Matt Evans

The year-to-date home sales data in Northwest Indiana reflect some stability in the market.

According to the reports generated from the GNIAR MLS and Rappatoni system thru October 12, 2009, Porter County and Valparaiso home sales are both holding firm at the median house price levels. While Valparaiso's median house price dropped slightly from $187,000 to $183,700 from 2008 to 2009, Porter County's median price was statistically unchanged at $168,000.

Sellers still need to show patience with the selling process and price right from the start, as Days on the Market are going up in all price ranges. The number of single family detached home sales in Porter County has dropped 18% to 998 units, while falling only 12% to 545 units in Valparaiso year-to-date.

There seems to be a little disconnect in desired home size, as active listings offer more square footage than the average sale. This may be supporting the downsizing trend that America seems to be in with the challenging economic times. Many buyers seem to be looking for nicely done homes with lower maintenance, utility, and tax bills as disposable income has decreased--and buyers in Northwest Indiana seem to be following that trend. However, part of this difference can be also attributed to longer days-on-market for larger homes in the higher price ranges.

Market trends continue to indicate that homes at and below median house price in Northwest Indiana are still selling relatively well, while those at higher price ranges continue to face slow demand.

As licensed REALTORS, we continue to remind you that listing and selling your home should be viewed by sellers as a beauty contest and price war. Data indicates that homes in the top 1/3 of condition and bottom 1/3 of price are the homes that are selling. Sellers should aim to be aggressive to capture the smaller pool of buyers available in today's market.

For more information on this and other real estate related topics, contact Matt Evans, Keller Williams Realty at 219-241-8401 or matt@themattevansteam.com

Keller Williams Realty agents Matt Evans and Kimberly Genovese, along with various lenders are teaching a homebuyers class that will cover a variety of topics from buying foreclosed homes to getting the right loan package. There will also be a certified home appraiser onhand to discuss today's home values.

Value Homebuying 2009 will be held Tuesday, October 13, 2009 at 6:30pm at the Valparaiso YMCA located at 1201 Cumberland Crossing Drive.

This seminar is open to the public. There is no cost for the seminar, but RSVP is requested since refreshments will be served. Door prizes will be awarded. Sponsors include Meridian Title, Lakeshore Mortgage Group, and Cornerstone Mortgage Advisors. Topics covered will include buying foreclosed homes, HUD homes, short sales, and buying at the "bottom" of the market. Discussion will also include the soon expiring $8,000 tax credit, 2009 home values, and other grant programs like special FHA and USDA rural financing. Several "Did you know?" facts will be presented.

Value Homebuying 2009 will be an open panel discussion with Q&A, for a very informal and interactive environment. Lending professionals Sabrina Gettler from Cornerstone Mortgage and Harvey Peddle from Lakeshore Mortgage will join Matt and Kimberly in the seminar panel.

Value Homebuying 2009 builds on the proven business methods of Keller Williams Realty, a company that just received the prestigious JD Power award for being rated #1 in nationally in homebuyer satisfaction. The panelists invite expired listings and for-sale-by-owner home sellers to the event as well, as they might learn about the opportunities and challenges in today's home marketplace.

To learn more about this seminar and to RSVP, call Matt Evans at 219-241-8401 or e-mail matt@themattevansteam.com. www.themattevansteam.com

OK, well maybe not scorching hot--but things are moving finally!

Hearthfire, a neighborhood located on the near northside of Fort Collins, has seen mid-priced homes go under contract and close. Three short sales have been successfully closed by Matt Evans and David Timm of Keller Williams. Most of these homes were priced in the $400,000 to $550,000 price range. Another two story home sold as a pocket listing.

Local builder Al Kulenski was extremely pleased with Matt and David, since he avoided foreclosure on homes located on Bateleur and Hearthfire Drive. Matt Evans reports that First National Bank was extremely easy to work with, as the home at 3532 Hearthfire closed within 20 days after going under contract.

Northern Colorado continues to be a beacon for relocation, recently winning more awards as the best place to live and the best place to enjoy a quickly rebounding economy in the years ahead. With the wonderful climate and good supply of homes, relocation buyers from all over the country are having some luck picking up good deals above $350,000.

As of August 27, 2009, Hearthfire currently has 13 lot listings and 11 homes listed in the MLS known as IRES. Home prices range from roughly $350,000 to $1,700,000. There are also at least 2 for sale by owner homes. Home supply is down from as many as 17 inventory listings this winter. Higher priced homes are not moving as well, but these mid-price levels have seen some success. No lots have sold this year, but 7 homes have sold ranging in price from $285,000 to $599,000. Median selling price is currently $499,000 year to date.

Hearthfire offers larger lots and a more rural setting minutes from Old Town Fort Collins. Great views of the Rocky Mountains and some lakefront homes are available.

For more information on this real estate topic, or to search homes anywhere in Northern Colorado and Fort Collins, go to www.mattevansrealestate.com. Contact Matt Evans or David Timm for more statistics on the Hearthfire and Fort Collins wide markets.

Matt Evans

Broker Associate, MSM

Keller Williams Realty

970-215-9221

mattevansrealestate@gmail.com

Map Search all MLS listings and my listings at

www.MattEvansRealEstate.com

When foreclosure is looming for a homeowner, the short sale can be a creative solution. Simply put, a short sale occurs when a lienholder or lienholders agree to take a lower payoff than the principal owed to them. The short-sale scenario may be caused by excess fees and late charges that have been levied, closing costs and commissions due, back taxes, 2nd and 3rd mortgages, or even 100% interest only mortgages granted just before declining market values hit the U.S. home market. The bottom line is there is no longer enough equity in the home for a traditional sale where seller either breaks even or received proceeds from closing, after all costs and lienholder charges have been paid.

Per Colorado legal counsel John Goodman (www.frascona.com), here are some basic requirements that should be present for a short sale to be possible:
1. Seller should have a low remaining asset base and weak family support to avoid a settlement judgement.
2. Seller's loan must be in default.
3. Need a contract with contingency in the contract stating lender approval(s) required, and in Colorado a commission short payoff addendum.
4. Buyer must be patient, as it normally takes 2-3 months to get the lienholder(s) approval.
5. Want a seller that has moved out of property, or that has a compelling reason to move.

All Sellers in a short sale position are advised to seek legal counsel and financial advice from a CPA. While the broker or agent can bring an offer to purchase to the lienholders, either themselves or through a third-party negotiator, and can provide estimated payoffs with the title company, the broker or agent is neither your attorney nor your CPA. The decision to take the short pay ultimately goes to the homeowner, who should receive disclosures on short sale ramifications and the process, and should be counseled until the deal closes. From a short sale, there may be tax consequences to the Seller, or even continued indebtedness unless otherwise negotiated with the lienholders, so counseling is necessary.

Brokers should be careful to maintain the proper relationship with each party involved in the transaction, so as not to overstep their duties. The recommendation of legal counsel to the Selling party should be a primary directive from the Broker. And the use of an experienced third-party negotiator, or referring broker with experience is also highly recommended. Time is of the essence, and those with experience know the process of the short sale, and have the lienholder contacts and relationships necessary.

Why is this a possible win-win situation for Seller and Lender? The Seller may indeed end up in better credit condition without the foreclosure showing up on future lending applications. And the Lender most likely will end up with more proceeds from a short sale than a foreclosure, given that many foreclosure situations may garner only 70% of the market value, as buyers of bank owned (REO) properties expect a "great deal" well below market value. As a foreclosure, the property has somewhat been devalued to prospective buyers, as the property is usually winterized and cleared of all appliances, and oftentimes even lighting fixtures are even removed, putting the property in an "as-is" sale condition.

Matt Evans is a Broker Associate at Keller Williams Realty. Matt is licensed in both Colorado and Indiana, focused on the Northern Colorado and Northwest Indiana markets. Matt Evans may be reached at 970-215-9221 or www.mattevansrealestate.com.

In Northern Colorado, while the amount of foreclosures has slowed for the time, the amount of short sale opportunities is rising, especially in newer neighborhoods less than 10 years old. We are also seeing some good opportunity in investment properties with 4+ bedrooms near the CSU campus.

As a buyer or seller, please understand that the short sale approval process requires patience. With some banks today, it can take nearly 60 days or more to get the bank to signoff. Even REO properties can take time for approval, as the offer sometimes must go thru the higher channels of the bank. Local banks sometimes can approve things more quickly.

A few of the properties we have listed in short sale position are 3402 Apiatan and 1102 Bateleur in the Hearthfire Subdivision in North Fort Collins. The homes are builder's homes, with outstanding finish in Colorado contemporary style. We have also seen great deals come thru in Ptarmigan, Clydesdale Park, Eagle Ranch, Taft Canyon, Richards Lake, Parkwood, Dellwood, Old Town, South College Heights, Harvest Park, and more. Some of the best deals will be found in those looking to purchase in the $400,00 to $1,000,000 range, where builders have oversupplied, and resale is extremely competitive and price sensitive.

Call Matt Evans at 970-215-9221 to schedule an appointment. Or checkout www.mattevansrealestate.com for more information. We'll take excellent care of you.