Weekly Update for the Week Ending March 6th

The weekly numbers are in and the pre-spring market is looking pretty good as new home buyers are arriving in town to purchase their new home for an early summer/last spring move.

This week our real estate market saw 81 new listings come on the market, up from 69 new listings last week. Here's the breakdown:

• 11 Condos/PUD's
• 1 Multi-family
• 69 Single family homes

The new condo/PUD listings range in price with the low end being an Eagle Point condo listed for $54,900 (find our more about this listing in yesterday's listing of the day on the b-town Report). The highest priced condo/PUD of the week came in at $254,900 for a re-list in The Gables of Brighton Point. This attached PUD has three bedrooms and three full baths. The Gables is a lovely neighborhood on the east side.

As for the single family homes that are new on the market, the vast majority are listed between $130,000 to $180,000. The low priced home is 1900+ square foot 1910 bungalow in Bedford coming in at a very low $19,900. Now let's go to the opposite end of the spectrum with the highest priced new listing of the week: $625,000 will buy this 4400 square foot home in popular Hyde Park. Built in 2005, this all brick custom built home has "top shelf finishes throughout" according to the listing agent.

Now for the sales of the week: 32 properties closed, down slightly from last week's number of 35. Here's the breakdown:

• 1 Condo/PUD
• 3 Land listings
• 28 Single family homes

On the low end, $13,000 could have bought you a 766 square foot house in Bloomfield. The highest seller of the week brought $380,000 for this 5 bedroom/3 bath home in The Stands. Here's a more in-depth price breakdown:

• 11 homes sold for under $100,000
• 4 homes sold between $125,000 and $150,000
• 5 homes sold between $152,000 and $199,000
• 2 homes sold between $200,00 and $250,000
• 3 homes sold between $250,000 and $300,000
• 2 homes sold between $350,000 and $400,000

Those are the numbers for the week. Check in over the weekend for a great link to a real estate podcast!

Matthew Cole's Pick-of-the-Day New Lisitng

Who said you can't afford to own your own place? This brand new listing is priced at $54,900. Located in Bay Point at Eagle Point, the sales price includes 20 rounds of golf! The condo is small at only 763 square feet, but it has many upgrades and a lovey view.

Interest rates are down slightly today, so it's a good time to check out how much this condo might cost you on a monthly basis...and the weather is lovely for a round of golf...and then 19 more.

Info on the Tax Credit for First Time Home Buyers

Thanks to Kevin Cade for this update on the new tax credit and how it works:

http://www.irs.gov/newsroom/article/0,,id=204672,00.html

I thought you would all like to read how the first time home buyer tax credit works this year. It explains that a first time home buyer can get the $8,000 tax credit on purchases through December 1, 2009. They can also take the tax credit, if they purchase prior to completing their tax return in 2008, for 2008 taxes. In other words, they don't have to wait until filing for 2009 taxes to take the credit.

The link above takes you to the official IRS website and a page that gives an explanation of this advantage for First Time Buyers!!

Thanks,
Kevin
Kevin Cade Fifth Third Bank

812-323-3608

Kevin.Cade@53.com

Where do you search for homes?

The National Association of Realtors has just come out with a new statistic: 84% of home buyers start their search for a new home online. Here are links to some of the top search engines for finding homes anywhere in the country and beyond:


http://www.realtor.com/

http://www.trulia.com/

http://www.zillow.com/ (also great for basic home values)

http://www.craigslist.com/ (more people search for homes on craigslist that any other source)

http://www.homefinder.org/ (a great source for the Bloomington area market...more in-depth access is available upon request to matthewcole@remax.net)

http://www.vivun.com/ (A fun site for international properties_

http://eured.com/ (International homes for sale from across the world)

http://www.luxuryportfolio.com/ (luxury homes sales in the US)

Matthew Cole's Pick-of-the-Day New Listing

Hot off the press...aka just listed...This is a great house near IU on First Street. It has almost 1300 square feet plus 650 square feet in an unfinished basement. Built in 1920, this house has three bedrooms and two full baths. It's currently rented (lease through August 16th) with an estimated monthly rent of $1300 per month. Once the lease expires, you can move in just in time for the fall semester.

Priced at $187,000

US Sees Pending Home Sales Decline...Not So For Bloomington

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, according to NAR's latest report.

Breakdown By Region

Here's how the PHSI fared across the country:

• Northeast: dropped 12.7 percent to 57.8 in January and is 19.7 percent below a year ago.
• Midwest: declined 9.2 percent to 72.6 and is 13.8 percent below January 2008.
• South: fell 11.9 percent to 82.2 in January and is 9.1 percent below a year ago.
• West: rose 2.4 percent to 103.6 and is 13.5 percent higher than January 2008.

(source: NAR)

How did Bloomington do?

Bloomington fared much better. Instead of the 7.7% decrease noted at the beginning of this article, Bloomington had an increase of 15.7% in pending sales during January '09, up from December '08
(Source: BBoR MLS)

Matthew Cole's Pick-of-the-Day New Listing

Just listed is this 3 bedroom house in the Rolling Oaks section of The Stands. Located just around the corner from Olcott Park, this home is in an ideal Bloomington location.

Built in 1998, the home features: over 2200 square feet; vaulted ceiling in the living room; fireplace; the kitchen has stainless appliances and solid surface counter tops.

Priced at $255,000.