For those of you who missed it published in the local papers, the latest forecast by the National Association of Realtors is a positive sign. Based on pending sales activity, existing home sales are expected to hold steady for the short term and then start to rise later in 2008 and into 2009.
The Midwest is still predicted to fair quite well do to the affordability of housing.
The areas that are struggling bad in the west and south are going to take longer to recover do to the large jump in values in such a short time.
Overall, this is good news for both buyers and sellers in Northwest Indiana.
Monday, January 14, 2008
Friday, January 11, 2008
Why Hire a Realtor?
A year ago I remember watching CNBC,CNN and almost every other news channel and news paper out there. All they could report on while the Real Estate industry was going good was "Do you need a Realtor?" and " All a Realtor does is put a sign in the yard and collect a commission."
I would really like to see a follow up story to see how all the do it yourselfers and free Internet sites are doing now. It always sickened me how they belittled Realtors and made our jobs seem mindless and simple.
Now that homes are not moving as quickly, I hope that people will start to realize the value of using a Realtor and all that we can bring to the table.
I wish that just once I turned on the news or pick up a paper and see a positive article about Realtors values.
I would really like to see a follow up story to see how all the do it yourselfers and free Internet sites are doing now. It always sickened me how they belittled Realtors and made our jobs seem mindless and simple.
Now that homes are not moving as quickly, I hope that people will start to realize the value of using a Realtor and all that we can bring to the table.
I wish that just once I turned on the news or pick up a paper and see a positive article about Realtors values.
Interest Rates Lower Again!
Hello Home Buyers! I hope you are paying attention out there! I just read a blurb in the business section of the Post Tribune and Freddie Mac is reporting that 30 year fixed interest rates are below 6%. This is great news for those of you who are looking to buy.
If you are thinking of buying a home in the near feature, now is the time to talk with your lender. If you can qualify for a 30 year fixed mortgage at 6% or under, lock it in. What a great Deal!
Just a little good news amid all the Doom and Gloom!
If you are thinking of buying a home in the near feature, now is the time to talk with your lender. If you can qualify for a 30 year fixed mortgage at 6% or under, lock it in. What a great Deal!
Just a little good news amid all the Doom and Gloom!
Friday, January 4, 2008
Buyer and Sellers Get Ready
Well with the start of the year comes the unofficial start of the home buying and selling season. And contrary to what we all hear from the news it is not all doom and gloom! Yes, home prices are down and inventories are up nationwide. Yes, foreclosure rates are up. Yes, the sub prime mortgage debacle has tightened lending practices and made it more difficult to qualify for a mortgage. And if you believe everything you hear in the news, the housing industry is single handily taking down the US economy.
Well I am hear to tell you to wake up and don't believe the hype! Over the last 5 years the housing industry was off the charts, new homes were being built at record paces, appreciation was huge and the term "flipping" became part of everyone's vocabulary. Yes, Real Estate was an easy way to make money. Is that true now, no. But what is true is, it still is your safest and best investment out there.
The market needed a correction, it was out of control. We needed to come back to realty and weed some of the things out that were taking us out of control. It is a good thing the sub prime mortgage industry took a hit. Yes, some good people out there were hurt by it, but most of the people getting hurt are not financially sound enough to own a home. Worse yet, they used a sub prime mortgage just to buy a bigger home because they wanted one, or "flippers using the loans to buy home and flip them quickly for a profit. None of these are truly good long term for the housing industry.
The foreclosures are a problem but if you look at the areas that are hardest hit there is a reason. California, Arizona, Michigan, Ohio and Florida are some of the states with rapidly growing foreclosures rates. California, Florida and Arizona had some of the highest appreciation over the last 5 years. Many speculative buyers drove up prices and unfortunately this was bound to happen. Michigan and Ohio are suffering from large job losses and foreclosures usually follow. The good news is, there will be some good deals for buyers looking for foreclosures.
2008 will be a good year, especially in Northwest Indiana for Real Estate. For sellers, wake up and come to realty. You will not get 2005 prices for your home, but if you listen to your realtor, price it at market value you will be able to sell it fairly quickly.
Buyers, if you are thinking about buying a new home, now is the time. Interest rates were lowered again to almost 6%. That is a great rate. Get pre-approved and get your realtor working for you.
The quicker we all look past the doom and gloom from the media and realize we set records in the past 5 years for units sold and home values, the quicker I feel we be able to help the entire housing market.
We set records for the past 5 years in both units sold and prices. This is not the end of the world, just a normal real estate cycle.
Well I am hear to tell you to wake up and don't believe the hype! Over the last 5 years the housing industry was off the charts, new homes were being built at record paces, appreciation was huge and the term "flipping" became part of everyone's vocabulary. Yes, Real Estate was an easy way to make money. Is that true now, no. But what is true is, it still is your safest and best investment out there.
The market needed a correction, it was out of control. We needed to come back to realty and weed some of the things out that were taking us out of control. It is a good thing the sub prime mortgage industry took a hit. Yes, some good people out there were hurt by it, but most of the people getting hurt are not financially sound enough to own a home. Worse yet, they used a sub prime mortgage just to buy a bigger home because they wanted one, or "flippers using the loans to buy home and flip them quickly for a profit. None of these are truly good long term for the housing industry.
The foreclosures are a problem but if you look at the areas that are hardest hit there is a reason. California, Arizona, Michigan, Ohio and Florida are some of the states with rapidly growing foreclosures rates. California, Florida and Arizona had some of the highest appreciation over the last 5 years. Many speculative buyers drove up prices and unfortunately this was bound to happen. Michigan and Ohio are suffering from large job losses and foreclosures usually follow. The good news is, there will be some good deals for buyers looking for foreclosures.
2008 will be a good year, especially in Northwest Indiana for Real Estate. For sellers, wake up and come to realty. You will not get 2005 prices for your home, but if you listen to your realtor, price it at market value you will be able to sell it fairly quickly.
Buyers, if you are thinking about buying a new home, now is the time. Interest rates were lowered again to almost 6%. That is a great rate. Get pre-approved and get your realtor working for you.
The quicker we all look past the doom and gloom from the media and realize we set records in the past 5 years for units sold and home values, the quicker I feel we be able to help the entire housing market.
We set records for the past 5 years in both units sold and prices. This is not the end of the world, just a normal real estate cycle.
Wednesday, January 2, 2008
New Year, New Taxes!
Happy New Year to everyone! I hope it was a fun and safe start for all. As part of my goals for this year, I will be more committed to this blog to bring you important information on the Northwest Indiana Real Estate Market.
Well with the new year we are finally starting to see the property tax bills in Lake County. If you haven't received yours yet, you can go to the Lake County Treasurer and get your bill personally or go to the treasurers web site:
http://in-lake-treasurer2.governmax.com/collectmax/collect30.asp
Even though we still have some pretty unfair taxes throughout Lake County and even into Porter County, the good news is we at least know the amounts now.
This should help the home sellers out there as people are more comfortable when they do not have to estimate the amount owed. It should also help bring back more investors into the market since we now have the tax amounts.
Also, this is a good time for homeowners to verify they have all their exemptions filed. Again, just visit the treasures web site to verify you have your exemptions filed. If you have more questions please feel free to email me.
As a reminder to all the Realtors out there, as of January 1, you can no longer talk on a cell while driving in Gary. I know I'll forget so I thought I would send a helpful reminder to everyone.
Happy New Year and I hope it is a great one for you!
Well with the new year we are finally starting to see the property tax bills in Lake County. If you haven't received yours yet, you can go to the Lake County Treasurer and get your bill personally or go to the treasurers web site:
http://in-lake-treasurer2.governmax.com/collectmax/collect30.asp
Even though we still have some pretty unfair taxes throughout Lake County and even into Porter County, the good news is we at least know the amounts now.
This should help the home sellers out there as people are more comfortable when they do not have to estimate the amount owed. It should also help bring back more investors into the market since we now have the tax amounts.
Also, this is a good time for homeowners to verify they have all their exemptions filed. Again, just visit the treasures web site to verify you have your exemptions filed. If you have more questions please feel free to email me.
As a reminder to all the Realtors out there, as of January 1, you can no longer talk on a cell while driving in Gary. I know I'll forget so I thought I would send a helpful reminder to everyone.
Happy New Year and I hope it is a great one for you!
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