Matt 's Blog
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Valparaiso and Porter County Single Family Home Market Report for July 2010
The July reports from the Greater Northwest Indiana Association of REALTORs (GNIAR) MLS are in and mixed results are evident. The end of the homebuyer tax credit seems to have had a negative effect on median home sales that had before seen extremely high volume of sales. Good news is seen in months supply of inventory above median categories of $200K-$500K, where sales decreased inventories. Homes under $100K still remain the hottest with only 4.4 months-supply.
Luxury home sales continue to struggle in the region, where high supply and low demand has kept inventories at high levels. With historically low interest rates, and an improving consumer sentiment, these price ranges should see demand increase in time, but many are predicting continued challenges for these home sellers. Location, condition, and features of the home have never been more key for home sellers, as buyers are being very choosy in their selection.
New home sales are showing signs of improving in the selling season, however builder inventory is still relatively low due to good supply of resale inventory, and the conservative approach being taken by construction lenders. -- Matt Evans, Keller Williams Realty. 219-241-8401 www.themattevansteam.com
| Valparaiso | |||||||
| MSI Report | 2010 July | Inventory as of | 5-Aug-10 | ||||
| Single Family | |||||||
| 1-Month | TOTAL | 12-Month | Absorb Rate | ||||
| Price | ACTIVE | PENDING | SOLD | SUPPLY | Solds | per month | MSI |
| 0-99,999 | 34 | 9 | 7 | 43 | 117 | 9.8 | 4.4 |
| 100,000-149,999 | 96 | 14 | 7 | 110 | 179 | 14.9 | 7.4 |
| 150,000-199,999 | 94 | 14 | 9 | 108 | 188 | 15.7 | 6.9 |
| 200,000-249,999 | 103 | 6 | 12 | 109 | 142 | 11.8 | 9.2 |
| 250,000-299,999 | 86 | 10 | 6 | 89 | 89 | 7.4 | 12.0 |
| 300,000-399,999 | 90 | 6 | 7 | 96 | 72 | 6.0 | 16.0 |
| 400,000-499,999 | 44 | 2 | 2 | 46 | 22 | 1.8 | 25.1 |
| 500,000-749,999 | 32 | 0 | 0 | 32 | 12 | 1.0 | 32.0 |
| 750,000-999,999 | 23 | 0 | 1 | 23 | 2 | 0.2 | 138.0 |
| 1,000,000+ | 13 | 0 | 0 | 13 | 0 | 0.0 | #DIV/0! |
| ACROSS ALL PRICES | 615 | 61 | 51 | 669 | 823 | 68.6 | 9.8 |
| Porter County | |||||||
| MSI Report | 2010 July | Inventory as of | 5-Aug-10 | ||||
| Single Family | |||||||
| 1-Month | TOTAL | 12-Month | Absorb Rate | ||||
| Price | ACTIVE | PENDING | SOLD | SUPPLY | Solds | per month | MSI |
| 0-99,999 | 90 | 21 | 21 | 111 | 245 | 20.4 | 5.4 |
| 100,000-149,900 | 260 | 31 | 20 | 291 | 417 | 34.8 | 8.4 |
| 150,000-199,999 | 266 | 24 | 20 | 290 | 382 | 31.8 | 9.1 |
| 200,000-249,999 | 200 | 14 | 14 | 214 | 218 | 18.2 | 11.8 |
| 250,000-299,999 | 146 | 15 | 10 | 161 | 132 | 11.0 | 14.6 |
| 300,000-399,999 | 133 | 10 | 8 | 143 | 99 | 8.3 | 17.3 |
| 400,000-499,999 | 78 | 2 | 4 | 80 | 32 | 2.7 | 30.0 |
| 500,000-749,999 | 58 | 1 | 0 | 59 | 15 | 1.3 | 47.2 |
| 750,000-999,999 | 37 | 0 | 2 | 37 | 1 | 0.1 | 444.0 |
| 1,000,000+ | 33 | 0 | 0 | 33 | 3 | 0.3 | 132 |
| ACROSS ALL PRICES | 1301 | 118 | 99 | 1419 | 1544 | 128.7 | 11.0 |
Lots and Homes available in Valparaiso's Cherry Hill Subdivision
Hardwood forests are the centerpeice for one of Valparaiso's newer subdivisions called Cherry Hill.
Located off 250 West on the northeast side of Valparaiso, Cherry Hill offers over 64 permit ready lots and several completed single family homes currently priced from the $150s to the $400s. The neighborhood has a restored woodland area with a mature forest and pond, and a collection of more small ponds and trails on the west section of the 160 acres. Upon completion of phases I and II, Cherry Hill will feature over 58 acres of parkland. Good sixed lots, rolling vistas, city water and sewer, and Valparaiso schools are a few of the many things attracting buyers to this new development. Lot owners can "bring your own builder", or may choose to use BlueStone Homes, one of the preferred builders in the subdivision. Lots are currently priced from $37,000 to $99,900 and range up to just over 1/2 acre in size. Some offer walk-out or garden level basement construction, and others are fairly level.
BlueStone Homes is building in the $220,000 to $400,000 range, and Accent Homes is building homes from the $140s and up. Vaughn Staab, developer of Cherry Hill and owner of BlueStone Homes, cites the park-like setting, easy commute, and attractiveness of Valpo for relocation as some of the many reasons he created Cherry Hill. Vaughn offers a team of talented builders with a "yes we can" attitude that is accustomed to working with the most discriminating luxury buyers, but that is capable of quick build times on any home.
Cherry Hill is currently offering special rates for financing and low downpayments on lots and homes through DeMotte State Bank, one of the area's most active local mortgage lending banks. For more details, visit www.cherryhillsvalpo.com or contact the Matt Evans Team of Keller Williams Realty at 219-241-8401 or www.themattevansteam.com.
Valparaiso, Indiana Home Market Nearly "Balanced" Under $200,000
The market for homes in the Northwest Indiana town of Valparaiso is showing signs of balance at some prices. Based on the single family stats thru June 2010 on the GNIAR MLS, and based on inventory as of July 6, the months supply of inventory under $100,000 is just 4.4 months, and from $100,000 to $200,000 the range in months supply falls between 7.0 and 7.6 months. A truly balanced market, where supply and demand is most equal is 6 months supply of inventory.
For the year long period ending June 30, 2010, single family house sales in Valpo were at 844 units total, with 724 homes on the market, for an average months supply of inventory across all price bands of 10.3 months. The market as a whole is still a buyer's market, so good deals are still very apparent. Bad news for the market is that homes above $400K are seeing a 28 month supply or more. At these upper and luxury home price ranges, it has never been more important for home sellers to price their home right from the start, and have it in top condition for photos and showings. We encourage all Sellers to be in the bottom third of pricing, and the top third of condition to achieve a sale.
Below is the complete chart for Valparaiso ending June 2010.
| Valparaiso | |||||||
| MSI Report | 2010 June | Inventory as of | 6-Jul-10 | ||||
| Single Family | |||||||
| TOTAL | 12-Month | Absorb Rate | |||||
| Price | ACTIVE | PENDING | SOLD | SUPPLY | Solds | per month | MSI |
| 0-99,999 | 26 | 15 | 8 | 41 | 112 | 9.3 | 4.4 |
| 100,000-149,900 | 98 | 13 | 19 | 111 | 191 | 15.9 | 7.0 |
| 150,000-199,999 | 122 | 7 | 24 | 129 | 204 | 17.0 | 7.6 |
| 200,000-249,999 | 119 | 7 | 21 | 126 | 142 | 11.8 | 10.6 |
| 250,000-299,999 | 85 | 6 | 11 | 91 | 89 | 7.4 | 12.3 |
| 300,000-399,999 | 98 | 9 | 7 | 107 | 72 | 6.0 | 17.8 |
| 400,000-499,999 | 46 | 1 | 7 | 47 | 20 | 1.7 | 28.2 |
| 500,000-749,999 | 34 | 0 | 1 | 34 | 13 | 1.1 | 31.4 |
| 750,000-999,999 | 23 | 1 | 0 | 24 | 1 | 0.1 | 288.0 |
| 1,000,000+ | 14 | 0 | 0 | 14 | 0 | 0.0 | #DIV/0! |
| ACROSS ALL PRICES | 665 | 59 | 98 | 724 | 844 | 70.3 | 10.3 |
Better to Buy Home Today than with Tax Credit?
Common belief would say that the tax credit offered a fantastic opportunity for many people to buy homes. And it certainly did across the lower to median price ranges. However, there's a new trend that says buying today may afford some home buyers a better deal today.
In the markets the Matt Evans Team works in Northwest Indiana and Northern Colorado, home supply at and below median home price became quite low with the tax credits in effect. So low, in fact, that month's supply of inventory dropped to 3 months or below at the lower price ranges, or under $200,000 in both markets. A balanced market has a 6 month supply, where it's neither a buyer or seller's market. Homebuyers were having a hard time finding what they wanted, and had to act quickly or lose the deal. If they could find a home, sure the $8,000 was a fantastic incentive, especially on a home around $100,000 where it returned 8% of value immediately.
While home supply is still low on the MLS, the time crunch to buy has eased and inventories are starting to balance a bit. The other balancing factor is that interest rates for home purchases have now dropped to historical lows. This means that for a loan of around $250,000, at an interest rate of 4.6%, today's purchaser's payment would be around $1281. But back when interest rates were around 5.75% during the tax credit, their payment would have been $1458 or so, meaning a savings today of $177 per month!
What this means is that the market for homes priced above median should begin to increase with the lower interest rates. Especially since the rate for jumbo loans on luxury homes has now dropped to 5.75% from it's mark a year ago of around 6.75%, premium home buyers are benefitting more today from lower interest rates and good inventory selection.
Sure the $8,000 "today" that the credit provided was better than $8,000 "tomorrow", but since many people didn't qualify for the tax credit anyway, perhaps more buyers are benefitting today from the lower interest rates.
So, with daily consumer spending recovering fairly well, and employment stabilizing, the home market should continue improvement over the next several months. Volume may not continue to be a strong as with the tax credit, however average purchase price may begin to rise as a result. Our forecast is that good deals will continue for buyers in many aspects, but that sellers should see a strengthening in the market toward the middle and higher prices if interest rates remain low. If you are looking to buy or sell a home in Northwest Indiana or Northern Colorado, speak with our team today and talk to our preferred lenders to learn more.
Matt Evans, The Matt Evans Team of Keller Williams Realty
www.themattevansteam.com www.mattevansrealestate.com
New Listing - Luxury Home in North Valpo
This custom builders home is available for the first time! Located in Lexington Farms in North Valpo it has over 6,600 finished SF. A classic home situated on over 1 acre that backs to rolling farmland. Tremendous curb appeal starting with wraparound front porch that says welcome home. Beautiful maple hardwood floors in grand foyer leads to lovely 2-story living room. Great kitchen makes it easy for entertaining with breakfast nook and peninsula dining counter. Lots of usable counter space. Hickory cabinets with 42 upper cabs. Crown moulding & rope detail, granite counters, GE Monogram stainless appliances. Main 5pc bath features spa shower, jetted tub, and double sinks. Plenty of good sized bedrooms--some w/ private baths. Mudroom & bath area off 3 car garage. Basement rec room is a getaway escape with entertainment area, gaming room, exercise area, and guest quarters. Multi-level deck for great sunsets over large backyard. BIG PRICE DECREASE! SHORT SALE APPROVAL REQUIRED. Call today! 219-241-8401 Matt Evans, Keller Williams Realty, www.themattevansteam.com
Loveland/Fort Collins Colorado named Top Place to Retire
Excellent news for Northern Colorado! The Loveland/Fort Collins area will be named the #1 place to Retire by AARP in an upcoming television show to be hosted by Tom Brokaw according to CNBC. The show is focusing on Boomer retirement and will air on March 4, 2010 at 9pm ET.
The Ft Collins and Loveland area is situated in Larimer County, Colorado and is north of Denver, CO about 1 hour off I-25. Located on the edge of the foothills and just south of Wyoming, Larimer County also holds other cities such as Estes Park, Wellington, Red Feather Lakes, Bellvue, and Laporte, among others.
The area already has become a common destination for retirement, thanks to a semi-arid climate, great access to the mountains, wonderful parks systems, great shopping, great public and private golf courses, and good value in homes. Relocation to the area also picked up after Fort Collins/Loveland received recognition in Money Magazine at the Best Place to Live in recent years. Home prices have held fairly steady in this region buoyed by good employment and redevelopment in the technology business sector. Other large employers include Colorado State University, Budweiser, and The Poudre School System.
In Fort Collins, the median home price is right around $220k-$230K depending upon the timing of statistics. Attached homes range from $60,000 thru $500,000, and single family homes usually start around $160,000 and peak at well over $1,000,000.
For more information on homes in Northern Colorado, contact relocation expert and Keller Williams Realty Broker Associate Matt Evans at 970-215-9221 to learn more about the area and discuss your goals in relocation. www.mattevansrealestate.com
Valparaiso, Indiana Considering New Roundabout
The City of Valparaiso has listed the project to build a new roundabout on the northside as top two in it's road construction priorities heading into 2010. The roundabout, proposed for the five-way intersection of North Calumet, Vale Park, and Roosevelt near Urschel Laboratories, is planned for 2012 at a cost of just over $1.7 Million in federal dollars.
The city's first roundabout, completed in 2007, is located at the intersections of Lincolnway, Laporte, and Sturdy Roads on the near eastside. This location is near Valparaiso University and the new Eastgate Shopping corridor.
Matt Evans
Keller Williams Realty
Northwest Indiana
219-241-8401
Have you seen the last lake lot in Fort Collins, Colorado?
As realtors, we often receive calls with clients wanting a special location. Here is one lot with a truly special location. Build your luxury home here--bring your own builder! Enjoy incredible views of Long's Peak & the Front Range mountains over Richards Lake in Ft. Collins, CO.
This is the perfect sloping deep walk-out lot that could create 10' or 12' high basement ceilings. Sunrises and sunsets are AMAZING here. From the lot, it is just 8 minutes to OLD TOWN and it is across the lake from the Fort Collins Country Club. All utilities are to the lot, with the raw water tap ($16,000 value) already paid. This is a wonderful 90% built-out neighborhood called Hearthfire with pool, clubhouse, and lake. Good southwest solar exposure. All curbs, gutters, and paved roads are installed to property.
We have great builder references available--including "green" builders and builders who specialize in luxury homes. The property is subject to a 1031 Exchange. Note: When listed on the MLS, this was the last true waterfront lot on the market in Fort Collins.
The address is 1333 A Hearthfire Ct., Fort Collins, Colorado 80524. It is vacant land.
Call us today for a tour of this fine property or others in Northern Colorado. You can use our map search feature to see this and other fine properties at www.mattevansrealestate.com.
Thank you for considering this great property.
Matt Evans
Keller Williams Realty
970-215-9221
www.mattevansrealestate.com
Licensed in Colorado and Indiana.
Valparaiso Indiana's Median Home Price Rises in 2009
Great news for the Valparaiso Indiana home market.
According to reports generated from the Greater Northwest Indiana Association of Realtors (GNIAR) MLS, the residential home market appears to be strengthening and showing a solid core of homes retaining or adding value. The median house price rose again to $175,000 in 2009 in Valpo, continuing a strong trend over the last six years. Cities across the country with a strong base of long time residents, core businesses, and higher education opportunities are reporting similar findings. Unit sales of residential homes did drop slightly to 762 units for 2009 as the national economy was sluggish and lending challenges reduced employment continued.
The market as a whole was supported by the government tax credits of $8,000 for homebuyers, and the new $6,500 home seller credit that continues thru mid 2010. November 2009 saw a huge increase of over 40% in sales in Porter County Indiana, partially attributed to the credits.
Anchored by Valparaiso University and a strong primary and secondary education system, Valparaiso continues to be a city of choice for relocation from around the region, including Illinois' Chicago suburbs. Residents enjoy a one hour commute on the skyway to Downtown Chicago, as well as good bus access on Chicago Dash and rail access via the South Shore railroad.
For more information on the home market in Porter and Lake County Indiana, or to search for a home, contact Matt Evans, Keller Williams Realty Leaders, at 219-241-8401 or visit the website at http://www.themattevansteam.com/
Relocation to Valparaiso--Search for Homes for Sale by Map!
The Matt Evans Team of Keller Williams is proud to announce the addition of map search to our website at www.themattevansteam.com. This tool has proven to be a very valuable tool for those looking for homes in our area. Home buyers and investors can literally mouse-over properties and click on the properties for more information. It's a great way to look at a whole neighborhood in Valparaiso, Porter County, or the rest of the Northwest Indiana GNIAR MLS region.
From the left side navigation, click on Home Search, then in body of next page click on Search for Properties in the area. When searching, you can zoom in, zoom out, set search criteria parameters, and more. You can set price ranges, features, or other limiting factors to streamline your search.
Be sure to setup your own account thru login to keep track of properties you like.
And we hope you visit often.
Matt Evans, Keller Williams Realty Leaders
Northwest Indiana
219-241-8401
Fresh-made Popcorn in Valparaiso, Indiana
Buy yourself some Clark Popcorn Company popcorn from Valparaiso, Indiana and enjoy! The popcorn is "hand made in small batches"--a truly great product from a small family business. Owned and operated by longtime Valparaiso resident Scott Clark, the company is making popped popcorn in all sorts of flavors--from Caramel Pecan to Chipotle Cheddar and it is GOOD! It is especially delicious when watching a movie at home in the nasty weather. The family has over 50 years experience in the popcorn industry, so they have experience and pride in everything they do. According to Scott, the company creates their own products from individual ingredients for the best flavor. Sounds like the Popcorn Festival is on their calendar for 2010, so be sure to stop by the booth.
To find more out about the Clark Popcorn Company, you can reach them at 219-464-0434 or contact Matt Evans at 219-241-8401 or matt@themattevansteam.com and he'll get you in touch with them.
Porter County Indiana Home Sales Strong in November 2009
According to MLS sales data, Porter County, Indiana home sales were very strong in November 2009. Thanks to the tax credit for first time homebuyers, historically low interest rates, and good deals in the housing market, home sales increased from 108 units to 154 units for November 2009 from the November 2008 figures. Lake County Indiana also had a good increase, putting the market back at pre-crisis levels.
Supply has steadily decreased over the last year. While still not balanced in all price ranges(6 months supply of inventory is balanced), the lessening inventory is a good indicator that the market has strengthened for many prospective home sellers that are considering selling in 2010. With the tax credit being extended thru early 2010, we are recommending sellers in Northwest Indiana ready their home for market during the winter to take advantage of the lower supply of homes in certain price ranges.
For a complete CMA from a real estate professional, please contact Matt Evans at 219-241-8401 or matt@themattevansteam.com.
Keller Williams Realty named #1 Real Estate Franchise
Keller Williams Realty was just named the #1 Real Estate Franchise by Entrepreneur Magazine in 2009! The magazine cited the company's size, financial stability and growth rate as key factors in the rating. Great to be part of a wonderful organization! Talk to us about joining us at Keller Williams Realty Leaders in Northwest Indiana.
http://www.entrepreneur.com/franchises/rankings/franchise500-115608/2010,-2.html
Porter County Home Buyer and Home Seller Seminar in Valparaiso, Indiana on December 10
Keller Williams Realty agents Matt Evans and Kimberly Genovese, along with Jeff Svantner of Sistar Mortgage are hosting a home buyer and home seller seminar. The professionals will cover some of the industry's hottest topics, including the new $6,500 home seller credit, the renewed $8,000 home buyer credit, and how to get the most money selling your home in today's market. They also plan to discuss various loan options for homebuyers, the challenges and opportunity of buying distressed properties, and will offer current market data on home values in Porter County.
The "Buy Low, Sell High, and Cash-In" Real Estate Seminar will be held Thursday, December 10, 2009 at 6:30pm at Evelyn Bay Coffee Company located at 3800 N. Calumet Ave. in Valparaiso. Matt Evans states, "With all the changes over the past two years in lending and the real estate market, it's important for those entering the market to understand how those changes might affect them." The panelists invite home sellers currently in for-sale-by-owner situations or those considering formally listing their home to attend and learn about the opportunities and challenges in today's home marketplace.
This seminar is open to the public and there is no cost. The program will be an open panel discussion with Q&A, for a very informal and interactive environment.
Keller Williams Realty International, the third largest real estate company in the nation, just received the prestigious JD Power award for being rated #1 in nationally in homebuyer satisfaction. To learn more about this seminar, call Matt Evans at 219-241-8401 or e-mail matt@themattevansteam.com.
Valparaiso, Indiana Forest Park Home Sales Rebound in 2009
While days-on-market has increased, sales of single family homes in the Valparaiso (Valpo), Indiana neighborhood of Forest Park took an upswing in 2009 YTD over 2008 numbers.
GNIAR MLS Data for the period Jan. 1 thru Nov. 29 indicates:
2009 Home Sales 7 homes at $160,000 median and Ave. DOM of 146 Days
2008 Home Sales 5 homes at $153,000 median and Ave. DOM of 84 Days
Currently there are 7 homes on the market, indicating about a 12 month supply of homes in Forest Park.
Forest Park homes are selling just below the median price of $180,000 for the Valparaiso home market, as the lower priced homes in the neighborhood appear to be moving well. The prices in Forest Park vary widely in the various phases, as some of the homes in Forest Park exceed $300,000 in assessed value.
For more information on home values in the Porter County and Northwest Indiana regions, contact Matt Evans, Broker Associate, REALTOR with Keller Williams Realty at 219-241-8401 or visit www.themattevansteam.com.
2009 YTD Market Data for Chandana Point in Valparaiso, Indiana
The Chandana Point neighborhood of Valparaiso, Indiana sits near the intersections of Calumet Avenue and Country Club Road on the near northside. Homes range in assessed value from the mid $200Ks to over $500K. Valpo is located in Porter County, Indiana.
The 2009 market for homes in the Chandana Point subdivision is similar to that of 2008, however some improvement is shown.
For the period January 1 thru November 29, the data indicates that the market has slightly improved:
2008 2 Homes Sold at median price of $284,000 after 163 Ave. Days on Market
2009 2 Homes Sold at a median price of $379,000 after 192 Ave. Days on Market
Noted are a higher median sales price and lower average days on market. Currently, there are 9 homes on the market in Chandana Point, with a median price of $379,000. Months supply of inventory remains very high with the high supply and current lower demand levels. All the homes in Chandana sit above the median house price in Valparaiso, which is currently around the $180,000 price mark.
This data has been provided by Matt Evans of Keller Williams Realty Leaders in Northwest Indiana, and is based on MLS statistical data generated in the Greater Northwest Indiana Association of REALTORS MLS system.
For more information on the market in your local area of northwest Indiana, or on the value of your home, contact Matt Evans, Broker Associate with Keller Williams Realty at 219-241-8401 or matt@themattevansteam.com.
Bo Jackson and Crown Point Invest to Build $16 Million Athletic Facility
Bo Jackson Elite Sports and The Crown Point Parks and Recreation Department have announced a plan to build a sports facility by 2011. The facility will be over 160,000 square feet and house soccer fields, basketball courts, softball fields, football fields, and volleyball courts. Located near the intersection of I-65 and 109th Avenue in Crown Point, but is expected to draw residents and visitors from all over Northwest Indiana and Chicagoland for special events.
Developers in this Lake County region continue to see speculation in commercial real estate around this new interchange that will serve the region. This will spur construction expenditures in the region and is likely to employ many building industry subcontractors.
This is the second of two new sports facilities coming to Northwest Indiana soon, as Hobart also announced a Sport and Convention Center Project that will be coupled with a new hotel. Local officials are excited about the new projects bringing jobs and increasing tourism in the area, thus offering new revenues to business around Crown Point, Merrillville, and Hobart.
For more information on commercial real estate or relocation to Northwest Indiana and Porter County, contact Matt Evans with Keller Williams Realty at 219-241-8401 or matt@themattevansteam.com.
Northwest Indiana Home Sales up nearly 12% in October: Porter County Even Stronger
According to the Greater Northwest Indiana Association of REALTORS and based on supporting MLS data, sales of existing single family homes in the region increased nearly 12 percent in October 2009 over the same period last year.
Home values also showed signs of a rebound as the median house price rose over 4%. Many credit the recent homebuyer tax credit and its pending expiration with adding enough buyers to the marketplace. Since Spring of 2009, many REALTORs have assisted first time buyers and those re-entering the market after 3 years to "cash-in" on the $8,000 credit in Northwest Indiana, which includes Porter, Lake, Laporte, Jasper, and Newton County. Cities in the region include Valparaiso, Chesterton, Kouts, Merrillville, Crown Point, among others.
A home for sale on Tratebas Road in Chesterton, Indiana.
In Porter County, Indiana, the news was even better as existing single-family home sales went up nearly 24% over October of the previous year.
Other good news is that the months supply of inventory in the region has dropped under the 10-month mark after reaching as high as a 14 months supply of inventory earlier in the year. However, the market is still considered a buyer's market, as a balanced one is considered to have a 6-months supply of inventory.
For more information on the home values in Northwest Indiana or relocation to the region, contact Matt Evans Broker Associate, REALTOR at Keller Williams Realty at 219-241-8401 or thru his website at www.themattevansteam.com. Licensed in both Indiana and Colorado, Matt is a native of Valparaiso and focuses on Porter County Real Estate.
Northwest Indiana Year-to-Date Home Sale Trends
The year-to-date home sales data in Northwest Indiana reflect some stability in the market.
According to the reports generated from the GNIAR MLS and Rappatoni system thru October 12, 2009, Porter County and Valparaiso home sales are both holding firm at the median house price levels. While Valparaiso's median house price dropped slightly from $187,000 to $183,700 from 2008 to 2009, Porter County's median price was statistically unchanged at $168,000.
Sellers still need to show patience with the selling process and price right from the start, as Days on the Market are going up in all price ranges. The number of single family detached home sales in Porter County has dropped 18% to 998 units, while falling only 12% to 545 units in Valparaiso year-to-date.
There seems to be a little disconnect in desired home size, as active listings offer more square footage than the average sale. This may be supporting the downsizing trend that America seems to be in with the challenging economic times. Many buyers seem to be looking for nicely done homes with lower maintenance, utility, and tax bills as disposable income has decreased--and buyers in Northwest Indiana seem to be following that trend. However, part of this difference can be also attributed to longer days-on-market for larger homes in the higher price ranges.
Market trends continue to indicate that homes at and below median house price in Northwest Indiana are still selling relatively well, while those at higher price ranges continue to face slow demand.
As licensed REALTORS, we continue to remind you that listing and selling your home should be viewed by sellers as a beauty contest and price war. Data indicates that homes in the top 1/3 of condition and bottom 1/3 of price are the homes that are selling. Sellers should aim to be aggressive to capture the smaller pool of buyers available in today's market.
For more information on this and other real estate related topics, contact Matt Evans, Keller Williams Realty at 219-241-8401 or matt@themattevansteam.com
Value Homebuying 2009 Seminar at Valparaiso YMCA--Oct 13, 2009
Keller Williams Realty agents Matt Evans and Kimberly Genovese, along with various lenders are teaching a homebuyers class that will cover a variety of topics from buying foreclosed homes to getting the right loan package. There will also be a certified home appraiser onhand to discuss today's home values.
Value Homebuying 2009 will be held Tuesday, October 13, 2009 at 6:30pm at the Valparaiso YMCA located at 1201 Cumberland Crossing Drive.
This seminar is open to the public. There is no cost for the seminar, but RSVP is requested since refreshments will be served. Door prizes will be awarded. Sponsors include Meridian Title, Lakeshore Mortgage Group, and Cornerstone Mortgage Advisors. Topics covered will include buying foreclosed homes, HUD homes, short sales, and buying at the "bottom" of the market. Discussion will also include the soon expiring $8,000 tax credit, 2009 home values, and other grant programs like special FHA and USDA rural financing. Several "Did you know?" facts will be presented.
Value Homebuying 2009 will be an open panel discussion with Q&A, for a very informal and interactive environment. Lending professionals Sabrina Gettler from Cornerstone Mortgage and Harvey Peddle from Lakeshore Mortgage will join Matt and Kimberly in the seminar panel.
Value Homebuying 2009 builds on the proven business methods of Keller Williams Realty, a company that just received the prestigious JD Power award for being rated #1 in nationally in homebuyer satisfaction. The panelists invite expired listings and for-sale-by-owner home sellers to the event as well, as they might learn about the opportunities and challenges in today's home marketplace.
To learn more about this seminar and to RSVP, call Matt Evans at 219-241-8401 or e-mail matt@themattevansteam.com. www.themattevansteam.com
Fort Collins Home Sales--Hearthfire is HOT
OK, well maybe not scorching hot--but things are moving finally!
Hearthfire, a neighborhood located on the near northside of Fort Collins, has seen mid-priced homes go under contract and close. Three short sales have been successfully closed by Matt Evans and David Timm of Keller Williams. Most of these homes were priced in the $400,000 to $550,000 price range. Another two story home sold as a pocket listing.
Local builder Al Kulenski was extremely pleased with Matt and David, since he avoided foreclosure on homes located on Bateleur and Hearthfire Drive. Matt Evans reports that First National Bank was extremely easy to work with, as the home at 3532 Hearthfire closed within 20 days after going under contract.
Northern Colorado continues to be a beacon for relocation, recently winning more awards as the best place to live and the best place to enjoy a quickly rebounding economy in the years ahead. With the wonderful climate and good supply of homes, relocation buyers from all over the country are having some luck picking up good deals above $350,000.
As of August 27, 2009, Hearthfire currently has 13 lot listings and 11 homes listed in the MLS known as IRES. Home prices range from roughly $350,000 to $1,700,000. There are also at least 2 for sale by owner homes. Home supply is down from as many as 17 inventory listings this winter. Higher priced homes are not moving as well, but these mid-price levels have seen some success. No lots have sold this year, but 7 homes have sold ranging in price from $285,000 to $599,000. Median selling price is currently $499,000 year to date.
Hearthfire offers larger lots and a more rural setting minutes from Old Town Fort Collins. Great views of the Rocky Mountains and some lakefront homes are available.
For more information on this real estate topic, or to search homes anywhere in Northern Colorado and Fort Collins, go to www.mattevansrealestate.com. Contact Matt Evans or David Timm for more statistics on the Hearthfire and Fort Collins wide markets.
Matt Evans
Broker Associate, MSM
Keller Williams Realty
970-215-9221
Map Search all MLS listings and my listings at
Pictures Tell A Thousand Words: Seasonally Marketing Your Listing
You are working through the MLS with a buyer client. It's August 31st. Hot temps outside. AC working inside. All of a sudden--there it is. That unappreciated home listing. Sure, you'll be thinking skiing in two or three months, but by the looks of it, they've got more than enough snow just blocks from the real estate office at this old listing! HOLY COW. Has the listing agent even checked this MLS listing in months?
A caring listing agent certainly cringes at the sight of such a breach of duty. Please, colleagues, let's get it right and keep our listing photographs seasonally adjusted. If it stopped snowing months ago, and your pictures still reflect the winter, please get out and take new photos. And take good photographs, one that show the true beauty of the home at hand, with the proper lighting and staging. Otherwise, we should hire it done!
With over 85% of home searches starting online, let's put our best foot forward to the world-wide web. Our clients really rely on our performance, as they are selling the largest investment in their lives.
Well, spring is finally coming to Colorado. Time to get out and shoot some new pics!
Have a great spring. Best regards, All!
--Matt Evans, Keller Williams Realty, Northern Colorado and Northwest Indiana www.mattevansrealestate.com
Short Sales (Short Pay): A "Win-Win" Alternative to Foreclosure?
When foreclosure is looming for a homeowner, the short sale can be a creative solution. Simply put, a short sale occurs when a lienholder or lienholders agree to take a lower payoff than the principal owed to them. The short-sale scenario may be caused by excess fees and late charges that have been levied, closing costs and commissions due, back taxes, 2nd and 3rd mortgages, or even 100% interest only mortgages granted just before declining market values hit the U.S. home market. The bottom line is there is no longer enough equity in the home for a traditional sale where seller either breaks even or received proceeds from closing, after all costs and lienholder charges have been paid.
Per Colorado legal counsel John Goodman (www.frascona.com), here are some basic requirements that should be present for a short sale to be possible:
1. Seller should have a low remaining asset base and weak family support to avoid a settlement judgement.
2. Seller's loan must be in default.
3. Need a contract with contingency in the contract stating lender approval(s) required, and in Colorado a commission short payoff addendum.
4. Buyer must be patient, as it normally takes 2-3 months to get the lienholder(s) approval.
5. Want a seller that has moved out of property, or that has a compelling reason to move.
All Sellers in a short sale position are advised to seek legal counsel and financial advice from a CPA. While the broker or agent can bring an offer to purchase to the lienholders, either themselves or through a third-party negotiator, and can provide estimated payoffs with the title company, the broker or agent is neither your attorney nor your CPA. The decision to take the short pay ultimately goes to the homeowner, who should receive disclosures on short sale ramifications and the process, and should be counseled until the deal closes. From a short sale, there may be tax consequences to the Seller, or even continued indebtedness unless otherwise negotiated with the lienholders, so counseling is necessary.
Brokers should be careful to maintain the proper relationship with each party involved in the transaction, so as not to overstep their duties. The recommendation of legal counsel to the Selling party should be a primary directive from the Broker. And the use of an experienced third-party negotiator, or referring broker with experience is also highly recommended. Time is of the essence, and those with experience know the process of the short sale, and have the lienholder contacts and relationships necessary.
Why is this a possible win-win situation for Seller and Lender? The Seller may indeed end up in better credit condition without the foreclosure showing up on future lending applications. And the Lender most likely will end up with more proceeds from a short sale than a foreclosure, given that many foreclosure situations may garner only 70% of the market value, as buyers of bank owned (REO) properties expect a "great deal" well below market value. As a foreclosure, the property has somewhat been devalued to prospective buyers, as the property is usually winterized and cleared of all appliances, and oftentimes even lighting fixtures are even removed, putting the property in an "as-is" sale condition.
Matt Evans is a Broker Associate at Keller Williams Realty. Matt is licensed in both Colorado and Indiana, focused on the Northern Colorado and Northwest Indiana markets. Matt Evans may be reached at 970-215-9221 or www.mattevansrealestate.com.
Short Sale Opportunity in Fort Collins, Colorado
In Northern Colorado, while the amount of foreclosures has slowed for the time, the amount of short sale opportunities is rising, especially in newer neighborhoods less than 10 years old. We are also seeing some good opportunity in investment properties with 4+ bedrooms near the CSU campus.
As a buyer or seller, please understand that the short sale approval process requires patience. With some banks today, it can take nearly 60 days or more to get the bank to signoff. Even REO properties can take time for approval, as the offer sometimes must go thru the higher channels of the bank. Local banks sometimes can approve things more quickly.
A few of the properties we have listed in short sale position are 3402 Apiatan and 1102 Bateleur in the Hearthfire Subdivision in North Fort Collins. The homes are builder's homes, with outstanding finish in Colorado contemporary style. We have also seen great deals come thru in Ptarmigan, Clydesdale Park, Eagle Ranch, Taft Canyon, Richards Lake, Parkwood, Dellwood, Old Town, South College Heights, Harvest Park, and more. Some of the best deals will be found in those looking to purchase in the $400,00 to $1,000,000 range, where builders have oversupplied, and resale is extremely competitive and price sensitive.
Call Matt Evans at 970-215-9221 to schedule an appointment. Or checkout www.mattevansrealestate.com for more information. We'll take excellent care of you.
New Homes Under $220,000--Old Town North Fort Collins--Allegro Cottages
Want to walk and ride your bike to old town or along the Poudre River trail? The team at Keller Williams Realty Northern Colorado is proud to announce the signing of a listing for Allegro Cottages in Old Town North. These simple and efficient homes will give the homebuyer a chance to buy a new home with ease. The homes will be built to order, where the choices are very simple. Buyers make a few color choices, but the design of the home is ready to go. At nearly 2,000 square feet with today's amenities, the price per foot is very affordable when compared to other old town homes! The homes are either 2 or three bedrooms with 3 baths, and have an unfinished basement. Four home plans. One price. It's that simple.
Construction is expected to take just 3 1/2 months from your order date. And, competitive loans thru an approved lender specializing in construction to permanent loans are offered to every buyer so even the process is simple. So meet with our team today to understand this great opportunity. Call listing agent Matt Evans at 970-215-9221 today. We'll have all the details and the website up and running soon, so stay tuned on Allegro Cottages.
