Featured Listing of the Day

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

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

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

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

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

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?

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)