Choice Realty B-Town Blog

Halfway there!

2009-06-28T18:25:00.000-07:00

It's hard to believe but we are almost half way through 2009! With the second quarter almost over, we are happy to report a positive outlook for the remainder of this year and going into 2010.

We've seen many 1st time buyers take advantage of the Stimulus Tax Credit with more than half of our transactions being those eligible for the credit. If you are eligible, consider buying now. Interest rates are very affordable and we have a good inventory of affordable housing.

We like to consult with buyers, set up lending for pre-qualifications, and plan out our process. These steps help avoid feeling overwhelmed and stressed and allows buyers to enjoy their homebuying adventure. Call or e-Mail us today for your consultation.

Summer Leasing

2009-06-26T19:37:00.001-07:00

We're almost leased up! There are just a few properties still available. For listings, check out the rentals posted on www.CallChoiceRealty.com.

Check your credit report annually!

2009-06-11T11:47:00.000-07:00

Whether you are in the market to make a purchase or not, it is a good idea to monitor your credit report on a regular basis. At the least, you should be checking it annually. Credit card companies often make errors and finding a mistake sooner than later may be easier to get it fixed. There are various sources but one you can do annually is www.annualcreditreport.com. If you think there is an error, it is good to have receipts and statements to debate the item in question which is why it is important to keep and file all of the paid bills. If you are having trouble getting something accomplished, I would recommend seeking help with a local banker in which you have a relationship. Even if they are not the source of the questionable item posted, they may have experience with solving these problems and will make it easier for you to resolve. A credit report is very important for everyone!

B-Line Trail

2009-06-07T15:55:00.000-07:00

I'm really excited to be a part of an organization that consistently gives back to the community.

The B-Line Trail runs through downtown provides recreation for the residents of the community. It allows people to browse, exercise or commute, whichever is preferred. The Farmer's Market located at City Hall also adjoins the B-Line Trail and features art work along the way.

The Bloomington Board of REALTORS funded the Realtor's Plaza located around 3rd Street near the Bloomington Convention Center. The donation of $50,000 helped speed along the development and we're excited to host the Grand Opening later this month!

I encourage everyone to take time to enjoy the trail and see all of the wonderful amenities we have all around B-Town! I will be looking forward to seeing real estate improvements along the B-Line Trail as value can easily be increased with such a great feature nearby and smart owners and investors should capture this amentity!

Open Houses

2009-06-02T07:26:00.000-07:00

Open Houses are not as populated as they used to be. I believe that is due to the Internet and having virtual tours available. People are too busy nowadays to take time out to tour from open house to open house. And, gas prices are up and down causing people to rethink the errands they run each day.

We are having a couple of open houses this coming weekend. One is a solid brick and vinyl house in Van Buren Park with new flooring, large yard and unfinished basement for $150,000. The other one is a large country home on Starnes Road.

If you are out and about, stop by and visit!

Economic Affects to Local Market Activity

2009-05-20T09:25:00.000-07:00

B-town Residents have not felt the pinch like some people around the Country. Our Sellers, for the most part, have not been in a forced sale situation, although we are seeing some Short Sales and Foreclosures. The local makret shows the average sales price has gone up, proving the local market is not a declining market.

The end is near as some Analysts are predicting. By the end of 2009 and early into 2010, the Nation should see an economic turn to the positive with housing and the overall economy.

Wondering if it is a good time to buy? We'll only know we hit bottom once the sales and pricing go up! And, then, we've past the bottom!

Painting and Color Trends

2009-05-17T08:36:00.000-07:00

I really enjoy paint colors. And, now that Spring is here and the weather is improving, many people are thinking about the Spring projects to freshen up their homes. Painting is an inexpensive way to change the atmosphere of a room and give an immediate fresh feeling. I was reading an article in The Herald-Times that Purple is a popular, high fashion color this year, ranging from grayish-voilet to darker, deeper plum. Another popular color tone for the year is Blue, which has become more popular than Green. Yellow, a cheerful color, is also popular and gives a lastly energetic feeling. I'm not a huge fan of Gray but apparently it is taking the place of black and brown. Maybe a charcoal grayish brown, like deep Bronze would work for me!

Whether you plan to sell the house or stay in it for ten more years, painting is a simple, affordable way to keep your house updated and attractive! Just take it room by room and it's not too overwhelming!

Spring Market Activity Increase

2009-05-04T16:40:00.000-07:00

We are into the Spring market and the activity is fantastic! The $8,000 Stimulus Tax Credit given to first time buyers (purchasers who have not owned for previous 3 years) has helped generate new activity along with the competitive interest rates and good inventory.

Locally, the closed sales dropped a bit in March & April but the average sales price increase and holds around $175,000. The pending sales, those with accepted offers waiting to close, have increased in April & May.

If you are thinking about buying, this Spring and Summer seem to be a great opportunity to do so. With the average sales price slightly increasing, statistics show us that values are once again increasing, thus another reason to get in gear now rather than wait any longer!

We have buyer tips on our website and we are available for a consultation upon an appointment request. Please email me at: Lori@CallChoiceRealty.com.

Stimulus Package

2009-04-15T12:00:00.000-07:00

A lot of people are talking about the Stimulus Package and all that goes along with it. First, I say, seek advice and guidance from an expert in those areas, such as a Banker, a CPA, a Realtor, as there are many pieces and parts and not even our elected officials know all of the details!

A buyer who has not owned a house in the past three years may be eligible for an $8,000 tax credit if purchase is within a certain period and does not have to be repaid if the buyer owns the property for at least three years. This is not a reduction is taxes but money back to the buyer, so for example, if you owe $3,000 in taxes, you'll end up with a check for $5,000!

If you are considering a purchase, this tax credit can be very helpful especially when added to the current low interest rates and good investory in which to choose!

For a buyer consultation, log on to www.CallChoiceRealty.com and schedule an appointment to meet me!

More to paint colors than just decoration?

2009-04-09T13:23:00.000-07:00

I was reading my REALTOR magazine last month and came across an article about paint colors. I don't really enjoy painting (well, the set up and clean up) but I love paint colors! In this article, I learned that there are four steps to choosing a paint color. First, the paint color must coordinate with the room's use. A kitchen's use is far different from a bedroom's use so one must consider the differences and determine your goal for that room's purpose. Second, it says to paint for the season. Although I don't know anyone who paints seasonally, colors can be warm or cold and accessories to the room can help make changes with the seasons. Third, it says to consider the direction of the room. A South-facing room that receives a lot of sunlight has a different appeal that a North-facing room. You can warm up or cool down the rooms as needed. And, fourth, is harmony. Paint colors can give balance and proper flow. I never really thought about any of these. I just look at swatches and pick out what I like best!

Here's a quick summary to some colors from the Realtor magazine:

Red~increase energy, creates excitement, increases appetite. (Dining Room)
Orange~comfort, warmth, cheerful. (Living/Family Room)
Yellow~brightens the mood, joyful, inviting, positive thinking. (Poor lit foyer, dark hallway)
Green~restful, lowers nervousness & tension, relaxing. (Living Room, accent for kitchen/dining)
Blue~calming, tranquility, clean, cooling, appetite supressant (Bedroom, all peaceful areas)
Purple~increases imagination and creativity. (Kids Bedroom, play area)

Painting is always an easy, inexpensive way to freshen up a home. Whether you plan to put it on the market or live in it for a long time, new paint can make a huge difference and gives a nice, clean sense about the home.

Spring Cleaning

2009-04-05T12:14:00.000-07:00

Now that our weather is improving, it's time to think about Spring Cleaning! Whether you plan to list your home for sale or plan to live there for 20 more years, you must do annual maintenance to help extend the life and value of your investment.

Things to do:

plant annuals for bright, cheerful appearance.
plant perennials for renewal greenery.
trim shrubs away from windows to let the light shine in.
clear walkways for a safe, neat path to the front door.
paint the front door and shutters.
change outdoor lighting to CFL bulbs.
mulch is good but keep it away from wood siding, gravel or brick chips are better.

1st Quarter Sales

2009-04-03T13:01:00.000-07:00

Our local market has not experienced the dramatic changes in values and sales activity but we are not invisible to it. The 4th quarter of 2008 showed values slightly down and closed inventory slightly down. Now that the 1st quarter of 2009 is behind us, we see good activity, an increase in sales and values will be heading back up. According to the National Association of Realtors statistics, practioners expectations for seller traffic and buyer traffic have both increased.

With interest rates being affordably low, buyers can obtain more house for the same money. Right now in B-town, we're seeing borrowed money around $5 per $1,000. What better time to buy than now?!

Green Ideas

2009-03-31T16:22:00.000-07:00

Reduce, Reuse, Recycle. We hear this often and if we take small steps in making changes, we can make a difference to our environment.

Think about your house. What can you change to help move towards green living?

Using the dishwasher for a full load of dishes rather than handwashing dishes helps reduce the use of water. Instead of pouring out those last few drops or warm glass of water, use that water for feeding your plants. And, while you're waiting for the shower to warm up, catch that clean water and feed the pets!

If you can't afford to change all of the light bulbs throughout the house, start by switching out only those bulbs used most frequently with CFL or LED bulbs. Go around the house and unplug all unused appliances and electronic products. Just because something is turned 'off', doesn't mean it is not using electricity.

Have old appliances? It may make good sense to get rid of those old units and buy new energy-efficient appliances. They'll not only improve the value and cosmetics of the house but also save money on utilities and run more efficiently.

Get the newspaper? Tossing it in the recycle bin is a good step but rather than just tossing it, see if you can put it to good use. Painting soon? Put newspapers down to catch drips. Have a cat? Put paper under the litter box for easy clean up. Donate newspapers to the local animal shelter.

Taking steps to being Green just takes some thought. Try it, it's easy to adapt!!

Bye Bye Spring Break, Hello Market!

2009-03-23T12:12:00.000-07:00

Well, now that Spring Break is over and we are sporting some sunshine highlights and suntans, it's time to think about the Spring and Summer real estate markets! April and May are the two busiest listing months while May and June are typically busy moving months.

It takes about 30 days to process a closing from once you make the offer until you reach the closing table. Most buyers (86%) search online for 30-60 days learning the market and browsing listings before getting the car to physically go see houses. This is an excellent learning period for buyers and helps them become familiar with the market so when the decision is in front of them, they can make an educated offer and work closely with their Realtor on the purchase.

For all local listings, log on to www.CallChoiceRealty.com and click on Listing Search then email Lori@CallChoiceRealty.com to schedule a tour on any listings of interest.

Where is Home??

2009-03-20T12:00:00.000-07:00

Being a college town, Bloomington, or B-Town, as we call it sometimes, has many temporary residents, many transient residents who maybe attended IU and come back later in life, and there are many long-term and lifelong residents.

I am a lifelong Bloomington resident and I love this town!! I call myself 'A Cutter'. If you have watched the movie 'Hoosiers', you'll know what I mean. If you haven't seen the movie, you need to and you'll love Bloomington even more!

A survey by Pew Research Center shows that nearly 4 of 10 people never left the place they were born. People who move do so to pursue economic opportunities while people who don't move say it's because of their family or other community connections.

The survey shows the biggest difference between movers, is linked to the geographic and educational factors. Almost half of the adults living in the Midwest have been there all of the life while fewer than one-third living in Western states same the same thing. And, 3/4 of college graduates have moved at least once while only half of people without a college diploma have moved.

So, where is Home?? The survey also shows that 38% of Americans say the place they consider home is not where they currently live. 26% refer to Home as the place where they were born. 22% refer to Home where they live now. 18% say it is where they lived the longest. 15% say it is where their family comes from and 4% say it is where they attended high school. 57% have never lived outside their current state. 37% have never left their hometown (me!) and 20% left their hometown but didn't leave the state.

Many people call B-Town home. We are fortunate in B-Town. The real estate market may feel national stress but it is insulated from the drastic market changes. We also have Ivy Tech and Indiana University and many arts, restaurants and other social events that help enjoy a quality of life in a very diversified area. It's a big small town located one hour south of Indy.

Thinking of moving to Bloomington or to another area of town? Let the lifelong local Realtor help you today by emailing Lori@CallChoiceRealty.com.

Remodeling Costs

2009-03-18T12:00:00.000-07:00

According to the 2008-2009 Cost vs. Value Report, the exterior remodeling projects yield the highest return on investment for homeowners. These improvements may include deck additions and siding replacements for an 80% return. Also showing a good return, window replacements, kitchen remodels, bathroom remodels, all over 70% returns.

If you are thinking about selling your home, it may not be sensible to make all of the improvements immediately before selling since those returns yield 70-80% but keeping your home updated and remodeling/enjoying your home while you live there, may be the better way to manage the investments.

You should consult a Realtor to determine the value of the home prior to improvement and the value after the improvement and calculate the costs of the remodel to see if it is feasible.

Busy before Spring Break!

2009-03-14T18:24:00.000-07:00

We often see a huge increase in activity after Spring Break but fortunately for B-Town, we have seen an early start in our local spring market. Rates continue to be competitive which allows buyers to buy more for their money. And, now that it is Spring Break week, we should see a large inventory of new listings hit the market in the next 2 to 4 weeks.

According to a 2008 NAR (National Association of Realtors) Profile of Home Buyers and Sellers, the average age of a first-time buyer is 30 years old with a median income of $60,600 purchasing an average price of $165,000. The average age of a repeat buyer is 47 years old with a median income of $88,200 purchasing an average price of $236,000.

The average stay in a home is 10 years. It is very important to keep your home updated over the 10-year period so that when a Seller is ready to sell, the home is competitive and shows its best when put on the market for sale.

If you would like more information on our listing market plan or have a buyer consultation, please email Lori@CallChoiceRealty.com.

Market Stats

2009-02-26T12:05:00.000-08:00

As reported in the Herald-Times recently, our local real estate market is better than most of the country with a decrease of only 11% with prices down only 2%. We have seen an annual increase in pricing around 3% to 5% each year for the past several years so seeing a drop of 2% is hardly one year of appreciation to what we have grown accustomed. Sales peaked in 2005 and have been steady for the past few years, slightly dropping each year.

Foreclosures are only 6% of the total home sales. This is also far better than most of the country has and is still experiencing. People who are struggling to pay their mortgage can seek assistance with the various resources we have in Bloomington. The City's Housing and Neighborhood Development, for example, is hosting a 2-hour workshop for Homebuyers on March 26th that will help people understand the options they have available.

February Market Activity Increases!

2009-02-17T12:07:00.001-08:00

It's been a busy couple of weeks. The local market has seen a good surge in activity with many buyers now making offers. Local statistics show that sales in 2008 were down by 11% but values were down only by 2%. This tells us that while there was less inventory selling, mostly in the 4th quarter, our market is strong and values are maintaining pace.

People have asked, "How do we know when the bad is over and we should buy?" Well, the answer to that is simply, when the bad is over, you've missed the best opportunity to purchase and the buyer's market will be leveling back to a seller's market. With the interest rates low and the spring market about to bust loose, it IS a great time to buy!

B-Town real estate has been insulated from the national statistics, fortunately for us who live here. For a buyer consultation, click on www.CallChoiceRealty.com and contact us now!

The Ground Hog says more winter.........

2009-02-02T18:00:00.001-08:00

With the snow covering the ground, we are getting cabin fever and ready for Spring!! In regards to real estate, Spring is the busiest time for new listings. And, with the interest rates remaining low, the next few months are set to be good for home buyers. Spring also brings school breaks and vacations which quickly lead right into Summer. If the start of the 1st quarter proves anything for 2009, it proves that the 2nd and 3rd Quarters for B-Town will put us right back in line as to what we're used to seeing in the real estate market. Fortunately, we're somewhat insulated by being a college town and diversity protects our market. For buying or selling advice, email Lori@CallChoiceRealty.com for a consultation.

State Meetings and Real Estate Activity

2009-01-26T20:23:00.000-08:00

I'm attending the Winter Conference at the Indiana Association of REALTORS. It's always exciting for me to join a large group of the top producers around the state and learn the market around the area as well as new marking trends, leadership skills and networking.

After a 16-hour day, I'm ready for some sleep so I can get up and attend an 8am meeting.

I'll be sure to check in soon with some helpful real estate information!

Inauguration Day

2009-01-20T16:44:00.000-08:00

It's a new day for the United States of America. It's exciting to see the unity and changes taking place, even for those who did not vote for the new President. You couldn't help but to be emotional today. It was a day of history and we shall always remember that we are blessed to live in the U.S.

With the changes to the GOP, we are optimistic that we'll see changes to the real estate industry. As I've said before, B-Town is a protected bubble surrounded by counties that have experienced the nation's decline in real estate. Being a college town, we have avoided much of the devastaion of home values and bank repos like so many others have had.

It's January and our office has been so busy with listings, sales and rentals. People have the holidays behind them and the Spring in front of them. Think Spring.....Think Real Estate! It's already time to be doing that! Rates are great and values have held steady. Whether buying or selling, it is a good time to talk to a Realtor. For more information, email me at Lori@CallChoiceRealty.com.

Statistics.....

2009-01-07T14:02:00.000-08:00

Inventory has dropped. This time last year, there were 50 more listings than now. And, this time last month, there were 55 listings more than now. It seems as though sales have slowed so people have withdrawn their listings. This makes the remaining listings more competitive, especially when the interest rates are at an all-time low! If you are thinking about selling your house, don't wait until Spring! We typically see listings increase between February & April, so get a jump on it and you'll be more competitive with less competition out there!

In 2008, we had 1175 residential sales. That is 200 less closings than we had in 2007 and 250 less closings than we had in 2006. The good news in this can be found in a cycle of 8-10 years. If that holds true, we'll see an improvement in 2009 and moving forward to a much better 2010!

For more details of the local market, email me at Lori@CallChoiceRealty.com!

Happy New Year!

2009-01-03T07:23:00.000-08:00

With the New Year upon us, we review the previous year and plan for a better year ahead. I am confident that we'll see an improvement to the real estate market. Locally, we have not had the drastic increases in value and fortunately, we have not had drastic declines in value either. I'd much rather see our investments have a conservative annual increase than the 'get rich quick' method which usually is too good to be true.

This year, my blog will give valuable information, such as the local, state and national marketplace activity, great tips of home maintenance, green building and what you can do to help the environment and other helpful notes on the real estate industry.

If you are not receiving our quarterly newsletter and would like to be added to our mailing list, please email me at Lori@CallChoiceRealty.com.

End of Year thoughts

2008-12-30T19:51:00.000-08:00

I can't believe it is nearly the end of another year. As many people do, we pause to reflect on the activities in 2008 and we set goals and prepare for the year ahead. Our sales were slightly down but we are very fortunate in B-Town and have not seen a dramatic decline in sales or values like many areas around the U.S. We are optimistic that we'll see an improvement in 2009. We just hope it's in the 1st or 2nd quarter instead of the 3rd or 4th quarter! :)

The Team of Choice is very grateful for the business we've received in 2008 and we look forward to serving you in 2009! If you or someone you know may be thinking of selling, buying or investing in real estate, please allow us to help you.

Best wishes for a happy and healthy New Year!