Real Estate Information Archive


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West Carmel: 3rd Quarter 2009

by O'Neil & Company Realtors

The average time a sold home stays on the market has dropped by 25% since the first quarter of the year. Carmel's inventory is shrinking and prices are holding relativel steady. I expect this trend to cintinue through 2010. Two things to watch out for: Extension of the First-time Homebuyer Credit and Interest rates. Both catalysts have the ability to significantly impact the market's direction. ~ Jason O'Neil

How Much Have Prices Really Declined?

by O'Neil & Company Realtors

Good Monday Morning! Our Fall weather seems to have arrived as the leaves are starting to change and the mornings are becoming increasingly more brisk. Sales are up substantially over what we've seen in the past few weeks: Hamilton County had 78 homes go under contract and Marion County saw 218 homes go under contract for the week ending 9/25.

The Metropolitan Indianapolis Board of Realtors has released the August numbers and on the surface they they don't look too good, but we are trending in the right direction. The numbers that are often released are exceptionally broad in measure. When valuing real estate trends it is critical to look locally as all real estate is local in nature. The chart below breaks down the numbers by city as well as county. For an accurate valuation of your home, please CLICK HERE.

Still no word on extending the $8,000 home buyer tax credit. If you know someone looking to get this credit, I urge you to act now. The system will get log jammed at the end of November if measures are not taken to extend the credit. A delay in closing could be very costly. 

Have a great week!

Pending Home Sales on the rise

by O'Neil & Company Realtors

The following is an AP article posted on Thursday talking about the pending home sales on the rise nationally. This is a seven month trend. We see this trend falling tailing off as much of the "increase" in sales is seasonally based. 

WASHINGTON - Aspiring homebuyers rushed to take advantage of a tax credit for first-time owners that expires in November, driving up the number of signed sales contracts for the seventh straight month in August.

Construction spending also rose unexpectedly in August on the biggest jump in housing activity in nearly 16 years, another sign the real estate market is recovering from its four-year slump, data Thursday showed.

Sales and homebuilding are being fueled by a tax-credit of up to $8,000, low mortgage rates and cheap foreclosures. In some of the most hard-hit areas, like Phoenix and Las Vegas, there are bidding wars for deeply discounted properties. And in all but a few cities, home prices are slowly starting to rise, reversing their three-year descent.

To make sure first-time buyers can complete their purchases by the Nov. 30 deadline, real estate agents "have been pushing buyers to sign a contract at least a couple months in advance" according to Abiel Reinhart, an economist with JPMorgan Chase.

More than a dozen bills have been introduced in Congress to extend the credit, but it's unclear if lawmakers want to continue to subsidize the market.

The National Association of Realtors said Thursday its index of sales agreements rose 6.4 percent from July to 103.8, beating forecasts. It was the highest since March 2007 and 12 percent above a year ago. Economists surveyed by Thomson Reuters expected the index would rise to 98.6.

Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer of future sales. However, new rules for home appraisals and rigid lending standards have scuttled many sales agreements recently. In addition, the index may also double-count some buyers who agree to purchase other homes after the first deal falls through.

These factors have made the index a less reliable gauge for completed sales. Despite a steady increase in the number of signed contracts this summer, for example, completed sales actually took an unexpected 2.7 percent dip in August.

"Perhaps the real question is how many transactions are being delayed in the pipeline, and how many are being canceled," Lawrence Yun, the Realtors' chief economist, said in a statement. "Without historic precedents, it's challenging to assess."

Pending sales were up 16 percent in the West and 8 percent in the Northeast. They were up 3 percent in the Midwest and nearly 1 percent in the South.

Home prices, meanwhile rose 1.2 percent from June to July, according to the Standard & Poor's/Case-Shiller home price index of 20 major cities. On a seasonally adjusted basis, prices rose in all but three metro areas, Las Vegas, Detroit, and Seattle.

Housing experts, however, remain divided on whether the price gains signal a definite bottom to the worst housing downturn in decades or just a brief respite from plummeting prices.

Displaying blog entries 1-3 of 3

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O'Neil & Company
Encore Sotheby's International Realty
12411 N Pennsylvania St., Suite 300
Carmel IN 46032
Fax: 317.660.4574



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