Home Values
Will Home Values Rise This Year?
January 13, 2012 by WelcomeHomeNWI · Leave a Comment
Will your home gain value over the next 12 months? Nobody can know for sure, of course, but should recent housing trends continue, there’s concrete cause for optimism.
The housing economy has suffered since 2007, knocking home values down nearly 20% nationwide. And while some areas have fared better as compared to others but, in general, home values are down.
Mortgage rates are down, too, and that’s good news for buyers in Schererville Indiana. The combination of low rates and low prices has led home affordability to an all-time high. As you’ll hear in this 4-minute interview with NBC’s The Today Show, carrying a mortgage costs 25% less per month as compared to just 3 years ago.
Some other notes from the interview include:
- There are more buyers out looking for homes today, which leads to more sales
- The housing market is expected to get gradually better, month-by-month, in 2012
- Foreclosures will continue to be a big part of the housing market
With housing supplies shrinking, buyers throughout Northwest Indiana may find their best “deals” today — before the Spring Buying Season begins in February.
However, we can’t forget that housing markets are local — not national. Each town and neighborhood has its own market drivers and prices where you live may have already started to climb.
For accurate, up-to-date data on the local housing market, talk with one of the local real estate agent.
Chesterton Indiana Real Estate Recap September 2011
The homes for sale in Chesterton Indiana has continued to increase again in September for the eight consistent month!! This is not only incredible in itself but compared to national and regional averages, Chesterton Indiana is the place to sell a home in today’s market!
With the increased price of $229,850 for a single family home in Chesterton Indiana, sellers can expect the property to sell in 234 days, just a 2 day increase from August.
Buyers looking in the Chesterton Indiana real estate market today may be paying a little more for their home but with month-to-month increases can be more optimistic that the value of their home will remain the same or increase over time as well.
At this month’s median price of $229,850 you can expect:
- 3 Bedrooms
- 2 Bathrooms
- .25 – .50 acres
- 2,054 square footage
Chesterton Indiana Real Estate Month At A Glance:
- 24 New Listings
- 38 Sold Listings
- 196 Homes Listed
- 234 Average Days on Market
Do you or someone you know want to buy a home and/or sell a home in Chesterton Indiana?
Call or text 219-649-1296 or email me (jim@jimsimshomes.com) to help you get started!
Chesterton Indiana Real Estate Recap August 2011
The weather may be cooling down but Chesterton Indiana real estate market is remaining hot. The median home prices continue to increase once again in August to $222,000. This is another $2,100 median price increase over July 2011’s increase of $5,000.
With the median prices of Chesterton Indiana homes for sale are increasing, the average days it takes to sell in the Chesterton Indiana real estate market has increased another week from 218 to 225 days before being sold. Even though it takes a little longer to sell, it is selling for a higher price which is good for sellers and buyers that may look to sell in the future.
With prices continually increasing in the Chesterton Indiana real estate market, it shows signs that Chesterton Indiana is the place people want to live.
At this month’s median price of $222,000 you can expect:
- 3 Bedrooms
- 2 Bathrooms
- .25 – .50 acres
- 2,054 square footage
Chesterton Indiana Real Estate Month At A Glance:
- 29 New Listings
- 42 Sold Listings
- 211 Homes Listed
- 232 Average Days on Market
Do you or someone you know want to buy a home and/or sell a home in Chesterton Indiana?
Call or text 219-649-1296 or email me (jim@jimsimshomes.com) to help you get started!
Real Estate Market Watch Munster Indiana 9/02/11
September 5, 2011 by Steve Cardwell · 1 Comment
Munster Indiana Market Pulse:
Munster Indiana home prices experienced a Spring price bump up. But more recently prices have fallen back near their earlier bottom resistance threshold.
Despite the price situation, overall, the market for residential homes in Munster has been strengthening with gradually more homes per week being sold, and the average home still requiring about 6 month to sell. The median price of Munster Indiana homes is currently $229,000, roughly the same plateau it had been at the beginning of the year. The current market is stable and unremarkable with few changes in any of the fundamental charts. Prices rallied at the end of June up to a median price of $239,000 but fell back down again in August to the low point they are now and were back in the Spring.
Featured Listing:
This modest and affordable Cape Cod style home is in the heart of Munster’s Independence Park neighborhood. This hideaway enclave has no thru-streets which enhances the village feel and your privacy. The practical sensibilities of this 1940′s style home may transport you back to another time, but this is the real deal. With updated electrical and plumbing, new siding and roof, what’s not to love? As a bonus, there are hardwood floors under the carpeting if you want to go all the way with a retro look. At just $100 per square foot and low taxes, this Featured Listing is a great deal.
Like what you see? Contact me for a preview, or for your own custom Buyer’s Search profile, with listings selected according to your own selection terms. These bulletins are automatically emailed directly to your Inbox for your evaluation each time there is an update in “your” market.
Munster is on the move so take advantage of the economic factors favoring move up buyers; whatever your price range. If you have outgrown your apartment or condo, this home would make a perfect move. Contact me for complete information.
Munster Indiana New Retail Shops Open Soon on Calumet Avenue
September 2, 2011 by Steve Cardwell · 1 Comment
Panera Bakery Is a Hit!
By now most of our readers have probably visited the new Munster Indiana, Panera Bread Bakery Cafe, on Calumet Avenue, at least once. The new retail complex signifies a new renaissance as the old Carpetland store is now just a memory. Highland Indiana developer Bruce Boyer is wrapping up the second phase of the Munster Shops project with the opening of the new retail mall to the South of the Panera Bakery. The building is up and the build-outs are ongoing. Here is the list of the new establishments we can plan on visiting by year-end:
Medical Practices:
- AAC Orthodontics; Doctors Lisac & Hill, are moving their practice from another office in the neighborhood to the new Calumet Avenue Mall.
- NWI Urgent Care (At press time we could not locate any details about their practices.)
- Premiere Physical Therapy
Retail:
- Sprint Cell Phone Outlet
- Big ‘n Little Shoes (Moving from their current location on Ridge Rd. )
Restaurants:
And speaking of news from the health care sector, watch for more changes as the recently announced merger of the Hammond Clinic is solidified into the large region-wide Franciscan Hospital system. With Franciscan and Community Hospital both taking on larger roles, Munster Indiana’s place as a regional medical powerhouse continues to grow. For medical professionals, consider how a move to Munster may help your career and help you live closer to your work. Contact me for some options if you would like assistance planning the many details of your relocation.
Chesterton Indiana Real Estate Recap June 2011
July 8, 2011 by Jim Sims · Leave a Comment
It is a great time to sell a home or buy a home in the Chesterton Real Estate market!!
Median home prices have increased once again this to $214,900. While it is a slow increase since February 2011, the real estate market is doing a steady increase.
Along with the increased median prices, the average days it takes to sell in the Chesterton Indiana real estate market is decreasing. For June 2011, the average days on market before selling was 218, down 7 days from May 2011 at 225 days to sell.
This is a good indication for those selling homes in the Chesterton Indiana real estate that they will be able to sell their home faster for closer to their listed price than in previous months.
Buyers in the Chesterton Indiana real estate market can continue to review the median prices along with the average days on market to determine what position they will be in within the market when they become the seller in the coming years.
At this month’s median price of $214,900 you can expect:
- 3 Bedrooms
- 2 Bathrooms
- .25 – .50 acres
- 1,960 square footage
Chesterton Indiana Real Estate Month At A Glance:
- 41 New Listings
- 32 Sold Listings
- 233 Homes Listed
- 217 Average Days on Market
Do you or someone you know want to buy a home and/or sell a home in Chesterton Indiana?
Call or text 219-649-1296 or email me (jim@jimsimshomes.com) to help you get started!
It Pays to Support Responsible Homeownership
June 29, 2011 by WelcomeHomeNWI · 7 Comments
Helping others become homeowners protects your home’s value and builds stronger communities.
Doing your part to help other Americans gain a foothold on the homeownership ladder doesn’t just help them. You’ll benefit both your community and your own pocketbook.
When people move from renting to owning a home, they’re more likely to vote, get involved in community groups, and care about their home’s appearance. The children of homeowners do 23% better in school, according to a 2001 study by Harvard’s Joint Center for Housing Studies. And a steady flow of first-time homebuyers makes it easier to sell your own starter home when you’re ready to move up to a larger property.
Make housing affordable
One way to make more people homeowners is to make housing more affordable. All U.S. homeowners benefit from policies like the mortgage interest tax deduction. Many use government-backed mortgage insurance to lower loan costs. A variety of public and private programs offer low-cost loans and downpayment assistance to help Americans become homeowners. Help prospective homeowners save a downpayment by donating to sites like EARN, a non-profit that uses donations to match funds saved by low-wage earners.
Reduce foreclosures and preserve home value
Foreclosure matters because it hurts all homeowners. In 2009, foreclosures will cause property values to decline an average of $7,200 for about 70 million homeowners, resulting in a $502 billion loss in home equity, the Center for Responsible Lending estimates. Each foreclosure within 1/8th of a mile of your home lowers your property value about 0.744 percent, CRL says.
“One of the sad lessons of the [recent past] is that we aren’t alone,” says Nicolas P. Retsinas, director of the JCHS. “It’s clear that if the family next door loses their home to foreclosure, my home’s value will go down. Therefore, I have a vested interest in ensuring that people become homeowners and that homeownership is sustained over time.”
One effective tool against foreclosure is educating homeowners before they buy. The Joint Center found that loan delinquencies fell 13% with homeownership counseling. People who go through pre-purchase and post-purchase counseling and learn about mortgages, family budgeting, and home maintenance are less apt to face foreclosure, says Michael Berti, senior homeownership specialist at the Rural Ulster Preservation Company in Kingston, N.Y.
Support groups that help homeowners
One way to do your part to help other homeowners is by donating your time or money to some of the many non-profits that promote responsible homeownership.
Habitat for Humanity partners with new homeowners to build affordable housing. Habitat homes aren’t free. Homeowners work hundreds of hours, get homeownership counseling, and make mortgage payments.
The United Way supports many local programs that build affordable housing, help families build financial assets, and teach financial management skills. If you donate to United Way, you can direct your contribution to those causes.
HomeownershipSF, in San Francisco, tries to intervene where people facing foreclosure have the resources to catch up on their loan. If “the home can’t be saved, we try to get a first-time homebuyer we’ve worked with into the home as quickly as possible to stabilize the neighborhood,” says Interim Director Christi Baker.
Government programs support homeownership
Supporting federal state, and local programs that help create homeowners is another way you can expand responsible and affordable homeownership.
The U.S. Department of Veterans Affairs and the Federal Housing Authority provide mortgage loan insurance or guarantees that let people buy homes with only a small downpayment and borrow at lower interest rates.
Government-sponsored groups Fannie Mae, Freddie Mac, and government-run Ginnie Mae buy and securitize mortgage loans made by banks, freeing up money, so banks can keep lending.
Sites like Govtrack and RollCall help you stay on top of laws that affect homeowners.
HUD’s HOME program provides financial support to state and local housing authorities to build and renovate for-sale and rental housing for lower-income Americans.
In U.S. cities of all sizes, the HOPE VI program has funded plans to replace deteriorating public housing with new low-rise, mixed-income homes. These developments sell most homes at market rates, but designate a percentage for use by low-income homeowners.
How to get involved
You can support responsible homeownership in many ways. Retired construction contractors France and Bill Moriarity travel the country in their RV managing Habitat construction projects. “We like it because it’s a hand up, not a hand out,” France Moriarity says. Habitat volunteers don’t need construction skills and can sign up to work as little as one day at a time. Groups can volunteer together. Organizations like Rebuilding Together and NeighborWorks America sponsor once yearly volunteer events that help lower-income homeowners repair their homes.
In San Francisco, Gregg Lynn convinced 150 people from his professional network to donate a percentage of their income to EARN. Follow his lead by asking your professional network, trade association, or social group to contribute.
By: Dona DeZube
Published: September 08, 2009Dona DeZube has been writing about real estate for over two decades. She lives a suburban Baltimore 1970s rancher on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound.
Visit houselogic.com for more articles like this. Reprinted from HouseLogic with permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2011. All rights reserved.
Resale Value: Select Appliances Which Fit Your Space
June 24, 2011 by Steve Cardwell · 5 Comments
Kitchens and bathrooms matter when selling your home. Modern families spend lots of time in the kitchen, preparing meals and sometimes entertaining there. Yet people often make costly mistakes which hurt resale value when they try DIY to make-over their kitchen.
Unsatisfactory Result:
In this example, this Highland Indiana homeowner tried to go-for-the-gusto, buying the biggest refrigerator they could find.
But look how it dominates the entire room. This huge monolith dwarfs the room. It sticks too far into the work space and is out of proportion. It looks like a monument, an obtrusion that you have to squeeze past in order to get to the rest of the kitchen.
Value-Added Result:
Had they used a designer, they might have selected a counter-depth unit that provides what they need in cubic feet of cold storage, but also provides a far more pleasing aesthetic and balance to the room.
Compare that approach to these two photos and see what a nice integrated and well proportioned space is created when counter-depth refrigerator is substituted instead. These examples happen to be stainless steel, but they come in all the standard colors. On higher price models you can obtain panels from your cabinet vendor so they match the rest of the cabinets. You do pay slightly more for built-in and counter depth refrigerators. However the look and presentation, the elegance and flow of your kitchen are so complementary, that it will certainly add not just efficiency and flow to the kitchen that YOU use, but it will also be validated when you sell your home to a new owner. Great care should go into preparing your home for sale. Before you list consider the following action plan:
- Finish repair projects
- Paint over any highly saturated colors or flawed walls with neutral colors
- Swap out anything you were planning to take with you
- Replace old carpeting if they are musty or smell like pets
- Trim trees and shrubs so your house has “curb appeal”
- Abolish all clutter piles and store them off-site
When you are planning on remodeling your home, staging for sale, simply doing a makeover to improve functionality or style, I would be happy to refer you to a kitchen and bath designer who will help you get the most out of your home improvements. My design partners can work with any budget to give your project and your home the best appeal when showing to potential buyers.
Highland Indiana Real Estate Market Summary, June 24, 2011
June 24, 2011 by Steve Cardwell · 1 Comment
The Highland Indiana real estate market continues to trade in a narrow range this month. Although the market did experience a recent dip and a rebound, the pattern is not solid enough to point to a clear trend in market change.
Prices have been trending gradually lower since their peak in October of 2010. Currently prices are down 8.3% from that point. This week’s Median List Price is$154,900, a stable equilibrium for Highland prices. That mid-$150K level has been hit several times, both on up-side as well as down since the recession began in 2007.
Seasonal patterns often show a spike up at the end of the traditional summer buying season, and we may still see one this year. We might also see this curve continuing to simply flatten out, with all the weak economic news nationally in employment and housing starts affecting existing home sales. Looking back several years, the average range for Highland Indiana homes has “traditionally” been in the mid-150′s, so we may see prices return to these levels as a new baseline.
The MLS shows 15 single family homes listed as PENDING with prices from $69,000 to $254,000. Altogether there are 103 for sale; it takes 135 days on-market to sell the average Highland area home.
There are 3 condo’s and 6 duplex town-homes on the PENDING list in Highland Indiana. These are located in Porte de Leau, Georgetowne, Park Place, and Whispering Oaks developments, plus a few free-standing duplex units. There are 36 condo’s on the ACTIVE list, seeking new owners, and 23 town-homes. Median asking prices are just under $130,000 and price-per-square foot is currently $102. Actual selling prices will be slightly less.
All these fundamentals indicate that it is still a strong BUYERS market, with interest rates remaining low and prices low as well. If you know someone looking for a Highland area home or condo, make sure they know about my premium service for finding and selecting from ALL the available market inventory.
