Evansville Real Estate News Letter for March 2013

Market Watch

This month I want to recap the local real estate market in 2012 compared to 2011. This is especially easy since our market improved in virtually every category last year.

The easy place to start is closed transactions. Our BLC (broker listing cooperative, which used to be called MLS) closed 4,387 home sales last year up 8.83% from 2011. The median sales price increased 4.4% increasing our average sales price to $125,971. Days on market decreased 11.3% compared to 2011 but is still higher than I like, at 105 days.

The big news, which I have mentioned frequently over the past year, is that the months supply of homes listed for sale continues to decline. The average for 2012 was 7.32 months down from 8.70 months in 2011 and 9.43 in 2010. This is the lowest average level in 6 years. As of today there are fewer than 2,400 active listings on the market. My records do not go far enough back to find fewer active listings than this. If you are considering selling your home, now is the time to list. I am confident that new home construction will increase significantly this year. Homes listed now will reach the market before these new homes are completed and on the market.

If you are considering listing your home, no one has better tools to market your home. Traffic on FCTuckerEmge.com and Tuckermobile.com are higher now than they have ever been. In fact, visits to FCTuckerEmge.com for the first two months of the year are up almost 11% versus the same time last year. With over 95,000 visits, FCTuckerEmge.com is the source for information on real estate in our area. And don’t forget that TuckerMobile.com is always with you on your smart phone!

Please let me know if you know of anyone considering selling their home. I would be happy to prepare a market analysis and help them sell their home.

Market Watch News Letter for October 2011

Several times over the past few months I have suggested that we need more listings because properly priced listings are selling. There are three reasons that I feel so strongly that this is the case. First, the number of listings on the market is below historical norms. We currently have less than 2900 active listings in our area. This compares to a high of over 3700 listings, or a reduction of 25%. Second, is that our month’s supply has remained pretty consistent since February at levels lower than the previous two years. Third, our prices have stabilized at levels about 3% above last year’s prices. Keep in mind this information applies to the housing market in this area only, not the entire country.

I have been confident that good listings are selling for some time now but received some confirmation from an unexpected source recently. I have a Realtor friend in Ft. Wayne who does a lot of real estate statistical analysis. He asked me if I would share some information about our MLS so he could see what his analysis suggested about our local market. I sent him the information he requested and a few days later he sent me an email. The first half of his comments were statistical in nature and discussed the ratios he used, but the second half was pretty clear either to the novice or a seasoned veteran. He said “All I can say is you better be getting listings because they are selling, certainly if priced right…” Keep in mind his analysis is based only on hard numbers and has nothing to do with his direct experience in this market. If you or anyone you know is considering a move, now is the right time to act.

Homes in good condition that are priced right are selling. I can’t promise that I can sell your home today but I can promise that no company or agent in this area has better tools or a better marketing system that F. C. Tucker Emge Realtors. Call me today and I can get your home on the market before conditions change again.

Kathy and I have been working on a Home Buyer’s Guide for some time now and we would be more than happy to share this with you. Just call me at 812-499-9234 or email me at Rolando@RolandoTrentini.com and I will email you the report.

We hope you will enjoy the rest of the fall season as we are. We took a small trip to Patoka Lake last weekend and saw thoroughly enjoyed nature in full color.

Market Watch News Letter for September 2011

2011 continues to be a year of distinctly different halves. For the first five months of this year local sales, in units, compared to last year were down almost 13%. For the past 3 months the same comparison shows that unit sales are up over 12%. I believe that by year end we will have sold slightly more units than we did in 2010 and I’m positive that the dollar amount of sales volume will be significantly higher than last year; perhaps close to 10% higher.

The supply of homes for sale on the market has also been more stable and more in balance. For the 10 months starting last July there was an average of just over 10 months supply, with a high of over 13 months supply. Since May we have averaged just under 8 months supply with a high of less than 9 months.

I recently read an article in Inman News discussing the 10 markets nationwide that have fared both best and worst in housing price recovery over the past 5 years. The markets studied are all larger than our area, but not surprisingly when I compare our local data to the national figures we are very well. The worst areas consisted of 6 markets in California, two in Florida plus Phoenix and Las Vegas. The decline in prices ranged from 67% to 56%. The best markets were less concentrated and ranged from a 17% increase to a .6% increase. The study was based on July prices only. Locally our average July price was up 1.9% from July of 2006, which would have ranked us in the top ten nationally. While I don’t place a great deal of confidence in some of the national studies I see, I do have a lot of confidence in our market and I’m happy I live in the Midwest. I expect the remainder of this calendar year to stay relatively consistent for our local real estate market, even in light of some disturbing national economic trends.

We are pleased to report that for the month of September we have added 3 new listings. Our listing inventory is low compared to years past. This is good for our sellers. From our side we certainly would like this number to increase. We are kindly asking you to keep an ear out for any information you can pass on to us when you hear that someone in your circle of friends is interested to sell their home.

Please let me know if I can help or any of your friends price their current home or look for your next home. You can always find me at FCTuckerEmge.com or TuckerMobile.com, and keep in mind weekly area open houses are now posted at TuckerOpenHouses.com starting Thursday of every week.

Market Watch News Letter for August 2011

Recent stock market gyrations have been challenging and general economic news hasn’t been inspirational, to say the least. Fortunately we live in the Tri-State where both economic data and housing sales are better than last year and moving in the right direction. Nationally there are actually slightly fewer employed people that there were last year at this time. On a statewide basis, there are almost 50,000 more people working and the unemployment rate has dropped from 10.1% to 8.5%. In our area there are almost 9,000 more people working and the unemployment rate has dropped to 7.4%.

Home sales are also up for the past two months, compared to June and July of last year. Closed units in our MLS were up 8% compared to last June and July. I expect a similar trend for the remainder of this year. Another subtle shift from last year is in the price range of homes sold. Last year, partially due to the home-buyer’s tax credit, less expensive home sales increased significantly from the previous year. This year sales of homes priced under $150,000 have declined just over 10%. Homes priced from $150,000-250,000 have been essentially unchanged, while homes priced over $250,000 have increased over 9%. Keep in mind, that the median sales price in our market is under $110,000, so there are always more homes sold under $150,000 than over that amount.

Our marketing and technology departments continue help me provide tools to make buying homes for my clients easier. I know I have already mentioned TuckerMobile.com. This GPS enabled mobile site continues to attract more traffic with over 30,000 unique visitors last month. Recently we acquired TuckerOpenHouses.com. Starting on Thursday of every week, you can view not just F. C. Tucker Emge open houses, but any home scheduled to be open that is posted with our MLS service. It is a great tool because you can search for open houses just like you search for any other listed property. Give it a try; I’m sure you will like it.

Although real estate prices have not changed considerably here, it never hurts to get a yearly market analysis on your home. Kathy and I would be more than happy to prepare one for you. Just give us a call at 812-499-9234 and we will get things rolling.

Enjoy the rest of the summer months. We are sure looking forward to cooler temperatures.

Market Watch News Letter for July 2011

We have more good news to report based on last month’s local real estate activity. We closed more transactions in June than we did last June. That would not be so impressive, until one considers that June of 2010 was the last month in which buyers could close transactions and take advantage of the homebuyer’s tax credit. The real estate market has been out of the tax credit business for a full year now and it is clear that we are a better position today than we were a year ago. We are absolutely positive that we will close significantly more transactions over the next few months than we did over the same period last year. Based on June sales, our month’s supply of active listings is lower than it has been for 35 of the past 36 months. Properly priced listings are selling in today’s market. We would be happy to do a market analysis for you, or anyone you know who is considering selling their home.

As we have said many times, all real estate is local, and as proud as we are of how our market has recovered there are some other non real estate specific issues that have had a positive impact on our local market. First on a state level, Indiana has recovered far better than most states. According to The U. S. Bureau of Economic Analysis, Indiana’s GDP grew 4.6% in 2010 which was third highest in the nation. Partially as a result of decreasing the state’s corporate tax rate, Chief Executive Magazine ranks Indiana’s business climate best in the Midwest and sixth best in the nation. The U. S. Conference of Mayors recently ranked metropolitan areas based on the projected time at which they will have fully recovered to pre-recession levels. The conference studied the 15 largest Indiana metropolitan areas. Out of that group, the Evansville metro area is expected to recover the soonest.

We are always researching new ways to help our buyers and sellers. Next month we will be able to tell you about another new tool we are adding to give better service for your real estate needs. Feel free to contact me on my cell phone at 812-499-9234 or send me an email: Rolando@TheTrentiniTeam.com

Enjoy the rest of the summer and stay cool.

Market Watch News Letter for April 2011

Market Watch

 

     If you remember the Market Watch I sent in December, I made several specific predictions about how our local real estate market would perform the first several months of this year compared to last year. Those predictions have been accurate to-date but what is probably more telling is how we are doing compared to 2009. As I have mentioned before the homebuyer tax credits in the first half of last year distorted sales. There were no homebuyer tax credits in the first half of 2009. Closed sales in the first three months of 2011 were up 11.7% in units and up 18% in total sales dollars compared to the corresponding period in 2009. The local housing market has improved and will continue to get better. 

     The number of active listings on the market continues to stay at historically low levels. Housing affordability which is influenced primarily by the price of homes and interest rates is at historically high levels. If you are thinking about buying, waiting will inevitably mean you pay more for your home, either in terms of price, interest rates or both. If you are thinking about selling, it is better to get your house on the market now before inventory levels begin to rise.

     If you are selling your home, it is important to understand that buyer behavior has changed significantly in the past few years. Now virtually all buyers look at homes online before physically visiting a house. In other words showings happen online. Today the number of times a home is viewed online is as, or more important than the number of physical showings and is a better barometer of buyer interest. Seller reporting at FCTuckeremge.com provides sellers a realistic picture of marketing activity. This tool allows you to know when and how often potential buyers are looking at your home online. Call me if you have additional questions about this valuable program.

     Let me know if I can help you with any of your real estate needs and please enjoy the beautiful spring weather that has finally arrived.   You can reach me at 812-499-9234 or Kathy at 812-499-0246.  

Market Watch News Letter for March 2011

   While the national media continues to report that home prices are declining and sales are decreasing I have much better news locally. Closed transactions for the January-February 2011 time period were up 12.6% compared to the same period in 2010 (501 homes in 2011 vs. 445 homes in 2010). In addition the average sale price is up 2% to $120,711 for the first two months of the year. 

     If you are thinking about listing your home let me give you some great reasons to list it now. At the time I wrote this Market Watch there were only 2660 active listings in our multiple listing service. There have not been that few homes on the market since May of 2006. Many sellers think that “buying season” correlates to the summer months but the truth is homes sales pick up in the spring and potential buyers, on average, look for a couple of months before they sign a purchase agreement. All of this means that buyers who will close on the purchase of their new home this summer are looking for homes now. If your home is not on the market buyers won’t find it. 

     My company feels so certain of this time schedule that we are kicking off a new billboard and radio campaign this month. We will advertise both FCTuckerEmge.com as well as our mobile site, Tuckermobile.com. These are absolutely the best local sites for buyers to find homes whether they are at home, in the office, or in their cars. They are also some of the most effective marketing tools for our sellers.

     Remember, buyers are looking, improving weather makes looking for a home more pleasant and I am ready to help you sell your home today. Give me a call and let me show you how I can help you today. You can reach me at 812-499-9234 or Rolando@TheTrentiniTeam.com or our website http://www.thetrentiniteam.com/

Average Sales Price for Tri-State Homes Jump

The average sales price for residential homes in parts of the tri-state has jumped.

Local realtors say they are seeing an increase in demand when it comes to buying homes. With an increase of money people are getting for their homes, they say that combination could make for a strong housing market in 2011.

The Evansville Area Association of Realtors reports a 4.7 percent increase in both the average sale price and median sale price of homes sold in Vanderburgh, Warrick, Posey and Gibson counties, from 2009 to 2010.

"The fact that these have gone up means that people are buying more expensive homes which is good and prices have stabilized in the area," says Chris Dickson, President of the EAAR.

Other realtors are also happy with the news.

"For sellers right now it's a good time to list your home because you can get a little more for you home than in the past," says Walt Caswell, a realtor with ERA.

On top of that, more buyers are now looking and willing to spend.

"Historically, the mortgages, the interest rates are really low, so a lot of people are capitalizing on that and it's just a really good time to buy a home," says Caswell.

"They seem reasonable to me. I'm not an expert but they do seem reasonable," says potential buyer Lori Scott.

Scott is on the hunt for a new house, and says despite the increase in price, she is still ready to move.

"I would like to move and just find something bigger but there would be the problem of could we sell our house right now and then the money that we need to get out of it in order to afford something a little bigger." 

Steve Minor and his wife just listed their home.

"Just got it listed this week and then, so there's an open house today. Hopefully there's a lot more movement," says Minor.

"It looks like 2011 is going to move in that direction. It's a good pace moving into 2011 so we're looking forward to it," says Caswell.

This also seems to be the trend nationally. Sales of existing homes jumped 12 percent in December.

Source: http://www.news25.us/Global/story.asp?S=13893668