Choice Realty B-Town Blog

Home Buyer Tax Credit Update!

2009-11-05T13:16:00.000-08:00

We have good news to report! The Senate passed the tax credit bill 98-0 yesterday while the House passed the tax credit bill 403-12 today. The bill is on its way to the White House for the President to sign into action!

The new bill means first time buyers could receive $8,000 for purchasing a house by 4/30/10 (extends to 7/1/10 if under contract by 4/30/10) and current homeowners (those owning for past 5 out of 8 years) could receive $6500.

For more information, email me: Lori@CallChoiceRealty.com.

Real Estate Market Improves!

2009-10-15T10:41:00.001-07:00

Although Bloomington/Monroe County has not experienced the troubling times in the real estate market like many places around Indiana and the U.S., we are seeing major improvements when viewing the national stats.

According to the National Association of REALTORS, pending home sales have increased for seven straight months! That is the longest series of the index which began in 2001.

I believe the First-Time HomeBuyer Tax Credit of $8,000 (which will expire on November 30, 2009 unless Congress passes a new or extended bill) has played a huge role with the market improvements. Over 50% of my business this year has been directly related to that credit. We'll be watching closely to see what happens with Government. The REALTORS are strongly encouraging congress to extend (and expand) the bill.

First-Time Buyer Tax Credit

2009-10-05T19:14:00.000-07:00

While September was somewhat quiet, we are expecting October and November to be fairly busy due to the looming deadline of the buyer tax credit. Many people are lobbying to get the Government to extend and amend the tax credit but with no promises yet, prospective buyers should not sit on the fence and wait!

We are seeing more difficulties and delays with financing and closings than ever before so buyers should be under contract within the next couple of weeks if they expect to close prior to the deadline of Nov. 30th.

Interest rates are very low and inventory is good so when adding the tax credit, there really has been no better time to purchase real estate! Call or e-mail me today for a buyer consulation.

List, Sell.

2009-09-22T08:44:00.000-07:00

I received a newsletter from a Realtor friend of mine, David Brenton. He had a note about speeding up your sale and I thought you'd find these tips to be helpful!

1. Trust your agent to set the right price. A correctly priced home will always draw attention.
2. Get your house market-ready before you begin showings. Encourage your family to keep it in showing condition!
3. The more frequently your home is shown, the faster you will find a buyer. Keep your home staged in order to accommodate short notices.
4. Decide in advance what price and conditions you will find satisfactory.
5. Don't refuse to lower your asking price. Consult with your agent often.

September, already?

2009-09-08T18:05:00.001-07:00

I can't believe August has flown by and September is already underway! August was a very busy month for the rental market, having major turnover prior to school starting up again. We are still processing the paperwork that goes along with it, but it's time now to focus again on sales so we can assist people in buying and selling houses prior to snowfall!

We typically see a surge in sales between Labor Day and Halloween. It's a period the falls after summer vacations end and before the holidays hit. Interest rates are still very appealing and inventory is well-rounded with over 600 available listings priced between $50,000 & $500,000.

And, keep in mind that the first-time buyer tax credit ends 12/1/09. That means buyers need to have a contract in process in November in order to get closed by 11/30/09. If you qualify, don't let this $8,000 opportunity pass you by!

Email me today to schedule a Buyer Consultation! Lori@CallChoiceRealty.com

Busy August Activity

2009-08-09T17:18:00.000-07:00

While we have activity in the sales department, we are very busy with the rental turnover as we quickly approach the 'back-to-school time'.

We have changes happening in the office and will be working on our newsletter and advertising to keep us in the forefront of the marketplace. Call upon us for the most up-to-date real estate information.

www.callchoicerealty.com

Rental Turnover!

2009-07-31T07:45:00.000-07:00

ECK! It's time for rental turnover! Now that our property management profile has greatly expanded, we have more rental turnover than ever before. We're still seeing about a 50% turnover ratio but since we've added properties, we've added turnover!

We will be out of the office much of 7/31 & 8/1 meeting with tenants for move-out and move-in inspections. The whole month of August has turnover but it is scattered out. Before we know it, it'll be Labor Day and we'll look back wondering what happened to August!

If you need to reach our property management department, call or email Rhiannon Howard at 812-331-7353 x 105 or PM@CallChoiceRealty.com.

Market Outlook

2009-07-30T17:46:00.001-07:00

As I mentioned earlier, I attended the IAR Leadership Academy (IRLA) but I also attended the Director's Council. It was there where I learned the past, current and future economic affects to the Nation and to the State. We are fortunate here in B-Town as we have one of the lowest unemployment rates and one of the best-selling markets and I was reminded of that we reviewed the Indiana statewide market. While we viewed charts and graphs, it is hopeful that we are starting to see recovery of the real estate market. I believe 2010 might continue to be a bit softer than we would like, but it will be better than 2009 and if history repeats itself, we'll be even better in 2011.

Interest rates are affordable and although they will most likely remain much more affordable than the 1980's, they are expected to go up a bit over the next few years. This is just another reason why NOW is a good time to buy!

Check out our IAR website with more information: www.IndianaIsHome.com.

Indiana Association of Realtors Leadership Academy

2009-07-28T10:30:00.000-07:00

I'm heading to Kokomo today for a Leadership conference. We are going to learn about the financial responsibilities for NonProfit organizations but I'm sure this education will also help me in my business as well as help me to help others when planning for their real estate purchases.

I'm very fortunate to have been chosen to participate in the 2008/2009 class for IRLA. Three other agents from Bloomington were also selected and we have enjoyed spending time together and learning more about Leadership. I have networked with many agents from around the State of Indiana and I've learned how differently the real estate market can be just a county away. I haven't graduated yet but I know I have learned a great deal and it has been worth the commitment.

Newsletter & Market Share

2009-07-27T12:10:00.000-07:00

We mail a newsletter each quarter to our database. We get some feedback and always try to post the Q&A according to the emails we receive each month. We'd love to know what our friends would like to see in the newsletter so that we can specifically meet those requests. If you or someone you know would like to be added to the mailing, please call or email us. If you have any suggestions on articles for the newsletter, please let us know that as well!

As our local market varies, we always try to report on the statistics. Our company have closed over $4 Million this year thus far. Although price ranges are more specific on what is selling best, we are seeing the overall market improving and we are confident these trends will continue into 2010.

We are currently ranked 10th among the MLS participants and that's excited since there are 80 companies competing. While we strive to do our best in customer service and placement in the market share, we know our small firm with 4 agents will never rank in the top 5 as those regional and national franchises have 2x to 20x more agents than we do. That's why we focus on being locally owned and providing personal, customized service to our clients.

See our website to learn more about us: www.CallChoiceRealty.com

Local market ready for Students to return!

2009-07-25T19:01:00.000-07:00

While the Locals enjoy the ease of dining and driving without having all of the students around during the summer, we must admit that we do miss them while they're away. Within a couple of weeks, they'll be swarming all over town; maybe going the wrong way on a one-way street, or piling in to Nick's or Kilroy's, but we'll notice their presence.

The rental properties will be filled up, money will be pouring into the local economy and IU & Ivy Tech will be back in session. It's really exciting to be part of the activity. We enjoy working with students and notice so many differences as the generations change; some good and some not so good!

We have ONE rental left available. It's a 2BR, 2BA Condo with garage in Gentry Quarters. It's 880sf, overlooks the pool and has one-year-old carpet and appliances. It's available for August and rents for $800/mo. plus utilities.

Halfway there!

2009-06-28T18:25:00.000-07:00

It's hard to believe but we are almost half way through 2009! With the second quarter almost over, we are happy to report a positive outlook for the remainder of this year and going into 2010.

We've seen many 1st time buyers take advantage of the Stimulus Tax Credit with more than half of our transactions being those eligible for the credit. If you are eligible, consider buying now. Interest rates are very affordable and we have a good inventory of affordable housing.

We like to consult with buyers, set up lending for pre-qualifications, and plan out our process. These steps help avoid feeling overwhelmed and stressed and allows buyers to enjoy their homebuying adventure. Call or e-Mail us today for your consultation.

Summer Leasing

2009-06-26T19:37:00.001-07:00

We're almost leased up! There are just a few properties still available. For listings, check out the rentals posted on www.CallChoiceRealty.com.

Check your credit report annually!

2009-06-11T11:47:00.000-07:00

Whether you are in the market to make a purchase or not, it is a good idea to monitor your credit report on a regular basis. At the least, you should be checking it annually. Credit card companies often make errors and finding a mistake sooner than later may be easier to get it fixed. There are various sources but one you can do annually is www.annualcreditreport.com. If you think there is an error, it is good to have receipts and statements to debate the item in question which is why it is important to keep and file all of the paid bills. If you are having trouble getting something accomplished, I would recommend seeking help with a local banker in which you have a relationship. Even if they are not the source of the questionable item posted, they may have experience with solving these problems and will make it easier for you to resolve. A credit report is very important for everyone!

B-Line Trail

2009-06-07T15:55:00.000-07:00

I'm really excited to be a part of an organization that consistently gives back to the community.

The B-Line Trail runs through downtown provides recreation for the residents of the community. It allows people to browse, exercise or commute, whichever is preferred. The Farmer's Market located at City Hall also adjoins the B-Line Trail and features art work along the way.

The Bloomington Board of REALTORS funded the Realtor's Plaza located around 3rd Street near the Bloomington Convention Center. The donation of $50,000 helped speed along the development and we're excited to host the Grand Opening later this month!

I encourage everyone to take time to enjoy the trail and see all of the wonderful amenities we have all around B-Town! I will be looking forward to seeing real estate improvements along the B-Line Trail as value can easily be increased with such a great feature nearby and smart owners and investors should capture this amentity!

Open Houses

2009-06-02T07:26:00.000-07:00

Open Houses are not as populated as they used to be. I believe that is due to the Internet and having virtual tours available. People are too busy nowadays to take time out to tour from open house to open house. And, gas prices are up and down causing people to rethink the errands they run each day.

We are having a couple of open houses this coming weekend. One is a solid brick and vinyl house in Van Buren Park with new flooring, large yard and unfinished basement for $150,000. The other one is a large country home on Starnes Road.

If you are out and about, stop by and visit!

Economic Affects to Local Market Activity

2009-05-20T09:25:00.000-07:00

B-town Residents have not felt the pinch like some people around the Country. Our Sellers, for the most part, have not been in a forced sale situation, although we are seeing some Short Sales and Foreclosures. The local makret shows the average sales price has gone up, proving the local market is not a declining market.

The end is near as some Analysts are predicting. By the end of 2009 and early into 2010, the Nation should see an economic turn to the positive with housing and the overall economy.

Wondering if it is a good time to buy? We'll only know we hit bottom once the sales and pricing go up! And, then, we've past the bottom!

Painting and Color Trends

2009-05-17T08:36:00.000-07:00

I really enjoy paint colors. And, now that Spring is here and the weather is improving, many people are thinking about the Spring projects to freshen up their homes. Painting is an inexpensive way to change the atmosphere of a room and give an immediate fresh feeling. I was reading an article in The Herald-Times that Purple is a popular, high fashion color this year, ranging from grayish-voilet to darker, deeper plum. Another popular color tone for the year is Blue, which has become more popular than Green. Yellow, a cheerful color, is also popular and gives a lastly energetic feeling. I'm not a huge fan of Gray but apparently it is taking the place of black and brown. Maybe a charcoal grayish brown, like deep Bronze would work for me!

Whether you plan to sell the house or stay in it for ten more years, painting is a simple, affordable way to keep your house updated and attractive! Just take it room by room and it's not too overwhelming!

Spring Market Activity Increase

2009-05-04T16:40:00.000-07:00

We are into the Spring market and the activity is fantastic! The $8,000 Stimulus Tax Credit given to first time buyers (purchasers who have not owned for previous 3 years) has helped generate new activity along with the competitive interest rates and good inventory.

Locally, the closed sales dropped a bit in March & April but the average sales price increase and holds around $175,000. The pending sales, those with accepted offers waiting to close, have increased in April & May.

If you are thinking about buying, this Spring and Summer seem to be a great opportunity to do so. With the average sales price slightly increasing, statistics show us that values are once again increasing, thus another reason to get in gear now rather than wait any longer!

We have buyer tips on our website and we are available for a consultation upon an appointment request. Please email me at: Lori@CallChoiceRealty.com.

Stimulus Package

2009-04-15T12:00:00.000-07:00

A lot of people are talking about the Stimulus Package and all that goes along with it. First, I say, seek advice and guidance from an expert in those areas, such as a Banker, a CPA, a Realtor, as there are many pieces and parts and not even our elected officials know all of the details!

A buyer who has not owned a house in the past three years may be eligible for an $8,000 tax credit if purchase is within a certain period and does not have to be repaid if the buyer owns the property for at least three years. This is not a reduction is taxes but money back to the buyer, so for example, if you owe $3,000 in taxes, you'll end up with a check for $5,000!

If you are considering a purchase, this tax credit can be very helpful especially when added to the current low interest rates and good investory in which to choose!

For a buyer consultation, log on to www.CallChoiceRealty.com and schedule an appointment to meet me!

More to paint colors than just decoration?

2009-04-09T13:23:00.000-07:00

I was reading my REALTOR magazine last month and came across an article about paint colors. I don't really enjoy painting (well, the set up and clean up) but I love paint colors! In this article, I learned that there are four steps to choosing a paint color. First, the paint color must coordinate with the room's use. A kitchen's use is far different from a bedroom's use so one must consider the differences and determine your goal for that room's purpose. Second, it says to paint for the season. Although I don't know anyone who paints seasonally, colors can be warm or cold and accessories to the room can help make changes with the seasons. Third, it says to consider the direction of the room. A South-facing room that receives a lot of sunlight has a different appeal that a North-facing room. You can warm up or cool down the rooms as needed. And, fourth, is harmony. Paint colors can give balance and proper flow. I never really thought about any of these. I just look at swatches and pick out what I like best!

Here's a quick summary to some colors from the Realtor magazine:

Red~increase energy, creates excitement, increases appetite. (Dining Room)
Orange~comfort, warmth, cheerful. (Living/Family Room)
Yellow~brightens the mood, joyful, inviting, positive thinking. (Poor lit foyer, dark hallway)
Green~restful, lowers nervousness & tension, relaxing. (Living Room, accent for kitchen/dining)
Blue~calming, tranquility, clean, cooling, appetite supressant (Bedroom, all peaceful areas)
Purple~increases imagination and creativity. (Kids Bedroom, play area)

Painting is always an easy, inexpensive way to freshen up a home. Whether you plan to put it on the market or live in it for a long time, new paint can make a huge difference and gives a nice, clean sense about the home.

Spring Cleaning

2009-04-05T12:14:00.000-07:00

Now that our weather is improving, it's time to think about Spring Cleaning! Whether you plan to list your home for sale or plan to live there for 20 more years, you must do annual maintenance to help extend the life and value of your investment.

Things to do:

plant annuals for bright, cheerful appearance.
plant perennials for renewal greenery.
trim shrubs away from windows to let the light shine in.
clear walkways for a safe, neat path to the front door.
paint the front door and shutters.
change outdoor lighting to CFL bulbs.
mulch is good but keep it away from wood siding, gravel or brick chips are better.

1st Quarter Sales

2009-04-03T13:01:00.000-07:00

Our local market has not experienced the dramatic changes in values and sales activity but we are not invisible to it. The 4th quarter of 2008 showed values slightly down and closed inventory slightly down. Now that the 1st quarter of 2009 is behind us, we see good activity, an increase in sales and values will be heading back up. According to the National Association of Realtors statistics, practioners expectations for seller traffic and buyer traffic have both increased.

With interest rates being affordably low, buyers can obtain more house for the same money. Right now in B-town, we're seeing borrowed money around $5 per $1,000. What better time to buy than now?!

Green Ideas

2009-03-31T16:22:00.000-07:00

Reduce, Reuse, Recycle. We hear this often and if we take small steps in making changes, we can make a difference to our environment.

Think about your house. What can you change to help move towards green living?

Using the dishwasher for a full load of dishes rather than handwashing dishes helps reduce the use of water. Instead of pouring out those last few drops or warm glass of water, use that water for feeding your plants. And, while you're waiting for the shower to warm up, catch that clean water and feed the pets!

If you can't afford to change all of the light bulbs throughout the house, start by switching out only those bulbs used most frequently with CFL or LED bulbs. Go around the house and unplug all unused appliances and electronic products. Just because something is turned 'off', doesn't mean it is not using electricity.

Have old appliances? It may make good sense to get rid of those old units and buy new energy-efficient appliances. They'll not only improve the value and cosmetics of the house but also save money on utilities and run more efficiently.

Get the newspaper? Tossing it in the recycle bin is a good step but rather than just tossing it, see if you can put it to good use. Painting soon? Put newspapers down to catch drips. Have a cat? Put paper under the litter box for easy clean up. Donate newspapers to the local animal shelter.

Taking steps to being Green just takes some thought. Try it, it's easy to adapt!!

Bye Bye Spring Break, Hello Market!

2009-03-23T12:12:00.000-07:00

Well, now that Spring Break is over and we are sporting some sunshine highlights and suntans, it's time to think about the Spring and Summer real estate markets! April and May are the two busiest listing months while May and June are typically busy moving months.

It takes about 30 days to process a closing from once you make the offer until you reach the closing table. Most buyers (86%) search online for 30-60 days learning the market and browsing listings before getting the car to physically go see houses. This is an excellent learning period for buyers and helps them become familiar with the market so when the decision is in front of them, they can make an educated offer and work closely with their Realtor on the purchase.

For all local listings, log on to www.CallChoiceRealty.com and click on Listing Search then email Lori@CallChoiceRealty.com to schedule a tour on any listings of interest.