Bloomington is doing well. The average home price decreased from May to June by 1.4%. But the number of home sales increased by a whopping 12.3%!

The increase in the number of sales and the decrease of the average sales price is directly related to the $8000 First-time-home-buyers tax incentive. More people are buying their first home and because these are first time home buyers, the average sales price will typically be less than for people who are buying their second or third home.

Another thing to keep in mind is that on the national market, home prices were showing great declines in home prices because of the vast number of foreclosures that were hitting the market. Though there are certainly foreclosures available for purchase in Bloomington, they account for only a small percentage of sales.

The verdict: the national housing market seems to have hit bottom and is bouncing back and Bloomington continues to have a healthy housing market. However, as home prices increase nationally, we will see an increase in home prices here in town, so the best deals are most likely happening right now.

Pending Transactions in Bloomington..Here Are The Numbers

2009-08-27T07:39:00.004-04:00

As the masses of IU students return to Bloomington, some will be closing on new homes to live in during their time in Bloomington. Currently there are 129 Pending transactions for single family homes in Bloomington. Here are the numbers for these houses:

Average list price: $210,610
Highest list price: $1,300,000 (I'm guessing not a student...)
Average number of bedrooms: 3
Average number of baths: 2
Average price per square foot: $99
Average days on the market: 122

This last number, average days on the market, is an important one to keep track of. Currently it is taking an average of four months for a property to sell. Ideally that number should be 60 days for a truly healthy housing market where there is a balance between a buyer's market and a seller's market.

Featured Listing of the Day

2009-08-26T06:19:00.000-04:00

This house is in such a lovely setting. Just 15 minutes north west of the IU campus, the home features over 3000 square feet of living space on over an acre of land. The floor plan is very open with a two story cathedral ceiling in the living room.

A first floor master bedroom makes for convenient one story living for 'empty-nesters'. The large bonus room on the second floor along with two bedrooms and a Jack-and-Jill bath make this home great for families as well.

Check out www.6620MegansWay.com for additional information and over thirty photos.

Price: $269,900.

$8000 First Time Home Buyer's Tax Credit May Be Extended

2009-08-25T06:12:00.000-04:00

The $8000 first time home buyer's tax credit has been a huge boost to the housing market. It is set to expire the end of November, but an extension is possible. Here's an article with additional information from Realtor.org and the Washington Post:

Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.

Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.

Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."

Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.

Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)

Housing Forcast is Looking Up

2009-08-24T06:56:00.002-04:00

Houses, like this one on Pickwick Drive in Bloomington, and home ownership have been long been the foundation of the American economy. Good news is just starting to appear about the US housing market and the US economy. Here are words from the National Association of Realtors Chief Economist:

NAR’s Pending Home Sales Index reached 94.6 in June, its highest mark in two years and a vast improvement from the cyclical low of 80.4 in January of this year. If buyer contracts persist at this level, the corresponding home sale closings would be about 5.2 to 5.5 million at an annualized rate. For comparison, last year existing home sales totaled 4.9 million. We’re on our way to that: in June, existing-home sales increased for a third consecutive month, posting 4.89 million seasonally adjusted annualized units.

The recovery in the housing market will lay the foundation for a sustainable economic recovery. With more sustained economic growth, jobs will be created. Job growth is what is needed for consumers to buy furniture, computers, a host of consumer products, and lead to a sustainable rise in auto sales even without the clunker incentives. Despite the risks facing us, our baseline economic forecast still looks much better – with higher home sales, stabilizing home prices, and an eventual recovery in jobs.
For the latest economic forecast insights and analysis, visit www.realtor.org/research/research_commentary

More Bloomington Real Estate Market Numbers

2009-08-21T06:18:00.000-04:00

As of August 3rd, there are a total of 819 single family homes on the market in the Bloomington Board of Realtors MLS system. Here's the average breakdown of the inventory based on list price:

$25,000 to $74,999: 14 properties on the market
$75,000 to $99,999: 47 properties on the market
$100,000 to $124,999: 57 properties on the market
$125,000 to $149,999: 71 properties on the market
$150,000 to $174,999: 81 properties on the market
$175,000 to $199,999: 85 properties on the market
$200,000 to $249,999: 79 properties on the market
$250,000 to $299,999: 77 properties on the market
$300,000 to $399,999: 64 properties on the market
$400,000 to $499,999: 32 properties on the market
$500,000 and up: 74 properties on the market

Market Information from the Bloomington Board of Realtors

2009-08-20T11:07:00.002-04:00

As of this month, the largest 'back log' of housing inventory priced under $375,000 is in the homes priced from $175,000 to $199,999. As of August 3rd, there was a 12.8 month inventory of homes in this price range. This means that with standard market conditions, it will take 12.8 months to sell these houses.

Homes priced between $350,000 and $374,999 have only a 5.4 month inventory, one of the lowest for the current market.

If we look at homes priced over $600,000, there is a 73.2 month inventory currently available. So yes, if market conditions are typical it will take over six years for all of these houses to sell. Bloomington has a very strong real estate market but it does not excel in high priced home sales. So far for 2009 there have been a total of ten homes sold that were priced over $600,000 in our MLS area.

The Indiana Secretary of State's New Website

2009-08-19T06:12:00.000-04:00

Indiana's Secretary of State has a newly designed website. Here is a note from the office of Todd Rokita about the website including a link:

Greetings! The Office of the Indiana Secretary of State has redesigned its web site www.in.gov/sos. This site was designed with input from various stakeholder groups to provide a standard look and feel, and a more user-friendly experience.

The redesigned web site has standard navigation on the left. On the right, you will find a list of popular online services, FAQs and a tab called "I want to..." This tab contains links to popular actions taken by users.

Note: In order to bring you the best possible online experience, the redesigned site is built on a flat structure. This means that many of our web page addresses have changed. If you have bookmarked any of our pages, please make sure to update your bookmarks.

Did You Know That FHA Loans Can Include Money for Renovations?

2009-08-18T06:15:00.000-04:00

In an article from Realtor.org:

The Federal Housing Administration is encouraging use of its little-known 203(k) loan program.

The 203(k) lets an owner-occupant borrow money for both the purchase and renovation in one loan, and put down only 3.5 percent.

The program requires the use of credentialed contractors and can include cosmetic improvements as well as major renovations like replacing plumbing or electrical. Completing the application process requires patience, says Nancy Hammock, an associate with RE/MAX Properties in Western Springs, Ill.

But in this lending environment, more homebuyers are finding 203(k)s worth the hassle. In fiscal 2008, the government insured about 6,700 of the 203(k) loans. This year, more than 11,000 loans have already been insured, according to the Office of the Comptroller of the Currency.

Source: Chicago Tribune, Mary Ellen Podmolik (08/14/2009)

Stone Cutters Coffee and Wine Cafe

2009-08-17T11:12:00.005-04:00

Stone Cutters, the new coffee shop on the east side (Covenanter Drive) has just expanded their menu to include tapas and wine in the afternoons and evenings. The tapas menu is created by owner Greg Danielson and changes weekly. A sample of this past week's menu included:

Brioch with Chai Tea Whipped Butter for $2...excellent!
Mozzarella Stuffed Meatballs with Marinara and a Parm Crisp for $7...delicious!
A beautiful Cheese Plate with three different compotes and fresh bread for $8...super!
Dim Sum of steamed Pot Stickers and Chix Spring Rolls for $6...lovely!

The wine list has several whites, reds and Prosecco. The Brancotte Sauvignon Blanc for $6 a glass was really lovely and others at the table enjoyed a split of Mionetto Il Prosecco for $14.50.

Stone Cutters plays great music all day and when the weather cools down just a bit, it'll be wonderful to sit outside and enjoy tapas and a glass of wine. All this at a great price and a super convenient location for many on the east side of Bloomington.

And for a bonus, the next two Fridays and Saturdays at Stone Cutters, they are offering Buy-one-get-one-free tapas from 5 till 7. Check it out!

Photo: Charlie Dupree enjoying a break at Stone Cutters this week.

Bloomington Board of Realtors is to Launch Their New MLS Soon

2009-08-14T06:00:00.001-04:00

The Bloomington Board of Realtors will launch their new MLS system on September 30th of this year. This is a project that has been in the works for quite a while. Originally the board had planned to launch the new site mid summer. To find out more about the new system, follow this link:

http://www.marketlinx.com/demos/innovia/innovia.htm

This new system is from the company Market Linx and the system is InnoVia.

A Fabulous Mansion in the Middle of the Bay

2009-08-13T05:45:00.000-04:00

A friend sent these photos to me of this amazing house perched on a rock in the middle of the Narragansett Bay in Rhode Island. The 103 year old house is approachable by boat. These are such beautiful views through the windows. Thanks to fropki.com for the photos.

Important information about Chinese Produced Drywall

2009-08-12T05:45:00.002-04:00

I was working with an out-of-town buyer two weeks ago and he mentioned the issue of Chinese produced drywall. He had an associate who had huge issues with this product in Florida. Today the National Association of Realtors forwarded this article via the Wall Street Journal:

Home owners in Florida, as well as other parts of the country, are claiming that drywall imported from China is making them sick and corroding the plumbing and HVAC systems in their homes.

An estimated 100,000 houses in the United States, most built in 2006 and 2007, may have some of the allegedly defective drywall, which is being investigated by a plethora of government agencies, including the Environmental Protection Agency and the Centers for Disease Control.

If these investigations result in a recall, it could be a costly proposition. Experts estimate that pulling out defective drywall and replacing corroded electrical wiring, plumbing and HVAC in an affected home could cost at least $100,000 per property.

Several class action lawsuits have been consolidated in federal court in New Orleans, but suing foreign-based manufacturers for liability is difficult and any judgment is almost impossible to enforce, experts say.

Source: The Wall Street Journal, M.P. McQueen (08/07/2009)

July Real Estate Sales for Bloomington - Condos and Townhouses

2009-08-11T07:10:00.000-04:00

Unlike single family home sales for July, the numbers are up for last month's sales over the same time period in 2008. The total sales for the month in '09 are 38, up 18% from July of last year. Here are this July's numbers:

Total sales: 38
Average sales price: $124,107
Average days on the market: 177
Average price per square foot: $81
Average square feet: 1529

The sales prices of these condos/town homes are also up. Comparing July '09 to July '08, the average sales price saw an increase of over 8%.

A Sample of Today's Interest Rates

2009-08-10T11:36:00.002-04:00

Interest rates are rising and falling on a regular basis. This is an important time for anyone considering refinancing to check the rates on a daily basis and take advantage of the small windows when rates are low.

Here's a sample of today's rates from local lenders. As always on the b-town Report rates are for 30 year fixed rate conventional mortgages and rates are subject to change.

Fifth Third Bank (www.53.com): 5.375%
Monroe Bank (www.monroebank.com): 5.25% with .5 points
Peoples State Bank (www.peoples-bank.com): 5.625%
Premier Home Mortgage (www.premierhomemortgage.com): 5.375%

July Real Estate Sales for Bloomington - Single Family Homes

2009-08-10T07:15:00.000-04:00

For the month of July in Bloomington, there were 127 single family home sales. The number of sales is down 11.8 % from 2008. The Average selling price also saw a decrease of 8% from the same time period in 2008. Here are the numbers for single family home sales for July 2009 in Bloomington:

Average sales price: $175,368
Average list price: $185,926
Average day on the market: 103
Average price per square foot: $93
Percentage of sales price to list price: 94%

To look at the larger picture, home prices are up so far in 2009 from last year. The average selling price for single family homes in Bloomington for the first 7 months of this year was $191.962. The average selling price for the same period in 2008 was $187,386. This shows an increase in the average home price of 2.5% in the past 12 months.

A Brief Summer Vacation

2009-07-31T07:15:00.000-04:00

The b-town Report will be on summer vacation until August 1oth!

Now is a great time to check out the over 200 postings in the index to the left. You can follow the trends of interest rates this year, read up on green living and check out facts about the national housing market.

Enjoy!

Take Advantage of the $8000 Tax Credit Before It's Gone

2009-07-30T10:43:00.000-04:00

Time is winding down to take advantage of the $8K first-time home buyer tax credit. If you’re looking to buying your first home, you must be signed, sealed, delivered and closed by November 30th! It can take up to 45 days to close a transaction if your are using an FHA loan program, and if you are considering a short sale, the process will take even longer. So get to it!

Find everything you need to know on Trulia Voices – from the basic requirements to how it works.

Four Things to Know About Your Home Electrical System

2009-07-29T15:39:00.003-04:00

While researching information on the National Association of Realtors web site, I came across a great article from Leslie Banker who is the co-author of The Pocket Renovator (2007). The article is about four basic points of information dealing with electrical systems of homes. Here are some of the highlights from the article:

These are some basics that you should know:

1. Does the home have 220 volt service? (220 volt service equates to 200 amps just as 110 volt service equates to 100 amps) If the home was recently built, the answer is almost always yes. Most houses today have two 110 volt wires and one neutral wire running into the house from the local distribution system. These wires can run underground or above ground. If there are two 110 volt wires running to the house, then the house has 220 volt service and appliances, such as dryers and air conditioners.

Older houses were usually built with 110 volt service; if the electrical system hasn’t been upgraded, it won’t be possible to use some models of appliances (though alternatives can be found).

2. What’s the difference between a fuse and a circuit breaker? Fuses and circuit breakers are both found in the electrical panel (or sub-panel) of a house. They both serve the purpose of cutting the flow of electricity when a circuit gets overloaded—a potentially dangerous situation. Circuit breakers will be found in most houses built after the 1960s or in older buildings that have had their electrical systems upgraded.

Fuses have a thin strip of metal that literally blows when there’s too much electricity flowing through it. When this happens, the fuse needs to be taken out and replaced.

3. Where’s the “main panel?” This is where all the circuits in the house originate from and it’s usually near where the electric power enters the building. It will be filled with circuit breakers (or fuses in an older building). The main panel has a rating that determines the total amount of current that can flow out to the circuits at one time before the main circuit breaker shuts the entire system down.

4. Are the outlets grounded? These days most electrical outlets that you see accept three prong plugs. This means, almost always, that the outlet is grounded. A grounding wire, which connects to the round third hole, protects against electric current escaping from the circuit and causing shocks.

Older houses might only have two prong outlets, meaning there’s no grounding protection in the circuits. Upgrading an electrical system to include grounding wires involves opening the walls and can be a significant amount of work. How much work it is depends on the size, construction and layout of the house.

Home Sales in June Rise for the Third Consecutive Month

2009-07-28T07:15:00.000-04:00

From an article in the New York Times, the number of home sales for 'previously occupied homes' rose for the third month in a row. These numbers are for existing homes but do not include new construction.

The median sales price for homes in the US was $181,800 in June, up from $174,700 in May. However this is down 15.4% from the month of June 2008 when the median home sale price was $215,000.

Mortgage Rate Report

2009-07-27T10:57:00.000-04:00

In a report sent by Mark Weddle of Regions:

Early in the week, a forecast from the Fed that inflation should remain low for the next couple of years moved mortgage rates lower. The economic news later in the week was less favorable for mortgage rates, however. Strong earnings reports produced a rally in the stock market, which pushed mortgage rates higher. In the end, mortgage rates finished the week essentially unchanged."

In testimony before Congress on Tuesday, Fed Chairman Bernanke provided an update on the Fed's outlook for economic conditions. Of note, Bernanke predicted that inflation will not be a concern any time soon, which was good news for mortgage rates. While he expects economic growth to turn positive later this year, he suggested that the labor market may be weak for several years. As a result, the fed funds rate will likely remain near zero for "an extended period".

Weekend Video: Five biggest real estate myths

2009-07-26T07:12:00.000-04:00

Weekend videos are a popular event here at the b-town Report and who can resist Barbara Corcoran on a Sunday Morning.

Let's see what this NYC real estate expert has to say about the five biggest real estate myths:
http://vodpod.com/watch/1315630-msnbc-com-video-five-biggest-real-estate-myths

Anyone Looking for a French Chateau?

2009-07-25T07:10:00.000-04:00

How about a $27 million dollar french chateau...in Texas. To the left is www.trulia.com 's house of the week. This home features a home theatre, wine cellar, a veranda that can seat 450 of our closest Friends (if only we were all so popular), and a 15 car garage. For more information follow this link:

http://www.trulia.com/property/1062749893-1851-Turbeville-Rd-Hickory-Creek-TX-75065

Monroe County's New GIS Web Site

2009-07-24T07:25:00.000-04:00

Welcome to Monroe County's new GIS system. The graphics are really great and there are added features like 360 degree panning for a street view. Like all GIS systems, you have to be careful how you enter information for searches. I have found that when doing a property address search you only need to enter the street number, direction and type of street.

Example: 2212 E Granville Drive

This allows the system to work smoothly. If you do a search by property owner, you have to enter the names exactly as they are on the recorded deed or tax bill.

It's a great improvement. Enjoy! http://gistest.co.monroe.in.us/egis39dn/##

Is the House That You Are Considering Purchasing a Former Meth Lab?

2009-07-23T07:12:00.000-04:00

The health risks of living in a house that was a former meth lab are all over the news right now. How can you tell if a house you are looking at could have been a former meth lab? Here are five signs to look out for:

1. Yellow discoloration on walls, drains, sinks and showers.

2. Blue discoloration on valves of propane tanks and fire extinguishers.

3. Fire detectors that are removed–or taped off.

4. Burning in your eyes, itchy throat, a metallic taste in your mouth, or breathing problems when in the home.

5. Strong odors that smell similar to materials often found in a garage, such as solvent and paint thinner, or odors of cat urine or ammonia.

Source: Realtor.org

Celebrity Real Estate News...50 Cent price reduction

2009-07-22T07:07:00.000-04:00

Rapper 50 Cent has chopped the price of his Connecticut mega-mansion to $10.9 million. 50 Cent bought the 50,000-square-foot place in suburban Hartford for $4.1 million and spent $6 million renovations.

Two years ago he listed it for $18.5 million. In January, he dropped to price to $14.5 million. The rapper says he wants to sell the home because he’s tired of the commute to New York City.

Source: The Associated Press (07/18/2009)

The B-town Report is Celebrating their 200th Posting!

2009-07-21T11:55:00.000-04:00

You have to celebrate the little things in life too. This is the 200th posting on the b-town Report which was started the past January.

There's lots of information in the index on the left side of the page so browse, enjoy, learn and yes, even catch up on the the real estate dealings of celebrities.

We try to make the b-town Report a great source for information on the housing market as well as the community at large. If you have any suggestions for entries, please let us know.

Monroe County Real Estate Market Statistics

2009-07-21T07:30:00.000-04:00

In 1910, Monroe County was considered the center of the US population. There are over 120,000 residents living in Monroe County, which includes Bloomington and Ellettsville. Bloomington certainly is the driving force of the county's real estate market, but here's a look at the market county wide:

20.3% of homes on the market have accepted offers (pending)
The greatest number of pending sales are in the price range of $125,000 to $149,999
The second greatest number of pending transactions are for homes price from $100,000 to $124,999
There are currently 52 homes available priced over $600,000
There is currently one pending transaction for a home over $600,000
There are currently 688 available listings in Monroe County

The above information is from the Bloomington Board of Realtors MLS for all of Monroe County and does not include condo sales.

Bloomington Home Sales for the First Half of July

2009-07-20T07:35:00.000-04:00

The numbers are in for the first half of July. A total of 42 single family homes sold in Bloomington. Here are the numbers:

Average list price: $183,967
Average sales price: $174,137
Average day on the market: 103
Average price per square foot: $94

These 42 homes sold for 95% of their list price.

Renwick to Add Townhomes to Their Line Up of Residential Opportunities

2009-07-17T07:25:00.000-04:00

In addition to Renwick's current residential offerings of single family homes, paired patio homes, 'zero lot line' homes and apartments, they now plan to add townhouse to the mix. According to their website, the town homes will be located near the village center, pictured above.

According to Shannon Richardson who works for WS homes, the developer of Renwick, the townhouses will be priced between $200,000 and $240,000. Plans are calling for the majority of the town homes to have two bedroom s located on the second floor with a garage on the basement level. The main level will have varying sizes of living room space with an open kitchen.

Renwick has proven to be one of Bloomington's most successful new developments and certainly one of the most creative. The new section of Cameron Row, called Springhouse Ridge, is currently under construction. These paired patio homes will offer an upgraded exterior from Cameron Row and prices will start significantly higher. Check out more information at: http://www.renwickbloomington.com

Hoosier Acres Neighborhood Update

2009-07-16T07:00:00.000-04:00

Last month, someone got one of the best deals ever in Hoosier Acres. 710 Pleasant Ridge sold for $170,000. This limestone home has 3 bedrooms and one full bath with just over 1800 square feet of living space. That's a deal for Hoosier Acres!

The current active listings include 814 Meadowbrook which is a for-sale-by-owner. Pictured to the right (photo from public records taken in 2001) this home is a 4 bedroom, 2 1/2 bath home on a great corner lot. Active listings in MLS are as follows:

3641 Homestead Dr priced at $1,250,000 featuring 6+ acres and over 6000 square feet
716 Fieldcrest Ave priced at $525,000 with just over 3000 square feet on just under an acre
3855 Brighton Ave priced at 324,900 with almost 3100 square feet on a 3/4 acre lot and located on the corner of Smith Rd
8822 Brownridge Rd priced at $299,900 for a bi-level with just under 2500 square feet and located on the corner of Smith Rd

Just pending is the listing at 3738 Cameron Ave which is on over an acre with a beautiful pond and a home with over 4000 square feet. The list price is $499,900.

Interest Rates Back on the Rise

2009-07-15T13:24:00.000-04:00

Last week we saw the best interest rates in a while. This week they are starting to creep back up. Here's a sample of interest rates from local lenders. And as always on the b-town Report rates are for 30 year fixed rate conventional mortgages and rates are subject to change.

Fifth Third Bank (www.53.com): 5.125%
Monroe Bank (www.monroebank.com): 5.125% with half a point
Premier Home Mortgage (www.premierhomemortgage.com): 5.25%
Regions (www.regions.com): 5.5%
United Commerce Bank (www.unitedcommercebank.com): 5.375%

The Top Ten Places To Live in the US

2009-07-15T08:00:00.000-04:00

Money Magazine just published their top ten places to live in the August edition of their magazine.

"Here are its top 10 selections for the best overall places to live—all of them small towns with strong local economies, good schools, affordable homes, and low crime rates"
Louisville, Colo.
Chanhassen, Minn.
Papillion, Neb.
Middleton, Wisc.
Milton, Mass.
Warren, N.J.
Keller, Texas
Peachtree City, Ga.
Lake St. Louis, Mo.
Mukilteo, Wash.
For a complete list and even more information, follow this link: http://money.cnn.com/magazines/moneymag/bplive/2009/top100/

Construction Update for the Corner of Smith Road and Rogers Road

2009-07-14T08:00:00.000-04:00

Construction is well underway for the upgrade to the curve where Smith Road and Rogers Road meet.

Formerly, the curve was deep and sharp (great fun to drive on in good weather...not so much fun in bad weather). The new curve is level and less sharp and it will make driving this route safer.

Construction is set to be complete mid August. The photo to the left was taken this past weekend.

Restaurant Review: Sweet Grass Opens in Bloomington

2009-07-13T11:34:00.000-04:00

Bloomington's newest restaurant is Sweet Grass. Located on the corner of Rogers and Patterson (right next door to Angel B's - A Galleria of Cakes), this new offering to Bloomington's dining scene is causing quite a lot of interest.

The food at Sweet Grass is inspired by Carolina cuisine. The chef/owner spent time in both Charlotte North Carolina and Charleston South Carolina perfecting his skills.

The lunch menu features classic Carolina dishes such as shrimp po boys, pimento cheese sandwiches and fried green tomatoes (excellent!). Daily soup specials are priced at $3 and $5 for a cup or bowl. Sandwiches and salads are generally priced between $6.00 and $10.99. Wines by the glass start off at an incredibly affordable $4.50 for Butterfield Station Chardonnay.

The dinner menu features starters like: Stuffed Portobello with arugula, caramelized onions and melted mozzarella for $8; Pizzas with applewood bacon and shrimp for $7 and of course Fried Green Tomatoes for $7. Entrees are priced from $13 for a Vegetable Ziti to $18 for a Flat Iron Steak. Or you can go for the dinner sandwiches priced from $9.

Additional dinner entrees include: Roast Chicken with a roasted pepper cream sauce; Citrus Glazed Salmon; Brined Roast Pork Tenderloin and the classic southern dish Shrimp and Grits.

Sweet Grass is located at 405 W Patterson and their phone number is 812-333-1043

2009-07-12T06:00:00.000-04:00

What does this have to do with real estate? Absolutely nothing. But it's Sunday morning and you don't feel like running down to the coffee shop. Instead you want to 'hunker down' and treat yourself to a quiet morning at home...after church of course. Keeping alive the b-town Report's love for weekend videos, here's a little dose of Paula Deen with a great Sunday morning breakfast recipe (preceded by an out-of-context advertisement for blackberry featuring Bono). http://www.foodnetwork.com/videos/hash-brown-casserole/32476.html

Weekend Videos on the b-town Report

2009-07-11T08:00:00.000-04:00

As you may know, we love videos here at the b-town Report, especially on weekends. Follow this link for a seemingly endless variety of videos on subjects such as green remodeling, make the most out of your garage sale and more.

http://media.rismedia.com/
Pop some popcorn and open a bottle of Oliver Winery Rose (currently 40% off at the winery) and enjoy!

And Now We Have 4.875%

2009-07-10T13:48:00.000-04:00

Finally, for the first time in a few weeks, we have one bank posting an interest rate below 5%. Fifth Third Bank posted 4.875% for a fixed rate conventional 30 year mortgage. You can contact them at www.53.com or by phone at 812-323-3608 and speak with Kevin Cade or Shellie Sparks.

www.Zillow.com Breaks Records

2009-07-10T08:00:00.000-04:00

Courtesy of RISMEDIA, July 6, 2009-Real estate website Zillow.com announced it broke multiple records for site traffic and user activity in the first six months of 2009. An average of 8.3 million unique users visited Zillow each month during this period, which is an increase of 67 percent year-over-year[i]. Additional milestones include:

44 percent year-over-year growth in page views in the first half of 2009.
35 percent more for-sale listings on the site in the first half of 2009 versus a year earlier, as the result of more listings feed partnerships with brokerages and Multiple Listings Services. In total, 3.6 million listings are posted on Zillow today.
More than 535,000 people have downloaded the Zillow iPhone App since its launch in late April, more than any other real estate-related app.

It Might Be Time to Jump on These Great Interest Rates

2009-07-09T11:19:00.000-04:00

Finally, after a few weeks of escalating interest rates, they are looking really great again. For anyone considering locking in a rate for a purchase or anyone thinking about refinancing (myself included) you have to wonder how low rates may go...or is this it.

Here's a sample of today's rates from local lenders. And as always on the b-town Report rates are for 30 year fixed rate conventional mortgages and rates are subject to change:

Fifth Third Bank (http://www.53.com/): 5.00%
Monroe Bank (http://www.monroebank.com/): 5.00% with .25 points
Premier Home Mortgage (http://www.premierhomemortgage.com/): 5.00%
Regions (www.regions.com): 5.375%
United Commerce Bank (http://www.unitedcommercebank.com/): 5.125%

Active Single Family Homes in Bloomington Right Now!

2009-07-09T08:00:00.000-04:00

As of today, the Bloomington real estate market has 592 active listings for single family homes. With the exception of a listing at $7,999,000, most homes are in the mid $200,000's. Keep in mind that the numbers for averages may be skewed due to the above mentioned house. The house pictured is a great home in Hoosier Acres on over an acre with a pond priced at $499,900. Check out the stats:

More to come on the new highest priced listing at $7,999K
The least expensive home: $30,000
The average home list price: $304,368
The average size of homes on the market: 2508 square feet
The average days on the market: 109
The average list price per square foot: $113

Condo Sales in Bloomington for the Month of June

2009-07-08T08:00:00.000-04:00

With Indiana University students moving back to Bloomington for the 2009-2010 school year, along with new professors, we'll be seeing condo sales on the rise. for the month of June, which is too early to reflect the incoming IU folks, there were 31 sales. These figures include sales of condos and PUDs (townhouses, paired homes and free standing units in paired home communities).

Here are the numbers for June 2009:

Average sales price: $116,945
Highest sales price: $322,000
Lowest sales price: $51,000
Average days on the market: 146
Average finished square feet: 1346
Average number of beds/baths: 2 bedrooms and 2 baths

Bloomington Residential Sales for the month of June

2009-07-07T09:00:00.000-04:00

The numbers are in for June residential real estate sales for Bloomington. Consistently we are seeing fewer sales than in 2008 but an increase in the average sales price. For the month of June, the margin was smaller for the number of sales from the previous year. Here are some of the numbers:

2008 total residential sales for Bloomington: 163
2009 total residential sales for Bloomington: 158
2008 average sales price: $178,519
2009 average sales price: $180,224
2008 average days on the market: 108
2009 average days on the market: 137

To compare the month of June to last year's market, prices are up 1% and it is taking one extra month to sell the average house. More numbers to come in the next few days.

A Sample of Today's Interest Rates for Bloomington Indiana

2009-07-06T14:09:00.000-04:00

Interest rates are still hovering in the mid to low 5% range. Here's 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 and rates are subject to change:

Fifth Third Bank (www.53.com): 5.125%
Monroe Bank (www.monroebank.com): 5.25% with .25 of a point
Regions (www.regions.com): 5.5%
United Commerce Bank (www.unitedcommercebank.com): 5.25%

National Home Value Rankings by Median Sale Price for June 2009

2009-07-06T07:55:00.000-04:00

In an article in the New York Times last week, they said that the value on homes in the markets that they followed showed that was still falling. Of course it depends on the markets that you follow.

www.eppraisal.com followed 186 markets and they found that more than half the markets that they followed showed an increase in home value. Follow this link to see the complete information on these markets:

http://www.eppraisal.com/nationalmsa.aspx

The chart in the link above shows the city's name, median sales price and the percentage of change in value. While many cities in Ohio saw a dramatic increase, Rachael Ray's hometown of Glens Falls NY saw a decrease as did Matthew Cole's home town of Raleigh NC.

Happy 4th of July!

2009-07-04T07:00:00.000-04:00

In celebration of the 4th, the b-town Report is sharing this link to a You Tube video well worth watching:

http://www.youtube.com/watch?v=Aco0NZh_NgY

4th of July Fireworks in Bloomington

2009-07-03T09:00:00.000-04:00

Celebrate the 4th of July in Bloomington with a fireworks show. Come to the IU Memorial Stadium located at 1001 E 17th St at dusk for the annual Bloomington Amvets Post 2000 fireworks display. For additional information call 812-825-2200.

May Home Sales Rise on the National Level

2009-07-02T09:00:00.000-04:00

In an article from NAR, homes sales rose on the national market for the month of May. Bloomington continued its recent trend of slightly fewer home sales but increased sales prices. Here are some statistics for Bloomington comparing May 2008 with May 2009:

Total number of sales for May 2009: 144
Total number of sales for May 2008: 160
Average sales price for May 2009: $179,314
Average sales price for May 2008: $164,174

This shows a 10% decrease in the number of sales but a strong 9.22% increase in average sales price making Bloomington's real estate market very healthy.

Here's the article from NAR:

Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors®. May’s increase was the first back-to-back monthly gain since September 2005.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate1 of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.

Existing-home sales for June will be released July 23. The next Pending Home Sales Index & Forecast is scheduled for July 1; release times are 10 a.m. EDT.

Pending Home Sales Record Fourth Straight Monthly Gain

2009-07-01T10:24:00.000-04:00

Some very positive information was released today about pending home sales for the national market. Here is the article from the National Association of Realtors:

Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Current Pending Transactions for Bloomington's Housing Market

2009-07-01T09:00:00.000-04:00

Bloomington currently has 180 pending transactions based on the Bloomington Board of Realtors MLS for single family homes. Here are some quick statistics:

Highest list price is $629,900
Lowest list price is $19,000
Average list price is $186,097
Average days on the market is 103
Average finished square feet is 1,957

Yesterday's posting noted that the average sales price for Bloomington single family homes so far this year was $193,336 so it will be interesting to see where the actual sales prices of these 180 pending transactions end up. Will it bring our average sales price down? Or are we seeing more multiple offers which will make sales prices higher than the list price.

A Sample of Today's Interest Rates

2009-06-30T11:26:00.000-04:00

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:

Fifth Third Bank (www.53.c0m): 5.125%
Monroe Bank (www.monroebank.com): 5.25%
Regions (www.regions.com): 5.50%
United Commerce Bank (www.unitedcommercebank.com): 5.375%

Home Prices Are on the Rise in Bloomington

2009-06-30T09:00:00.000-04:00

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)

The Downtown B-Line Trail is Open!

2009-06-29T13:54:00.000-04:00

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.

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

2009-06-27T09:00:00.000-04:00

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.

Market Statistics for Monroe County for the First Five Months

2009-06-26T09:00:00.001-04:00

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?

2009-06-26T09:00:00.000-04:00

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

A Sample of Today's Interest Rates

2009-06-25T14:22:00.000-04:00

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:

Fifth Third Bank (www.53.com): 5.25%
Premier Home Mortgage (www.premierhomemortgage.com): 5.25%
Regions (www.regions.com): 5.5%
United Commerce Bank (www.unitedcommmercebank.com): 5.375%

The B-Line Trail Grand Opening Ceremony

2009-06-25T09:00:00.000-04:00

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

The Home Buyer Tax Credit Could Be Expanded

2009-06-24T13:08:00.000-04:00

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)

June Housing Forcast from NAT

2009-06-23T09:00:00.000-04:00

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."

The Top Ten Cities Most Likely to Bounce Back Quickly

2009-06-22T09:00:00.000-04:00

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:

Austin-Roundrock, Texas
Fayetteville-Springdale-Rogers, Ark.
Boulder, Colo.
Huntsville, Ala.
San Antonio, Texas
Mobile, Ala.
Dallas-Fort Worth-Arlington, Texas
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.
McAllen-Edinburg-Mission, Texas
Seattle-Tacoma-Bellevue, Wash."

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

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

2009-06-20T09:00:00.000-04:00

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.

2009-06-19T09:00:00.000-04:00

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.

Britney Re-Lists her Mansion

2009-06-18T19:13:00.001-04:00

How can you resist, especially since this is an update from a former post. Back in January we reported...via www.trulia.com, that Britney Spears had slashed the price of her home to a mere 7.2M.

Apparently that did not work since she has just re-listed her Italian Renaissance inspired Villa for a new price tag of $6,499,000.

You might ask why this is important? Britney seems to be able to take center state even at a RE/MAX training class when it was announced today that TMZ posted a news story that she had just had lunch at McDonald's in Paris. How can you help yourself.

Source: www.Trulia.com including photo