First floor master in this stylish & upgraded town home - the largest flrpln in community. Boasting enclosed sunroom, 3bedrooms, 3full baths, & and office on the main floor just off the living area. Upgrades abound w/extensive wood laminate flooring on the main floor, custom blinds throughout, gas fireplace, laundry room, & added storage. Full 2 car attached garage, backs up to a pond, w/shopping & dining just a short walk away.  Loaded with upgrades!

Families in the market for a house are shopping at the right time: Nationally, homes are near the most affordable they've been in 18 years. In the fourth quarter of 2009 housing was 62.4% more affordable than the same time a year earlier, according to the Housing Opportunity Index, published quarterly by the National Association of Home Builders and Wells Fargo.

In Depth: America's Best Housing Markets
The best place to buy right now: Pittsburgh. For a housing market to be attractive it should have appreciating prices that show homeowners are making wise investments; an affordability rating that gives middle-class families with good credit entry into the market; and a relatively low number of foreclosures, which keeps prices stable and indicates there isn't an excess of inventory.

Pittsburgh has all three. In the metro area, 85% of homes are affordable to those making the median family income of $62,500. At the same time, foreclosures are low: Only one home is in foreclosure for every 120 housing units--the second-best record of all the cities we ranked; and home prices are expected to increase 2.67% by the end of the year.

Yes, the city has suffered greatly since the decline of its manufacturing-dependent economy. But that slump helped its real estate market dodge the rapid run-up in prices that doomed so many markets after the housing boom.

"Manufacturing cities like Pittsburgh have suffered so much for the last two, three, four years that there's still a population base in that region, and now those areas are sort of attractive," says James P. Gaines, research economist at the Real Estate Center at Texas A&M University. "Home prices are so low, some service-level jobs can be created, so it's not surprising perhaps that there's been a revitalization of some of those communities."

Behind the Numbers

To find the country's best housing markets, we used the Housing Opportunity Index, a metric created by the National Association of Home Builders and Wells Fargo that determines affordability by measuring median home prices against median incomes. Using the 40 largest housing Metropolitan Statistical Areas that the HOI ranks, we then factored in Moody's Economy.com's one-year forecast for the S&P/Case-Shiller Home Price Index, a measure of sales prices in major markets, to find out where home prices were expected to rise. Finally we included the 2009 Foreclosure report from RealtyTrac, ranking cities by their percentage of foreclosures. We averaged the rankings for all these measures to arrive at an overall score.

The reason for taking all these factors into account is that alone each doesn't say much about a housing market's health. An area could be affordable because prices were dragged down by a glut of foreclosures. Similarly, a low foreclosure rate doesn't guarantee that home-buying is a good investment, as values could be flat or falling. Even looking at home-price forecasts in a vacuum won't tell you everything about a market, since some areas have dramatic price increases ahead due to severe drops back when the bubble burst.

Like Pittsburgh, Columbus, Ohio, might not jump to mind as one of the country's best cities for housing, but job-rich suburbs surround the city and 87% of middle-income families can afford a home. That combination creates significant pull for homebuyers.

Also looking strong is Louisville, Ky., a city whose low foreclosure rate--only 1.15% of homes are in foreclosure, half the national average--illuminates it as one of the cities least affected by this aspect of the dramatic housing market collapse of the past three years. Louisville had less of a market boom than coastal cities and vacation destinations, so it didn't have as far to fall.

Jobs Stability Equals Housing Stability

Strong industries have bolstered some of the cities on our list: The energy sector has kept jobs flowing into Texas oil town Houston, and that effect trickles into Dallas and Austin (which is also buoyed by technology jobs). A good job market means the housing outlook will stay strong. Houston home prices are expected to rise 1.2% by next year; it's one of only four of the markets we ranked where prices won't continue to slide, according to Moody's Economy.com.

Midwestern cities Indianapolis, Minneapolis and St. Louis make our list in spite of middling home-price forecasts because housing in these places is eminently affordable. Indianapolis has the highest HOI in the country, with decent housing accessible to 96% of families making the median income. In places like this the recession has weighed down home prices, but mortgage rates are still at historic lows, giving families a chance to get in on the ground floor.

Some markets are accessible to buyers because of a price slide now, yet still offer wise investment choices. In Minneapolis-St. Paul, which is ranked seventh in HOI, prices will continue to slide this year by three-quarters of a percent; but by 2012 they will have risen 2.82%.

Most real estate markets are struggling, some quite severely, so discussing the best ones is relative. But between the even-keeled housing climate of some Midwestern cities and the job opportunities in Texas, real estate in these areas is worth keeping an eye on.

America's Top 5 Housing Markets

1. Pittsburgh, Pa.
1-year Home Price Forecast: 0.03
Housing Opportunity Index: 85.1
% of Housing Units in Foreclosure: 0.83

2. Louisville-Jefferson County, Ky.-Ind.
One-year Home Price Forecast: -0.01
Housing Opportunity Index: 84.3
% of Housing Units in Foreclosure: 1.15

3. Houston-Sugar Land-Baytown, Texas
One-year Home Price Forecast: 0.01
Housing Opportunity Index: 73.2
% of Housing Units in Foreclosure: 1.3

4. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
One-year Home Price Forecast: -0.01
Housing Opportunity Index: 84.9
% of Housing Units in Foreclosure: 2.2

5. Indianapolis-Carmel, Ind.
One-year Home Price Forecast: -0.02
Housing Opportunity Index: 95.7
% of Housing Units in Foreclosure: 2.47

Click here to see the full list of America's Best Housing Markets

By: Francesca Levy, Forbes.com

Don't you deserve a home that mirrors your achievements?  This brick home on the 9th fairway of the Championship Pete Dye Course combines architecture & craftmanship in a home that whispers "success" with its high ceilings, walls of glass & gleaming hardwood, this spacious home provides unparalleled views of the course.  You'll love the short walk to the club & the impeccably maintained grounds.

One of the better buys you will make in your life!  No better Carmel location than this Main level, 2 bedroom and 2 full bath Condos in City Center.  Condo comes fully equipped with Hardwoods, Granite, Upgraded Carpet, Stainless Steel Kitchen Aid appliances, 2 Heated Garage Spaces and Much More.  Don't let this opportunity pass you by!

Home has tons of upgrades! Almost 4,700 sqft of living space! Unique 2 story entry with marble floor and columns. Impressive gourmet kitchen with granite counters, marble flrs, center island with breakfast bar and separate nook. Kitchen opens to spacious family room with vaulted ceiling & all marble fireplace. Main floor den. Huge bonus room on 2nd floor could be used as office/play. Finished lower level is great for entertaining with wet bar, rec area & full bath. Nicely landscapped backyard.

3 Br, 2 bath move in condition ranch on park-like grounds in Bay Creek.  This open floor plan features a huge great room with fireplace, formal and intimate dining areas, large breakfast deck, walk in closets and a kitchen to surpass your dreams.  Many extras including oversized deck with outdoor speakers; surround sound in great room, decked attic, heated garage and professionally landscaped yard.  The house is located approximately 1.5 miles from Geist Reservoir.

A wonderful 4 bedroom, 3.5 bath, 2 story home, finished basement with full bath. This home has been extensively updated and professionally decorated inside and out. Remodeled kitchen, cherry cabinets, pantry/new appliances, all bathrooms remodeled. New tile, carpet, fresh paint throughout, masonry fireplace, built-in bookcase, crown throughout, 6 panel doors. Oversized lot with new landscaping, patio with pergola. A great home for family and entertaining. Walk to golf course, pool, and shopping.

Stunning water views in Carmel! Coulda-Woulda-Shoulda is what you will be telling yourself if you miss this GEM. Lake Woodland is the location of this awesome ranch w/basement and 3FullBath. Main level with hand scraped hardwoods, kitchen, dining rm, great rm, sun rm and 4 bedrooms.  Lower level offers bonus room and full bath.  DON'T LET THIS ONE GET AWAY!

Home Sales in Hamilton and Marion Counties were up 19% in the fourth quarter 2009 compared with the fourth quarter 2008. In fact, the fourth quarter of 2009 was the strongest since 2006! The brightest spot was Carmel, where sales were up 41% during that time period. 

Though we are Realtors with Sotheby's Realty in Indianapolis we have contacts with top producing realtors across the country. If we don't personally know someone, we will search every major real estate brokerage on your behalf to find the most qualified agent to meet your buying or selling needs. The agents will be interviewed and evaluated based on:

• Production 
• Education/Certifications 
• Marketing 
• Agent and Client References  

We offer this service free of charge, if you have a friend or family member who is in need of the best real estate service in their area, email us HERE or reply to this note. We can generally track down the right person within 24 hours.

Know of someone buying or selling a home ANYWHERE? Click Here and we will help!

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WALK TO DINNER, from this Carmel townhome! Popular 'Lexington C' Townhome with 3 living levels (2232 sq ft) 3 bedrooms, garden bath & shower in master. Awesome kitchen w/center island, gas O/range, walkout balcony and ceramic tile. This townhomes offers tons of space! Special amenities include a pool, fitness center, billiards, cyber cafe, movie theater, bark park and walking trails.

WALK TO DINNER, from this Carmel townhome! Popular 'Lexington C' Townhome with 3 living levels (2232 sq ft) 3 bedrooms, garden bath & shower in master. Awesome kitchen w/center island, gas O/range, walkout balcony and ceramic tile. This townhomes offers tons of space! Special amenities include a pool, fitness center, billiards, cyber cafe, movie theater, bark park and walking trails.

As of January 4, 2010 we have joined Encore Sotheby’s International Realty as Founding Members. This change, while substantial, requires no action on your part other than understanding the benefits to you while buying and selling real estate on the Northside of Indianapolis.

Founded in the mid 1700’s, Sotheby’s has a long-standing reputation of outstanding knowledge, service and the ability to sell hard to sell items. It is exciting to be a part of such a grand opening as it unfolds in our city.

Sotheby’s perspective compliments the ideals our business was built on. They understand that uniting people with properties is more of an art than a science and are committed to discovering the distinction in all homes. Their commitment to providing unrivaled service and a refined experience matches our own and will allow us to help you achieve your dreams while remaining a connoisseur of life

We are certain our association with Sotheby’s will be mutually beneficial. As always, if there is anything we can do for you, your family or your friends, please call our email. 

"IMMACULATE" Fully Loaded Townhome in Carmel! Fabulous upgrades! Enjoy maintenance free living at its finest in this stylish 3 bedroom TH w/over 1840SqFt. Gourmet KIT w/upgraded cab, Granite countertops, Stainless Appl, Cntr Island, Brkfst Bar, balcony that overlooks Courtyard & Tile Floors. LVRM just off the dining area offers HrdwdFl, SurroundSound, wall of glass and balcony. Spacious MSTR STE offers WIC and luxurious bath. LowerLvl w/BonusRm and custom Built-ins. Don't let this one get away!

What a year it's been. Thank you for following us as we update you weekly of Northside Indianapolis' real estate progress, and sometimes lack thereof. All in all, this year was not nearly as bad as predicted. Plan on more of the same during 2010, the key indicator is going to be interest rates, if they continue to stay at their levels, the market should remain robust, but if they tick up as expected, it could call for a slow down in sales.

As 36 homes went under contract in Hamilton County and 91 in Marion County during the holiday week, we thought you'd like to see a brief recap of 2009 by the numbers:

As always, we enjoy being your source for information and if there is anything at all we can do for you, your family or your friends, please let us know.

From Jay, Jason and Ryan

Welcome 2010!

NAR Issue Brief Homebuyer Tax Credit

National Association of REALTORS^® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001