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Indianapolis Real Estate - Market Report - October 2009

11-18-09
Michael Taylor
Michael Taylor: Real Estate Agent in Fishers, IN
  • view my blog
  • Office: (317) 362-4064

Here are the numbers for all homes in Indianapolis that are active, pending, and sold in October 2009:

2008
2009
% Change
Active
N/A
7198
Homes Sold
828
1059
28%
Average Selling Price
$104,458
$104,683
0%
Days on Market
92
76
-17%
Price Per Square Foot
$60
$62
3%
Sales Price / List Price
91%
94%
3%


As one might expect with the then impending deadline of the tax credit, we see a huge jump in the number of homes sold from this time last year. The average sales price stayed pretty much the same which is an improvement over the 3% decline we have seen on average. Days on the market were down and both price per square foot and listing price to sales price were up. This is all great, however, as I have cautioned before these could be, and probably are, are somewhat false reading of the true market. The tax credit expiring really pushed a ton of people into the market over the last couple of months and this will have an effect on the numbers. I am cautiously optimistic about the Indianapolis real estate market at this point.
If you are looking to buy or sell a home the Indianapolis area, please visit either one of our websites above. You may also want to visit our Indianapolis real estate blog or maybe even our Broad Ripple real estate website.

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8 Things You Should Know About the 2009/2010 Homebuyer Tax Credit Extension

11-13-09
Chanda Barrick REALTOR (Indianapolis, Avon, Greenwood)
Chanda Barrick REALTOR (Indianapolis, Avon, Greenwood): Real Estate Agent in Indianapolis, IN
  • view my blog
  • Office: (317) 572-7770

8 Things You Should Know About the 2009/2010 Homebuyer Tax Credit Extension

What was originally considered a “First-Time Homebuyer” tax credit has been extended into 2010, so I thought I’d give you the key points you need to know regarding the new extension.

It’s Important to note, the key points in this post are applicable to transactions that take place AFTER November 7, 2009. If you closed on your home before this time, please see my other post regarding the 2009 Homebuyer Tax Credit.

This post will be updated accordingly when the revised form number 5405 has been made available on the IRS website.

  1. First and foremost, this credit no longer applies to just first-time homebuyers and/or those that haven’t owned a home in the last three years.  The credit now applies to existing homeowners as well. Here’s the breakdown of who qualifies for the credit:
    1. First-time homebuyer – If you’ve never purchased a home before you are a first-time homebuyer.
    2. Owned a home 3 or more years ago – If you held no ownership interest in a home for AT LEAST THREE YEARS PRIOR to the date you close on a home you plan to buy
    3. Existing homeowners – This category includes those individuals who have used their existing home as a principal residence for FIVE CONSECUTIVE YEARS during the last eight years. There are a few scenarios that apply here. If you’d like to run your situation past me, feel free to contact me to help you determine whether or not you qualify.
  2. The income caps have been raised.
    1. If you make $125,000 ($225,000 if married) or less you are eligible for the full amount either $8,000 or $6,500
    2. If you make between $125,001 and $145,000 ($225,001 to $245,000 if married) the credit amount is reduced
    3. If you make over $145,000 (over $245,000 if married) you are not eligible for the credit
  3. The amount available for the credit varies based on how you qualify:
    1. $8,000.00 - First-time homebuyers and those that haven’t owned a home within the last three years qualify for up to $8,000 based on the purchase price of the home.
      1. If you are married filing separate, the amount each of you can claim is 50% of what the transaction qualifies for (i.e. if the transaction qualifies for the full $8,000 credit, each of you may claim $4,000)
      2. If you purchased the home with others you can claim a certain percentage of the total amount received for the credit.  For example if two people purchased the home equally, the ownership interest would be 50%; three people 33%, etc...
    2. $6,500.00 – Existing homeowners qualify for up to $6,500 based on the purchase price of the home.
      1. If you are married filing separate, the amount each of you can claim is 50% of what the transaction qualifies for (i.e. if the transaction qualifies for the full $6,500 credit, each of you may claim $3,250)
      2. If you purchased the home with others you can claim a certain percentage of the total amount received for the credit.  For example if two people purchased the home equally, the ownership interest would be 50%; three people 33%, etc…
  4. The Date for this particular extension is April 30, 2010.  If you qualify for the credit and you have an accepted purchase agreement on or before April 30, 2010 you may claim the credit; however, the transaction MUST CLOSE ON OR BEFORE JUNE 30, 2010.
  5. Maximum purchase price for the home cannot exceed $800,000.
  6. You must attach the HUD/Proof of Purchase for the home to your amendment.  The 2009 tax credit did not require one to attach proof of purchase which sparked a slew of individuals taking advantage of the program. As a result, you must supply proof of purchase when you submit the claim for the credit.
  7. There is a possibility that you’ll have to pay back the credit
    1. If you sell the home you purchased within three years you may be required to repay the money you received. There are other possibilities, please see form number 5405’s instructions for further information regarding repayment requirements.
      1. It’s important to note, this may change based on the information provided in the revised form. I will update this post accordingly if this requirement change
  8. To claim the credit you’ll need to complete IRS form number 5405 and submit it with your 2010 or 2011 tax return.  In addition you can file an amendment to your return if you’d already completed a return before you purchased your new home.
    1. Again, it’s important to note that the current form number 5405 will be amended to reflect he new provisions of the tax credit. If you close on your home AFTER November 6, 2009, you will need to submit the revised form…DO NOT USE THE CURRENT 5405 FORM if you closed after this date. I will update this post to reflect the new form when it is made available.

Here are a few more posts you may find useful:

Buying a Home
8 Things to Consider When Buying a Home
Answers To: How Much Money Is Needed To Buy A Home?
How the HUD Bidding Process Works
Pre-Qualification vs. Pre-Approval, Which is better?

Selling Your Home
Should You Sell Your Home Before Buying a New One?

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Foto Friday....Just Loungin' Around...

11-13-09
Chanda Barrick REALTOR (Indianapolis, Avon, Greenwood)
Chanda Barrick REALTOR (Indianapolis, Avon, Greenwood): Real Estate Agent in Indianapolis, IN
  • view my blog
  • Office: (317) 572-7770

Earlier this week (or maybe it was over the weekend) I was out in the backyard when I noticed this little guy/gal was just lounging on a tree branch. It stayed there motionless for a while and I almost thought it was dead until I actually grabbed my camera and got a closer look, LOL.

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Broad Ripple Village Real Estate Market Report, Indianapolis IN, October 2009 Data

11-11-09
Chanda Barrick REALTOR (Indianapolis, Avon, Greenwood)
Chanda Barrick REALTOR (Indianapolis, Avon, Greenwood): Real Estate Agent in Indianapolis, IN
  • view my blog
  • Office: (317) 572-7770

Broad Ripple Village Real Estate Market Info

Following is the market report for the area known as Broad Ripple Village as of November 10th 2009.

Good news for October sales...They were up compared to September (8 sold), in addition to being up from October 2008 (10 sold) sales!

The extension of the Tax Credit for New Home Buyers (or those that haven't owned in 3 years) in addition to existing homeowners being able to receive a credit will hopefully keep the positive activity flowing.

Current Active Listings 70 Min Price: $112,900 Max Price: $525,000 15 Condo, 55 Single Family
Pending Listings 9 Min Price: $44,900 Max Price: $290,000 0 Condo, 9 Single Family
Sold in the month of August 13 Min Price: $95,000 Max Price: $252,000 3 Condo, 10 Single Family


Broad Ripple Village is bound by Kessler Boulevard East Drive on the south, North Meridian Street on the west, the White River on the north, and North Evanston Avenue on the east

Broad Ripple Village is an area that is the perfect combination of old and new. Here you'll find homes built anywhere from the 1800's to current date. Broad Ripple has something for everyone with great restaurants, shopping, entertainment, and an emphasis on being active and healthy.

For more information on Broad Ripple and all that it has to offer, please visit the Broad Ripple Village Association home page.

Please feel free to contact me with any questions you may have about the area or if you'd like me to send you the current active listings in the area. I look forward to hearing from you!

Search homes currently on the market

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Making your Indianapolis short sale a smoother process!

11-08-09
Heather Fitzgerald, REALTOR Greenwood Indiana Real Estate
Heather Fitzgerald, REALTOR Greenwood Indiana Real Estate: Real Estate Sales Person in Greenwood, IN
  • view my blog
  • Office: (317) 885-8858
  • Mobile: (317) 371-2622
  • Secondary: (317) 735-9624

Making your Indianapolis short sale a smoother process!

If you are thinking about listing your home as an Indianapolis short sale, be prepared for your listing agent to ask you for documents that your bank will need. They will more than likely need to provide your lender:

Last two months bank statements

Last 30 days worth of paystubs for each borrower that is on the loan that is or will possibly be delinquent.

Last 2 years federal tax returns

A Financial Worksheet from your bank if they have one, and if they do not, one that your listing agent should be able to provide to you.

A hardship letter explaining what caused you to fall behind

These might seem tedious, but your lender and their MI company and or investor needs these items to see if you are able to qualify for a short sale.

Let your agent know how far behind you are on your Homeowners Association dues, so they can factor that in to preliminary figures that are sent to your lender.

Give us a call today for more information, or visit our website. www.SmithFitzgeraldTeam.com

About the Author: The above info regarding Making your Indianapolis short sale a smoother process was provided by: Heather Fitzgerald, who has over 15 years of experience in real estate, title insurance, and lending that can be put to work for you. Heather can be reached by phone at 317-885-8858. Thinking of selling your home or buying your next home? We can help you with this. I service the following areas: Greenwood IN, Indianapolis IN, Franklin IN, Whiteland IN, Mooresville IN, Martinsville IN, Avon IN, Carmel IN, Westfield IN and surrounding areas.

Copyright © 2009 By Heather Fitzgerald- Making your Indianapolis short sale a smoother process!All Rights Reserved.

Experienced Short Sale agent for Greenwood IN Short Sales, Greenwood Short Sales, Indianapolis Short Sales, Indianapolis IN Short Sales, Indianapolis Real Estate, Greenwood IN Real Estate.

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