housing_forecast

2014 Housing Forecast

housing_forecastWhen the housing market tumbled about five years ago, it became a very one-sided buyer’s market – inventory was up, prices were down, and interest rates were at historical lows. Over the last year, we’ve seen the market improving and becoming more balanced.

In 2014, we should see home prices continue to inch upward, but interest rates are also on the rise. Buyers should take advantage of the current market conditions while they last!

Top Trends in Real Estate for 2014: http://rismedia.com/2014-01-11/top-trends-in-real-estate-for-2014/

Mario Doyon

Another Satisfied Customer

Mario Doyon“Mario was great – as usual. Always willing to squeeze us in his schedule at the drop of a hat. Thank you!”

Whether it is listing and selling a property in Fishers for an investor or helping a homeowner find the house of their dreams in Nineveh, the Blackwood-Warner Groups Team is here to help.

Mario was able to help some investors sell this property in Fishers. http://www.century21scheetz.com/Property/IN/46038/Fishers/12693_Glengary_Dr

While at the same time he helped someone BUY this HUD home in Nineveah. http://www.realtor.com/realestateandhomes-detail/524-W-Gerking-Dr_Nineveh_IN_46164_M37505-79223

Check out Mario’s report card. From small town to big suburb. Owner occupant sale to HUD purchase. Investors. Homeowners. The Blackwood-Warner Group is here to help with your new purchase, sale or leasing of a home! Call or email us today.

big-business-4

The impact of large-scale investors

big-business-4Institutional or large-scale investors.  Perhaps you’ve heard about them or even bid against them when trying to purchase a home over the past couple of years.  Regardless, their existence has impacted Central Indiana/Indianapolis home values.  They have made it harder for everyone from local investors to first-time buyers looking for their new home.

Some of these large-scale investors are backed by private money and others have raised funds through IPO’s on the stock exchange.  In either case, these investors have bought dozens of homes each month around Central Indiana.  Some hold the properties as rentals and others rehab the properties and resell them.

The link below will take you to a story that discuses their impact and possible exit strategy from the market.  Contact me if you have any questions.

»READ MORE

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Simple Bathroom Renovations to Help Your Home Stand Out

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By Keith Loria

From increasing your property’s curb appeal to staging your home to attract a larger pool of potential buyers, the list of things that require attention before putting your home on the market may seem endless. While the bathroom may be the first area that gets overlooked, it’s often one of the most important spaces when it comes to helping your home stand out.

After all, a bathroom is a place where one starts each morning and ends each night. Not only is it a place for grooming, it can also be a homeowner’s sanctuary—a space for relaxing in a hot bath, escaping the stresses of daily life for a few moments.

In addition, studies have shown that updating a bathroom before putting a house on the market is one of the best ways to increase a home’s resale value. There are plenty of small fixes that are easy to implement, such as replacing the lighting with decorative fixtures or adding a new shower curtain, however, there are a few larger and not-too-expensive renovations that should be considered, too.

For instance, the bathroom is a prime place to start putting those environmentally friendly devices to work. Installing fixtures that save water, such as a low-flow showerhead, a low-flow faucet aerator, and a dual-flush toilet, can save thousands of gallons of water each year and attract an energy-conscious buyer. The addition of energy-efficient windows is another easy option, since bathroom windows are typically on the smaller side. Also, adding natural stone countertops and flooring, which help keep the space cool during the summer and warm during the winter, is another fix that is both decorative and energy efficient.

Even if your bathroom is on the smaller side, there are several things you can do to optimize the space and make it appear larger than it really is. One option is to replace the vanity with a designer pedestal sink, which will add intrigue to the room while taking up less space. You may also want to consider adding large floor tiles and painting the walls a light color to give the illusion of space. Switching out the current bathtub for one that is smaller, but more unique, is another quick fix that’ll add mass appeal.

If you’re looking for something really different, try hanging an entire row of plants along one wall. Or, incorporate multiple mirrors or even a chandelier into the space. Decorative glass, stone tile and extra-wide wall tiles remain popular options in 2013, according to home stagers.

Incorporating unconventional decorating themes will help your bathroom stand out while attracting a larger pool of prospective buyers.

For more bathroom renovation ideas, contact our office today.

Reprinted with permission from RISMedia. ©2013. All rights reserved.

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How to Prepare for Unexpected Home Repairs

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One of the most challenging aspects of homeownership is the unexpected added costs. When calculating monthly expenses to maintain a home, it's important to include not only everyday costs such as mortgage payments, utilities and property taxes, but also to factor in possible home repair expenses. Some of the most common home repairs are done on plumbing fixtures, patios, fences and driveways, heating and air conditioning systems, and painting the interior or exterior of your home.

Keeping your home in good working order can add value to a home; however, it's crucial that homeowners plan ahead for costs associated with unexpected repairs. Contributing small amounts regularly to an emergency fund for maintenance and repairs can go a long way in preparing for unforeseen expenses.

By adding in the cost of a reserve fund to the monthly household budget, homeowners can prevent a financial blow from unplanned additional costs.

BMO Harris Bank offers the following financial tips to homeowners looking to make home repairs:

  • Understand how a renovation will impact the value of your home by researching which renovations create increased value and are popular selling features.
  • Think long term when making financial decisions — whether you are using savings or borrowing to renovate, take the time to meet with a financial expert to ensure your renovation meets your long term financial objectives.
  • Expect the unexpected — be financially prepared for the unexpected such as a leaky roof, broken pipe or other course corrections that may occur during the project.
  • Get renovation quotes in writing and understand what guarantees they provide – for example, if the cost of the plumbing in your renovation is more work than expected, will the quote go up?

Although no one has a crystal ball to foresee what repairs you may encounter during the time you own your home, financially preparing for the unexpected is a smart move.

Source: www.bmoharris.com/helpfulsteps

Reprinted with permission from RISMedia. ©2013. All rights reserved.

Real estate

Outlook on Housing and Finances May Spur Potential Homebuyers to Act

Real estate

Potential homebuyers may enter the purchase market sooner rather than later as more Americans expect mortgage rates and home prices to climb, according to results from Fannie Mae's June 2013 National Housing Survey. The share of respondents who say mortgage rates will go up during the next 12 months jumped 11 percentage points to 57 percent, the highest level in the survey's three-year history. Meanwhile, consumers' home price expectations have stayed strong in the face of rising mortgage rates. The share of respondents who believe home prices will go up in the next year also hit a survey high of 57 percent, while those who say prices will go down stayed steady at 7 percent. Although sentiment toward both the current home buying and selling environments retreated slightly, it remains near the survey highs of last month, with 72 percent saying it is a good time to buy and 36 percent saying it is a good time to sell.

"The spike in mortgage rate expectations this month seems to have had an impact on a number of the survey's indicators and may increase housing activity in the near term by driving urgency to buy," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "Consumers may recognize that today's still favorable mortgage rates and homeownership affordability levels will recede over time. Given rising home and rental price expectations and improving personal financial attitudes, more prospective homebuyers may be deciding that now is the time to get off the fence."

Among those surveyed, 56 percent say rental prices will go up during the next year – an 8 percentage point increase and the highest level since the survey's inception – and the average 12-month rental price change expectation jumped 1.2 percent to 4.6 percent. Americans' outlook on their personal finances also increased significantly in June. The share who expect their personal financial situation to improve during the next year climbed to 46 percent, the highest level since June 2010. The share who say their household income is significantly higher than it was 12 months ago jumped 6 percentage points to a survey high 26 percent.

Other survey highlights include:

  • At 3.8 percent, the average 12-month home price change expectation fell slightly from last month's survey high.
  • The share of people who say home prices will go up in the next 12 months hit a survey high 57 percent, while those who say home prices will go down held steady at the survey low 7 percent.
  • The share of respondents who say mortgage rates will go up increased 11 percentage points to 57 percent, the highest level since the survey's inception.
  • Forty-seven percent of respondents think it would be easy for them to get a home mortgage today, a slight increase over last month.The percentage of people who expect their personal financial situation to get better over the next 12 months jumped to 46 percent, the highest level since June 2010.
  • The share of respondents who say their household income is significantly higher than it was 12 months ago rose 6 percentage points to a survey high 26 percent.
  • The percentage of respondents who say their household expenses are significantly higher than they were 12 months ago rose to 36 percent.

Reprinted with permission from RISMedia. ©2013. All rights reserved.