A Brief Summer Vacation

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

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

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

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

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

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?

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

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?

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

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

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

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

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

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

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

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

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"

1. Louisville, Colo.
2. Chanhassen, Minn.
3. Papillion, Neb.
4. Middleton, Wisc.
5. Milton, Mass.
6. Warren, N.J.
7. Keller, Texas
8. Peachtree City, Ga.
9. Lake St. Louis, Mo.
10. 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

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

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

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

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%

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.

It Might Be Time to Jump on These Great Interest Rates

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!

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

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

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

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

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!

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

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

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.

Current Pending Transactions for Bloomington's Housing Market

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.