Real Estate

New Mortgage Loan Limits

The FHA, Fannie Mae and Freddie Mac all released their new loan limits for 2017 this week.  FHA, which insures mortgage loans with down payments of just 3.5%, increased the maximum loan they will insure from $299,000 to 308,200.  That will definitely help a good number of central Indiana buyers and sellers.  Fannie and Freddie increased their max loan limit from $417,000 to $424,100.  There will be a few local buyers that will find Kthat of benefit.  (Those numbers are quite a stretch from back when I bought my first house and the max loan was just $33,000!)

I spent 17 years doing mortgages, helping 3000+ home owners to buy or refinance their home mortgages.  And I still have a lot of really great contacts.  If I can put you in touch with someone who can help you improve your financial future, just say the word!

“I work harder to  make good things happen!

Are home prices being discounted?

Local properties sold last month at 94.4% of their ORIGINAL asking price, and at 97.7% of their FINAL asking price (ie. a selling price of $94,400 on a property listed at 100k).  That means that many sellers reduced their asking price at least once.  The numbers were a pullback from the April-June seasonal peak, when competition is the hottest and prices don’t get reduced as much.  The 94.4% was the highest for any October in the past decade, reflecting the tight inventory conditions we’re currently experiencing.  Want your money to work for you?  EZ- call me.  I work harder to make good things happen!       

House Sales Holding Strong

MIBOR just released sales figures for the month of October, showing that house sales in central Indiana are holding strong.  2844 houses sold during the month, up 6% from a year ago.  New listings were down 5%, with the combination pushing the median average price to $153,000 (or 8% more than a year ago).  The Realtor association commented, “As older Americans start to retire and downsize, single family listings will rise, giving us that inventory boost that has been Klong awaited.”  I gotta’ admit, I wouldn’t mind seeing a few more properties on the menu!

Looking to buy or sell in this market, ask me how to make the best deal!  ‘Nuff said!!