Wednesday, May 27, 2009

Ouch! Interest Rates are on the Rise

According to the Mortgage Bankers Association, mortgage applications fell 14.2% in the past week. Most of the decline reflects a falling number of refinance applications, which declined 18.9%.
And now rates seem to be on the rise, at least for a short time. Here is 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 for consumers with super credit...and rates are subject to change:

Existing Home Sales Jump


Existing-home sales rose in April with strong buyer activity in lower price ranges, according to the NATIONAL ASSOCIATION OF REALTORS®.
Existing-home sales — including single-family, town homes, condominiums and co-ops — increased 2.9 percent to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March. Yet, home sales were 3.5 percent below the 4.85 million-unit level in April 2008, according to NAR.
Lawrence Yun, NAR chief economist, says first-time buyers continue to influence the market but there also is a seasonal rise of repeat buyers.
“Most of the sales are taking place in lower price ranges and activity is beginning to pickup in the mid price ranges, but high-end home sales remain sluggish,” he says. “The Federal Reserve needs to help restore liquidity for the jumbo mortgage market by buying these loans under the TALF program.”
Source: NAR

Saturday, May 23, 2009

120 Kirkwood Sample Floor Plan


Plans are moving ahead for 120 Kirkwood in downtown Bloomington. To the right is a sample floor plan for a 750 square foot one bedroom condo. Floor plans range from one bedroom up to three bedrooms for condos on the forth floor or your choice of 2nd, 3rd or 4th floor condos with two bedrooms and a den with closet (the lack of a window keeps it from being a legal bedroom).
Currently there are 16 condos at 120 Kirkwood available. The base price is $199,000 for the one bedroom as shown in the drawing to the right. Larger one bedrooms are priced from $265,000 to $285,000. Two and three bedroom units range in price from $335,000 to $550,000 depending on size and location within the building. Two penthouse units are being offered for $629,000 to $649,000.
In the Raleigh North Carolina market where downtown condos have been very popular, some of the penthouse condos offered were later reconfigured into multiple smaller units in order to sell.
120 Kirkwood is a needed addition to downtown living for those who choose the ease of condo living. Feel free to post your comments on this new project.


Friday, May 22, 2009

Grand Opening of the B-Line Trail is Postponed till June 26th


The grand opening of the downtown section of the B-Line Trail was scheduled for this month. But delays have made it necessary to reschedule the grand opening celebration till June 26th.
Come out and celebrate with your community as the City of Bloomington officially opens the downtown phase of the B-Line Trail, "the most significant economic development project on the City's agenda!"
Starting at 4:30 at the Farmer's Market Plaza enjoy live music and art, giveaways, and a chance to walk the Trail following a short program.

Thursday, May 21, 2009

Sales Statistics for Bloomington Homes Priced from $120,000 to $140,000



  • To offer a snapshot of sales in the Bloomington area, here are some statistics for three bedroom, two bath homes that have sold since the first of the year which were priced between $120,000 and $140,000:

  • Average home price: $132,499
  • Average selling price: $128,768
  • Average selling price per square foot: $92.00
  • Average number of days on the market: 112
  • Average selling price compared to list price: 97% of list price
  • Average size/square feet: 1,441

One of the best values sold so far this year in this price category is the house in the photo above which is located in the Sweetbriar section of Winslow Farm. It was listed for $139,900 and sold for $136,900.

Overall for Bloomington so far this year, homes with three bedrooms and two baths sold for an average of $165,369. The homes averaged 1,688 square feet in size.

A Sample of Today's Interest Rates

Interest rates continue to be very favorable with most coming in below 5%. Keep in mind that rates posted are typically for individuals with a credit score of 740 or better. You will pay a premium or higher interest rate if your credit score is below 740.

Take in these rates, the first time home buyer tax credit and other programs that are available, this is such an ideal time to purchase a home or refinance if your rate is at or over 6% (like mine).

Here's a sample of 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.

Tuesday, May 19, 2009

Bloomington's Parade of Homes this June



The Parade of Homes is coming to Bloomington on June 6 & 7 and June 13 & 14. For a complete list of the homes that will be on tour please go to: http://www.mcbaindiana.org/parade-09/index.html

Saturday, May 16, 2009

Realtor's Make-Overs

The National Association of Realtors asked Realtors to send in their best photos of room makeovers. Follow the link to see before and after shots. One of the nine Realtors is an FC Tucker agent from Carmel, Indiana.
http://www.realtor.org/rmohome_and_design/articles/2009/0905_home_bestroommakeovers

Friday, May 15, 2009

First Time Home Buyer $8000 Tax Credit Quiz


To test your knowledge about the first-time home buyer tax credit, follow this link to take the realtor.org test. All of the answers are on the b-town Report, but no cheating... http://www.realtor.org/RMOQuiz2.nsf/2009HomeBuyerTaxCreditQuiz?OpenForm

Neighborhood Watch - Hoosier Acres Update



Historical fact of the day: The original farm house on the Hoosier Acres Cattle Farm, which now is home to the Hoosier Acres neighborhood was fed by a spring house. That spring is now the pond on Brownridge Avenue shown in the photo to the left.

Currently there are four houses on the market in Hoosier Acres offering quite a diverse market which is one of this neighborhood's trademarks. Here are the active listings:
  • 710 S. Pleasant Ridge is a limestone home offered at $185,000 with 1817 square feet
  • 3855 E. Brighton Ave built in 2003 with 3094 square feet and offered at $324,900
  • 3738 E. Cameron Ave on 1.4 acres with 3923 square feet and offered at $499,900
  • 3641 E. Homestead Ave on 6.47 acres with over 6000 square feet and offered at $1,300,000

Two recent sale took place in Hoosier Acres:

  • 704 S. Meadowbrook with 2066 square feet sold for $222,500
  • 3436 E. Homestead with 2585 square feet sold for $325,000

Thursday, May 14, 2009

The Top Ten US Towns for Living Well



We love a top-ten list at the b-town Report. Here's the latest:
Small cities can be comfortable places to live and great spots to operate a business, according to a new report from Forbes magazine and business relocation specialist ZoomProspector.com.
They identified 10 cities and towns with fewer than 100,000 people, favorable business environments, and well-educated workforces.
Their study also took into account natural beauty, high salary levels, and local restaurants and cultural attractions. The following, according to their analysis, are their top 10 towns that offer great places to live and work.
  • 1. Boulder, Calif.
  • 2. Doral, Fla.
  • 3. Fairfax, Va.
  • 4. Mountain View, Calif.
  • 5. Cupertino, Calif.
  • 6. Newton, Mass.
  • 7. Columbia, Md.
  • 8. Rockville, Md.
  • 9. Coral Gables, Fla.
  • 10. Foster City, Calif.
    Source: Forbes, Matt Woolsey (05/04/2009)

Wednesday, May 13, 2009

Now You Can Use Your $8000 Tax Credit as a Down Payment


Tax Credit Can Be Used for Down Payment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..
He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Source: Realtor.org

Tuesday, May 12, 2009

A Sample of Today's Interest Rates

Below is a sample of interest rates posted by local lenders. As always on the b-town Report rates are for 30 year fixed rate conventional mortgages and rates are subject to change.

Updated information on the $8,000.00 First Time Home Buyer's Tax Credit


As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
Source: Realtor.org

Sunday, May 10, 2009

Bargains Are Harder To Find

Where have all the bargains gone? In an article from Realtor.org/realtormag, both Realtors and home buyers stated that those great bargains in houses don't exist anymore:
"Every open house I've been to has been a zoo," says first-time home buyer Sam Rivero, who has looked at 35 properties during the last three months. "If you follow what the media say, you'd think sellers are desperate to sell a house, but when you get there it's totally the opposite."
"The biggest problem," says Phyllis Harb, an associate with RE/Max Tri City in La Canada, Calif., "is that people are overreacting to housing statistics, thinking they can come in and make an offer 20 percent below price."
Since the first of the year, single family homes in Bloomington have actually sold for an average of 7% less than the asking price or at 93% of the asking price. This translates to an average of $14,000 off the asking price of a $200,000 home.
Source: Los Angeles Times, Chip Jacobs (05/03/2009) and the Bloomington Board of Realtors MLS

Saturday, May 9, 2009

Just Released: Bloomington's 2009-2010 Strategic Plan



Mayor Mark Kruzan and the city of Bloomington have just released the 2009-2010 Strategic Plan for the city. This is a 21 page comprehensive study on where the city is now, where it is planning on going and more importantly, how to get there. Follow this link to see the full report: http://bloomington.in.gov/strategicplan

Here is just a sample of where the City of Bloomington is now:


• National Gold-Medal Award winning Parks and Recreation Department.
• The state’s “Best Walking City” by Prevention magazine.
• #6 among top 2007 Best Small Places for Business and Careers by Forbes Magazine.
• A community with 18,000 public trees, 40 parks and2,300 acres of City-owned green space.
• Tree City designee for the past quarter century.
• IU-Bloomington named Tree Campus USA by the Arbor Day Foundation.
• Awarded first annual “Green Community of the Year” by Indiana Association of Cities and Towns.
• Top 20 best cities in America for doing business by Inc. Magazine.
• #7 Best Performing City in 2007 by the Milken Institute for our concentration of high-tech jobs.
• Number one gay and lesbian friendly small town by Advocate.com.

Friday, May 8, 2009

This Weekend's Open House Update


Looking for an open house to view this Sunday, May 10th. Here are some options:
  • 1405 S. Dunn Street, MLS # 10051857 and priced at $303,990 (South Dunn Street)
  • 3753 Villa Glen, MLS # 10055322 and priced at $349,999 (Brighton Point)
  • 3502 Tyler Lane, MLS # 10055365 and priced at $98,000 (Van Buren Park)
  • 5285 E. St. Road 45, MLS # 10055955 and priced at $185,000 (NE Monroe Co.)
  • 4695 S. Livia Dr., MLS # 10054987 and priced at $359,900 (Amber Ridge)


Thursday, May 7, 2009

Neighborhood Watch - Park Ridge East


Park Ridge East, located on the east side of Smith Road between 3rd and 10th, is a popular neighborhood for anyone looking for mid-priced homes in a quiet setting that is not too far from Indiana University.


Activity over the past year has seen eight houses sell. These homes were priced between $149,000 and $229,000. Here are some statistics on the sold listings:




  • Average square feet: 2,473


  • Average list price: $197,163


  • Average price per square foot: $84


  • Average days on the market: 91


  • Average selling price: $184,488


Currently there are seven homes available in Park Ridge East and they are priced from $179,000 to $285,000. This neighborhood is made up of ranches, bi-levels and colonials and each style is represented in the current available inventory.



The house in the photo above is currently on the market and priced at $197,700 and offers 4 bedrooms (one bedroom is located in the basement), two full baths and has a great pool in the back yard. With over 2600 finished square feet, this house has a lot to offer. The only negative is the train track behind the house...the listing agent stated that only two trains travel the track each day. Awesome pool!

Wednesday, May 6, 2009

Retirement Destinations That Allow You to Stretch Your Budget

Planning for retirement on a budget? Realtor.org and Realtor/mag posted the top ten states with the lowest cost of care for aging:

States with sunny climates like Florida, California, or Arizona may be the most popular retirement havens. But Genworth Financial offers up a list to seniors who are concerned about making their money go further in this tough economy. Their list ranks places that boast the lowest cost of long-term care.

Genworth last week released its annual cost of care survey, which measures the cost of home care, nursing homes and other forms of assisted living. It identified these states as not only having the most affordable options, but also offering a choice of facilities at an affordable cost.

  1. Iowa
  2. South Dakota
  3. Kansas
  4. Nebraska
  5. North Dakota
  6. Oklahoma
  7. Missouri
  8. Arkansas
  9. Wyoming
  10. Louisiana

Source: Genworth Financial (05/04/2009)

Tuesday, May 5, 2009

Community Service Tip - Fabian's Seafood in the parking lot of Bloomingfoods on 3rd

There are so many things to learn about Bloomington, including how to get the freshest seafood.
Fabian's Seafood from Galveston Texas comes directly to Bloomington every once in a while. Today is the day. Come to the parking lot of Bloomingfoods on 3rd Street from 2:00 till 5:30 (or until they sell out).
The seafood is fresh and wild caught. Who would have thought that would be available in Bloomington?

Sign up to receive email notifications of when they will be in town at www.fabianseafood.com and you can receive a discount of 30 cents per pound on shrimp and crab meat. What'a deal!

Monday, May 4, 2009

The Rates are Starting to Move Up-A Sample of Today's Interest Rates



Just last week an article in the New York Times stated that interest rates should hold steady for a while. But today we are seeing some lenders increase rates. Here is a sample of today's rates from local lenders. And as always on the b-town Report rates are for a 30 year fixed rate conventional mortgage and rates are subject to change.

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


Who says you can't live near the heart of Bloomington's entertainment and arts district for under $100,000. This three bedroom/one-and-a-half bath home is a great deal.
Located half a block from public transportation, two blocks from a community pool, three blocks from a city park and walking distance to Upland Brewery, how can you go wrong for $82,500! Check out more information at:
www.819OrrisDrive.com

Sunday, May 3, 2009

Eco-Freindly Outdoor Fireplaces

We ran this article last winter, but with everyone heading outside now to enjoy spring, what better way to think green that having an EcoSmart Fire outdoor fireplace installed.

As chic as it is eco-friendly, the EcoSmart Fire system gives you the pleasure of a fireplace without the pollutants. This is a self contained unit that is fueled by clean-burning denatured ethanol, a renewable resource. These portable fire boxes can be placed anywhere inside or outside a home since they require neither a utility connection nor a chimney. And to make this product ever greener, the company will plant two trees on the buyer's behalf for every unit purchased. Models range from $2100 to $11,500. For more information, go to:

Saturday, May 2, 2009

Friday, May 1, 2009

Market Update for the Week Ending May 1st

The number of closings were significantly up this week, an outcome of a very busy season of showing houses during March. Here are the basic numbers for the week:
  • 59 Sales
  • 69 New Listings

Starting out with the week's closings, here's the breakdown:

  • 8 Condos/PUDs
  • 5 Commercial Listings
  • 46 Single Family Homes

The lowest priced home to sell this week was on Orris Drive in the city of Bloomington and closed for $19,000. This home was sold as a fixer-upper and has had a blue tarp over the roof for quite a while...The high seller of the week was a 5800+ square foot home on over 15 acres in northwestern Monroe County which sold for $450,000.

Here's the price breakdown for the single family home sales:

  • 9 home sales under $100,000
  • 16 home sales between $100,000 and $150,000
  • 10 home sales between $150,000 and $200,000
  • 5 home sales between $200,000 and $250,000
  • 2 home sales between $250,000 and $300,000
  • 1 home sale in the $300,000's
  • 1 home sale in the $400,000's (noted above)

For the week's new single family home listings, here is the price breakdown:

  • 11 homes priced under $100,000
  • 19 homes priced between $100,000 and $150,000
  • 9 homes priced between $150,000 and $200,000
  • 4 homes priced between $200,000 and $250,000
  • 6 homes priced between $250,000 and $300,000
  • 2 homes priced in the $300,000's
  • 1 home priced in the $400,000's
  • 1 home priced in the $500,000's
  • 1 home priced in the $600,000's
  • 1 home priced at $1,299,000

The million dollar listing of the week is a new construction home being built in Gramercy Park on Bloomington's north side. It will have 5 bedrooms and 4 full baths with a total of 5656 square feet of finished living space.


"Baby Boomers Take Advantage of Age-Restricted Communities"

According to Rismedia, a real estate information system, more and more baby boomers are choosing to move to 'age restricted' communities. Here's what they had to say:
April 30, 2009-Most baby boomers, like their parents, are choosing to “age in place,” but a large and growing number - more than 1.2 million households - are choosing to move to communities designed to meet their needs, according to a study released by the National Association of Home Builders (NAHB) and the MetLife Mature Market Institute (MMI). The data is significant because by 2010, the boomers will represent one quarter of the U.S. population - a group that will greatly impact the choices available in the housing market.

Just a sample of options in Bloomington are listed below: