Welcome to October and Fall! Whether you love or hate pumpkin spice everything, Fall is filled with festivals, activities, beautiful colors and crisp air. We hope you will take some time to enjoy what Fall has to offer.
For our family, it means football and cheer!!! We have been big Notre Dame fans since birth, so we always follow our Irish, who are actually playing pretty well this year, except for that heartbreaking loss to Ohio State. We also have been attending some IU football games since Ana is a freshman at IU this year and have enjoyed those as well. coming from a tradition of only seeing a Notre Dame football game live, going to an IU football game is an entirely different experience! The tailgating is the main event, not the game itself, which is so foreign to us. They are still fun to watch and we love seeing Ana while we are there, if only for a brief while.
Speaking of Ana, she is doing very well in her first year at IU. She is getting accustomed to college life, classes, ‘adulting’, and of course the social scene. We are very proud of her and loved seeing her when she came home for the first time a couple of weeks ago.
Tali is doing great in 8th grade. Her school cheer season for football ends this week with their final home game. Her competition season for school ends at the end of October with State. Fingers crossed for a good finish! They finished 2nd last year and are hoping for 1st this year. Her ICE All-Star cheer team has been practicing all summer and fall and is gearing up for the start of their season at the beginning of November. We love traveling with the other families and getting away for a night.
Brigid is doing great at work and still travels to Philly about once/month for a few days for meetings. She still loves working from home and managing her team.
Jack and Mary Anne just finished a long, almost 3-week trip to see family in down south and are glad to be home. They have been able to see Tali cheer, which is great!
Kylie was off for about 2 1/2 weeks as she took care of her son Jackson who had back surgery. He is recovering well and is already back at school!! It is amazing how quickly kids heal!! We are so happy he is doing well and that Kylie is back with us again.
Thea is doing great with Parks and her husband Michael is enjoying paternity leave to spend time with him. Thea is able to work from home and spend quality time with him as well as help our buyer clients.
Thank you to Jeff Lazar with Lazar Insurance for sponsoring our September Happy Hour!!! We enjoyed seeing friends and clients and hope you will join us for the 2nd Thursday this month due to Fall Break the following week.
Please join us for Happy Hour on October 12th this month from 5-6:30pm at Matt The Miller’s. Note the date. Jonathan Walla with Walla Painting is sponsoring this month. He is our go-to painter for all of our clients and our personal needs.
Be on the lookout for our Save The Date card for our Thanksgiving Pie Pickup again this year, which will be on Tuesday, November 21st. Look for our annual Photos with Santa info on the post card as well. We hope to see you there!!!
The real estate market has been absolutely bonkers lately! As of this writing, 30-year mortgage interest rates hit 7.75%, which is the highest in decades. Homes prices have hit their highest ever recorded, making housing affordability the lowest ever. The bright side is that mortgage interest rates are tied to inflation. While it hasn’t continued to tick downward as quickly as we would like, we are optimistic it will continue downward and mortgage interest rates will follow. Keep a keen eye on this as interest rates go down, buyer activity will pick up and sellers will start putting their houses on the market. We are bracing for another circus in the real estate market when mortgage rates dip below 6%. The question is when??
Builders are making up for low inventory, which is sitting at 1.4 months right now in Indy. A balanced market is 6-months. This is keeping prices high. If you are thinking about buying, this would not be a bad time to do so as there isn’t as much competition and we are not expecting housing prices to retreat for the foreseeable future. The key is locking in your housing price now, so you can take advantage of the appreciation down the road and build wealth. There are some good tools out there such as 2/1 buy downs, that can make the mortgage payment more affordable and then you re-finance when rates go back down. Rates are not expected to go below 5% again in our lifetimes!
We have fielded LOTS of questions from clients, so feel free to call and we will happily share info so you can make an informed decision.
Below is an updated list of market stats from MIBOR and its 17-county service area from July 2023 to August 2023:
Median Sales Price-$300,000-no change
Closed Sales-2,790 units-UP 0.8%
New Listings-3,354 units-UP 5.7%
Pending Sales-2,789 units-UP 3.7%
Median Days on Market-10 days-UP 11.1%
Average Days on Market-30 days-DOWN 4.8%
Price per s.f.-$155-no change
% of List Price Received-98.8%-DOWN 0.3%
Active Inventory-3,976 units-DOWN 2.1%
Months Supply of Inventory-1.4 months-DOWN 2.9%
We hope you have a wonderful Fall!! Enjoy this month’s edition of the newsletter, which includes some fun stories including an elephant on a rope, some funny jokes, computer stretches, and a doorbell for a fish!
Enjoy!! Click here to read our October newsletter.
Your Friends in Real Estate,
Steve, Kylie, Thea, and Mark
P.S. Please don’t keep us a secret!
Showing posts with label carmel. Show all posts
Showing posts with label carmel. Show all posts
Wednesday, October 04, 2023
Sunday, August 20, 2023
September 2023 Newsletter
Welcome to September!! We hope you had a great summer and were able to create some fun summer memories. It is hard to believe kids are back in school and football is back in action. If you are local, were you able to make it to Colts Camp at Grand Park in Westfield? If not, you are missing out. It is absolutely FREE and there are so many fun games and events in Colts City as well as watching practice and getting autographs from your favorite players.
Some big news for our team is that Thea is back with us and we couldn’t be more excited!!! She enjoyed her maternity leave with Parks and has hit the ground running to help our buyers finish the year strong. She would love to hear from you, so give her a call/text at 440-862-1118. Parks and Thea are both doing great and Thea’s husband Michael is able to take several weeks of paternity leave to spend with Parks now.
Our oldest Ana is now at IU Bloomington as a Direct Admit to Kelley School of Business. We dropped her off for her Freshman year on August 13th and got her all moved into her dorm (Spruce, for those familiar with campus). That was not easy. While we have worked hard to teach her the skills she needs to know in order to be successful, you never stop wondering if it is enough. We are excited to see what the future holds for her!!
Tali, our youngest misses her big sister, however they talk/snap every day and that makes us happy. Tali has started her 8th grade year at Westfield Middle School and is cheering at the football games. Competition season for school cheer starts soon and she has been practicing for that quite as bit as she is on the sideline cheer team as well as the competition cheer team. She also cheers for ICE gym where she is defending her team’s world championship last year. She has also been asked to be on a 2nd ICE cheer team to help them. To say she is busy, would be an understatement!!!
Brigid and I celebrated our birthdays at the beginning of August and our 20th Wedding Anniversary on August 16th. We decided to check off a box that has been on our bucket list for many years and take an Alaskan cruise at the end of August. We are so excited and can’t wait to see the amazing scenery!!
Kylie’s kids are both back in school and her oldest is learning to drive. That is always nerve-wracking!! He is also helping his dad with some construction projects and learning the trades, which is awesome!!
Thank you to everyone who attended our Seller Workshop and Buyer Workshop last month!! If you know of someone thinking about buying or selling, encourage them to jump on our Zoom call. We will go over everything they need to know and answer all of their questions so they feel more comfortable about the process and what to expect. The next Seller Workshop is on September 12th at 5:30pm and the next Buyer Workshop is on September 27th at 5:30pm. Register for either by e-mailing Kylie@Welcome2Indy.com. Thank you to everyone who attended our August Happy Hour at Matt The Miller’s!! We had a great time and enjoyed seeing everyone. Please join us for our September Happy Hour from 5-6:30pm on Thursday, September 21st at Matt The Miller’s. E-mail kylie@Welcome2Indy.com to register.
Our real estate market has been very strange lately. We still have select houses that are selling in hours WAY above asking price with multiple offers while other houses sit for weeks with limited activity. Location, condition, and price point dictate which bucket these houses fall into.
Mortgage interest rates have continued to climb, but are expected to fall to around 6% or under by end of this year or beginning of next. What does this mean for you or someone you care about looking to get into the real estate market? While no one can predict with certainty what the future holds, most economists are pretty confident that as soon as rates get below 6%, a slew of sellers will put their houses on the market and even more buyers will enter the market making for a crazy spring 2024 market. If you or someone you know is considering getting into the real estate market, give us a call about timing. There are pros and cons for waiting.
Check out the market stats courtesy of MIBOR and their 16 county members comparing July 2023 to June 2023:
Median Sales Price-$300,000-no change
Closed Sales-2,731 units-DOWN 9.9%
New Listings-3,153 units-DOWN 13.3%
Pending Sales-2,857 units-DOWN 1.1%
Median Days on Market-9 days-UP 28.6%
Average Days on Market-32 days-UP 0.4%
Price per s.f.-$155-no change
% of List Price Received-99.2%-DOWN 0.3%
Active Inventory-3,652 units-DOWN 7.6%
Months Supply of Inventory-1.3 months-no change
As you can see, lack of inventory continues to plague the real estate market and we need inventory badly. New construction is helping and is double the historical percentage of the overall market at 30%! Call me today at 317-573-1880 to discuss how these stats impact your real estate plans and what strategy makes the most sense to make your dreams a reality!!
We hope you enjoy the September newsletter. Some fun articles include: the benefits of B12, watermelon pizza, the water-salt-potassium connection, and lighter hair naturally for summer.
Click here for the September newsletter
Your Friends in Real Estate,
Steve, Kylie, Thea, and Mark
P.S. Please don’t keep us a secret!
Some big news for our team is that Thea is back with us and we couldn’t be more excited!!! She enjoyed her maternity leave with Parks and has hit the ground running to help our buyers finish the year strong. She would love to hear from you, so give her a call/text at 440-862-1118. Parks and Thea are both doing great and Thea’s husband Michael is able to take several weeks of paternity leave to spend with Parks now.
Our oldest Ana is now at IU Bloomington as a Direct Admit to Kelley School of Business. We dropped her off for her Freshman year on August 13th and got her all moved into her dorm (Spruce, for those familiar with campus). That was not easy. While we have worked hard to teach her the skills she needs to know in order to be successful, you never stop wondering if it is enough. We are excited to see what the future holds for her!!
Tali, our youngest misses her big sister, however they talk/snap every day and that makes us happy. Tali has started her 8th grade year at Westfield Middle School and is cheering at the football games. Competition season for school cheer starts soon and she has been practicing for that quite as bit as she is on the sideline cheer team as well as the competition cheer team. She also cheers for ICE gym where she is defending her team’s world championship last year. She has also been asked to be on a 2nd ICE cheer team to help them. To say she is busy, would be an understatement!!!
Brigid and I celebrated our birthdays at the beginning of August and our 20th Wedding Anniversary on August 16th. We decided to check off a box that has been on our bucket list for many years and take an Alaskan cruise at the end of August. We are so excited and can’t wait to see the amazing scenery!!
Kylie’s kids are both back in school and her oldest is learning to drive. That is always nerve-wracking!! He is also helping his dad with some construction projects and learning the trades, which is awesome!!
Thank you to everyone who attended our Seller Workshop and Buyer Workshop last month!! If you know of someone thinking about buying or selling, encourage them to jump on our Zoom call. We will go over everything they need to know and answer all of their questions so they feel more comfortable about the process and what to expect. The next Seller Workshop is on September 12th at 5:30pm and the next Buyer Workshop is on September 27th at 5:30pm. Register for either by e-mailing Kylie@Welcome2Indy.com. Thank you to everyone who attended our August Happy Hour at Matt The Miller’s!! We had a great time and enjoyed seeing everyone. Please join us for our September Happy Hour from 5-6:30pm on Thursday, September 21st at Matt The Miller’s. E-mail kylie@Welcome2Indy.com to register.
Our real estate market has been very strange lately. We still have select houses that are selling in hours WAY above asking price with multiple offers while other houses sit for weeks with limited activity. Location, condition, and price point dictate which bucket these houses fall into.
Mortgage interest rates have continued to climb, but are expected to fall to around 6% or under by end of this year or beginning of next. What does this mean for you or someone you care about looking to get into the real estate market? While no one can predict with certainty what the future holds, most economists are pretty confident that as soon as rates get below 6%, a slew of sellers will put their houses on the market and even more buyers will enter the market making for a crazy spring 2024 market. If you or someone you know is considering getting into the real estate market, give us a call about timing. There are pros and cons for waiting.
Check out the market stats courtesy of MIBOR and their 16 county members comparing July 2023 to June 2023:
Median Sales Price-$300,000-no change
Closed Sales-2,731 units-DOWN 9.9%
New Listings-3,153 units-DOWN 13.3%
Pending Sales-2,857 units-DOWN 1.1%
Median Days on Market-9 days-UP 28.6%
Average Days on Market-32 days-UP 0.4%
Price per s.f.-$155-no change
% of List Price Received-99.2%-DOWN 0.3%
Active Inventory-3,652 units-DOWN 7.6%
Months Supply of Inventory-1.3 months-no change
As you can see, lack of inventory continues to plague the real estate market and we need inventory badly. New construction is helping and is double the historical percentage of the overall market at 30%! Call me today at 317-573-1880 to discuss how these stats impact your real estate plans and what strategy makes the most sense to make your dreams a reality!!
We hope you enjoy the September newsletter. Some fun articles include: the benefits of B12, watermelon pizza, the water-salt-potassium connection, and lighter hair naturally for summer.
Click here for the September newsletter
Your Friends in Real Estate,
Steve, Kylie, Thea, and Mark
P.S. Please don’t keep us a secret!
Sunday, June 25, 2023
July 2023 Newsletter & Update
Happy Fourth of July!!! It seems like summer just started and now we are almost at the halfway mark. Historically, July tends to be the month for vacations…and we certainly feel it in the real estate market! Activity generally goes down for about 4-6 weeks and then picks back up again until mid-November. We hope you have a fun, safe and enjoyable Fourth of July holiday whether you are staying home or traveling.
First and foremost, you read in our newsletter last month that Thea and Michael had their first baby in May. They are all doing great and loving being parents. While we sure do miss Thea, we know her most important job is being a mom to Parks. She is enjoying spending lots of time with him and is scheduled to come back to work around July 24th at this point.
Helena has been helping us and filling in for Thea while she is on maternity leave. She has been a huge help with our buyers! She just returned from a 2-week trip to Australia and loved every minute of it!!! That is one of many places on our bucket list. Have you ever been?? If so, drop me an e-mail or call as I would love to hear your travel advice.
Kylie and her family are enjoying the summer sun and spending time at the pool. She is teaching a class at our office on Reiki and how it works and the benefits people can realize from it. She loves teaching about it and our team has seen some real health benefits from it.
The end of June and beginning of July are busy weeks for our family. Ana has new student orientation at IU at the end of June, Tali is with all 7 cheer gyms from ICE up in Michigan for a camp from July 1-3 and then we leave on July 4th to Florida to celebrate Brigid’s parents’ 50th wedding anniversary. Family is flying in from all over the country for their re-commitment ceremony and then we spend a few days at Disney before returning home.
Thank you to everyone who attended our June Happy Hour sponsored by CREW Property Improvement Specialists! They are the company we recommend for any handyman items. They do a great job, guarantee their work and are licensed and bonded. Give me a call if you want their info. Hope you have down on your calendars to join us for our July Happy Hour on Thursday, July 20th from 5-6:30pm at Matt The Miller’s in Carmel. This month is sponsored by EcoBak Restoration. They handle all of our restoration needs, including water, fire and mold. Great, locally-owned company! Come and say hello!
The next Home Seller Workshop will be on Tuesday, July 11th from 7-8:30pm via Zoom only. E-mail kylie@Welcome2Indy.com if you or someone you care about would like to register. This is a low-key, interactive workshop showing you the Top 10 Mistakes to Avoid When Listing Your House…these can literally cost you thousands of $$$.
Our next Home Buyer Workshop is come back upon Thea’s return and is tentatively scheduled for July. More info will be coming out soon!
Be on the lookout for your Football calendar magnet from us later this summer. Snap a photo of it on your fridge or wherever you like to keep it and post it to your Facebook and Instagram page and tag us and we will enter you to win a $100 gift card to a restaurant of your choosing!
The real estate market has been strange lately. Inventory is still extremely low and interest rates have come down a bit and are projected to continue to fall to maybe the mid 5% range sometime this fall. We are expecting a very busy fall as a result, which is welcome for many people as the spring market was not nearly as robust as usual due to low inventory, high home prices and high mortgage interest rates (relatively speaking, of course).
Until interest rates come down below the 6% range, the gap between the rate homeowners have now and what the current rates are is keeping many sellers on the sidelines further suppressing inventory and keeping housing prices high. Builders are extremely optimistic right now and are building more inventory than they have since before the recession. That will help, but won’t be anywhere remotely close enough to bridge the supply gap we have at 1 month right now.
Here are some stats from MIBOR comparing April 2023 to May 2023 in the 16 counties they service:
Median Sales Price UP 3.4% to $300,000
Closed Sales UP 17.2% to 2,901 units
New Listings UP 13.0% to 3,319 units
Pending Sales UP 8.1% to 3,035 units
Average Days on Market UP 62.0% to 81 days
Median Days on Market NO CHANGE at 7 days
Price per s.f. UP 2.0% to $156
% of Asking Price Received UP 0.6% to 99.5%
Active Inventory DOWN 5.6% to 3,026 units
Absorption Rate DOWN 23.1% to 1.0 months
You can see that these numbers are all trending in the right direction. We just need more inventory. So, if you know someone thinking about selling, please give us a call. We would love to talk with them about their options and show them how our listings sell, on average for 7.9% MORE than the average real estate agent gets. For a $300,000 house, that is $23,700 back in their pocket! Of course, we would love to help with any buying or building needs as well. Give us a call today-317-339-7698!
Happy Independence Day!! We hope you enjoy our July newsletter! Click here to read it.
Your Friends in Real Estate,
Steve, Kylie, Thea, Helena, and Mark
P.S. Please don’t keep us a secret!
First and foremost, you read in our newsletter last month that Thea and Michael had their first baby in May. They are all doing great and loving being parents. While we sure do miss Thea, we know her most important job is being a mom to Parks. She is enjoying spending lots of time with him and is scheduled to come back to work around July 24th at this point.
Helena has been helping us and filling in for Thea while she is on maternity leave. She has been a huge help with our buyers! She just returned from a 2-week trip to Australia and loved every minute of it!!! That is one of many places on our bucket list. Have you ever been?? If so, drop me an e-mail or call as I would love to hear your travel advice.
Kylie and her family are enjoying the summer sun and spending time at the pool. She is teaching a class at our office on Reiki and how it works and the benefits people can realize from it. She loves teaching about it and our team has seen some real health benefits from it.
The end of June and beginning of July are busy weeks for our family. Ana has new student orientation at IU at the end of June, Tali is with all 7 cheer gyms from ICE up in Michigan for a camp from July 1-3 and then we leave on July 4th to Florida to celebrate Brigid’s parents’ 50th wedding anniversary. Family is flying in from all over the country for their re-commitment ceremony and then we spend a few days at Disney before returning home.
Thank you to everyone who attended our June Happy Hour sponsored by CREW Property Improvement Specialists! They are the company we recommend for any handyman items. They do a great job, guarantee their work and are licensed and bonded. Give me a call if you want their info. Hope you have down on your calendars to join us for our July Happy Hour on Thursday, July 20th from 5-6:30pm at Matt The Miller’s in Carmel. This month is sponsored by EcoBak Restoration. They handle all of our restoration needs, including water, fire and mold. Great, locally-owned company! Come and say hello!
The next Home Seller Workshop will be on Tuesday, July 11th from 7-8:30pm via Zoom only. E-mail kylie@Welcome2Indy.com if you or someone you care about would like to register. This is a low-key, interactive workshop showing you the Top 10 Mistakes to Avoid When Listing Your House…these can literally cost you thousands of $$$.
Our next Home Buyer Workshop is come back upon Thea’s return and is tentatively scheduled for July. More info will be coming out soon!
Be on the lookout for your Football calendar magnet from us later this summer. Snap a photo of it on your fridge or wherever you like to keep it and post it to your Facebook and Instagram page and tag us and we will enter you to win a $100 gift card to a restaurant of your choosing!
The real estate market has been strange lately. Inventory is still extremely low and interest rates have come down a bit and are projected to continue to fall to maybe the mid 5% range sometime this fall. We are expecting a very busy fall as a result, which is welcome for many people as the spring market was not nearly as robust as usual due to low inventory, high home prices and high mortgage interest rates (relatively speaking, of course).
Until interest rates come down below the 6% range, the gap between the rate homeowners have now and what the current rates are is keeping many sellers on the sidelines further suppressing inventory and keeping housing prices high. Builders are extremely optimistic right now and are building more inventory than they have since before the recession. That will help, but won’t be anywhere remotely close enough to bridge the supply gap we have at 1 month right now.
Here are some stats from MIBOR comparing April 2023 to May 2023 in the 16 counties they service:
Median Sales Price UP 3.4% to $300,000
Closed Sales UP 17.2% to 2,901 units
New Listings UP 13.0% to 3,319 units
Pending Sales UP 8.1% to 3,035 units
Average Days on Market UP 62.0% to 81 days
Median Days on Market NO CHANGE at 7 days
Price per s.f. UP 2.0% to $156
% of Asking Price Received UP 0.6% to 99.5%
Active Inventory DOWN 5.6% to 3,026 units
Absorption Rate DOWN 23.1% to 1.0 months
You can see that these numbers are all trending in the right direction. We just need more inventory. So, if you know someone thinking about selling, please give us a call. We would love to talk with them about their options and show them how our listings sell, on average for 7.9% MORE than the average real estate agent gets. For a $300,000 house, that is $23,700 back in their pocket! Of course, we would love to help with any buying or building needs as well. Give us a call today-317-339-7698!
Happy Independence Day!! We hope you enjoy our July newsletter! Click here to read it.
Your Friends in Real Estate,
Steve, Kylie, Thea, Helena, and Mark
P.S. Please don’t keep us a secret!
Sunday, May 28, 2023
June 2023 Newsletter
Welcome to the unofficial start of summer!! School is out and grad and pool parties abound. Speaking of those, we are hosting a grad party for our daughter Ana next week. She graduated from Guerin Catholic and will be attending IU Kelley School of Business in the Fall. While she is excited to start a new chapter, we sure will miss having her here with us. We have absolutely loved watching her grow up from a little girl to a beautiful, confident, smart young woman with so many opportunities ahead of her. We are looking forward to heading down to B-Town for football tailgating, basketball games, and just to take her to dinner. If you have kids who have already gone down this road, you know both how excited we are as well as heartbroken.
The other HUGE news we have to share is that Thea and Michael welcomed Parks Jordan into this world on May 11th. They are all home and getting used to the new life they have together. We have seen photos of Parks and he is such a handsome baby with lots of hair. Thea and Michael are really enjoying being parents. Thea plans to return to the team mid-July. We have an agent from our office who was gracious enough to fill in for Thea while she is on maternity leave. Helena Hoen has been so helpful in working with Thea’s clients to ensure we don’t miss a step.
Tali finished her competition cheer season with a #10 and #2 in the world finishes at All-Star Worlds in Orlando last month. We are so proud of both teams as they worked so hard this year. They already have their new teams and have started practicing for 2024 Worlds!! It never stops!
Kylie is excited for the summer as her kids are out of school and the pool is open. Kylie loves her sun and soaking up all of that Vitamin D. She has been so amazing at helping Helena get acclimated to the team while Thea is out. She does a great job of keeping us all in line!
The spring real estate market has been unusually slower than in past years, especially recently. This is due to several factors, but chief among them is higher mortgage interest rates and record-high home prices. Along with those, low inventory is making it hard for buyers to find homes and sellers to feel comfortable putting theirs on the market. We do expect to see mortgage interest rates start tracking down and get to around a 5.5% rate by Fall. Every economist I have read and heard has said don’t expect to see mortgage interest rates dip below 5% again in our lifetimes.
With the low supply, we aren’t going to see home values decline here in Indy. Did you know that 2/3 of all people who purchased homes in the past 3-years have buyer’s remorse due to buying too quickly, paying too much and making too many concessions? Frankly, if you wanted to buy a home over the past 3-years, you had to be okay with all of those. Once we see mortgage rates tick below 6%, we expect to see more inventory become available. We will also see more buyers enter the market.
Here are some stats from MIBOR for the Greater Indianapolis area and its 16-county service area comparing April 2023 to March 2023:
Median Sales Price-$290,000 UP 5.5%
Closed Sales-2,447 units DOWN 8.3%
New Listings-2,919 units DOWN 1.9%
Pending Sales-2,997 units UP 4.6%
Days on Market-51 days UP 6.3%
Price per s.f.-$153 UP 2.0%
% of Ask Received-98.9% UP 0.8%
Active Inventory-2,778 units DOWN 15.7%
Absorption Rate-1.1 months DOWN 8.3%
We are seeing some of the spring seasonality come into play here, although not as strong as usual. We do expect to see a busy summer and fall if mortgage interest rates continue to fall.
There is a LOT of misinformation out there. If you or someone you care about are thinking of buying, selling, building or investing in real estate, please give us a call-317-573-1880. We would be happy to share relevant, factual, and accurate information about the housing market that is specific to you/them.
We hope you will join us for our June Happy Hour from 5-6:30pm on Thursday, June 15th at Matt The Miller’s in Carmel. We will likely be out on the patio if the weather cooperates. Please RSVP to kylie@Welcome2Indy.com
Also, my Seller Workshop is from 7-8:30pm on Tuesday, June 13th via Zoom. Please e-mail steve@Welcome2Indy.com for a link. This is GREAT for anyone thinking about selling in the next year or so. No pressure or selling, just good info as you prepare to get your house on the market.
We hope you enjoy reading this month's newsletter!!! Click here.
Happy Summer!!!
Your Friends in Real Estate,
Steve, Kylie, Thea, Mark and Helena
P.S. Please don’t keep us a secret!
The other HUGE news we have to share is that Thea and Michael welcomed Parks Jordan into this world on May 11th. They are all home and getting used to the new life they have together. We have seen photos of Parks and he is such a handsome baby with lots of hair. Thea and Michael are really enjoying being parents. Thea plans to return to the team mid-July. We have an agent from our office who was gracious enough to fill in for Thea while she is on maternity leave. Helena Hoen has been so helpful in working with Thea’s clients to ensure we don’t miss a step.
Tali finished her competition cheer season with a #10 and #2 in the world finishes at All-Star Worlds in Orlando last month. We are so proud of both teams as they worked so hard this year. They already have their new teams and have started practicing for 2024 Worlds!! It never stops!
Kylie is excited for the summer as her kids are out of school and the pool is open. Kylie loves her sun and soaking up all of that Vitamin D. She has been so amazing at helping Helena get acclimated to the team while Thea is out. She does a great job of keeping us all in line!
The spring real estate market has been unusually slower than in past years, especially recently. This is due to several factors, but chief among them is higher mortgage interest rates and record-high home prices. Along with those, low inventory is making it hard for buyers to find homes and sellers to feel comfortable putting theirs on the market. We do expect to see mortgage interest rates start tracking down and get to around a 5.5% rate by Fall. Every economist I have read and heard has said don’t expect to see mortgage interest rates dip below 5% again in our lifetimes.
With the low supply, we aren’t going to see home values decline here in Indy. Did you know that 2/3 of all people who purchased homes in the past 3-years have buyer’s remorse due to buying too quickly, paying too much and making too many concessions? Frankly, if you wanted to buy a home over the past 3-years, you had to be okay with all of those. Once we see mortgage rates tick below 6%, we expect to see more inventory become available. We will also see more buyers enter the market.
Here are some stats from MIBOR for the Greater Indianapolis area and its 16-county service area comparing April 2023 to March 2023:
Median Sales Price-$290,000 UP 5.5%
Closed Sales-2,447 units DOWN 8.3%
New Listings-2,919 units DOWN 1.9%
Pending Sales-2,997 units UP 4.6%
Days on Market-51 days UP 6.3%
Price per s.f.-$153 UP 2.0%
% of Ask Received-98.9% UP 0.8%
Active Inventory-2,778 units DOWN 15.7%
Absorption Rate-1.1 months DOWN 8.3%
We are seeing some of the spring seasonality come into play here, although not as strong as usual. We do expect to see a busy summer and fall if mortgage interest rates continue to fall.
There is a LOT of misinformation out there. If you or someone you care about are thinking of buying, selling, building or investing in real estate, please give us a call-317-573-1880. We would be happy to share relevant, factual, and accurate information about the housing market that is specific to you/them.
We hope you will join us for our June Happy Hour from 5-6:30pm on Thursday, June 15th at Matt The Miller’s in Carmel. We will likely be out on the patio if the weather cooperates. Please RSVP to kylie@Welcome2Indy.com
Also, my Seller Workshop is from 7-8:30pm on Tuesday, June 13th via Zoom. Please e-mail steve@Welcome2Indy.com for a link. This is GREAT for anyone thinking about selling in the next year or so. No pressure or selling, just good info as you prepare to get your house on the market.
We hope you enjoy reading this month's newsletter!!! Click here.
Happy Summer!!!
Your Friends in Real Estate,
Steve, Kylie, Thea, Mark and Helena
P.S. Please don’t keep us a secret!
Friday, December 30, 2022
January 2023 newsletter
Happy New Year!!! We hope that you enjoyed your holidays spent with family and friends. As I write this, it is the week between Christmas and New Year’s-a time that generally is slower and allows time to be spent with family and friends who have come into town to celebrate together. It is always a nice time to reflect back on the year and look forward to the year ahead. Following this time is the spring market which will typically start a few short weeks from now, so a bit of time to rest and reflect is always welcome. We hope you are able to take some time to do the same as finding quiet and reflective time in this fast-paced world has gotten harder and harder.
This holiday season, Kylie has been able to take a couple of weeks off at the end of the year for a much-needed vacation with her family. Thea has also taken a week off to spend time with her family in Cleveland. Next Christmas and every one thereafter will be MUCH different with a child. It is always so fun to relive the wonder, excitement and joy of Christmas through a child’s eyes.
Steve and Thea had a big day 2 weeks ago when they were sworn in as the Chairman of The Board of Directors and Chairwoman of the Young Professionals Council, respectively of the Westfield Chamber of Commerce! Westfield is the fastest-growing city in the state and one of the fastest-growing in the country and we are thrilled to take the helm together to help our city grow and represent fellow business leaders young and experienced make Westfield the best city around! Please connect with us if you have ideas to help make our community better.
As we start to prepare for the spring selling season, we have received quite a few questions from clients wanting to know what to expect. While no one has a clear crystal ball, this is what we have read, heard and seen from some pretty reputable experts and most of them have been pretty in sync with their predictions. We also tend to agree.
The interest rates the Federal Reserve have increased have absolutely had the effect they were intending and that is to cool an overheated market, including housing. While our housing market is still at an anemic 1.7-months of inventory compared to a balanced market of 6-months, the momentum has absolutely shifted to the buyers’ favor for the first time in almost 3 years.
Interest rates have fallen almost 100 basis points or 1% from their high a few weeks ago, which is great news! We are expecting them to continue to fall to around 5% by June of next year.
There will absolutely be more inventory hitting the market this spring as it always does, but we are still woefully short of what we need.
Builders have slowed building due to the drop off in buyer demand and their profit margins are shrinking quickly as the prices their subs charge are not decreasing, but the prices builders are charging buyers are decreasing and the incentives they are having to offer buyers are increasing. Both of these contribute to shrinking profits.
Due to the above, many, many buyers and sellers have sidelined themselves the past several months contributing to a lot of pent up demand. As interest rates decline these buyers and sellers will enter the market and we are likely to see a busy spring market again, which may include bidding wars. Our market continues to appreciate even though pending and closed sales are seeing declines just short of 30% year-over-year.
Interest rate buy-downs have become the tool of the market right now allowing buyers to snag a rate around 4.5% for the first year, 5.5% for the second year and 6.5% for the rest of the term. Buyers are banking on the fact that interest rates will decline in the next 2-years and then they will refinance into a permanent, lower rate. While this is a risk, it is unlikely rates will not continue to decline. Mortgage interest rates are tied to inflation data, which is showing inflation going down. This is why mortgage rates are dropping while the Fed is continuing to increase the Fed Funds rate.
If you are a seller, spring should be your friend. If you are a buyer, NOW is the time to buy before the feeding frenzy picks up again and you have lots more competition. Spring will bring more choices to buyers, however.
Nationwide, we are approximately 5-7 million homes short of what is needed.
As always, please let us know if you have specific questions about your house or buying plans. We are happy to consult with you about your specific situation and how you can make the most out of the market. Due to the crazy swings in the market, the automated valuation sites are more inaccurate than we have seen them in a long time. Your best bet is to have us come out to take a look at your house and give you specific data relative to your house and your specific market. We are happy to do this!
Don’t miss some of our upcoming events for January:
Steve’s Seller Workshop-The Top Ten Dumb Mistakes Smart People Make When Selling Their House. This interactive workshop will take you from house prep to going on the market and everything in-between. Join us on Tuesday, January 10th from 7-8:30pm via Zoom. E-mail steve@Welcome2Indy.com to register.
Thea’s Home Buyer Workshop-Everything You Need to Know to Buy A Home in Today’s Market. Join Thea on Wednesday, January 25th from 5:30-7pm via Zoom to hear the tips and tricks Thea teaches her clients to succeed in today’s market. E-mail thea@Welcome2Indy.com to register.
Our first Happy Hour of the year will be on the 4th Thursday of January due to a scheduling conflict on our usual 3rd Thursday. Join us from 5-6:30pm at Matt The Miller’s in Carmel as we toast in the new year and catch up with each other and hear about holiday festivities. E-mail kylie@Welcome2Indy.com to register.
From our family to yours, we wish you a happy and prosperous New Year. As always, if your plans for 2023 include a change in housing, give us a call. We would love to help!
Click here to read our January newsletter
Your Friends in Real Estate,
Steve, Kylie, Thea, and Mark
P.S. Please don’t keep us a secret!
This holiday season, Kylie has been able to take a couple of weeks off at the end of the year for a much-needed vacation with her family. Thea has also taken a week off to spend time with her family in Cleveland. Next Christmas and every one thereafter will be MUCH different with a child. It is always so fun to relive the wonder, excitement and joy of Christmas through a child’s eyes.
Steve and Thea had a big day 2 weeks ago when they were sworn in as the Chairman of The Board of Directors and Chairwoman of the Young Professionals Council, respectively of the Westfield Chamber of Commerce! Westfield is the fastest-growing city in the state and one of the fastest-growing in the country and we are thrilled to take the helm together to help our city grow and represent fellow business leaders young and experienced make Westfield the best city around! Please connect with us if you have ideas to help make our community better.
As we start to prepare for the spring selling season, we have received quite a few questions from clients wanting to know what to expect. While no one has a clear crystal ball, this is what we have read, heard and seen from some pretty reputable experts and most of them have been pretty in sync with their predictions. We also tend to agree.
The interest rates the Federal Reserve have increased have absolutely had the effect they were intending and that is to cool an overheated market, including housing. While our housing market is still at an anemic 1.7-months of inventory compared to a balanced market of 6-months, the momentum has absolutely shifted to the buyers’ favor for the first time in almost 3 years.
Interest rates have fallen almost 100 basis points or 1% from their high a few weeks ago, which is great news! We are expecting them to continue to fall to around 5% by June of next year.
There will absolutely be more inventory hitting the market this spring as it always does, but we are still woefully short of what we need.
Builders have slowed building due to the drop off in buyer demand and their profit margins are shrinking quickly as the prices their subs charge are not decreasing, but the prices builders are charging buyers are decreasing and the incentives they are having to offer buyers are increasing. Both of these contribute to shrinking profits.
Due to the above, many, many buyers and sellers have sidelined themselves the past several months contributing to a lot of pent up demand. As interest rates decline these buyers and sellers will enter the market and we are likely to see a busy spring market again, which may include bidding wars. Our market continues to appreciate even though pending and closed sales are seeing declines just short of 30% year-over-year.
Interest rate buy-downs have become the tool of the market right now allowing buyers to snag a rate around 4.5% for the first year, 5.5% for the second year and 6.5% for the rest of the term. Buyers are banking on the fact that interest rates will decline in the next 2-years and then they will refinance into a permanent, lower rate. While this is a risk, it is unlikely rates will not continue to decline. Mortgage interest rates are tied to inflation data, which is showing inflation going down. This is why mortgage rates are dropping while the Fed is continuing to increase the Fed Funds rate.
If you are a seller, spring should be your friend. If you are a buyer, NOW is the time to buy before the feeding frenzy picks up again and you have lots more competition. Spring will bring more choices to buyers, however.
Nationwide, we are approximately 5-7 million homes short of what is needed.
As always, please let us know if you have specific questions about your house or buying plans. We are happy to consult with you about your specific situation and how you can make the most out of the market. Due to the crazy swings in the market, the automated valuation sites are more inaccurate than we have seen them in a long time. Your best bet is to have us come out to take a look at your house and give you specific data relative to your house and your specific market. We are happy to do this!
Don’t miss some of our upcoming events for January:
Steve’s Seller Workshop-The Top Ten Dumb Mistakes Smart People Make When Selling Their House. This interactive workshop will take you from house prep to going on the market and everything in-between. Join us on Tuesday, January 10th from 7-8:30pm via Zoom. E-mail steve@Welcome2Indy.com to register.
Thea’s Home Buyer Workshop-Everything You Need to Know to Buy A Home in Today’s Market. Join Thea on Wednesday, January 25th from 5:30-7pm via Zoom to hear the tips and tricks Thea teaches her clients to succeed in today’s market. E-mail thea@Welcome2Indy.com to register.
Our first Happy Hour of the year will be on the 4th Thursday of January due to a scheduling conflict on our usual 3rd Thursday. Join us from 5-6:30pm at Matt The Miller’s in Carmel as we toast in the new year and catch up with each other and hear about holiday festivities. E-mail kylie@Welcome2Indy.com to register.
From our family to yours, we wish you a happy and prosperous New Year. As always, if your plans for 2023 include a change in housing, give us a call. We would love to help!
Click here to read our January newsletter
Your Friends in Real Estate,
Steve, Kylie, Thea, and Mark
P.S. Please don’t keep us a secret!
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