There are currently 790 homes for sale in Fishers and there are 204 pended (sales contract is in place) but what a story we have on homes in Fishers that sold in August! The graph below shows the trend from January through August for sold Fishers Real Estate. I think using the graph is a great way to see a bigger picture, than just writing about the month of August.
The numbers have been consistently close through June and then we saw a 14% decline in July and we are seeing a 31% decline in August! Our hypothesis in July was that perhaps the influx of first time home buyers was beginning to decrease as most were already in the market. I think that this is more evidence to support that hypothesis. There were 139 homes that sold in Fishers versus 201 a year ago in August.
I did consider whether the number of pends was unusually high and by looking at the pends by date; this could be an explanation. Of the 204 homes for sale in Fishers that have a contract; 102 of those pended in August. I know "getting to the closing table" is much harder than it used to be; so timing may be a factor. There were new lending regulations that came out at the end of July requiring better disclosures and longer time tables.
Of course the highest price home in Fishers that sold was for $1.1 million and it was Marcus Schrenker's home in Geist. Most of the lowest priced homes that sold were the condo's at Cedar Cove that have the traffic of 96th and Allisonville to contend with. Sunblest, Sweet Briar and Woodberry had the most homes for sale in Fishers that sold.
The number of distressed homes continues to decline from the 2008 levels signifying the run on bargains may be approaching a balanced level. For the third month in a row, the number of homes for sale in Fishers that are distressed is less than the number in 2008. There were only 14 homes in August 2009 that were designated as distressed.
Our team continues to help many people understand the difference between foreclosing on a home and selling short. We have a Certified Distressed Property Expert (CDPE) or Short Sale Realtor® on our team, her name is Susan Timmerman. It is worth talking to her or referring someone you know in a negative equity position to Susan to discuss the differences between foreclosures and selling short.
If you are thinking about having your home in Fishers for sale; you need to choose your Realtor® wisely. The best two questions to ask a Realtor are:
The Marchant Team for 2009 statistics are 59 days on the market meaning we sell your homes in less than two months and our average sale price to list price is 96%. If you have a home listed at $200,000; you can expect the Marchant Team to get you $192,000 as the sales price. There are very few Realtors in Fishers that can compete with those numbers. If you want the best selling or buying experience, hire the best Realtor.
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There are 773 homes for sale in Fishers today! I love to highlight all the various Fishers neighborhoods that make up those 773 homes, today I have chosen Gray Eagle! Gray Eagle is a golfing community in Fishers with Prairieview Golf Course surrounding the subdivision and is located on 116th to 126th in east Fishers.
Gray Eagle has 682 homes that were primarily built by Pulte Homes and is enclosed by 240 acres of wooded preservation. There are various subdivisions within Gray Eagle, for example "The Bluffs" are located off of Brooks School Road at 126th and are ranches with finished basements that either back up to the woods or golf courses.
Currently there are 14 homes for sale in Fishers Gray Eagle. They range in price per sq foot depending on which area in Gray Eagle you are looking, but the majority are in the $120-$130 price per sq ft. Currently the highest priced home is at $499,000 with 4,400 sq ft PLUS an additional 2,000 in the basement at 11751 Skyhawk Court. It has five bedrooms and four full baths. The lowest is at $339,000 with 2,770 sq ft and an additional 1,500 in the basement.
Most of the homes were built in the early 2000s and have three car garages, basements and often three to four full baths. 
Since January 1, 2009 there have been 26 homes sold in Gray Eagle, which is about 3 homes per month. If we look at the absorption rate, we would say with 15 homes for sale in Fishers Gray Eagle, we have just under a five month absorption rate. This is approaching a balanced market.
Gray Eagle homes typically sell in less than 90 days as well demonstrating that it is a neighborhood that is popular to home buyers in Fishers.
It is also popular due to its proximity to shopping, schools and interstates; yet with a golf courses and wooded lots, maintains a private quiet backdrop for its residents.
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There are many people who have homes for sale in Fishers or are thinking about selling their home and know that they probably owe more than they can get for their home. This can cause a lot of sleepless nights.
In many areas in the surrounding Indianapolis market, the 2009 prices have not appreciated above the 2006 prices. This means if you bought your home in 2006; you may not be able to sell it for more than what you paid. This creates negative cash flow when you add in typical seller expenses such as taxes (paid in arrears in Indiana), commissions and title work.
There are options! You may be able to sell your home "short" and preserve your credit. Banks have the option of submitting the short sale to the creditu bureau as "Paid in Full" or "Settled for less than full balance". The problem is when you stop making payments; then your credit score will suffer. There are ways to sell short while you are making your payments.
In 2007, the U.S. Congress passed the Mortgage Debt Forgiveness Relief Act and it is now in effect through 2012. The essence is that you will not pay taxes on the debt that is forgiven if it was your principle residence.
We have a short sale or CDPE (Certified Distressed Property Expert) agent on our team. This is a workpaper she has shared with our team that might be useful to my readers.
If you are being relocated for a job or have a declining market in your neighborhood, your lender may agree to allow you to sell short rather than go into foreclosure. If you do not become delinquent on your payments, you may be able to sell short and not harm your credit scores.
This is a very important discussion that is individual specific so please let me know if you would like to talk with me or my team member to see if it might be an option for you or someone you know.
The Marchant Team is about selling real estate, but it is more about creating a win-win situation for each client we have the opportunity to work with in the Fishers Real Estate area.
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You typically will see PMI applied when you have less than 20% equity (mortgaged amount is more than 80%). The misnomer I often see is that people interpret that to mean they need 20% down in cash. There are other ways to ensure the 1st mortgage is at 80%; by taking a 2nd mortgage for say 10% and then the balance of 10% is in cash. The 2nd mortgage will run a bit higher on an interest rate, but some people prefer to pay that off quickly and avoid the PMI charges completely.
Or course, a 2nd is much harder to come by these days. A credit score over 700 is expected.
When you purchase a home with an FHA loan; PMI is automatically attached regardless of the amount put down. It is typically .55%. This is true if you have a 30 year FHA loan; PMI would not be required on a 15 year FHA with 10% or more down. (thanks David!)
PMI costs vary greatly, they can be as low as 1/2 % of the mortgaged value to 1.00%. Here is an example of how this might work:
A buyer searching in the Fishers Real Estate market might find a home in Sunblest for $139,900. Their Fishers Realtor® negotiates the price to $133,000. The buyer puts down $13,000 leaving a mortgage of $120,000. Lots of numbers, I know...stay with me. The PMI is 1% of the mortgage balance or $1,200 or an extra $100 a month.
Here's a bit of good news, PMI is now deductible up to $1,000 a year.
It is important to understand the "Total" monthly mortgage payment. Often calculators on various websites give you an amount that is JUST principle and interest. You must also include property taxes, homeowner insurance and PMI (depending on your loan) and possibly a monthly maintenance fee if you are buying a condo or choose a home in a low maintenance community.
If you have other questions about PMI or other real estate lingo, please let me know. I am here to help you understand the buying and selling process. More real estate terms defined here.
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Pulte's Saddle Creek is a popular Carmel Indiana Real Estate location. It is located in the Spring Mill and Towne area just north of 136th. There are 493 homes in the subdivision and they were built between 2000 and 2005 for the most part.
There are so many neighborhoods in Carmel with homes for sale, why would you pick Saddle Creek? For starters it has very good resale in terms of days on market. On the average, homes only last about 60 days.
There have been 27 homes sold since January and there are currently 18 active homes for sale; so the absorption rate is about five months. For this particular time in real estate, five months is good!
The average price per sq ft is right at $110.00; with most homes ranging in price between $275,000 and $350,000. There is one home currently on the market with 6 bedrooms for $329,000!
Almost all of the homes have a basement and most of the homes also have a three car garage. They have brick on the exterior with most having composite siding as well. They have the signature Pulte design with the arched entrance at the front door.
If you are moving to Carmel or looking to purchase a new home in Carmel, be sure to check out our other neighborhood reports and our Carmel market reports that detail which neighborhoods have the best activity and resale. Finding the right neighborhood for you will take the experience of a Carmel Realtor that knows the area.
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Our experience in selling & our knowledge of neighborhoods and resale values will make your transaction one you'll want (and we'll want) to share with others! Ranked in Top 1% www.marchantteam.com
Hi, I'm Cindy Marchant and I have been a highly successful real estate professional in the Indianapolis market since 2001. After reading The Purpose Drive Life book, I felt a calling to work more with people so I left a career with a local hospital as their Controller and pursued a career in real estate. My personal goal is to give you the best experience with your real estate transaction. I hope to simplify the process of buying and selling real estate, and to exceed your expectations while making the process enjoyable to you. My extensive experience and proven track record are factors you can count on when working with me. Be sure to visit our blog to see how we work with buyers and sellers. I use the latest technology to understand the current market and to make the connections necessary for our sellers. I work with several relocations company's and also work with the Perfect Wedding Guide so I have lots of buyers for your listings too! Please enjoy my website. It is just one of the successful tools I use to assist my clients in marketing their real estate.
I live in Lawrence Township and work in Lawrence, Fishers, Carmel, Noblesville and Zionsville. Our offices for Keller Williams are located in Fishers, so I have become quite the resident expert in Fishers Real Estate. I also worked on the west side for many years and also work Avon, Brownsburg and Plainfield too. I review market statistics for these areas on a weekly basis, and actually enjoy it. I guess being an accountant is a hard habit to break!
I have first time buyer classes each month to help first time buyers understand the somewhat daunting process. We have a realtor, a lender, a home inspector and a home decorator spend time with the class. I also work with move up buyers; this brings its own set of fears and trials for those folks. I had about seven of these types of transactions last year and almost all of them were able to close on their new house and the house they were selling in the same day. This requires a lot of negotiating on my part which I am totally comfortable with from my previous career. Finally, I work with buyers wanting to downsize, I completely understand this phase of life! :-)
I work with sellers as well, using a 35 point process to sell their home. I do not use a cookie cutter method in selling; I market the home specifically as it best relates to that house. For example, if the home is in Broad Ripple, I will advertise in NUVO, if it is an expensive home, it may be advertised in the IBJ or Indiana Medical Society Bulletin. I have links for each listing, for example if you are in Carmel I will link to Central Park; if you are in Fishers, I will link to Money Magazine where Fishers was named the 24th best place to live in the country. I use a stager, schedule a virtual tour (including the diagram of the floorplan), utilize professional photography among other creative ways to get the home sold quickly for top dollar.
I enjoy all of the clients I meet and work with so much that we have several client appreciation events. I invite my clients to a ball game, a wine tasting party, a hayride among other fun events. They receive a pie at Thanksgiving from me. My clients have entrusted one of the most important decisions in their lives to me and I want them to know how much I appreciate that trust.
1) We recently relocated to Kingwood, Texas, from Fishers, Indiana, and Cindy was recommended to us by a mutual friend from East 91st St. Christian Church. We interviewed several potential realtors, and when we interviewed Cindy, we knew we'd found the realtor we wanted. From the beginning, Cindy was professional and courteous, but also warm and friendly. Instead of first walking around our house, she took the time to get to know us, and to ask us about our needs. We were impressed not only with her background and extensive knowledge of real estate, her sales record, and her resourcefulness, but with her unassuming nature, and her desire to serve our family's needs. We quickly arrived at a fair sale price, and Cindy prepared an attractive, informative, and very well-constructed booklet to leave for potential buyers. We felt our home was given maximum exposure, and sold more quickly than we had anticipated. Cindy provided us with outstanding service and personal attention, as well as negotiated and advocated on our behalf. From the outset, we developed a mutually respectful relationship with Cindy, and we feel she truly went the extra mile with us.--- and she enjoyed it! She really made the whole home-selling process a lot easier and more comfortable. We were also impressed with Cindy's generous nature, in donating a portion of her commission to the charity of her clients' choice. With all the anxiety and work which accompanies selling a home, it was such a relief and a great feeling to be completely comfortable with our choice of realtor. I would not hesitate to whole-heartedly recommend Cindy as a realtor; she is truly an outstanding woman, who is devoted to her clients, as well as to the community. Submitted by Rennie and Megan
2) We would like to express our appreciation to you for the quick sale of our home. From the moment we met and learned of your team approach, we felt confident that our decision to list our home with you was the right one. Two weeks and nine showings later the house was sold. Several things contributed to this success: the listing price we selected based on your research; your home improvement suggestions for making our house more appealing, and your networking capability. We especially appreciated how you worked around our schedules to make showing appointments least disruptive to our family.We are now settled in our new home in South Carolina. The move was made much easier because of the closing date on our Indy home that you helped us negotiate - one move at our convenience! Thank you so much for your professionalism. It was a pleasure working with you and we are thankful that our paths crossed. Submitted by Tim and Cindy
3) If you are considering a realtor in the Indianapolis, Lawrence, Fishers area, then look no further than Cindy Marchant.My wife and I spent nearly a year and a half looking for homes. We went to open house after open house. One Sunday afternoon, we went to an open house Cindy was hosting. After talking to her, we knew immediately she was the realtor for us. Her knowledge of the area, the market, and of the business was head and shoulders above the other realtors we had talked with.When we decided to sell, we contacted Cindy. She came over and did an analysis of our home. She suggested some things we should take care of, and we did. The result? Our home sold in one week in a less than advantageous market for home sellers. Also, our home sold for 98% of our asking price. We were extremely satisfied with Cindy and, if needed, would use her services again in a heartbeat. Submitted by Jeff and Becky
I am writing this letter to sing the praises of Cindy Marchant with Keller Williams. Cindy is truly a full-service broker and made my house selling and buying experience very enjoyable even in today's challenging market. Cindyhad a stager to come to my home and make it more appealing to potential buyers. In addition, she created wonderful brochures for people to take with them after they walked through my house and had a videographer come in to film my home which made it come alive to people searching the web for new homes. Everything worked well because I sold my house in less than two months for a greater amount than I would have even asked had it not been for Cindy's guidance. Cindy cares about her clients. She went above and beyond what I expected from a broker. Cindy pays attention to all of the details, big and small and made me feel like I was her most important client. My guess is that all of her clients feel this way. I do not hesitate to recommend Cindy to family and friends in need of a real estate broker. Submitted by Karen
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