SHOW ME THE MONEY!!!!!!!!

This famous phrase from the move Jerry McGuire starring Tom Cruise and Cuba Gooding has become a common phrase in board rooms, business negotiations and now real estate. Little did we know this phrase would be even more relevant today than a few months ago.

Within the last year most Americans have watched their housing prices tumble; their 401K programs dwindle and their stock portfolio's shrink. Who would have known by the end of 2008 the market would turn upside down. Where are we to go from here?

There is one positive note towards first time home buyers. As Cuba Gooding Jr. tells Tom Cruise to "Show me the money", first time home buyers can tell the government to " GIVE Me My $7,500 CREDIT". This program is not well known and not well promoted in the media and is slipping by many Americans.

First time home owners (or anyone who has not owned a home for three years) who purchase a house after April 9, 2008 and before July 1, 2009 are eligible for this program. This is a great opportunity for these buyers to take advantage of this unique one time credit from the government. Who couldn't use an extra $7,500 credit after making an investment in a home?

The credit is calculated based upon the purchase price of the home. Buyer(s) are entitled to up to 10% of the purchase price with a maximum of $7,500, married filing jointly. Those unmarried can claim up to $3,750 on their tax return.

This opportunity is not only for existing homes, but new construction applies too. As long as the home owner has closed on the property on or before July 1, 2009. The tax credit does require repayment over a 20 year period. New home owners can delay up to two years after owning the home before paying on the loan. The amount is added to your yearly tax. How often does the government offer us a interest free loan?

Blogging!

The Wells Team is working on keeping up to date on the best avenues of communicating and marketing real estate in this trying market. With all that is available through the WWW, we have been learning some new ways of reaching out to the public, networking with other professionals and really motivating ourselves to stay a step ahead of the curve with technology. We hope that this will help to get our information out regarding our listings, new information regarding real estate, and additionally anything that we feel may be pertinent to the current real estate market. Drop us a note to let us know your thoughts.

Shingles Vaccination Anyone?

This posting is a very personal note to all of our friends and business associates. A member of our team recently had a close family member that came down with shingles and was extremely indisposed. Shingles is of the same virus family as chicken pox; it is not contagious to anyone who has already had chicken pox; however anyone who has not had them should stay away from anyone suffering from shingles, as they could contract chicken pox. This disease is extremely painful and the reason for this posting is that you can be immunized against shingles. Not all health insurance covers the vaccine, but after witnessing how horrible the symptoms can be, believe me it is well worth the money!

Check with your family doctor and please consider this vaccine; people have shared horror stories about shingles outbreaks with us since we have been communicating our experience. So educate and protect yourself against this nasty illness!

Indianapolis Residential Real Estate Inventory Drops

While the media continues to blast the real estate market with continuous bad news, Indianapolis is moving forward. Inventory of homes within the Indianapolis market decreased by 14.3 percent in December, according to the latest report. This is great news for the Indianapolis market. While are home inventory of 10 months is above the optimal of four to six months, we are on the decline.

This reduction came as an additional 2,605 homes were sold in the month of December versus last year. This drop is due in part to the reduction by home builders as they slowed their new construction. We also saw sellers pulling their properties from the market waiting for the economy to improve.

In the past, real estate has pulled the economy out of the recession or slowdown. Isn't it time to put more focus on providing stability to the market? Congress continues to debate stimulus packages. However, are they really the right cure for our ills?

State of Real Estate in Indianapolis

Some of our team members recently attended the State of Real Estate in Indianapolis. Here is a very brief overview of our real estate situation.

The Indianapolis area is showing just a small decline percentage wise in the pricing of our homes. There is a noticable decline in new build starts which will eventually filter down to the homes on the market and the resales will increase.

Indianapolis is showing a more stable population, producing any residential sales to be within the area probably being exisiting homes. This will increase the demand for resales and decrease the supply. This is great news for our economy.

Interest rates are at an all time low and there are some very equitable programs available from local mortgage brokers and representative. If you would like any further information regarding qualified lenders, please give us a call.

If you have any questions regarding residential real estate, please give our team a call and we will do our very best to assist you in any way.