The Wardlaw Team Southern Indiana Real Estate Blog  

Statistics show that homes that are staged will sell more quickly and closer to full price.  In the current real estate market, buyers have many choices and is important that your home sparkle and shine to stand out among the competition.

Here are simple steps from real estate pro and stager  Barb Schwarz to help your home become a chosen one:

SUPER CLEAN - Make the house shine from top to bottom including, but not limited to carpet, drapes, blinds, ceiling fans, and windows.

CLEAR THE CLUTTER & FURNITURE - Remove unnecessary items from the countertops, bathtubs, and shower stalls.  Keep only the necessities.  A decluttered home helps buyers mentally 'move in' with their things.  Furniture may overcrowd rooms and may need to be removed or rearranged.

PREP YOUR LANDSCAPING - Check gutters and roof for dry rot and moss and make sure they are clean.  Examine all plants:  Prune bushes and trees, make sure no plants are blocking windows, remove any dead plants, and keep the lawn freshly mowed.

ADD NICE TOUCHES - Coordinate towels in the bathroom in one or two colors only.  Keep accessories restricted to groups of one, three, or five items.  Make sure all lights and lamps are on for showings, and set an inviting mood. 

CALL THE WARDLAW REAL ESTATE TEAM - We have the experience to price your home to sell and a multi-faceted marketing approach to reach the right buyers for your home.  When you need to sell, give us a call.

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Happy 2012!  This year the Wardlaw Real Estate Team is doing something fun in our effort to spotlight Southern Indiana.  Each week we are going to post a local trivia question on our blog (www.lifeinsouthernindiana.com), on Facebook, Twitter, and LinkedIn.  When you figure out the answer, you’ll head over to www.wardlawrealestateteam.com/contact/  complete the First Name, & Last Name fields, and in the Questions/Where Are You Looking portion, type your answer and then click on Send.  Easy, right?

Each month, we will draw a randomly selected winner, and present the winner with a local business gift card!  Yippee!!!

So on to the first question of the week (drumroll, please):

What Georgetown native and New Albany High School graduate (& founder of the school’s first debate club) was once arrested for disregarding a town ordinance forbidding bicyclists to ride on the sidewalk, taken before a justice of the peace and fined $3, and was briefly expelled from NAHS after committing a prank, eventually straightened out his life of “disruptive behavior”, graduated at the top of his class, and served on the Supreme Court of the United States?

That’s it, folks – answer away (only one entry per person, please) – we’ll post the answer next week and post another question.  We’ll announce the winner on the first of every month for the previous month.  (So, look for your email from us announcing that you’re our winner on Feb. 1!)

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The year 2012 may be the turning point for real estate sales nationally and in Southern Indiana.  Some areas of the country have already seen a small increase in sale prices indicating the bottom has finally been reached.  
Barbara Corcoran, the NBC Today Show's real estate contributor said that because homes and sellers are both very reasonable and interest rates are at an all time low, people should 'buy now' because that may all change by the end of the year.
Locally, the number of new listings is equal to or slightly greater than the number of listings that are going pending each week.  Also, new listngs that are well priced and in good condition are starting to sell well less than the average of 117 days on market.
We are predicting that 2012 will be the year for  real estate sales to increase and prices to stop dropping in Southern Indiana.
Call us if you'd like to be a part of this great real estate year!

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 I’m sure if you have ever thought about moving, you probably think that the time to buy and sell houses is in the spring and summer, right?  Nobody moves in the fall and winter, right?   WRONG!!! 

Let’s think about this just a second more, there’s 12 months in a year, people switch jobs, have babies and outgrow their current home, have kids move out and want to downsize, people get bored with their current home and just get the bug to move, and houses are being built and remodeled year round – 12 months out of the year – so why would the good time to buy only be limited to 6 months – that’s absurd. 

Now really is a great time to buy and sell your new home.  Rates truly are at a historic low, and there are some super homes out there waiting for you.  People are buying and selling homes in December;  we have 3 more closings before the year ends!    Don’t let your biases towards summer home buying let you miss out on your dream home that’s waiting for you now.  Check out what we have to offer at www.wardlawrealestateteam.com .  If you do get the bug to move, Faye and I would be happy to help you put your home on the market, or help you find your new home. 

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When first-time home buyers decide they are ready to buy, it is important for them to begin the process by carefully assessing their values, wants, and needs—both for the short and long term. This is a critical step since consultation sessions normally start with the buyers' values. Afterward, buyers can explore their wants and needs and, once defined, determine actual criteria.

A recent study shows how important the following home-buying factors were to buyers:

• List Price: 72%
• Location: 69%
• Neighborhood: 55%
• Floor Plan: 37%
• Square Footage: 28%
• Schools: 22%

By having the home-buying criteria in mind before walking into a consultation, buyers are off to a better start when meeting with their real estate agent. The consultation allows buyers to fill in any missing gaps within their values, wants, and needs. ...

Great news - the Southern Indiana Realtors Association statistics for October indicate that home sales rose 18% over the number of sales in October 2010. 
Unfortunately, the median sales price of $110,000 was down 6% over last October and year to date the median sale price is down 4%.
 Does this mean we are starting to see some recovery of the real estate market in Southern Indiana?  Only time will tell for sure, but with low interest rates and lower home prices the inventory is starting to shrink. 
The point is that homes are selling in Southern Indiana, so if you want or need to move don't let the media scare you.  Call us, we can make it happen for you.
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Taking equity from your home in the form of a reverse mortgage seems like a wonderful way for seniors to obtain extra cash, especially since many have lost money in retirement funds.  But there is a cost to using that money and other things to consider.
The new federally backed Home Equity Conversion Mortgage Saver Loan has smaller borrowing limits, higher interest ratesthe loan is cheaper than older versions (0.01% of a home's value vs. 2%), borrowing limits are smaller and interest rates are higher.  In addition, annual insurance costs of 1.25% of the home's value, closing costs, and upfront fees could mean big bucks.
Payback on the loan is when it is sold or the owner moves.  The longer a senior plans the stay in their home, the more the expenses are spread out.
Alternatively, another more practical way for seniors to get cash might be to sell.  Many seniors are living in a home that is much larger inside and out than they need.  They may also have a home that has more steps than they utlimately need.  Ray Brown, co-author or Mortgages for Dummies says that "Downsizing into a smaller home is one way to free up equity in your big, old empty nest".
Need to downsize for whatever reason, give us a call.  We specialize in helping seniors....

Fall is the perfect season in Southern Indiana.  The days are cool and invigorating and the nights just a bit nippy.    Bright, sunny days explode with color.  There are festivals, pumpkin picking, hayrides,  football, and of course Halloween for all to participate in and enjoy.  It is also a great time to buy or sell a home because people are moving inside for the winter and realize that their needs may have changed over the summer.  Rates are terrific and the season is perfect - call us if you would like to take advantage of this wonderful time in Southern Indiana....

President Obama announces extension of mortgage relief program to the end of 2013.  The program will also be altered allowing more homeowners to take advantage of the program.
The Federal Housing Finance Administration program is set up to allow homeowners with higher rate mortgages to refinance at current low rates.  Initially, homeowners had to have a minimum of 25% equity in their home to qualify.  With so many upside down, the program will be extended to include those with less equity.  It is estimated that with these program alterations an additional 1 million homeowners will be able to take advantage of the program. 
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You have most likely heard how tough the real estate market has been for the past few years, but what you should be hearing is what an excellent time this is to BUY A HOME.

Rarely in real estate are interest rates and home prices both low – naturally, this creates a unique opportunity allowing people to BUY A LARGER HOME with little or no increase in your monthly payment.

For Example: If you currently have a $150,000 home with a $120,000 at 6.5% interest rate on a 30 year loan – your Principal and Interest payment would be: $ 759

Now let’s assume you purchase a $250,000 home and have a mortgage of $200,000 – at 3.75% interest rate on a 30 year loan – your Principal and interest payment would be: $926

 

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Mortgage interest rates remain under 4% putting homebuyers in Southern Indiana in a great position to buy or move up.  
In many cases, with todays low interest rates buyers can pay less to own a home than to rent a comparable home.  Home buyers who are moving up can it most cases buy a bigger home that better fits their needs yet not raise their monthly house payment.
30 year fixed mortgages are running as low as 3.9%, while Rural Housing for first time homebuyers is as low as 3.5%.
Unheard of rates when home prices are still suppressed - there has never been a better time to buy!!!
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Southern Indiana Realtors Association has just released the statistics for home sales for the month of August 2011 and year to date.
Interestingly, the number of homes sold was up 16% from August 2010.  This is most probably due to the fact that by August of last year, the first time buyer's who purchased with stimulus money had already closed and there was the natural drop or lull in sales.  While the number was up, the median sale price is down 6.78%.
Year to Date statistics continue to show a decrease in both number of sales ad median sales price of about 5%....

Home sales reported by the Southern Indiana Realtors Association (SIRA) showed an increase of 31% in July or 2011 as compared to July 2010.  The Indiana Association of Realtor's (IAR) reported a similiar increase for the entire state with a 24% increase in sold listings.
The IAR also reported an increase in median sale price and pending sales while the Southern Indiana Realtors Association indicated a decrease in median sale price of 3.2% for those July sales compared to last year.
The numbers tend to indicate an increase in consumer confidence which when coupled with historic low interest rates, could spark an upward trend for real estate as we head into the fourth quarter....

Today's market is tough.  Buyer's still have many choices and if sellers want to sell quickly, then they need to take the time to get prepared before putting their home on the market.

Buyer's expect a perfect home.  They don't want an allowance for carpet or paint, they want to buy a home that is already in move-in condition.  If work is needed, they will just move on to another home.

Buyer's also expect a fair price.  Of course, they want a great price, but they will be content to buy at a fair price.  Seller's who price their home too high for the current market conditions are not even really "in" the market because buyer's know pricing and they will move on.

The secret to selling - and even selling quickly, is simple:  1.  Price your home competitively  2.  Put your home in pristine condition, as if you were having a very special guest coming to visit .  3.  Stage your home - get rid of the clutter so buyers can see all the home's assets.

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Both Schmitt Furniture ( "on the furniture corner at State and Main in New Albany") and Zestos have recently celebrated milestones of doing business in Southern Indiana.  In this day of big "box stores" and less than great service, these two local businesses are a welcome exception.

Schmitt Furniture is still owned and operated by the third generation of the Schmitt family that started the business in the same location 75 years ago.  Schmitt Furniture has over a quarter of a block of quality furniture at reasonable prices and they still provide free delivery.

Zestos is not in the original location where they started 60 years ago because they had to relocate due to road construction.  But they are just 500 yards away!  Still super service, great ice cream and a wonderful place to celebrate big and small milestones with your family.  \

New Albany has to be proud of our two local legends - Schmitt Furniture and Zestos.  

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On the threshold of a housing recovery, the government and it's regulations may actually be responsible for  putting on the brakes.
 
As a part of the Dodd-Frank Act that was passed in 2010, lenders can be exempt from risk reduction retention required securities if borrowers meet the guidelines of QRM (Qualified Residential Mortgage).  Unfortunately, one of the guidelines is that borrowers have 20% downpayment.  Over 69% of all loans in 2010 had less than 20% down.  Having more down does not necessarily equate that buyers will be less likely to default, but it will mean that less buyers will be able to buy.

Please be vocal in talking to your Congressional Representatives in getting this changed so that we can continue to move forward and NOT backward with the housing recovery....

In today's economy, buyers are choosing closeness to work and play over the size of their home. 
Whether it is high gas prices or a desire to be more green, 56% of buyers responding to a survey by the National Association of Realtors say they prefer to live in a walkable neighborhood over one that requires more driving between work, home, and recreation.
77% are looking for homes where there are abundant sidewalks and 50% prefer homes where there are existing public transit systems.
59% said they would choose a smaller home if they could have less than 20 minute commute time.
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Selling homes in Southern Indiana is a challenge just like almost everywhere in the country.  But homes are selling!  The secret to selling is for sellers to follow a few simple "rules".

1. Set a realistic list price - buyers are very knowledgeable about the market and values, they will decide quickly whether to look or pass based on the price.
2. Get the home in top condition - with the popularity of all the home fix-up television shows buyers expect to see all homes in move-in condition, they are not looking for fixer-uppers unless the price is deeply discounted.
3. Be flexible in showing the home - buyers generally will not come back if they can't see the home the first time they choose to see it.
4. Be willing to adjust the list price -  even with the best intention, the initial pricing could miss the mark.  The National Association of Realtors study says that if you have no offers after 10 showings or 8 - 9 showings with no offers, the market is telling you the home is overpriced.  Too many sellers sit too long on a price that isn't working.  Don't be afraid to drop the price early and often.

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The Southern Indiana Home Builders Association's Home Expo is open at the Copperfield development  in Georgtown, IN. 
Six homes beginning from the mid-200's are decorated and on display now thru Sunday, June 12th.
The homes feature finished basements, hardwood flooring, granite, and the latest in open design living.
Just 15 minutes from downtown Louisville.  Take the Georgetown exit off I-64 W....