Cindy "in Indy" Marchant Carmel, and Fishers Real Estate

It's my monthly analysis of the Fishers Real Estate market. There are currently 759 homes for sale in Fishers, with 135 of them below $150,000. Here is a quick list of those homes less than $150,000 in Fishers; it is dynamic so changes daily. Those are great homes for first time buyers to take advantage of the extended $8,000 tax credit. If you haven't already heard, there is a credit for repeat buyers as well now. The rules are:

1. Must have lived in the home five of the last eight years
2. Must have a married income of less than $225,000 or a single income of $125,000
3. Must purchase a new home
4. Both the sale and buy must take place between now and 4/30/2010; closing before 6/30/2010.

Moving into the October market for Fishers, we saw 118 homes close compared with 114 last year. This is great to see after several months of 2008 beating 2009. We are currently still behind about 7% from a year ago in looking at the year to date figures. In terms of distressed properties, there were 15 this month and 14 last October.

The average days on market were 80 this month which is substantially less than they were a year ago at 96. The average price per square foot remains relatively constant at $100 from a year ago; so not a great deal of appreciation this year although it DOES vary by subdivision.

We saw Sunblest Farms hit it out of the park this month with 7 sold properties and the days on market were 4, 5, 8, 13 and 34 for five of those. When you can list a house and sell it in the same week; that's a hot neighborhood!

Lake Stonebridge had three that sold this month; it is where I ultimately want to retire! I watch that neighborhood closely.

There were two homes that were over $1,000,000 sell this month; the days on market for those were significant at 156 days and 246 days.

If you'd like specific information on your neighborhood, send me a quick email or reply to this blog post and I'll give you graphs and statistics on your home.

I am your Fishers Realtor signing out!

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Cindy "in Indy" Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775

In my monthly Carmel sales reports, Brookshire often shows up as one of the neighborhoods with the most activity. There are several Brookshire neighborhoods, there is North, Villages, Pines and Lakes. Today I want to highlight Brookshire located between 116th to 126th and Gray. You've probably been by it; it has the pillars with the lions at the entrances.

It is an older neighborhood, built mostly in the early 70's. Most of the homes have basements and are four bedrooms and 2 1/2 baths. It is a very large neighborhood with nearly 400 homes. The neighborhood has beautiful mature trees and winding roads. It is conveniently located near Brookshire Golf Course.

Currently there are only seven homes available. Five of those are two story homes and the other two are ranch style homes. There are several tri-level homes as well. Most of the homes sell for approximately $100/sq ft. This is one neighborhood that has avoided most of the foreclosure/bank owned homes. Only one sold since January 1, 2009 and it sold for $66/sq ft.

The days on the market average is all over the map and that is probably because some of the homes haven't been updated since the 70's and others have. On the short end, they sell in about 60 days; on the long end, they take over 150 days to sell.

Since January 1, 2009 there have been 12 homes that have sold which is a little better than 1 per month. There are currently seven on the market, so about a six month supply. A balanced market between buyers and sellers is at five months.

The location of Brookshire, the variety of homes and the maturity of the area make this neighborhood very popular for people looking to buy a home for sale in Carmel.

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Cindy "in Indy" Marchant - Carmel Real Estate Agent
Keller Williams Realty Indy Metro NE
Carmel IN Real Estate Website
317-290-7775

If you have a Fishers home for sale, you undoubtedly have talked about the commissions that will be paid. Whether they are justified or not is certainly a topic of controversy. I could take either side of that depending on who we are talking about as the Realtor.®

I think I'll talk about the expenses first and then give you some ideas on how to negotiate the commission. My time is worth something, to put a dollar amount on it would be difficult. But, there is time involved in scheduling stagers, photographers and sign installation. There is time involved in getting the listing on to MIBOR with profile sheets and numerous forms that need to be copied and entered as well as pictures and tours being loaded. There is time involved in following up with showings, securing various documents for the showing agent (i.e. disclosures, surveys, lead based paint, etc). There is a tremendous amount of time to get the transaction to the closing table, mostly in terms of talking with the appraiser if needed and certainly scheduling contractors for inspection issues.

I also pay for the consultation with the stager, staging (no furniture rental) and the professional photographer to shoot the pictures of the home.

I spend premium dollars with Trulia and Realtor.com as well as others that allow me to showcase your home with more pictures and better positioning. Most Realtors® can feed their listings to various sites, but it costs more to have the premium packages.

You pay for me networking abilities and negotiation skills. I am a more experienced Fishers Realtor® and also had a previous career that was highly visible allowing me to have a very large circle of influence. I typically can sell my own listings because I actively look for buyers for them! You pay me to set your home apart from the others and to get premium dollars. For 2009, I am getting 96% to list price!

This is a nice transition to how you might be able to receive a lower commission from me. If I do bring the buyer, I often will discount the commission. If you buy a home from me once we sell yours, I often will discount the commission. If you are a strong referrer, I will discount the commission. I have one teacher at Indian Creek who has brought me so much business that when it sells, it will be for free on the listing side. I will still have to pay for the agent who brings the buyer.

I hope that helps explain why the commission rate is what it is; contrary to popular belief it is not just for putting the sign in the yard. But, NOT all Realtors® work the same. Ask yours why they are worth their commission or better yet, hire me!

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Cindy "in Indy" Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775

Today, there are 800 homes for sale in Carmel Indiana! If you are thinking about buying one of them, here are five secrets you should know as you begin your search.

• Be sure you have spoken to a lender FIRST. There is nothing more disappointing than looking at homes and falling in love with one only to find out you cannot afford it. The general rule of thumb, and I mean "general" is 2 1/2 times your earnings for your mortgage amount. So if you make $100,000 you can mortgage $250,000. Remember you must have at least 3.5% to put down making your purchase price right about $260,000. This of course all depends on your credit and debt ratios. If you need a lender, let me know. I have three that are outstanding in their business and highly responsive.

• When looking at homes, play the substance versus style game. Determine what things are important to you BEFORE you start to look at a home. If a big yard is important to you, it is a substance item meaning we cannot change the size of the lot. If you want an open floor plan, that may very well be a style item because moving walls can be done. If you know a home won't work as soon as you walk in, move on. Your time is valuable.

• Go by the home you are interested in at different times of the day to understand the neighborhood or traffic patterns for example. If I have a relocation client that is going to work downtown and is looking at a home that must use I69 to reach; I need to be sure they drive that at 5:00 to understand the traffic snarls.

• Look at things other than the layout of the home, look at baseboards, in ovens and at the ceilings, especially the registers. How a seller takes care of visible items gives clues to how they takes care of the home in general. If you are buying a used house, which most people do, you want to be sure it is well maintained.

• Be sure your Carmel Realtor runs the comparables and analyzes the data to the point that YOU understand it. A price per sq ft is a good starting point, but the history on the property is also important. Things like how long it has been on the market matter. I try to be sure I get a list of any updates to the home for the listing agent (likewise I have this ready for my listings). If possible, know the seller's motivation. If they have already bought a house, they might be more apt to negotiating.

Buying a home for sale in Carmel is easy in some respects, the community has great schools, wonderful events and an amazing appreciation rate on homes. But, you want to be sure you have considered these five points before you start!

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Cindy "in Indy" Marchant - Carmel Real Estate Agent
Keller Williams Realty Indy Metro NE
Carmel IN Real Estate Website
317-290-7775

As we approach the end of a terrific first time buying season in Fishers Indiana, I wanted to share some information from the IRS on the first time buyers credit.

As you know, unless it is renewed, it will cease to exist on transactions closing after 11/30/09 which means you would have to be under contract by 10/30/09 at the latest. There are a few short weeks, so hopefully this information will be useful if you or someone you know is almost ready to pull the trigger.

I work with many clients looking for a home for sale in Fishers that will fit their needs. These are some of the questions I have heard and the answers.

Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Q. A taxpayer owned her principal residence. Several years ago, she decided to relocate to a rented apartment, but did not sell the former residence. Instead, she rented it out to tenants. Now the taxpayer plans to buy another house and make it her new principal residence. Does she qualify for the first-time homebuyer credit?

A. A taxpayer who owned rental property within the past three years is still eligible for the credit. The taxpayer cannot have owned and used a home as his or her principal residence within the last three years.

Q. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?

A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence.

There are various other first time home buyers tax credit questions so please read the full report. I offer first time home buying classes every month at our Fishers office, you can register at our Fishers Real Estate website. I include a home inspector, a lender and then myself to help people understand the process of buying a home. Hope to meet you soon!

Search homes for sale in Fishers by Neighborhood

Other Northside Blogs (Carmel, Noblesville, and Geist)

Cindy "in Indy" Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775