Curious about escrow – how it works, its benefits, the fees that come after, and more? If yes, this article might help whether you’re an Indiana real estate agent or a home buyer / seller.
A homeowner's insurance and property tax escrow account functions similarly to a savings account.
Escrow accounts are typically used by homeowners who have mortgages on their homes. You, the homeowner or borrower, deposit money into an escrow account kept by your lender each month. Your homeowner's insurance and property taxes are paid with the funds in the account. Your lender will make the necessary payments to your homeowners insurance provider and the local taxing authority on your behalf.
Your lender will be given instructions on how to determine the monthly payment you must make to your escrow account.
Your lender received the homeowner insurance quote from the business you wanted to employ when you bought your house. The lender's personnel researched the taxes and noted the rate. To correspond with the twelve months of the year, they then divide this number by 12. Your payment for principal and interest is increased by this sum. Indeed, lenders have the option to charge more.
Your lender is permitted to impose an overage or a buffer fee. To prepare for rises in the price of insurance or taxes is the reason this would occur. This was acknowledged by the Real Estate Settlement Procedures Act (RESPA), but it also imposed restrictions on your lender. Only a sum that is one-sixth more than the actual insurance and tax obligations for any given year may be retained by your lender. This cushion occasionally becomes excessively large. If so, your lender will offer you a refund to give you the money that was improperly held in escrow.
Many property purchasers want to have an escrow account. You benefit from the escrow account because it is a terrific instrument for creating a budget for future costs.
The local government may seize your property if you don't pay your property taxes. Additionally, insurance shields your house from disasters. Each year, a fee must be paid for each of these. The escrow account allows you to make regular payments for these costs throughout the year rather than receiving a sizable charge every year that you might or might not be ready for. It is a great method to stay up to date on the costs involved in house ownership.
Cash to close is a term that your real estate agent may use to describe the sum of the down payment, prepaid interest, title costs, loan origination fees, and impounds.
Homeowners insurance and property taxes are impounded items, also referred to as escrow items. Most frequently, at the closing table, you will buy your full first year's worth of homeowner insurance. The title firm will also collect additional premium payments for an additional two to four months. In terms of taxes, the title company will gather two to five months' worth of property taxes, depending on when the taxes are due again. The lender will receive these overages and deposit them in your escrow account.
You'll receive a monthly mortgage statement. A line item for escrow items, such as the property taxes and insurance, will probably be visible if you look. This comes in addition to your other expenses, such as principal and interest payments.
Your house payment can increase if your taxes or insurance go up. Instead, if these decrease, your mortgage payment would as well. Once more, your lender must abide by RESPA and is only permitted to collect an excess of no more than one-sixth of the actual amount payable for taxes and homeowners insurance for the year.
Escrow accounts are utilized to regularly cover homeowner insurance premiums and property tax obligations for your home. Escrow accounts are beneficial. It is a terrific way to stay on track with your spending plan and prevent worrying about receiving a huge bill in the mail. Additionally, because your lender handles the payment distribution, you won't fall behind on your property taxes or risk having your homeowners insurance lapse as a result of missing payments.
If you're planning to sell or buy real estate in Indiana or want to learn more about escrow, our team at RE/MAX Advanced Realty - Indy Home Pros is here to help. Call us at 317-298-0961 to get started.
The real estate market in Indiana continues to demonstrate positive growth and resilience, as indicated by the market data report for May 2023. Analyzing the data for both single-family homes, condos, and all property types across all 16 counties, we can gain valuable insights into the current state of the market. In this blog, we will interpret the data and highlight the significant trends that potential buyers and sellers should be aware of. Furthermore, we will discuss the importance of considering these trends and fluctuations when analyzing the housing market. Let's dive in!
CONDOS
The condo market in Indiana has shown promising signs of growth, with several key metrics indicating positive trends:
Median Sales Price:
The median sales price for condos in May 2023 was $250,000, marking an 11.1% increase compared to April 2023 and a 6.9% increase compared to May 2022. This upward trajectory reflects a robust market and increasing property values.
Closed Sales:
Despite a decrease of -21.3% compared to May 2022, May 2023 saw a remarkable 22.3% increase in closed sales compared to April 2023, reaching a total of 203 closed transactions. This suggests a strong buyer demand and an active condo market.
Median Days on Market:
The median days on the market for condos remained steady at 6 days, indicating consistent buyer interest and a balanced market. Although this represents a 20.0% increase compared to May 2022, it's important to note that condos are still selling relatively quickly.
List Price Received:
Condo sellers received 99.0% of their list price in May 2023, signifying a strong market where sellers have negotiating power. Compared to April 2023, there was a slight increase of 0.2%, although there was a decrease of -3.3% compared to May 2022.
Median Sold Price per SqFt:
The median sold price per square foot for condos in May 2023 was $153. This represents a 2.0% increase compared to April 2023, demonstrating growing property values. However, there was a slight decrease of -3.5% compared to May 2022.
New Listings and Active Inventory:
May 2023 witnessed 223 new listings for condos, showing a 3.2% increase compared to April 2023. However, when compared to May 2022, there was a decline of -17.1%. The active inventory of condos decreased by -8.3% compared to April 2023 but increased by 17.9% compared to May 2022.
Months of Supply of Inventory:
The months of supply of inventory for condos in May 2023 was 1.0, reflecting a -25.0% decrease compared to April 2023. However, there was an increase of 49.8% compared to May 2022, indicating a balance between supply and demand.
SINGLE-FAMILY HOMES
The single-family home market in Indiana also shows promising trends, demonstrating stability and growth:
Median Sales Price
The median sales price for single-family homes in May 2023 was $300,000, indicating a 3.4% increase compared to April 2023 and a 3.8% increase compared to May 2022. This showcases a consistent upward trajectory in home values.
Closed Sales
May 2023 recorded 2,910 closed sales of single-family homes, representing a substantial 17.6% increase compared to April 2023. However, there was a decrease of -14.6% compared to May 2022, highlighting the year-over-year fluctuations.
Median Days on Market
Similar to condos, the median days on market for single-family homes remained unchanged at 7 days compared to April 2023. Nevertheless, there was a 40.0% increase compared to May 2022, suggesting a slightly longer selling period.
List Price Received
Sellers received 99.5% of the list price for single-family homes in May 2023, indicating a seller's market and strong buyer interest. This represents a 0.6% increase compared to April 2023, although a decrease of -2.9% compared to May 2022.
Median Sold Price per SqFt
The median sold price per square foot for single-family homes in May 2023 was $153, exhibiting a 1.3% increase compared to April 2023. However, there was a decrease of -6.1% compared to May 2022.
New Listings and Active Inventory
May 2023 saw 3,322 new listings for single-family homes, reflecting a 13.3% increase compared to April 2023. Nevertheless, there was a decline of -22.6% when compared to May 2022. The active inventory for single-family homes decreased by -5.0% compared to April 2023 but increased by 22.9% compared to May 2022.
Months of Supply of Inventory
The months of supply of inventory for single-family homes in May 2023 was 1.1, indicating a -19.3% decrease compared to April 2023. However, there was an increase of 43.9% compared to May 2022, suggesting a more balanced market.
The Overall Housing Market in Indiana:
Considering all property types, the housing market in Indiana demonstrates positive trends:
Median Sales Price
The median sales price for all property types in May 2023 was $298,995, representing a 5.5% increase compared to April 2023 and a 4.9% increase compared to May 2022. This suggests overall growth and a healthy market.
Closed Sales
May 2023 experienced 3,176 closed sales for all property types, showing a significant 17.5% increase compared to April 2023. However, there was a decrease of -14.5% compared to May 2022, reflecting year-over-year variations.
Median Days on Market
The median days on market for all property types remained consistent at 7 days, compared to April 2023. However, there was a 40.0% increase compared to May 2022, indicating a slightly longer selling period.
List Price Received
Sellers received 99.5% of the list price for all property types in May 2023, signifying a robust market. This represents a 0.6% increase compared to April 2023, although a decrease of -2.9% compared to May 2022.
Median Sold Price per SqFt
The median sold price per square foot for all property types in May 2023 was $153, showing a 0.7% increase compared to April 2023. However, there was a decrease of -6.1% compared to May 2022.
New Listings and Active Inventory
May 2023 witnessed 3,637 new listings for all property types, reflecting a 12.5% increase compared to April 2023. However, there was a decline of -21.16% compared to May 2022. The active inventory for all property types decreased by -4.7% compared to April 2023 but increased by 25.9% compared to May 2022.
Months of Supply of Inventory
The months of supply of inventory for all property types in May 2023 was 1.1, indicating a -18.9% decrease compared to April 2023. However, there was an increase of 47.2% compared to May 2022, suggesting a more balanced market.
Overall Market Analysis
The market data for May 2023 provides an optimistic outlook for Indiana's real estate market. The consistent increase in median sales prices for condos, single-family homes, and all property types - Town House, Farm, Residential, Manufactured Homes indicates a healthy and thriving market. Although fluctuations in closed sales, new listings, and active inventory are observed, these variations are part of the dynamic nature of the real estate landscape.
While the median days on the market have increased, suggesting a slightly longer selling period compared to the previous year, it is crucial to note that the market remains active, and properties are being sold. This sustained interest and demand in the real estate market ensure a steady flow of transactions.
Considering the positive trends and fluctuations in Indiana's real estate market, it is essential for potential buyers and sellers to analyze the data and make informed decisions. Whether you are interested in condos, single-family homes, or any other property type, reaching out to an experienced real estate agent can provide valuable insights tailored to your specific needs and goals.
Contact Indy’s Leading Brokerage today to gain a deeper understanding of the thriving housing market in Indiana and explore the opportunities available to you. With a roster of top-notch realtors at RE/MAX Advanced Realty, you can be assured to have an expert and experienced to guide you through the nuances of the market and help you make informed decisions. Don't hesitate to reach out to us and embark on your real estate journey with confidence.
Greenwood Office: 317.881.3700
65 Airport Pkwy #140, Greenwood, IN 46143
West Office: 317.298.0961
8313 W 10th St, Indianapolis, IN 46234
When it comes to owning a home, one of the most exciting decisions to make is choosing its style. With a multitude of architectural designs to consider, finding the perfect match can be a thrilling and rewarding process. In this blog post, we'll delve into some popular home styles to help you explore the possibilities and discover the one that resonates with your personal taste and lifestyle.
Traditional Charm
For those who appreciate timeless elegance, traditional homes offer a classic appeal. Think of Colonial, Victorian, Tudor, or Craftsman styles, each with its unique characteristics and period influences. From symmetrical facades and decorative details to grand front porches and ornate woodwork, traditional homes exude a sense of history and sophistication.
Embracing Contemporary
If sleek lines, open spaces, and a focus on modern aesthetics captivate your imagination, contemporary homes might be the perfect fit. With an emphasis on clean design, natural light, and efficient use of space, these homes often incorporate materials like glass, concrete, and steel. Contemporary architecture seamlessly blends the indoors with the outdoors, creating an inviting and harmonious living environment.
The Allure of Modern
Minimalist enthusiasts gravitate towards modern homes, renowned for their simple geometric forms and functionality. These dwellings feature open floor plans, ample natural light, and a strong connection to the surrounding landscape. Flat roofs, large windows, and a minimalist aesthetic create a sense of spaciousness and calm. For those seeking a harmonious fusion of simplicity and style, modern homes are an excellent choice.
Single-Story Serenity
For those who prefer a single-level living experience, ranch-style homes provide a comfortable and accessible option. With their low profiles, open layouts, and easy access to outdoor spaces, ranch homes offer a relaxed and convenient lifestyle. They often boast wide front porches and embrace a variety of architectural influences, making them a popular choice for homeowners of all ages.
Craftsman's Delight
Craftsman-style homes celebrate craftsmanship, natural materials, and intricate detailing. These charming dwellings showcase exposed woodwork, unique architectural elements, and cozy front porches. With their warm and inviting atmosphere, Craftsman homes pay homage to traditional craftsmanship while providing a cozy and welcoming ambiance.
Mediterranean Flair
Transport yourself to the coastal regions of Spain, Italy, or Greece with a Mediterranean-style home. With stucco exteriors, red tile roofs, and arched windows, these homes radiate a sense of warmth and exoticism. Mediterranean architecture often emphasizes outdoor living spaces, allowing you to enjoy the beauty of nature from the comfort of your own home.
Timeless Colonial
Drawing inspiration from the American colonial period, Colonial-style homes exude a sense of grandeur and elegance. These symmetrical homes feature formal layouts, classic facades, and often boast charming details like columns, shutters, and central chimneys. Colonial homes offer a nod to history while providing a timeless and sophisticated living experience.
Victorian Grace
For those who adore ornate detailing and intricate woodwork, Victorian-style homes capture the imagination. With their steep roofs, vibrant colors, and elaborate exteriors, Victorian homes are a true testament to architectural artistry. Bay windows, turrets, and decorative trimmings create a whimsical and romantic atmosphere that enchants homeowners and visitors alike.
Mid-Century Modern Cool
If you have a fondness for the mid-20th century aesthetic, then mid-century modern homes may be your calling. These homes feature clean lines, large windows, and an emphasis on integrating with the surrounding natural environment. With open floor plans and a harmonious indoor-outdoor flow, mid-century modern homes exude a cool and timeless charm.
Farmhouse Comfort
Embracing a rustic and cozy feel, farmhouse-style homes evoke a sense of rural charm and simplicity. These dwellings often feature large front porches, pitched roofs, and an emphasis on functionality. Barn doors, exposed beams, and natural materials enhance the farmhouse aesthetic, creating a warm and inviting retreat.
Choosing a home style is a deeply personal decision, influenced by individual preferences, lifestyle requirements, and aesthetic inclinations. Exploring the diverse array of home styles available allows you to find the perfect match that reflects your unique personality and creates a sanctuary that you'll be proud to call home. Whether you're drawn to the timeless elegance of traditional homes, the clean lines of contemporary architecture, or the rustic charm of farmhouse living, the world of home styles has something for everyone. So, go forth, explore, and discover the home style that resonates with your dreams and aspirations.
If you're ready to embark on the journey of finding your dream home, we invite you to reach out to RE/MAX Advanced Realty. Our team of experienced real estate professionals is dedicated to assisting you every step of the way. Contact us today to schedule a consultation and let us help you navigate the exciting world of real estate.
June is a special month for all aspiring and existing homeowners as it marks National Homeownership Month. It is a time to celebrate the joys and benefits of owning a home, and to recognize the significant role homeownership plays in our lives. From providing stability and security to offering financial advantages and a sense of pride, owning a home is a milestone worth commemorating. In this blog, we will explore the numerous reasons why homeownership is worth celebrating and how it can positively impact your life.
Stability and Security:
One of the primary benefits of homeownership is the stability and security it brings. When you own a home, you have a place to call your own, creating a sense of stability for you and your family. You can establish roots in a community, build relationships with neighbors, and enjoy the peace of mind that comes with having a permanent place to call home.
Building Equity:
Unlike renting, homeownership allows you to build equity over time. Equity is the difference between the market value of your home and the outstanding balance on your mortgage. As you make mortgage payments and your home's value appreciates, your equity grows. This equity can be a valuable asset that contributes to your overall net worth and can be used for future investments or financial endeavors.
Homeownership often comes with various tax benefits. Many countries provide tax deductions on mortgage interest payments and property taxes. These deductions can help reduce your overall tax liability and provide significant savings. It's essential to consult with a tax professional to understand the specific tax advantages available in your region.
Investment Potential:
Real estate has historically been a sound long-term investment. Owning a home allows you to benefit from potential appreciation in property value over time. While there are no guarantees, many homeowners have experienced substantial returns on their investment when selling their homes. Homeownership offers an opportunity to build wealth and financial stability for the future.
Customization and Personalization:
One of the significant advantages of owning a home is the ability to personalize and customize your living space. Unlike renting, where restrictions may limit your ability to make changes, homeownership allows you to create a home that reflects your personal style and preferences. You can renovate, remodel, and make improvements according to your needs and tastes, turning a house into a true home.
Pride of Ownership:
The sense of pride and accomplishment that comes with owning a home is immeasurable. It represents a significant milestone in one's life and often brings a deep sense of fulfillment. Homeownership offers a place where you can create lasting memories, celebrate milestones, and establish a sanctuary that is uniquely yours.
Community Involvement:
Homeownership often fosters a stronger connection to the community. As a homeowner, you become invested in the neighborhood, local schools, and the overall well-being of the area. You have a stake in the community's success and can actively participate in local events and initiatives. This involvement creates a sense of belonging and contributes to the overall vibrancy of the neighborhood.
Stability in Monthly Payments:
When you have a fixed-rate mortgage, your monthly housing payments remain consistent over the loan term. Unlike rental payments that can increase over time, homeownership provides stability in monthly expenses. This stability makes budgeting easier and provides peace of mind, allowing you to plan for other financial goals.
Long-Term Financial Planning:
Owning a home can be an integral part of a long-term financial plan. It provides an asset that can contribute to your overall financial goals, such as retirement planning or generational wealth. As you build equity and pay down your mortgage, you are investing in your future and creating a valuable asset that can support you.
Whether you're a first-time buyer or considering upgrading to a new home, National Homeownership Month celebrates the many benefits and joys of owning a home and RE/MAX Advanced Realty is here to help you achieve all your real estate goals. . Happy Homeownership Month!
Finding the proper loan to suit your needs can be challenging given the abundance of lenders from which to select and the variety of home loans on the market. As a result, you might decide that it's simpler to seek assistance from a mortgage broker when shopping for the ideal home loan.
Mortgage brokers coordinate home loans between lending institutions and borrowers, or those looking for a mortgage. They can help you with the application process and identify home loan options that are appropriate for your needs and goals.
Brokers should take the time to learn about your unique position, determine how much you might be able to borrow, provide you with options for house loans, go over how each would satisfy your needs, and inform you of the loan's cost. The broker can help you with the application procedure through loan settlement with the lender after you've determined which house loan best suits your needs.
Choosing the right mortgage broker can be a crucial step in obtaining the best mortgage for your needs. Here are some tips on how to choose the right mortgage broker:
Before you choose a mortgage broker, do some research to learn about their reputation, experience, and track record.
You can start by checking online reviews and testimonials, asking for referrals from friends or family members who have recently purchased a home, and researching the broker's credentials and licensing.
A mortgage broker with years of experience is more likely to have the expertise and connections necessary to find you the best mortgage deal.
Ask about their experience in the industry and their success rate in securing favorable mortgage terms for clients.
Make sure the mortgage broker is licensed and registered with the appropriate regulatory body in your area.
This will help ensure that they follow ethical and legal standards when dealing with clients.
Get quotes from multiple mortgage brokers and compare their rates and fees.
Make sure you understand the fees associated with each quote and ask questions if anything is unclear.
Ask the mortgage broker to explain their process for finding and securing a mortgage.
Make sure you are comfortable with their approach and that they are transparent about their fees.
Choose a mortgage broker who is responsive and communicates clearly and regularly.
You want to be sure that you are kept informed throughout the process and that your questions are answered promptly.
Ultimately, trust your instincts when choosing a mortgage broker.
Choose someone who you feel comfortable working with and who you believe has your best interests in mind.
Mortgage brokers should enquire extensively about your financial condition as well as what you desire from your house loan, including your:
When you're considering applying for a mortgage, it's important to have a good understanding of the terms and conditions associated with it. Here are some important questions to ask your mortgage lender:
Remember, it's important to ask any questions you have and make sure you fully understand the terms of your mortgage before signing on the dotted line.
If you have more questions or clarifications about real estate and/or mortgages, you can leave a comment below or send us a message here.
We are going to be halfway into the year, but we bet it's never too late to share with you our predictions for Indiana's real estate market this 2023.
We know a lot of people are interested to know this so if you're one of them, sit back, relax, and keep on reading.
It's no secret that house prices in Indiana have risen in recent years. Let's find out more about this increase from 2020 to the present along with some observations regarding what is causing the state's home prices to rise so quickly.
In Indiana, rising property prices have been a consistent trend in the real estate market. Over the past three years, home prices have risen all over the state.
Indiana's average house sale price rose 7.9% from 2021 to 2023 on a state-wide basis. Additionally, there are larger increases in some regions. More crowded places tend to have higher appreciation rates.
Northwest Indiana is one of the state's markets that is growing the fastest, with a significant increase in the number of homes for sale. Home prices in Northwest Indiana climbed by 11% in 2020, 10% in 2021, and 7% in 2023.
Indiana property values are rising as a result of various factors. The demographic problem comes first. During the past ten years, Indiana has seen an increase of 340,000 residents. Indiana's steady economy, low levels of crime, and low taxation draw people there.
The housing market is under strain due to two additional population challenges. The first is that there are more people aged 25 to 35 than ever before. For Indiana's housing market to be stimulated, this age group is crucial. Second, there are now more individuals living alone than ever before. We consequently require additional homes, as a result.
The absence of development and new home construction over the previous ten years is the second problem. The building of new homes plunged dramatically following the Great Recession of the Aughts (the decade from 2000 to 2009). There were too many incoming buyers, but there were not enough homes built.
Finally, the cost of housing is being impacted by the lack of infrastructure expansion. Since it would be prohibitively expensive to expand a town's municipal water and sewer services, this is most common in small towns. Due to the low taxation, it is difficult for towns, particularly smaller ones, to grow. As a result, the few remaining residences are increasing in value.
One of the residential real estate market trends to watch is what real estate agents are charging for their fees. Real estate commission rates have stayed high in some markets and have lowered in others. The Northwest Indiana market seems to have seen the greatest reduction in real estate commission rates.
Real estate commission rates in other parts of the state, particularly around Indianapolis, are still higher and range from 5% to 7%. The market has managed to resist some of the more recent business concepts that have emerged. OK, up till now.
The first prediction for the 2023 real estate market is that property prices will continue to rise in 2023. The rate of appreciation year over year will be slower, though. In general, it is expected that Indiana home prices will rise between 3% and 6% between 2021 and 2023. Inflationary pressure and rising interest rates will be the main causes of this decline. Larger homes with lots of amenities could experience a decline in value.
Another forecast for the housing market is an increase in inventory. Two years have passed since the COVID pandemic began. Therefore, the frequency of significant life events is probably already in motion. Changes in housing are brought on by significant life events, including those that tempt some homeowners to sell and others to acquire.
At the end of the first quarter of 2023 compared to the end of the first quarter of 2021, we found that there were approximately 30% more homes for sale in Northwest Indiana. In 2023, new residential buildings will also increase significantly. Which brings us to our next forecast.
An overall rise in the number of new homes for sale is another trend we'll observe in the real estate market in 2023. Housing starts in the US will significantly rise in 2023. Finally, opportunities for new construction are being seen by builders. Additionally, in 2023 many of the supply chain bottlenecks that hampered the industry in 2021 will be resolved. Building more homes will begin as home builders look to seize the chance that is presented to them.
More people going to more rural locations is one of the current real estate market trends that will persist in 2023. Nothing about COVID, city evacuations, or any of that is relevant to this. Truthfully, not many of those widely reported headlines actually occurred. Instead, the affordable home prices in rural towns and hamlets within a 30-minute drive of larger cities make them appealing.
Home prices are rising everywhere and inflation is at an all-time high, but wages are barely rising. Prospective homeowners looking for value. In quest of affordable homes, consumers will go from a 15-minute commute to a 30-minute one. Small towns of a few thousand people within 30 minutes of a city of 30,000 or 40,000 people will frequently have the highest appreciation rates.
Another prediction for the real estate industry is that mortgage interest rates will rise and continue to be high compared to the previous 36 months. The first quarter of 2023 will see a sharp rise in mortgage rates. Highly qualified buyers may be able to obtain a mortgage in the threes by late 2021. It was in the low fives as the second quarter of 2023 got underway. This will significantly down property prices. The purchasers and sellers of properties in the top 20% of any local real estate market would suffer the most as a result of the high mortgage rates.
The newest dot-com startup that is set to upend the real estate sector is one of the current trends in the market. Numerous innovative tech real estate ideas were released in 2019 and 2020. There was a lot of chatter regarding iBuyers. There were also some other avant-garde concepts. Many fell short quickly. For others, it's amazing how few stories are making the news.
The real estate broker is still in good health. Furthermore, we go above and beyond simply opening a door, writing an offer for 15 minutes, and collecting a commission. Big tech in real estate has realized this and is probably taking a step back to reconsider how to enter the sector.
The ability to negotiate real estate commission rates is one of our favorite residential real estate market trends to follow. Some real estate agents may be more flexible regarding their real estate commission rate if there are too many agents and not enough work. While it sounds valid, we hope that consumers will continue to be aware of what real estate agents actually do to help sell their homes.
Stop attempting to time the market, homebuyers. Market timing is extremely tough and will probably end up costing you more money in the long run. In addition, despite growing inflation and mortgage interest rates, it is unlikely that home values would drop too much in 2023.
This year, obstacles will be faced by real estate investors. The price of money will first rise. Real estate investors will be impacted by rising interest rates, rising mortgage interest rates, and hard money lenders seeking a bigger return. Second, finding properties at competitive pricing will continue to be difficult for real estate investors. This is because there are still a lot of buyers competing for homes on the market.
Homeowners should be ready for a change in the market in 2023. Home sellers will continue to benefit in early 2023. The second half of the year, though, will provide greater difficulties. A rise in housing inventory levels was visible by mid-2022. Additionally, the number of days that homes spend on the market has been rising in almost every market. As the market grows more difficult for house sellers, those who must sell their homes should be realistic in their expectations.
Selling in 2023 would certainly be preferable for homeowners seeking to time the market. In 2023, it's expected that housing appreciation rates will return to normal. If you're hoping for the next wave of fast appreciation to happen, reconsider. Even though demand is still high, prices have decreased due to high inflation and rising mortgage interest rates.
The Indiana Real Estate Market in 2023 will conclude Through 2023, the Indiana real estate market will be stable. The momentum shown in the rest of the United States will be followed by the Indiana real estate market. However, Indiana is a resilient state; fluctuations that happen elsewhere in the nation also occur here, but not as intensely. It's a lighter swing, to put it another way.
The same issues affecting real estate in many other parts of the country are present in Indiana. Particularly, there aren't enough suitable homes for today's homebuyers. There are tens of millions of Americans between the ages of 25 and 35 who are great homebuying candidates. Indiana's age distribution is comparable to that of other states. The eager and willing homebuyers will prevent the Indiana housing market from collapsing.
If you're looking for a new place in Indiana, our team at RE/MAX Advanced Realty is here to help!
Call us at 317-298-0961 or click this link to know more.
There have been many ups and downs in the last several years. At the height of the epidemic, there was a bright spot for home sellers in the housing market: skyrocketing home prices amid brisk buyer demand.
Yet as the Federal Reserve worked to reduce inflation in 2022, mortgage interest rates crept slowly up, dampening the enthusiasm of homebuyers. Home prices consequently fell as a result of this.
Due to all of these changes, homeowners may be unsure of the current value of their house and if now is a good time to sell or use any remaining equity. Asking yourself "just how much is my house worth" is a fantastic place to start as you weigh your options.
Consider the following three basic types of valuation when obtaining an estimate of a home's value:
Fair Market Value
Fair market value includes how your home appears to potential home buyers when compared to similar properties nearby. A comparable home's sale price should be taken into account (same number of bedrooms and bathrooms, square footage, or outdoor space, say). This is where your agent will begin if you choose one to help you sell your house: by examining comparable sales to determine what purchasers have been willing to pay for a home similar to yours.
Appraised Value
Although it takes comparable sales into account, the appraised value of your home is different from its fair market value. A certified appraiser takes your home's location, size, and condition into account as well as any upgrades you've made when determining appraised worth. When a borrower purchases a property or refinances a mortgage, mortgage lenders consider the appraised value.
Assessed Value
Your home's assessed value is the financial amount that local county tax assessors use to calculate your property taxes. The assessed valuation typically understates fair market value and does not accurately reflect how much a property might fetch on the open market.
You only get one chance to create a first impression, and the value of your house is no different. In order to maximize your property value, it is crucial to make sure your home's exterior is attractive and well-maintained.
Here are some interesting topics to help improve your home’s interior and exterior:
7 Outdoor Space Design Ideas You MUST Try In 2023
4 Interior Design Trends That Have Become Popular in the Pandemic
5 More Charming Interior Designs You'll See
Use A Home Value Estimator
Several online resources exist that provide a rapid estimation of a home's value. These instruments, sometimes known as automated valuation models, or AVMs, provide estimates using algorithms and publicly accessible data, such as recent sales, tax assessments, and other public documents. Your estimate may change because each one employs a different technique.
Some of these include:
A home value estimator can be a helpful tool for anyone who wants to better understand the value of their home or a home they're interested in buying. However, it's important to remember that these estimators are not always 100% accurate and should be used as a starting point rather than a definitive answer.
Find A Reliable Real Estate Agent
A comparative market analysis (CMA) is generally provided to sellers without charge by real estate brokers in an effort to secure their business. The agent gathers information regarding previous sales of comps in the neighborhood to complete the CMA.
They then evaluate the value of your property using their local knowledge and any unique features of your home. Each home a buyer wishes to make an offer on may also receive this same service from a buyer's agent.
Working with a realtor from RE/MAX Advanced Realty can give you a more accurate and comprehensive picture of your home's value, as well as provide a range of other services to help you buy or sell your home
For instance, a realtor who works in your area will have a deep understanding of the local housing market and can provide insight into how factors like location, neighborhood, and nearby amenities can affect your home's value. This knowledge can help ensure that your home is priced accurately and competitively.
If you're planning to sell your home, a realtor can help you market it effectively to potential buyers, including listing it on popular real estate websites, holding open houses, and leveraging their professional network to reach a wider audience.
They are also trained in negotiation and can help you navigate the complex process of selling your home. They can help you handle offers and counteroffers, negotiate repairs and inspection issues, and make sure the deal goes smoothly from start to finish.
Work With A Professional Appraiser
Before authorizing a loan, mortgage lenders engage appraisers to verify the worth of a residence. Although it is optional, some house sellers choose to go the extra mile and hire an appraiser. Similar to a CMA created by a real estate agent, the appraiser takes into account the property's features, such as how many bedrooms and bathrooms it has, as well as comparable sales.
Pro: Professional appraisers may offer an unbiased evaluation of a home's value and are frequently licensed or certified by the state in which they conduct business.
Con: You will be required to pay for the appraisal that the lender requires if you are applying for a mortgage. According to HomeAdvisor, an assessment typically costs approximately $350 but may cost as much as $420.
These are just a few ways about how to determine your home market value. In the next post, we’ll dive deeper into this topic and find out useful information in case your home’s value went up or down.
What tool do you use to calculate your home value? We’d love to know your thoughts so feel free to share them below.
Thank you!
More than just four walls and a roof make up a house. It stirs up a variety of feelings and ideas inside of us. Some people see it as a sense of security, others as comfort, and yet others as a sign of success and prestige.
The other component of a home, however, must also be taken into consideration. It is related to numbers. The financial side is crucial as well because for the average Indian, purchasing a home is frequently their biggest financial transaction. Many struggle with the question of whether to buy or rent.
Owning a home gives you control over your life. You don't have to deal with a landlord, yet renting is difficult in many ways, whether you need small repairs made or a whole house renovation. For water, power, maintenance, and nearly everything else, you are reliant upon the landlord.
You give your family their very own space—a home—when you buy a house. Returning to your own nest after a long day at work, along with a taxing commute and ongoing stress, awakens a sense of security and comfort that is simply priceless. After all, no place can truly allow you to relax and just be yourself at "home."
The risk of the landlord prematurely terminating the lease agreement does not bring you the same stress and anxiety that it may with your own home. Also, there is no headache associated with having to continuously renegotiate the terms of the rental agreement and renew it each year.
Rent is a cost, and generally speaking, people try to spend less. Hence, you can end up making compromises regarding several factors, including amenities, size, and location. Yet, if you purchase a home, you will make sure that the home you select suits your needs.
Having your ideal home is now simpler thanks to the accessibility of simple financing choices. To save money for your ideal home, you don't have to wait until your 40s and 50s. You can purchase it when you're in your 20s and have a paid-off house by the time you're 50 or even before. Selecting a home loan provider wisely will allow you the flexibility to manage your loan repayment by customizing your EMI to match your current and projected income trends.
You receive enticing tax incentives for paying off your mortgage's principal and interest. Also, keep in mind that the true cost of renting exceeds the amount of rent you pay. Because you do not earn interest on the deposit you pay to the landlord (which can be fairly substantial in high-end locations), your cost is higher.
You might pay the EMI on your home loan rather than paying rent, which is an expense only, and over time, this will help you create your own asset. Your equity in your house increases practically with each EMI that you pay.
It makes sense to purchase a home if you intend to stay in a city for an extended time so that you can feel a sense of permanence and belonging. You become more familiar with the city and its way of life. You believe that your life is now at peace. In addition, property values typically increase with time. By purchasing a property, you are also gradually increasing your wealth. Delaying your real estate purchase will require you to make a larger investment (in addition to having paid rent over an extended time).
And finally, owning a home is a sign of success and achievement in society. The house you own is a good indicator of your wealth and position. Consequently, purchasing a home can greatly raise your social position.
Are you looking for real estate in Indiana? If yes, our top-tier realtors can help! Call us at 317-298-0961 today!
Someone likely recommended you create an email database and regularly give them content. It's better for you if you get off to a good start. Or you should restart if you've been working on it but aren't getting far.
But most agents with a list send out quite generic material anyway, and they send anything at all. Please do not be an agent like that.
By reading this article, you may learn some tips for writing an email as an agent and having a better email database.
Here are the six tips for writing an email you may consider and also for having your email database become better:
Many agents who send emails and have a list tend to "push." They make people aware of themselves and their listings.
Stop pushing; that is the only simple and apparent solution. Or at least quit sending the same old messages.
Check out some real estate email templates by doing a quick Google search. You seem like a template if you write like one. You don't sound human at all. And that makes people seem to dislike you. That is the entire point.
Write as you would talk with someone. Set aside rigid grammar standards. Keep within the lines, though, so readers can tell you know the conventions of good writing. Use punctuation and correct your spelling.
Try to limit the length of your emails to 350–500 words. It's challenging to express a lot in fewer words. And if it goes beyond that, you should probably turn it into an article.
A few extra or fewer words won't harm you. Thus, don't obsess over word count. Saying anything that needs to be said is the key.
The best writing achieves each of those objectives. In every email you compose, try to include all three. Everyone enjoys comedy and wit. Although real estate is a serious profession, making your reader smile or chuckle is the best way to make them eagerly anticipate opening every email you send.
Make your audience laugh. You must make a point in what you send them. You must enlighten or educate them on something. And because you're already taking the time, you should ask them to take action.
Certain things are quite commonplace, like an email with a Christmas theme. That may be sent to every person on your list. You should draft one with buyers in mind and another with sellers on your list. And one that pertains especially to your sphere of influence.
These are the last tips on writing an email. Emailing your list should take a lot of time. But each email is like writing hundreds or thousands. Once written, sent many times. It's worth the time.
Emails take at least an hour. Hire a copywriter to compose your emails to save time, effort, and learning curve. You won't send the same dull email templates as other agents, but it is costly.
Your choice of restaurant is crucial when dining with children.
Before your drinks even arrive at your table, a restaurant experience can go south if the atmosphere isn't enjoyable and welcoming to kids.
We're fortunate that there are lots of kid-friendly eateries in the greater Indianapolis area.
The good thing is that we know where to look, therefore we were able to find you some fantastic, entertaining eateries in Indianapolis!
303 E Main Street, Westfield
There are times when parents simply need a fantastic restaurant with amazing food and drinks where their kids can play nearby, such as Field Brewing.
This Westfield brewery includes a beautiful garden, outdoor patio seating, and a space where guests can play giant Jenga, bocce ball, or simply relax on the man-made turf.
© Olivia S | Yelp
Multiple Locations
The ideal restaurant for a family night out is this one!
You may play hundreds of board games at your table, such as Chutes, Fact-Crap, or Zingo while enjoying some food, drink, and revelry.
And if reading is more your style, Books & Brews has a large selection of books that you can browse while dining or buy to take home.
Bonus: Books & Brews has numerous locations in the Indianapolis area, and each provides a day where kids eat free!
Below are the days and locations:
© Cynthia W | Yelp
5301 Winthrop Ave., Indianapolis
You should bring your half-pints to Half Liter Barbeque & Beer Hall.
This Broad Ripple establishment offers some of the best BBQs in Indianapolis, a sizable, open, relaxed, and family-friendly outside seating space.
Even if you're waiting for your food, you can play a game of cornhole!
Get Extra: Keep your kids (and inner child) happy by ordering a dessert from Dippin' Dots and Rice Krispie at Half Liter.
© Kayla S | Yelp
13193 Levinson Lane, Noblesville
Ford's Garage, a restaurant that is decorated with Ford car parts and memorabilia, might appeal mostly to car enthusiasts (and kids who love vehicles).
Other than the genuine cars present within the restaurant, the establishment serves chicken, waffles, burgers, and more.
Before you leave the restaurant after having an appetizing dinner, turn right and you will notice a children's outdoor play area that is a part of the Hamilton Town Center outdoor shopping mall.
© Tiff R | Yelp
Multiple Locations
Downtown Indy: 210 S. Meridian Street, Indianapolis
Carmel: 918 S. Rangeline Road, Carmel
Chicken, spaghetti, and OREO cookie shake? What else are you looking for? Their menu is like a paradise that you and your family will surely love.
All meals on The Old Spaghetti Factory's kid's menu include a dessert, either vanilla ice cream or spumoni, at the end of the meal.
If you want to have even more fun, ask to sit in the trolley car, which is an amusing feature in all OSF locations!
© Kara M | Yelp
These are just some of the best family restaurants you should try this weekend. In the next part, you'll find more food establishments for you and your kids.
8313 W. 10th St
Indianapolis IN 46234
dennis@indyhomepros.com
317-316-8224