How to Position Yourself to be a Better Home Buyer in New Albany, Indiana

• Have you been thinking about buying a home in New Albany, or Jeffersonville, or any one of our local Southern Indiana communities, but not sure where to start? Well look no further. Below is a list of six articles packed with fantastic information!
• 

  How to Assess the Real Cost of a Fixer-Upper House

  When you buy a fixer-upper house, you can save a ton of money, or get yourself in a financial fix. Read
• 

  6 Tips for Buying a Home in a Short Sale

  By preparing for a real estate short sale, you can emerge with a great home at a favorable price. Read
• 

  4 Tips to Determine How Much Mortgage You Can Afford

  By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Read
• 

  7 Tips for Improving Your Credit

  Here’s how to clean up your credit so you get the least-expensive home loan possible. Read
• 

  7 Steps to Take Before You Buy a Home

  By doing your homework before you buy, you’ll feel more content about your new home. Read

Visit houselogic.com for more articles like this.

Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®

Subdivision Spotlight: Chapel Creek in Floyd County Indiana

In an ongoing effort to bring you information you need in an ever-changing real estate market, today we begin a new series, the Subdivision Spotlight. Each week we'll shine a spotlight on a different subdivision in our local Southern Indiana community.

We begin the series today with Chapel Creek. Chapel Creek is located in the northwest corner of Floyd County Indiana. There are two main entrances into the subdivision. One is on the south side on Chapel Lane and other on the north on County Line Rd. 

Below are some facts about the subdivision: 

• Built in the 1990's
• Schools* - New Albany Floyd County
• Grant Line Elementary School
• Nathaniel Scribner Middle School
• New Albany High School
• Sales Statistics for the Previous 12 Months
• Number of Sales - 6
• Minimum Sales Price - $255,500
• Median Sales Price - $272,500
• Maximum Sales Price - $295,000
• Sales Price vs List Price** - 96.34%
• Average Sq Ft - 2,936
• Average Days on Market*** - 110

If you would like additional information on this subdivision, your own subdivision, or any other subdivision, let me know! My contact info is below.

Brett Mumaw with RE/MAX First

Call or text me at (502) 641-1677

Email me at brett@yourindianamove.com

* - School information is as of the time of this post and could change. You are encouraged to verify the information with the school district.
** - Sales Price to List Price ratio is calculated by dividing the average sales price into the average list price of the units sold. The List Price is the price the home is listed for when the sale is completed. It is does not take into consideration any price reductions that may have occurred.
*** - This number does not reflect the times a home that is sold has been on the market before by (1) its owner, (2) another Realtor whose listing expired, or (3) a listing cancelled and then re-listed to generate new interest. This number in most instances does not reflect the number of days from contract to close which averages 30-45 days for most closings. In order to have a true picture of the date property is listed to the date of closing a seller would need to add prior “days for sale” activity to the above average days on market plus 30-45 days from contract to close. The above is not reflective of a specific area but takes into account all homes on the MLS that sold in the last 30 days and the last 12 months.

Floyd County Market Continues to Improve for Home Sellers

Market conditions continue an upward trend for Floyd County home sales. Below is a graphic from the Indiana Association of REALTORS®. It shows statistics for two different time frames; the last three months, or the last twelve months.

Looking at the last three months, you can see that the number of sales and the median sales price have actually fallen by 7.7% and 4.5% respectively, compared to the same time frame last year. Though, a closer look also reveals that the number of new listings dropped 7.7% as well.

It's my opinion though, that we get a better gauge of the market by looking at the previous twelve months. Looking at those numbers we can see that number of sales and the median sales price both increased, while the number of new listings decreased. So there are less homes to choose from, with more buyers in the market, creating more demand.

This got me thinking about Months of Inventory. Months of Inventory is how long it would take to sell all the current inventory based on the number of recent sales. To determine, I take the number of homes currently on the market, and divide it by the average number of sales each month, for the last six months. This helps us determine if we're in a buyers market or a sellers market. Many experts feel that a balanced market consists of 5-8 months. Floyd County as a whole currently has eight Months of Inventory.

Below, I broke down the four biggest towns in Floyd County.

• New Albany, Indiana
• Number of Sales - 667
• Median Sales Price - $96,250
• Months of Inventory - 7.93
• Floyds Knobs, Indiana
• Number of Sales - 133
• Median Sales Price - $248,000
• Months of Inventory - 10.74
• Greenville, Indiana
• Number of Sales - 77
• Median Sales Price - $195,900
• Months of Inventory - 7.27
• Georgetown, Indiana
• Number of Sales - 164
• Median Sales Price - $171,000
• Months of Inventory - 7.25

So what does all of this mean? If you've been on the fence about selling your home, now is a great time. There are more and more buyers looking everyday and there are less homes to compete with.

I also think if you're thinking of buying a house within the next six months, now is the time. As we get into spring and summer, the number of people looking to buy is only going to increase creating even more competition for good homes. Acting early could be the difference in you obtaining your dream home or having to settle.

Check back for more market updates, or if you have specific questions about your town or neighborhood, reach out to me! My contact information is below.

Call or Text me : (502) 641-1677

Email me: brett@yourindianamove.com

10 Things New Albany Home Buyers Should NOT do when Applying for a Mortgage

Applying for a mortgage is a process that takes a little time. Unfortunately, many people think that once they are pre-approved, they're done. That simply is not the case. Below are things NOT to do while trying to obtain a loan.

• Do NOT change jobs!
• Lenders need to know that you have steady income. They will verify your employment usually twice, initially when the application is filed, and again just prior to closing.
• Do NOT co-sign for a loan with someone else!
• This could have a negative impact on your credit, not to mention it will increase your debt-to-income ratios, which lenders rely on.
• Do NOT buy a new car!
• Again, this will have an impact on both your credit and debt-to-income. So don't buy a car unless you plan on living in it!
• Do NOT go crazy with your credit cards!
• Don't start buying things in excess and putting it all on your card...and don't start skipping your payments either. Lenders need to know you are good at repaying your debt.
• Do NOT spend your down payment!
• Do some research to find out how much money you'll need for a down payment and closing costs. Set that money aside and leave it alone!
• Do NOT lie...or "not tell the whole truth"!
• Lenders will see everything on your credit, so leaving information out or lying about it will not get you anywhere.
• Do NOT finance appliances or furniture for the house.
• I know it can be tough. You really want to start getting things for your new home! Do NOT finance them! Do you sense a theme yet?
• Do NOT apply for credit anywhere!
• Every time you apply it has a negative impact on your credit. Lenders will check credit before closing and if there is anything new, more documentation will be needed.
• Do NOT make large deposits without checking with your lender!
• Lenders want to know where your money is coming from. So if a relative decides they want to help out and give you some money for your home, don't put it in the bank until after you talk to your lender.
• Do NOT pay off collections!
• Paying off collections actually has a negative impact on your credit, so wait until after you close to pay it off.

What will I find at Your Indiana Move?

What is Your Indiana Move?

My name is Brett Mumaw. I am a real estate Broker Associate with RE/MAX First in Jeffersonville, IN. I've been a REALTOR® since 2004 and have been a lifelong resident of Southern Indiana. I'm also a husband and father in my personal life.

Okay, enough about me. You might be asking yourself, "Why would I come here? What's in it for me?" This blog will cover a lot of topics. Here are a few examples for home buyers and sellers:

• What do I need to do to put me in position to buy a home in Floyd County?
• What are the most important things to address before selling a home in Clark County?
• How can I ensure I don't lose out on the house I love to someone else?
• What can I do to avoid getting low offers on my house?
• What are the current market trends for New Albany, Jeffersonville, Sellersburg, etc.?

What this blog will NOT be is a place that constantly posts/markets real estate listings or virtual tours. This blog is for discussion and education that I want people to feel comfortable with. If you want to Southern Indiana homes for sale, you can find them here.

So let me know what you think! Is there something specific you've wondered about? Send me a message, or leave me a comment below. Don't want to do that? Call me at 502-641-1677 if you have specific questions about Southern Indiana real estate.