I have to admit, the Delaware County area over the past 40 years has NOT seen a lot of new developments-(Yorktown area being the exception). Muncie proper has seen even less since the 50′s. Our area has traditionally seen slow and steady decline in housing requirements since the gradual exit of manufacturing from the boom of the early 1900′s. Since new construction has been limited, most of the baby boomer population has never really considered a new home. (unlike the larger metro areas like Indy)
Because of this, our local new construction choices have been very limited and even hard to find. The area has a a few “pick-up truck” style builders and of course TK Constructors, located in Yorktown. Many of the smaller builders really didn’t advertise much and were busy as they wanted to be. TK Constructors appears to have had much success and currently they have a very large development and model center in the Cammack area. TK has became a huge midwest building company, building in Indiana and surrounding states. Another local builder, Bookout Builders has been very successful in our area, building homes and Condos and developing over the past several years.
Recently, Ideal Suburban Homes Inc., from northern Indiana also has entered our scene. We (the ORR Homeselling Team) are very proud of the homes they build and are very happy to represent their quality! Ideal Suburban Homes has been building homes for over 5o years! Currently they are building in 5 area subdivisions, and will build on your lot, or of course we will help you locate a site.
My son and daughter in-law are very much enjoying a new home which Ideal Suburban Homes built in 2007 located in Emerald Pointe–Muncie’s newest subdivision!
Top 10 reasons to build New Construction: (please feel free to add more ) : )
1-Pick your FLOORPLAN, OPTIONS, COLORS AND LOCATION!!! (The house you want, where you want it!)
2-Much lower maintenance costs—you have only minor costs for the first 5 to 20 years! (PEACE OF MIND)
3-You will give you and your family much more relax time, since you rarely have to work on the house!
4-Energy savings is tremendous with new construction! Energy Star rated homes can save AS MUCH AS 50% over existing!
5-Complete WARRANTY from most builders- Huge advantage!! (Check your builder’s warranty before you begin)!
6-Property Tax Savings!, 1 – 2 year delay & some 3 year tax abatements! Also IN stopped the new construction penalty when we moved to market value assessments!
7-Smart design-floorplans are much better than most existing homes. BETTER LIFESTYLE.Latest technology-entertainment systems, security systems, convenience items can be easily installed!
8-You only pay for decorating once….many times you buy an existing home, and then tear out and remodel! Also, if you have a special need, such as a huge dining area, or Master bedroom-easy to modify with no problem!
9-RESALE ADVANTAGE-appeal of newer home will last much longer!
10-INVESTMENT ADVANTAGE-if you build in a new subdivision-your neighbors houses are new too, helping to retain value!
– I forgot-only can have 10! LOL Building a new home is really FUN when you build with a great builder!!!
If you like the advantages you are seeing, and want to discuss the new construction option, please call us for an appointment or visit our model homes on Wednesday 3:30 to 5:30 and Sunday 2:00 to 4:00! (check the Sunday paper or Homes & Lifestyles for directions) We would love to show you the advantages of building with Ideal Suburban Homes! They offer a TURNKEY price COMPLETE before you begin construction! Many floor-plans and models are available for you to see! You will also be amazed at the quality and pricing!
For more info., please visit their website: www.ideal-builders.com
A real estate team offers many advantages over the traditional agent. I actually started the first “recent time” real estate team in 1994 at Re/Max with Rodney Rouch as my first teammate. We added an administrator, Brenda Cross and a “buyers agent”, Melanie Greiner and closed 123 sides in 1995! (3rd in the state for Re/Max that year) We were happy with the Team Concept and still very proud of that feat. The team concept opened the doors for a traditional Real Estate company named Eagle Real Estate Inc.
Many years later, we are back to selling only and have a really nice and enjoyable “family team” of agents! Year to date in 2009 we have closed 92 sides and have a sales goal of 140 sides! (it is now Oct. 1, 2009-time is crunching to catch the 140–maybe 7 sides pending. We actually need to make the sales by Nov. 30 to have a chance to close by the end of the year! (Hey why not give us a call us now! We can help each other!) Oh sorry, got a little carried away…. LOL!
I believe a team concept increases the opportunity to have a good experience. especially when the market gets really busy. An organized team gives their sellers increased marketing opportunities and the all clients (buyers and sellers) much more timely service. With all of the technology vehicles available, a TEAM CONCEPT REALTOR will allow the use of this technology….a one person agent does not typically devote as much time to these advantages.
A traditional real estate agent wears many hats. The truth is, those many hats require many different skills and talents. A team will bring those necessary skills to the table. Also, when the market heats up, many of the tasks that need to occur….sometimes get delayed because one agent cannot do everything….Sales has to be priority one, always!
A team concept Real Estate agent usually costs NO MORE than a traditional agent, because typically the sales volume will increase dramatically if operating properly. Our team consists of 4 to 5 people currently. Each of us has specific daily duties of course. The ORR Homeselling Team receives a “task manager” email every day at 8 AM that spells out what each client’s action plan requires for the day.
Since selling Real Estate changes every day, a team can flex easier than an individual. We have to meet many clients demands-scheduling showings when the client is available etc. Our team shares ALL COMMISSIONS so everyone is like-minded when it comes to serving the client. I have attempted real estate as an individual over many years, but I have learned that organizers and administrators are vital to success!
One last point, if you decide to work with a team, the odds increase that you have located an agent (and team) that is successful in real estate sales. There are many GREAT “one person” agents out there, but when given a choice of who to work with, it only makes sense to at least consider a team.
With a team, you will have to get used to being cared for by more than one person, but once you understand and enjoy the advantages of it….it seems to work perfect for everyone involved!
Please give us a call or email to try TEAM SELLING for your next Real Estate Goal!
I can only imagine as a buyer what I would do in this market (if I wasn’t a real estate professional) with all the noise from the TV and Newspaper, my relatives, and friends….. Who do you trust?
First of all, (I am probably going to get into trouble from someone, somewhere-so what, I have seen plenty of trouble) I don’t think anyone on earth (besides GOD, who is IN CONTROL) knows for sure exactly what is going on with the world economy.
I believe that the United States is currently in a humbled state because of our recklessness in our spending and lack of saving. This humbling has had a drastic effect on our households, local, state and federal governments, small and large businesses and financial institutions. I believe that with the extent of people and organizations affected, most of us will avoid the same mistakes again. Long term, our economy will grow again, but probably more stable and steady growth.
Of course, I am no economist and I have no credentials to even have an opinion. I have seen a new attitude in people and government and business. We are seeing many signs of recovery, and of course, many people are concerned with their own instabilities and rumors of their jobs.
We enjoyed a 30 year run of continual increase! Nearly everyone I know has so much wealth, we just took it for granted and stopped saving and our pleasure was buying the “next thing for the kids” or ourselves. Most families today rely on “2 incomes” because of our debt and runaway spending. I believe most of us have learned our lesson and are back on track to recovery and responsibility.
There are many good things going on now! Families are enjoying “at home” activities more and we appreciate what we have more than ever. Housing costs have decreased in our area, and many people are buying homes at a fraction of what they were, leaving more disposable income. With the large availability of affordable housing, the area seems ripe for employers to rush in and start companies here. The wage scale can be much less here and employees can live just fine here with lesser income….it will be interesting to see what comes into town.
I personally believe that if you need housing in this area, I think it is a wonderful time to purchase. The affordability index at a all time high! Even if the market drops a little more in the near future, you can stay where you are through the remaining bumps, and enjoy your home and great payment. If you are an investor, fantastic deals and cash flow possibilities are available, and renters are on the rise.
With all that said, you are looking for the answer to the question! I want to preface this by telling you that my spending might be different than yours. I am just using this forum to leave you something to think about.
I believe that the really great properties are still difficult to find and if you are looking for a specific location, specific school district or specific features…..when you find it, make sure that you put the features that you love into the formula. If the property is close to what you have been looking for, look at the market at your second and third choice. Do the 2nd and 3rd choices satisfy your specifics also? If you would be happy with the other house, you can be a little more aggressive with the offer on the property. If there is nothing else that works, be careful….don’t let the house slip away over a few thousand or worse yet….10 or 20 dollars per month!
What I have found over the past 21 years in every market is that these “jewels” are always rare, and they typically will hold their value better than their counterparts. Also, if you are looking at an ugly home with great bones (good room sizes, location, and mostly cosmetic upgrades), know that with a 203K rehab loan from FHA, you can easily fix the cosmetics, and decorate to your liking……and probably a better deal than the house that shows perfect. However, remember building materials and labor are expensive and many times the finished product might take more effort than expected-especially if you have to find the time and money to do the work.
I usually pull the listing agent’s past SOLD activity and show my buyers the original list price, and sold price difference on the listing agent’s prior SOLD activity for the past 12 months. This will show a trend of the listing agent’s list to sale ratio. It is not foolproof, because each seller has their own motivation-but most sellers will listen to the listing agent’s recommendations. I also like to know the reason for the sale if I can find out, because level of motivation to sell is a determining factor for most sellers. A vacant house, vs. occupied house, a foreclosure, a short sale home, a property that is controlled by Medicare all have different expectations. Different foreclosure lenders each have different expectations as well. A 30 day activity and a 12 month activity for your neighborhood should be reviewed at time of offer as well. (we call it a CMA)
Bottom line, I try to convey to my buyers that most of the time-ULTIMATELY the price will be determined by the buyer and who will own the property. I don’t have a crystal ball, but I watch for the jewels, and many times I see the best priced jewels bringing at or near list price….or in the event of “bring your highest and best offer” occasions which happens many times even in this market…..an overpriced offer typically will be necessary. If you can stay unattached to any property, you can make offers until you are able to catch a below market deal!
There are other methods to obtain a great deal on a property! Cash, AS-IS is a great way…but inspect before the offer of course….eliminate as many contingencies as possible, obtain your pre-approval from a reputable lender without conditions if possible, quick closings and extended possession times (or ask the Listing Agent what the seller needs).
I like to write an offer that the seller can sign without the need of a counteroffer. Be wise about the taxes, and annoying closing costs that can annoy a seller and force them to counter on every point, and while they are countering….might as well counter the price.
Other tidbits: Be courteous during showings by being on time, and make sure the house is left the way it was. Also, quick feedback is appreciated to the listing agent. Sometimes you can make an offer to the seller, thinking that they will counter any offer you make. I try to be polite and not hit the seller at the kneecaps if you have a sincere interest in buying the home. Sometimes a mid-modest offer is better than a very low offer. Sellers get emotional and lose objectivity sometimes, but it is important that the seller respect the buyer.
In summary, most of what is here is theory, (like economics) but if you are dealing with a seller that has a personal stake in the offer, be more thoughtful, because of emotions involved. A bank is less likely to take your low offer negatively. I would be aggressive with a very good offer if the property is priced right anyway. Your agent can complete a market analysis to know where the list price is. Know that if you delay your decision, you give other buyers and agents the opportunity to show and sell it before you decide….or a second or third offer comes in. It is common practice for banks to hold your offer, especially in the beginning of a listing or a new price reduction. Most banks will reduce every 30 days….so the end of the 30 days is typically a good time to try an offer.
Finally, I think it would be well for me to eliminate the myths when buying. The following statements are true.
1-A seller is NOT obligated to give the first offer preference. The seller may negotiate any way they see fit.
2-Sellers have the right to respond to the offer in many fashions and are NOT required to counter the offer.
3-Some buyers will make an aggressive over-priced offer knowing it is a great deal!
4-The listing agent has a responsibility to present any offer, and to reply timely-even if it is just to say…..we are holding the offer. The buyer basically has been refused, but eventually …they may receive a counter or acceptance if nothing comes better. (this is mostly for REO properties) The personal seller will generally reply with a counter or acceptance.
5-I like to send the low offer with a polite justification for the amount.
6-A good way to write an unreasonable offer and much frustration is to bring your parents in late in the process. Let your parents view all the houses so they will understand your conclusion. Sticker shock and unrealistic expectations will occur without the comparison shopping.
7-Some areas and price ranges will be affected differently. The NAR commercials stating that the national news cannot be listened to as accurate because real estate trends are LOCAL! Trust your agent and look at all the data!!
HAPPY HUNTING and NEGOTIATING!!! Good LUCK
These posts are a little too long…..I will attempt to give you the “short version” of the values of Buyer Agency!
Here is the short version:
“Make the connection with an “EXCLUSIVE BUYER”S AGENT” early in the process. No upfront fees are charged, and if you decide not to purchase-still no fees. It is a GREAT way to purchase to relieve pressure and to know that you have someone in “your corner”
……and now the long version…..here is more details as to why!
First of all, a buyer’s agent operates with the BUYER as the client, not the seller( the exception of this would be limited agency, when the agent has a prior client that is LISTED with him/her-to muddy the waters). Lets talk about limited agency in another post…..
Assuming that the buyer’s agent is completely representing the buyer, then the agent owes full 100% fiduciary to the buyer! This means that the buyer has the best of all worlds because the agent’s knowledge, negotiation, and experience will benefit the buyer!
The agent will operate with the buyer to help to locate, negotiate, inspect, and take the transaction to closing for NO ADDITIONAL cost than if the buyer was out wandering around from property to property without an exclusive agent.
The buyer has the option to have the agent only look at “listed property”, or there can be an agreement (we ask for it in writing-The ORR TEAM) that will request that the agent look at (“for sale by owners”, expired listings, auction property, or any other possibility) the whole spectrum of properties on behalf of the buyer. The written agreement states that “in the event a property is closed, the buyer will pay a fee-(typically 3.5%-5% or a minimum fee of $1,500) for representation. This fee is typically charged to the seller during negotiations, so no “out of pocket” monies are exchanged between the buyer and agent.
Another advantage for the buyer is that we can limit litigation and confusion by handling all negotiations and discussions in writing with the seller. Without verbal discussions, hopefully the buyer will obtain the property of choice with $$$$$ savings and much more protection. A buyer’s agent utilizes a set process for negotiations, inspections, and transaction management. We will offer choices for inspectors, but we resist choosing the actual inspector – we encourage the buyer to make the decision as to who will perform the inspections to minimize the concern of “conspiracy” in the transaction.
A diligent buyer’s agent will complete a CMA BEFORE an offer is submitted for review by seller. The home will be pre-inspected by the agent’s experienced eyes for financing hiccups and maintenance issues-however this is NO SUBSTITUTE for professional inspections. Special needs for the buyer will be taken into consideration, such as vital closing and/or necessary possession dates, as well as cash shortages-where closing costs for the buyer can be built into the transaction. A diligent buyer’s agent will make sure that the seller’s disclosures are compliant and will request operating costs (taxes, maintenance and utility costs) be considered before the offer is made or add a contingency in the offer in regards to those items if the information is not readily available.
A diligent buyer’s agent will work with lenders to obtain “good faith estimates” to help the buyer to know EXACTLY (or very close) what cash will be necessary to close, and help to contain the monthly payment into a comfortable range for the buyer. We will also show the buyer which financing types offer various advantages to them with no strings attached. Many times, I have suggested to the buyer to wait until credit scores improve to obtain better interest rates. Please forget the myths that the Real Estate agent is attempting to increase the sales price, because in Indiana that is a violation of the law, and it is something that we WILL NOT DO…period.
The buyer’s agent will help the buyer make informed decisions on his/her buying strategy and operate with that strategy in mind. Of course a property priced well at first, will typically sell at market value or in the event of a bidding war-above full price. A well informed buyer will make the final decision with a “buyer’s agent”.
I have told many, many buyers……..“if you were my son or daughter, (buying in an area that I am not knowledgeable-outside of our central Indiana market) knowing what I know-I would suggest that you find an exclusive buyer’s agent that you are comfortable with so that you don’t get caught with less than the best deal, or worse…buy a poor property because noone was protecting your interests”. Many times, we have suggested to the buyer to keep looking for another property, if a seller is unreasonable or if the property has expensive repairs looming. A diligent buyer’s agent also will make sure you see the best houses first, through all avenues!
Call your agent and ask about Exclusive Buyer’s Agency today……..or if you don’t know a “BUYER’S AGENT, give the Orr Team a call and interview us today! We will help you understand the three most important factors when selecting your property (LOCATION, LOCATION, LOCATION) and can also assist you with experienced and honest craftsmen that can update that fixer-upper or investment property.
The Orr Team’s philosophy is and has been “if there is a concern that when the buyer calls to resale, we want that buyer to know that concern BEFORE THE BUYER BUYS, NOT AFTER……. Of course, it is impossible to find everything, but with EXCLUSIVE BUYER’S AGENCY you should have “peace of mind” that you will make the best decision!
Thinking of owning your first home? Well you have came to the right place! Owning a home can give you and your family a place to call home………. and a sense of “this is mine, and I can do what I want to here” and a place to enjoy your hobbies and belongings.
Buying a home with a fixed interest for a 30 year period will keep your payment stable, even if inflation pushes rent and houses up in value again…..which seems unlikely now, but if history remains true-it will happen again.
The market is fantastic now for a first time buyer due to the large amount of choices and GREAT deals. The payment will most likely be LESS than rent on a comparable rental due to the low interest rates as well as all of the above!
Additionally, if you haven’t owned a home for 36 months, the US government will also offer you 10% (up to $8000) if you close on your new home before December 1, 2009 from the 2009 housing stimulus incentive. This is an outstanding benefit, if your plans include home ownership!
Tax improvement: the legislation of Indiana has given homeowners a cap on your taxes at 1% of market value which gives much more long term stability to the house payment, which should maintain property values and help limit foreclosures in Indiana.
Your first step to home ownership is to call the Orr HomeSelling Team or your favorite Realtor to learn how! Look for my upcoming article “steps to home ownership” or ask questions now!
The easy answer is to call the Orr family and you will have a family of great agents, but I am sure you would like to know what a great agent is, so you know what is possibly available when selecting an agent. According to NAR statistics 80 percent of the Real Estate transactions are completed by just 20 percent of the agents!!!
As a veteran in the industry and a practicing principal broker for 14 years, I have learned what a “not so great agent” is, and I have seen a FEW GREAT agents over the years! The traits that I view as important are many, but some agents can accomplish the task without all of them. Many of the persons that I view as great agents had to learn some of the traits, but actually a brand new agent can be blessed with the very most important characteristics.
As a Broker who always kept an eye open for potential new recruits, I looked at the person who had the desire to help others-a servant mentality, AND a person that had energy and drive. This person needed a reputation of honesty-(or had to live each deal with honesty while they worked with me), and a passion to succeed. Of course, these people are few and far between-but they are around if you look for them.
The other traits that I like to think separates an average agent from a GREAT AGENT are empathy, positive attitude, a sense of responsibility, a person that is action oriented, well educated, and self motivated. I also would suggest technology, great communication skills, fearlessness, and marketing as important skillsets. In addition, to these traits, a professional demeanor-sprinkled by a fun spirit, time management skills, a deep knowledge of the world and Real Estate, and savvy with negotiations. As you can see, a GREAT AGENT has to have an amazing variety of skills! (and in this market a large amount of great attitude, patience and perseverence.)
And finally, I would look for an agent with a counselor mentality, since part of the job is to help people determine life changing decisions-A GREAT AGENT will deliver the TRUTH that you must know to be a successful buyer or seller.
The GREAT AGENTS that I know remain humble and helpful as they become seasoned vs. tired and negative from years of experienced. The GREAT AGENTS will keep their own problems to themselves, so they have time to work on your problems. The GREAT AGENT will always follow the Realtor code of ethics, including confidentiality. A GREAT AGENT will listen more than s(he) speaks because that is how s(he) learns.
In summary, TRUSTWORTHY is a key word. I would look for that first, then I would check for as many traits as mentioned. Does the agent convey confidence, have experience, and knowledge in your market area and property type? Is the agent someone that you are comfortable with and that you can talk to? Does the agent appear to care about what you are concerned with, or do they look like they are just grabbing their next commission from you? By the way, friendship too deep makes the transaction difficult……..the agent shouldn’t be your best friend until AFTER the transaction. Oh, and I hate to say this out loud, …Is the agent working 100% full time every day in the Real Estate business?
Most GREAT AGENTS will have a written marketing plan and a service promise of some sort. A GREAT AGENT will expect loyalty, sincerity, and motivation from their clients because they give the same.
You as the GREAT CLIENT will have a responsibility to take advice and criticism to buy or sell your property in the most efficient manner. And…………..since negotiation is a strong point for the GREAT AGENT, he/she will typically have an answer to protect their livelihood when asked to reduce their fees.
Price of the agent’s fees is very important of course, but make sure that you are receiving the most skilled and able agent too! Value is what a person gets OUT OF A PRODUCT, not what it costs.
GREAT AGENTS usually are busy in any market…..so look for a GREAT AGENT first! If you not sure where to begin, I know a GREAT AGENT very well who strives to live and learn every one of the traits described in this article….call me @ 765 215 0167 and I will help you find a GREAT AGENT! : )
This is a question that many of us are asking today…….and the truth is, many sellers are successful today….-but many are not since the buyer has choices. The Central Indiana values have been stagnant or even declining in many price ranges and areas.
If you are in a financial hardship, (behind on payments or soon to be and are struggling to keep the house) and you believe that the house has less value than the mortgage balance, you should call your mortgage lender or Real Estate agent with training on distressed property disposition. You can avoid foreclosure with the proper channels many times. (I will blog on this issue soon-in the meantime give us a call or ask your Realtor if they are qualified to help you).
There are a few common sense answers… Housing is a commodity just like oil, or corn. As supply increases, without an increase in demand-the price will fall or visa versa, as supply decreases, if demand remains constant, prices will rise.
Beginning with the most obvious, “the Seller’s desire to sell must be greater than their desire for a price” at any given time. In this market, the competition is fierce for buyers, and buyers are going to buy the property that meets their needs, is in the best condition, and is offered with the best terms and price.
My outlook on this is simple……a Realtor’s best listings are the ones that have the most motivated sellers. A motivated seller has decided that they will sell their property! Of course, even a motivated seller wants to be savvy in the market. They will do “whatever it takes” to sell the property if they are motivated enough. Closing cost allowances, lower listing prices, free appliances, updated decorator items, free televisions, are just a few ways that a seller might induce a prospect to purchase their property vs. another.
The REO sellers (foreclosure sellers) have the understanding that if they offer their property at or below fair market value, provided that the condition allows the property to finance….their is a very good chance that the price will catch MORE THAN ONE prospect on the property in a short time! Investors and first time buyers are more than willing to purchase a “good deal”.
To get your property SOLD, ask your agent to be honest with you and to have them show you the activity in your area to see “what the market” will allow. I am happy to help you assess your current situation with honest answers to help you decide if now is the right time for you to sell!
Also remember, staging your house will increase your odds tremendously……I heard the quote again today…..”your property is in a beauty contest and a price war”…..Staging and preparing the home will be a future blog as wel l- (I think Ashley will be writing it)……..In the meantime, feel free to call us anytime.
PS Buying up in this market is excellent because you can gain more on the buy-up house than what you might sell “short” or “lose” on your existing lower priced home. Call or ask me for details on this anytime!
Stop by our Open Houses Sunday from 2:00pm – 4:00pm! We will be having 1316 N. Riley, Muncie a 3 bedroom 1.5 bath home on corner lot priced at $109,900 and 4408 W. Shellee a 3 bedroom 2 bath home located in Tanglewood along the Cardinal Greenway Trail priced at $103,900!
More Details and Virtual Tours Available at:
1316 N. Riley – http://39116.ORRHomes.com
4408 W. Shellee – http://38446.ORRHomes.com
Directions:
1316 N. Riley Road - N. Tillotson to Petty, West to Riley, North to 1316 (Right Side)
4408 W. Shellee – N. Wheeling to CR 500 N, West to Shellee, South to home.
Any questions please give us a call at 765-212-1111.
Good News! The Delaware County Tax site has been updated with the latest 08/09 tax data. The spring installment normally due on May 10th was delayed this year and not due until September 14th, 2009. The fall installment will be due on November 10th, 2009 as usual.
If you missed the September installment you will need to add a 5% penalty if you pay within 30 days and have not had any prior deliquent taxes. If you have had deliquencies you will be accessed a 10% penalty. Also, remember if the September installment is not paid by the November 10th installment there will be another 5% or 10% penalty accessed for the spring and fall installments!
Visit the Delaware County Tax Bill Online at: http://delawarecounty.spinweb.net/
Just reduced to $136,500! FULL BRICK RANCH IN YORKTOWN ONLY 10 YEARS YOUNG! This 3 bedroom 2 bath ranch home was built in 1999 located within Yorktown School district in the popular “The Landings” subdivision. This home features custom cherry cabinetry in kitchen, stained 
trim throughout, natural gas fireplace in living room, oversized master bedroom suite with his/her vanities and walk-in closets, ceramic tile in kitchen, baths and foyer, 2×6 exterior walls and steel construction, finished garaged, 20′x12′ wood deck, 90% efficient furnace, great floor plan.
