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
Ah, summertime—the perfect season to bask in the warm sun, enjoy outdoor activities, and give your home some much-needed TLC. With longer days and pleasant weather, it's the ideal time to tackle those home maintenance tasks that will keep your living space in tip-top shape. Whether you're a seasoned homeowner or a first-time buyer, this comprehensive summer home maintenance checklist will guide you through the essential tasks to ensure your home stays beautiful, functional, and ready to embrace the season.
Check the Air Conditioning System: As the temperatures rise, your air conditioning becomes your best friend. Start by cleaning or replacing air filters to ensure optimal performance and clean air circulation. Don't forget to check the overall condition of your air conditioning system and schedule professional maintenance if needed. A well-maintained AC unit will keep you cool and comfortable all summer long.
Inspect and Clean the Gutters: The gutters play a crucial role in directing rainwater away from your home. Over time, they can accumulate leaves, debris, and dirt, which can hinder proper water flow and potentially cause water damage. Grab a sturdy ladder, put on some gloves, and remove any debris from the gutters. This simple task will help prevent costly repairs and keep your home dry during summer storms.
Examine the Roof: A healthy roof is your first line of defense against the elements. Inspect it for missing or damaged shingles, cracks, or signs of wear. If you spot any issues, consider arranging for repairs or consulting a professional roofer. By addressing roof problems promptly, you'll avoid potential leaks and preserve the integrity of your home.
Clean and Repair Outdoor Spaces: Summer is the season for outdoor relaxation and entertaining. Sweep and clean patios, decks, and outdoor furniture to remove dirt, pollen, and grime. Check for any repairs needed, such as loose boards or rusted metal. A fresh and inviting outdoor space will be the perfect setting for your summer gatherings.
Service the Lawn and Garden: A lush and vibrant lawn adds beauty to your home. Trim trees and shrubs, mow the lawn regularly, and tend to your garden. Remove any weeds and apply mulch where necessary. Proper maintenance will keep your landscape thriving and create an inviting oasis for outdoor enjoyment.
Inspect and Clean the Exterior: The exterior of your home requires attention, too. Check for cracks in the siding, peeling paint, or any other signs of wear. Clean the exterior surfaces using a power washer or a gentle cleaning solution, as appropriate. A fresh and well-maintained exterior will enhance your home's curb appeal and protect it from the elements.
Test Sprinkler Systems: A well-watered lawn is a happy lawn. Test your sprinkler system, making sure all sprinkler heads are functioning correctly and adjusted for proper coverage. Repair any leaks or broken components to ensure efficient watering throughout the summer.
Check Windows and Doors: Windows and doors play a significant role in energy efficiency. Inspect their condition, including screens, weatherstripping, and caulking. Replace or repair any damaged areas to keep the cool air inside and the hot air out. Your energy bills will thank you!
Service the Pool: If you're fortunate enough to have a pool, proper maintenance is crucial. Regularly clean and maintain the pool, balancing chemicals, checking filters, and ensuring pumps are functioning optimally. Safety measures like fences and gates should also be in good condition to provide a secure environment for everyone.
Test Smoke and Carbon Monoxide Detectors: Safety should always be a top priority. Test smoke detectors and carbon monoxide detectors, replacing batteries as needed. This simple step ensures that your home remains protected from potential hazards.
Clean and Inspect Outdoor Lighting: Outdoor lighting adds ambiance and enhances security. Clean exterior light fixtures and replace bulbs as needed. Inspect and repair any wiring or fixtures for safety and reliable illumination during warm summer nights.
Check and Clean the Dryer Vent: Lint buildup in the dryer vent can be a fire hazard. Remove any accumulated lint to ensure proper airflow. Consider professional cleaning if necessary, as it helps prevent potential accidents and keeps your dryer running efficiently.
Inspect and Clean Chimney and Fireplace: While the fireplace might be the last thing on your mind during the summer, it's an opportune time to inspect and clean the chimney and fireplace. Ensure they are in good condition for safe and cozy use when the colder months return.
Check the Insulation: Proper insulation helps maintain a comfortable temperature inside your home. Evaluate the insulation in your attic and walls, adding or replacing it as needed to improve energy efficiency and reduce cooling costs.
Service the Garage Door: Don't overlook the garage! Lubricate hinges, tracks, and rollers of your garage door for smooth operation. Check the safety sensors and ensure proper functioning to keep your vehicles and belongings secure.
Refresh Interior Décor: Summer is a perfect opportunity to give your home's interior a refreshing makeover. Consider updating your décor to reflect the bright and airy feel of the season. Swap out heavy curtains for sheer or light-colored ones to let in more natural light. Incorporate vibrant, summery colors into your throw pillows, rugs, and accessories. Bring in some fresh flowers or potted plants to add a touch of nature and a pleasant aroma to your living spaces. A simple interior refresh can go a long way in creating a summertime ambiance that uplifts your mood and makes your home feel rejuvenated.
With this summertime maintenance checklist in hand, you'll be well-prepared to give your home the care it deserves. By taking the time to complete these essential tasks, you'll create a comfortable, beautiful, and safe haven for yourself and your loved ones to enjoy throughout the summer season. So, grab your tools, put on some sunscreen, and let the summer shape-up begin!
Feeling inspired to take your summer home maintenance to the next level? If you're ready to sell or buy a home this summer, our dedicated team of RE/MAX Advanced Realty agents is here to assist you every step of the way.
With our in-depth knowledge of the local market and a passion for helping clients achieve their real estate goals, we are the perfect partner for your summer home journey. Whether you're looking to sell your current property and find a new place to call home or searching for your dream house to make lifelong summer memories, we've got you covered.
Our experienced agents will provide personalized guidance, expert advice, and the necessary resources to ensure a successful transaction. From marketing your home effectively to attract qualified buyers to finding the perfect home that matches your desired summer lifestyle, we'll be there to make the process smooth and stress-free.
Take advantage of the summer season's vibrant energy and exciting opportunities in the real estate market. Contact our RE/MAX Advanced Realty team today at 317-298-0961 (West Office) and 317 317-881-3700 (Greenwood Office) or visit our website at www.remaxadvancedrealty. Let us help you make your summer home dreams a reality!
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!
The real estate industry is a bustling world where agents and teams strive to achieve greatness and secure their positions at the top. Last April’s RE/MAX Top Producers Report has yet again proven that RE/MAX Advanced Realty is truly Indiana’s Leading Brokerage, bagging top teams and individual spots for residential and commercial production combined.
Let's get to know RE/MAX Advanced Realty’s Top-performing Teams and Agents.
Indy Home Pros Team: Reigning Supreme at #1
Leading the pack and stealing the spotlight is none other than the Indy Home Pros Team, securing the coveted #1 ranking. Led by RE/MAX Advanced REALTY Broker/Owner and Team Leader Dennis Nottingham, the Indy Home Pros Team has consistently held the #1 spot, proving that their exceptional expertise, dedication, and unparalleled service have propelled them to the forefront of the industry. With a proven track record of success, they continue to dominate the real estate landscape, helping countless clients find their dream homes.
The Craftsman Group: Mastering Excellence at #22
With a client-first mentality, The Craftsman Group, led by Team Leader Cate Waggoner-Lee, has earned a well-deserved place at #22. Their attention to detail, creative approach, and unwavering commitment to delivering exceptional service have made them a formidable force in the market. The Craftsman Group has crafted a reputation as true artisans of the real estate industry, leaving a lasting impression on their clients and peers alike.
The Rob Campbell Team: Striking Success at #42
Led by Team Leader Rob Campbell, who boasts over 30 years of experience as a top-producing agent in Johnson County, The Rob Campbell Team has secured the impressive #42 position. Their expertise extends to both residential and commercial real estate, showcasing their prowess in diverse markets. With their exceptional solutions and unwavering dedication, The Rob Campbell Team continues to make waves, solidifying their standing in the industry.
Keith Turnbill: The Epitome of Residential and Commercial Excellence at #32
At the remarkable #32 spot in the Residential and Commercial Combined category, RE/MAX Advanced Realty Green Wood Office’s Head of Commercial Division, Keith Turnbill, has made a lasting impact. His versatility and adaptability have allowed him to thrive in both sectors, catering to the unique needs of his clients. With an impressive skill set and an unwavering commitment to success, Keith stands out as a true champion in the real estate arena.
RE/MAX Advanced Realty raises a toast to the Indy Home Pros Team, The Craftsman Group, The Rob Campbell Team, and Keith Turnbill for this feat. Congratulations on your outstanding accomplishments, and here's to an even more successful future!Here at RE/MAX Advanced Realty, we aim to continue leading the way, providing a platform for top-performing agents to shine and offering unparalleled service to clients across Indiana. Our commitment to excellence is what makes us home to the finest real estate agents in the state.
RE/MAX Advanced Realty presents a compiled Housing Market Report for April 2023 in the State of Indiana based on the data presented by MIBOR. This report provides an overview of the real estate market for single-family homes, condominiums, townhouses, farms, residential, and manufactured homes covering all 16 counties in the Hoosier State for the month of April.
The data presented in this report includes key metrics such as median sales price, closed sales, days on the market, list price received, the median sold price per sqft, new listings, active inventory, and months' supply of inventory. By analyzing these metrics, we can gain insight into the current state of the real estate market and make informed predictions about future market conditions.
This report will explore the trends observed in the real estate market for the month of April and compare them to the same period in the previous year, as well as the previous month. By providing this analysis of the market, we hope to help buyers, sellers, and investors make informed decisions about their real estate transactions.
SINGLE FAMILY HOMES
Based on the data gathered, the real estate market for single-family homes in April 2023 experienced mixed results compared to the same month in the previous year and the previous month.
The median sales price in April 2023 increased by 5.5% compared to April 2022 and by the same percentage compared to March 2023, indicating a steady upward trend in housing prices. However, the closed sale price in April 2023 decreased significantly by -19.3% compared to April 2022 and by -8.0% compared to March 2023. This suggests that while homes are being listed at higher prices, they are ultimately selling for much less than they did a year ago.
The median days on the market for homes in April 2023 increased significantly by 75.0% compared to April 2022 but decreased by -30.0% compared to March 2023. This means that homes were taking longer to sell in April 2023 than in the same month in the previous year but were selling more quickly compared to the previous month.
The list price received for homes in April 2023 decreased by -3.1% compared to April 2022 but increased by 0.8% compared to March 2023, indicating some volatility in the market.
The median sold price per square foot in April 2023 decreased by -4.1% compared to April 2022 but increased by 1.3% compared to March 2023. This suggests that homes are selling for less per square foot compared to the same month last year but are selling for more compared to the previous month.
New listings for April 2023 decreased by -26.6% compared to April 2022 and by -1.9% compared to March 2023. This indicates a significant decline in the number of homes being listed for sale.
Active inventory for April 2023 increased by 26.6% compared to April 2022 but decreased by -14.7% compared to March 2023, indicating that while there were more homes available for sale compared to the same month last year, there were fewer homes on the market compared to the previous month.
Finally, the month's supply of inventory increased by 56.9% compared to April 2022 but decreased by -7.3% compared to March 2023. This metric measures the number of months it would take to sell all of the homes on the market based on the current rate of sales. The increase compared to April 2022 indicates that the supply of homes for sale is outpacing the demand, while the decrease compared to March 2023 suggests a potential increase in demand.
Overall, the data suggest that for single-family homes, the market is still experiencing some volatility, with some metrics showing upward trends and others showing declines. However, the steady increase in median sales price and median sold price per square foot compared to the previous month indicate that home prices are still trending upwards. The decrease in closed sale price and new listings, as well as the increase in median days on the market and months' supply of inventory compared to April 2022, suggest a potential slowdown in demand, while the decrease in active inventory compared to March 2023 indicates a possible increase in demand.
ALL TYPES OF PROPERTIES
The data above suggests that the overall real estate market for single-family residences, condominiums, townhouses, farms, residential, and manufactured homes in April 2023 experienced mixed results compared to the same month in the previous year and the previous month.
The median sales price for April 2023 increased by 5.0% compared to both April 2022 and March 2023, indicating a steady increase in housing prices. However, closed sales decreased significantly by -18.7% compared to the previous year and by -8.5% compared to the previous month, suggesting that fewer homes were sold in April 2023.
The median days on the market for April 2023 increased significantly by 75.0% compared to April 2022 but decreased by -30% compared to March 2023, indicating volatility in the market. The list price received decreased by -3.2% compared to April 2022 but increased by 0.8% compared to March 2023. The median sold price per square foot for April 2023 decreased by -3.2% compared to April 2022 but increased by 2.0% compared to March 2023.
New listings for April 2023 decreased significantly by -24.1% compared to April 2022 and by -2.2% compared to March 2023. However, active inventory increased by 29.3% compared to April 2022, but decreased by -14.2% compared to March 2023. The months supply of inventory increased by 59.2% compared to April 2022 but decreased by -6.2% compared to March 2023.
Overall, the market for single-family residences, condominiums, townhouses, farms, residential and manufactured homes appears to be in a state of flux, with some metrics trending upward and others trending downward. The steady increase in median sales prices is a positive sign for sellers, but the significant decrease in closed sales suggests a potential slowdown in the market. The decrease in new listings and the increase in active inventory suggest that supply may be outpacing demand, while the volatility in median days on the market indicates uncertainty in the market.
With the data presented above, it is important to keep in mind that real estate markets are cyclical and tend to go through periods of growth and decline. Over the long term, real estate has historically been a sound investment, short-term fluctuations in the market are to be expected.
To give you a better understanding of the housing market, it is important to speak to a trusted real estate professional with RE/MAX Advanced Realty. Get in touch with Indy’s Leading Brokerage today and have our real estate experts answer any questions you might have.
Although it might be a daunting task, decorating a home can be surprisingly exciting. After all, there are various choices to make. There are rooms to furnish, walls to paint and a decent quantity of upholstery, décor, and hardware to choose from.
Luckily, you're not the only one trying to create a beautiful space, and many interior designers are more than willing to provide tips on how to decorate a home.
So whether you want to give your house a quick makeover or take on a major renovation, these tips might help you!
One of the most economical decorative changes you can make to your home is painting the walls, and even painting one wall is a cost-effective (and incredibly cool) improvement.
To give your area a fresh look, get a basic slipcover as opposed to a brand-new sofa.
Consider what you should get rid of before worrying about what you can and cannot afford to acquire. Items that are out of date, worn out, or damaged may be ruining the appearance of your home. If they're not necessary, getting rid of them might offer your home a fresh start.
Instead of purchasing new curtains, upgrade your current set by adding an iron-on accent to simple curtain panels.
A room can be completely changed by framed images, which don't have to be pricey. Try your hand at creating your own work of art and frame it to hang alone or as a component of a gallery wall if you're truly up for the challenge.
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Faux plants can be used to create stylish décor at an affordable price. Choose a cost-effective solution, then present it on a lovely stand or in a custom-made pot.
Try to purchase it on sale if you have your heart set on something that is out of your price range. Get notifications or sales alerts from shops you want to get an email or SMS in advance if any of their items will reduce its price soon.
Cord concealers are available from reputable sellers like Amazon. Making your home appear effortlessly tidy and organized will depend greatly on if you can hide unsightly cords and wires from the TV or light fixtures.
Your garage's rusty wooden ladder might become your newest favorite decorative item. Use one to keep extra towels or throw blankets after cleaning it up with some sandpaper and possibly a coat of paint.
Purchasing used (pre-loved) furniture and home accessories is a terrific method to save money on items that would otherwise be quite expensive. You never know what secret treasures you'll find in a flea market or thrift shop.
You can give an old-end table a brand-new look with a little paint and creativity. Think about adding gold paint to the edge of a plain black piece.
Plates may make for some very stylish wall décor whether you never use the china from your wedding or the set you scored from an H&M sale. Install the customized plates on an empty wall for a quick update.
Want to add a beach vibe to your room? Then using a glue gun and jute rope, re-decorate an old vase or dish for a rustic touch.
The kitchen is one of the most utilized rooms in the house, so painting the cabinets will give it an instant facelift.
Looking for ways to decorate a home on a budget? Well, your wish is our command!
One of the cost-free decorating concepts simply needs creativity, time, and muscles. By rearranging the furniture, you can give your space a fresh feel.
Re-design a bookcase either by repainting or using removable wallpaper.
A new mirror hung above the vanity or sink is the fastest way to update an outdated bathroom. Luckily, there are many reasonably-priced options you can choose from online.
After your next dinner party, save a few wine bottles and turn them into unique vases. With a little hot water and soap, the labels come right off, leaving behind a slim vase suitable for containing a few fragile stems.
You can find affordable woven baskets at almost any retailer, online and offline.
Woven baskets are only good at keeping your space clutter-free; it also gives a quick Bohemian touch to the room.
Eclectic designs are frequently the simplest to reproduce across the board for interior design. Why? Mixing, not matching, is the key to this aesthetic. It will be far more economical to search for furniture and décor because there is no need to acquire a certain side table or that precise shade of blue.
These are just some decorating tips on a budget that you can consider. If you have more techniques, feel free to share them in the comments below.
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.
Nowadays, TikTok has become the most widely used social networking platform. You can create content with this tool that is easy to watch and share with others.
If you use real estate TikTok videos on this social media platform well, you may create a community of fans who are eager to discover more about you as well as your business.
It also gives real estate agents many tools for creating and sharing helpful information. This platform doesn't require influencers to go viral. One relevant piece of content is enough to attract buyers.
Real estate agents are constantly using this platform to assist them in selling homes, as well as keep up with the real estate TikTok trends, learn new skills to generate popular real estate TikTok videos, and increase engagement.
Here are the five best real estate TikTok ideas you may need to know if your business uses real estate TikTok videos:
People appreciate the chance to learn more about you. You can choose from many real estate agents. Therefore real estate TikTok videos explaining why they should engage with you are amazing. Moreover, Tiktok's AI can enhance your real estate TikTok videos.
First-time homebuyers use their work and personality to make intelligent decisions. If they get to know you as a fantastic person, "agents just care about sales" will become "the trendy real estate agent who cares about teaching potential homeowners."
One of the most gratifying social media moments is a first-time homeowner getting their keys. So many videos are shared because they make people feel something. While buying property, don't be afraid to try new real estate TikTok ideas.
Your listings can be turned into virtual tours by adding some taps, no matter the cost. Add real estate TikTok trends, popular music, varying speeds, and cuts to make them more dynamic.
Lead generation can be achieved by showing only a few parts of the home or community and asking viewers to like the real estate Tiktok videos and view the following.
We know many questions about homebuying, so addressing them is a great way to interact with your community.
Add pictures of your most pressing and frequent questions to a video with your response. This way, your followers will know you've read their comments and be encouraged to keep talking.
Furthermore, use hashtags to gain on real estate Tiktok trends and expand your market.
Your followers want to learn about your business's good and bad customers. TikTok's most popular videos are people telling life stories. You offer much as a real estate agent specializing in sustainable living and quality houses.
This real estate TikTok Idea for real estate agents entertains and brings you closer to your audience while teaching new lessons regarding what to do and refrain from doing while buying a property.
Visit our website for more content like this.
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.
8313 W. 10th St
Indianapolis IN 46234
dennis@indyhomepros.com
317-316-8224