Indianapolis Real Estate(Mibor) Market Stats for Jan 1 to Oct 1.

Lee’s Notes: Yeah, october is almost over, and I’m just adding the indianapolis real estate market statistics for January to September… I BEEN BUSY!!!!! hehe My family does Sunday dinners together(it’s a new thing, but we are enjoying it). My sister told me she talked to one of her Realtor buddies, and he had stated that September was just flippin AWESOME for selling houses… The stats don’t show it… July was better for number of homes sold in one month. Average price for a sold home is down compared to August, but number of homes sold is up compared to august. Overall we are down about 4.5% for average sale price and down about 14.5% in number of homes sold…

Current number of homes active on the market is 21369, which is down compared to 22103 on August 1st. So we arent adding a ton of homes to the market…

1-Jan	to	1-Oct
	# Sold	Avg # Sold	Avg Price	Avg % Price	Days On Market
2005	26451		$152,006.00		81
2006	27111	102.50%	$153,029.00	100.67%	84
2007	25889	95.49%	$150,085.00	98.08%	90
2008	22122	85.45%	$143,333.00	95.50%	96
1-Jan	to	1-Sep
	# Sold	Avg # Sold	Avg Price	Avg % Price	Days On Market
2005	23466		$151,938.00		82
2006	24426	104.09%	$153,097.00	100.76%	84
2007	23361	95.64%	$150,664.00	98.41%	89
2008	19289	82.57%	$144,808.00	96.11%	97
1-Jan	to	1-Aug
	# Sold	Avg # Sold	Avg Price	Avg % Price	Days On Market
2005	19949		$150,919.00		81
2006	20899	104.76%	$153,353.00	101.61%	84
2007	20315	97.21%	$150,588.00	98.20%	89
2008	16692	82.17%	$143,433.00	95.25%	98

Fannie Mae makes me laugh.

So I write something like 15-20 offers a week on properties for investors.. Of which we get 2-3 per month under contract… Most of my offers are foreclosures or REO properties. It never ceases to amaze me how stupid their “restrictions” are, or the things that will show up on counter offers.

All of the stuff is ALWAYS in the banks favor. If you need to postpone closing, they charge you $100 p/day, but if they need to postpone closing, they owe you nothing. They wont pay any title fees that a normal seller would. They wont pay for remediation if wood destroying insects are found. Lots of goofy stuff like that.

Anyways, I got a counter yesterday and although I shouldn’t be surprised, it did make me laugh…

Fannie Mae does suck SUCH a good job at running their own business, now they are going to tell me how to run mine?!?

Below is the restriction they put on a counter offer I received this morning.

6) Deed restriction applies to non-owner occupied purchases. Buyer is restricted from selling/encumbering property for more than 120% of purchase price for a period of 3 months from date of close.

hahaha How the heck do they expect to enforce this?  The house in question has EXTENSIVE damage and will require EXTENSIVE cash to fix.. and yet if we go with the letter of the law here.. even though I may put 3 TIMES the amount of money into repairing the house that I purchased the house for.. I can’t sell it for 3 months.. hahaha So my offer on the house in question was $8000. It needs probably $30,000 in repairs. Yet, If I want to sell it in under 90 days, i cant ask for more than $9600?!?!? yeah.. whatever…

When you really look at the facts though.. It really is a non-issue because the house needs so much work, and in this market doing the repairs needed and “selling” it in 3 months would be like winning the lottery, but the audacity for them to tell me how i can run my own business?!?! hahaha

As a matter of principle I will counter and tell them to stick that restriction where the sun don’t shine.. Well, I won’t use those exact words, but you get my point…

A clean explanation of the subprime mortgage melt down!

A lot of people have probably seen the stick figure version of the meltdown explanation.. Lots of vulgarities, but a good explanation in its’ own right… I finally found a clean version which I can share with you, my dear readers…

Paddy Hirsch from Public Radio’s “Market Place” explains the meltdown, or more specifically how the CDO’s(Collateralized Debt Obligations) caused a lot of this problem…

Crisis explainer: Uncorking CDOs from Marketplace on Vimeo.

I found this other one from Paddy, and it is also a good primer for those not in the know… Interesting stuff!

The credit crisis as Antarctic expedition from Marketplace on Vimeo.

Website for Indianapolis Crime Statistics by Address.

So with the Marion County Property Tax Sale right around the corner(October 16-18), I am starting to get calls from people looking to offload properties and not send them to auction…

Received a call about a couple of properties, and I went to check them out and am okay with the price so I figured I would do the deal… I called my handyman, and asked him to go take a look before I inked the deal, and he told me.. “Don’t have to go look at them, I’ll tell you right now not to buy them!” haha He used a lot of derogatory terms that had me laughing with him about the people in the neighborhood and the fact that this area has one of the highest crime rates in the city…

Needless to say I went digging just to confirm his opinion.. Not that I don’t trust him, I just wanted to see how bad it could get!!!  It’s pretty bad, so i am debating if i want to buy and sell them or not.

Click here for a link where you can put in an address and see crimes within quarter mile in the past 90 days.