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.

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

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:

• 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

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

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

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."