Things to do in Central Indiana-Canal Walk

I'm going to start posting some of the great (and inexpensive, if not free) things to do in Indianapolis and surrounding areas. It amazes me how much fun you can have if you just get out and explore! So today's is walking or biking around the canal downtown. Near Military Park and the IUPUI campus, the canal is part of the White River State Park. Walking along the canal you will come to the Indiana State Museum with the steam clock playing "Back Home Again in Indiana" every 1/2 an hour and across from the museum is the Congressional Medal of Honor Memorial. The canal is scenic and a great place to people watch. In the summer, there are gondolas and paddle boats for rent and bicycles and buggy's. I talked to a lady visiting Indy last summer and she commented on how great the canal was, she wished her city had something like it, yet I talk to people who have lived here for years and never walked around it! Go check it out and let me know what you think. Here's some video of the clock: http://www.youtube.com/watch?v=TCUo2iWZ7Zc

Historic Home w/ Modern Updates!

Sellers kept the best-original hardwoods, built-ins, arts and crafts style doors but everything else is new and modern! Drywall, windows, roof, electrical, plumbing, water heater, HVAC-all updated. Three bedrooms-two with private baths plus hall bath. All baths have new fixtures, tile etc. Beautiful kitchen with new tile, cabinets, granite counter tops, & appliances. Den has original fireplace with lovely mantle (FP is non-working). Sun room off living room. Family room/Dining room off kitchen for easy entertaining. Large mudroom with utility sink. Washer/Dryer located upstairs near bedrooms for your convenience. Nice sized back yard and great front porch for outdoor enjoyment. Security system too. Close to downtown and interstate access. Check out the virtual tour at:

http://www.listingsmagic.com/18034

Call for a showing-317-513-0141.

Yeah! Tax credit extended to Existing Home Owners!

From the Associated Press:
"Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30."

This is great news for Buyers who weren't quite prepared to buy and excellent news for sellers who have been wishing for a little something to make moving a little easier! If you are thinking of selling, now is the time to get it on the market..there will be more buyers out there and you can benefit with the $6500 ! Call me today for a free market analysis at 317-513-0141.

I was watching "Morning Joe" on MSNBC today when they reported the latest Case Schiller numbers and they were positive! After 3 years of declines, a couple of months of upward activity may show that we are finally on the road to recovery. I have always been a news junkie but I have to admit over the past year, I have been tuning out. The doom and gloom from the media made it hard to be positive in my daily life and negativity when you are working with the public is the kiss of death! If you read "The Secret", you have to believe most of us have been telling the universe to pile on the bad stuff! When the key is to think positive and believe that good things are in your future...that is pretty hard to do and listen to the talking heads on TV. It seems like every stimulus program that gets rolled out, every positive report they cover, immediately they start tearing it apart and warning us not to think things might be getting better.
I'm not a "Pollyanna" type person with my head in the sand about the problems we have been facing but at the same time I don't think anyone benefits from being "Chicken Little" either, running around screaming "The sky is falling!" Come to think of it, the media is a little like the guy that shouts FIRE! in a crowded theater, creating panic and confusion.
At any rate, I am choosing to feel good that housing prices are showing an increase! Owning your own home is still the American Dream for most of us and I love being a part of an industry that works hard everyday to make that dream a reality!

Here is a link to the complete article on CNBC's website.
http://www.cnbc.com/id/32550485

Indy Most Affordable Major Housing Market-Again!

Indianapolis, once again, was the most affordable major housing market in the country during the second quarter. Almost 95 percent of all homes sold were affordable to households earning the area’s median family income of $68,100. Indianapolis has now topped the affordability list 16 consecutive quarters.
This is according to the National Association of Homebuilders.

The most affordable market in the country plus the $8000 tax credit make buying a home a smart decision. Are you aware you can purchase HUD foreclosures in Indiana for $100.00 down? Or that if you would like to own a brand new home, many builders have drastically slashed their prices on their market ready homes in order to meet their end of the fiscal year goals?
As it stands now the $8000 tax credit program will end December 1, 2009. this means you must close by November 30th in order to qualify. If you have considered buying a home, please don't let this opportunity pass you by! Ask yourself, "how long would it take me to save $8000?" or "how long would it take me to pay down the equity on a home by $8000?"
Please call or email me today if you have any questions or would like to start looking for a home!
317-513-0141 or stacey@HRrealtygroup.com

Or you can start your search on our website:
http://tinyurl.com/HRrealty-Search

Affordable Housing Exists, If You Know Where to Look - BusinessWeek

Affordable Housing Exists, If You Know Where to Look - BusinessWeek: "BusinessWeek.com used the index to rank the 10 most affordable and 10 least affordable major metros based on incomes and home prices. Indianapolis was the most affordable—91.6% of homes sold in the second quarter could be afforded by median-income households."

Distressed Properties

There has been so much in the news about foreclosed properties and I received a good question about how purchasing them worked which I answered in another post but I thought it might be good having it in the main blog area. So if you already read this I apologize! One thing I wanted to add was that surprisingly some of the foreclosed homes out there are not only good deals, they are also in surprisingly good shape. I've seen homes in move-in condition as well as some that just need carpet & paint and were 20-30K below list price.
"Bank owned homes – you make an offer on the property just like any other home but it may take longer to get them to respond to the offer. You can make the offer whatever you wish, it does not have to be list price and they may or may not accept it, may or may not counter the offer. Generally, they will not participate in any type of seller financing, zero down programs and they will not pay closing costs. These properties are also sold “as is” and the banks usually are not willing to make any repairs. However, if a major issue shows up on inspection that would make it difficult for them to sell it to any buyer, they may be more flexible. If not, you can back out of the deal and usually get your earnest money back. Many of the bank owned, distressed homes out there are in surprisingly good shape and need little work.
HUD homes are also a good value in many cases, they are usually listed on your local MLS and you bid on them through a HUD approved broker. (Home Run Realty is a HUD approved broker BTW!) They give 1st dibs to consumers wanting a home vs. investors. In the central Indiana area, HUD is currently offering a $100 down payment program to any owner occupied buyers. This is an awesome deal!
If you qualify for an FHA loan, the down payment has to be a minimum of 3% of sales price (3.5% beginning Oct. 1st, 2008). FHA is generally the best way to go for a 1st time home buyer or anyone without a long and stellar credit history as they are a little more flexible on qualifying guidelines.
Closing costs will vary depending upon the area you are in and the type of loan program you get. A lender will need to provide you with a good faith estimate so you can get a good idea of the expenses there.
Zero down programs are still available until Oct. 1st. Some lenders are saying you must be under contract and approved for the loan by October 1st, others are saying the transaction must be closed by Oct. 1st. That is why there is no time to delay in talking to a lender and looking at properties if you have decent credit but no down payment money saved up!
Short sales can be the most difficult transactions for buyers. Banks will tell sellers they will do a short sale with them and to market the home but then not actually be looking at offers for months. Currently, I have a short sale listing where the offer has been in since July 1st and the bank has not responded to the offer. We have called, emailed, left messages and even in rare instances talked to live human beings but have not been able to get them to even give us a timeline. If you make an offer on a short sale, have a firm idea of your timeframe, how long you are willing to wait before you move on to another property.
If you live in the Central Indiana area, The Home Run Realty Team is ready to help you through the buying maze and remember for BUYERS, our services are FREE. If you do not live in our area, call us and we will still help you find a good agent in your area! You can reach us at 1-866-HOMERUN (866-466-3786) X240.