We are in a price war and a beauty contest. I want you all to know we’re still selling homes quickly and right on the money. Full price offers…the whole bit. We got almost 90 buyer leads last week! People are buying houses! That’s good news. Keep in mind that our market is intolerant of a home that’s difficult to show ("Can you come tomorrow? Today isn’t a good day for me to show the home…") or improper pricing.

Please read the lastest article in Journal and Courier where the media asked me for some candid comments on the real estate market in Greater Lafayette. I linked to it below. We got to talk about the market, new construction and more. Let me know if you have any questions!

Here’s what’s going on!

Today, Greater Lafayette has 26 new homes on the market! 20 price reductions today (ask me if you want details) and 16 sold. We currently have  267 listings under contract and pending to close! I sent out 28 messages today for my personal clients alerting them to new homes on the market fitting their needs. If you’d like to get in on our market updates, custom tailored to your specific criteria, let me know. It’s free of charge! We want you to know what’s going on in your town

As always, email or call me with any questions. We’re ready to go to work for you whenever you need us!

Hi everybody Here’s what’s going on today…our local market has 50 new listings, 20 price reductions and 215 deals pending. People are buying homes! As usual I’ve met with lenders and builders and many people are talking about the changes coming up for the year.

We have builders we work with everyday who are offering some fantastic deals on new homes. Quick build times and easy to work with closing arrangements…many people think you have to be 6 months or more out if building is a good option for you. Not true. You can move into a new custom ordered home this summer no problem. AND we can help you get fantastic pricing on this.

Lenders are talking of course about the revamping of some typical lending programs. You really want to work with a Realtor who knows the ropes these days…for real guys. We don’t want to see your deal go south just because someone doesn’t know what they’re doing. Work with a top team who knows who to call and how to work deals with you, so you get solid financing you can depend on.

We’ve noticed a sharp increase in all our web traffic. Many of you may know that we have several sites to help you with all your home buying and selling needs. Use them! We’re here to help in any way we can…I’ll post links to some of the most popular ones below.

It occured to me that I always get asked what’s going on in the market, so I will make sure you hear from me regularly with some details. If you ever have any questions, let me know! Lafayette and West Lafayette real estate has changed a bit over the last year. We have a slightly larger inventory, and our days on market has increased a bit. Not a lot, but a little.

Right now, we have 2703 listings on the market. It breaks down like this:

• 1687 single family homes.
• 1010 multifamily homes.
• 65 commercial properties.
• 846 vacant land listings.
• 4 farms.

We currently have 1067 listings for sale in Lafayette, and we have 554 in West Lafayette. So far, year-to-date, we’ve sold 3055 properties in our market area.

These are just a few stats for you detail-minded readers! As always, you can comment here or contact me to discuss or ask any questions. Have a great day  

http://www.msnbc.msn.com/id/22006839/ Articles such as this one, published by MSNBC always make me want to comment on what is actually going on here.

Real estate is a local business. Each market is unique. What’s happening in Phoenix, Atlanta or Las Vegas does not necessarily translate to Lafayette, IN! Remember that interest rates are still at historic lows. I expect more rate cuts to come as well.

Do you have concerns about the market? Are you afraid to even consider buying or selling? Let me tell you about a list I have…all homes that have sold in less than a month, all for within 97% of asking price. Are people buying homes? Yes. Are people selling homes? You bet. The Lafayette market HAS changed though. Don’t just dive in and expect things to sell themselves.

Give us a call or email, even if you just have questions about the market. It’s important to stay informed on the facts when there is so much negative media out there!

Price Declines Slowing According to NAR Report

With all the negative news on housing and Wall Street lately, one would expect the sky to be falling. Please remember that what’s happening in Phoenix, Santa Barbara or elsewhere does not necessarily translate to Lafayette or West Lafayette real estate. So keep things in perspective. Is the sky, in fact, falling…even nationally? Well, no. Prices have in fact lowered nationally, but the amount of decline is very small on an average basis.

The National Association of Realtor’s (NAR) national housing data over the past 12 months (year ending June 30, 2007) yields some interesting facts. Here are some highlights:

• Median price of a single-family home slipped 1.5%
• Median price of a condominium rose 1.0 percent
• Overall prices have declined 1.7% from their peak in the 3rd quarter 2005
• 97 of 149 major metro areas appreciated in past 12 months
• Home prices are relatively flat since bottoming out in 4th quarter of 2006
• Recent mortgage disruptions will hold back sales temporarily
• Prices expected to turn positive in spring 2008, with 2% gain on the year
• Prices expected to increase further in 2009
• Number of home sales fell more than home prices – down 10.8%
• National home sales at 5.91 million vs 6.63 million one year ago
• Current inventory level shows an 8 month supply of housing

Overall the news can be viewed as positive, since it now appears that the worst may be over with respect to price declines. The turnaround is showing some signs of materializing. Once again, this is national, not Lafayette real estate news. Greater Lafayette is fairing very strongly through these funny times. The biggest change here has been in lending.

We just met with some professionals this morning who we are very excited about working with. Many buyers are having trouble finding the financing they need for their home purchase, and we’ve learned that it doesn’t necessarily have to be that difficult. We can help you. Our team is positioned to help you find the best financing available for your needs. Much has changed regarding financing your home purchase in the last several months. This does include Lafayette and our entire local market, so definitely give us a call to consult with us and some of the mortgage professionals we work with to get the full details.