Author: indianapolisareahomesforsale

You deserve an advocate in the home selling and buying process who will educate, guide with honesty & integrity your best interest at the core. You deserve to be represented by someone who knows the market, communicates promptly & is not afraid to negotiate. You deserve someone who will understand your expectations, advise throughout the process & market your home to achieve a top dollar offer. It’s my honor & privilege to assist you. When you partner with me, I will provide the best customer care before, during & after the home sells. Using my extensive knowledge of the real estate industry & current markets, I will devote my time & efforts assisting you to make the best long term decision for your personal happiness & financial future. You can depend on me to be well versed in the home selling and buying process & to share my network of professionals for your benefit. My background is in banking, lending, sales and marketing. I'm dedicated to my Husband & two children; volunteering at church & helping my community is important to me. I'm tenacious, a strong communicator and achiever which has contributed to my professional success.
SOLD!

SOLD! BUYERS WITH A BABY ON THE WAY SECURE THE PERFECT HOME!

by indianapolisareahomesforsaleLeave a Comment on SOLD! BUYERS WITH A BABY ON THE WAY SECURE THE PERFECT HOME!

This lovely family were repeat clients because one year prior when they moved to the Indianapolis area for a job opportunity, I helped them find a home to rent, after my Priest referred them to me. They needed time to get to know the area since they moved from southern Indiana and in this scenario, renting made sense. I drove them to different areas within their desired driving distance to the new job and we found a great rental home in a neighborhood close to work.

As the lease was nearing the end of the 1 year commitment, we started their home search. We looked at a few before this hit the market so we knew this was most likely THE home. Coincidentally there was an open house so I advised them to attend the open house (while I was at a volleyball tournament – with my laptop, of course) and while they were there, I started to write the offer.

Sure enough, they wanted to make an offer after attending the open house. I called the agent to ask what was important to her sellers because we not only wanted to be competitive, but we wanted to be respectful and show that my buyers were top notch and serious. We sent a strong offer with the seller’s conditions SUPER fast to the agent & our offer was accepted in UNDER AN HOUR!

Stories like this make my heart so happy. THANK YOU to this amazing family for hiring and trusting me not once, but twice!

Full Listing HERE

#homeforsale #homeownership #IndyRealEstate #indianapolis #hirearealtor #indyhomesforsale #TrustYourAgent #HireAnAgent #TrustYourRealtor #FirstTimeBuyers #GetPreapproved

Buyer Tips, Financial Tips

Understanding Mortgage Down Payments

by indianapolisareahomesforsaleLeave a Comment on Understanding Mortgage Down Payments

Buying a home is a major financial decision — one of the largest you’ll likely make in your lifetime. A significant part of this process is saving up for a mortgage down payment. Many homebuyers will work hard and save for many years to build up their savings for this important purchase. But what amount is right for you? How much money do you need to save for a down payment on a house? It all depends on the cost of the home you’re looking to buy and what your personal financial situation and goals are.

What Is a Mortgage Down Payment?

A down payment on a mortgage or home loan is the cash amount you pay to the seller that makes up the difference between the price of the home and the loan amount.

What Is the Minimum Down Payment Required for a Mortgage?

There are different requirements for down payments, depending on the type of home loan you might want to consider:

Going Conventional

The traditional mortgage down payment amount is 20%. For example, if the home you’re looking to purchase is $200,000, then the down payment will be $40,000. Having this amount will save you from paying mortgage insurance, which is a fee that’s added to your monthly payments that protects lenders in case you’re unable to pay the mortgage. But what if you want to buy a home and don’t have the full 20% down payment saved?

Some available options are:

  • 97% Loan-to-Value (LTV) — A conventional mortgage in which your loan amount is 97% of the value of the home, and you only have to make a 3% down payment. Mortgage insurance will be required.
  • Lender-Paid Mortgage Insurance (LPMI) — If you can’t make the full 20% down payment, then we may be able to pay your mortgage insurance for you. However, your interest rate will be slightly higher to cover this expense.

Going Government

The U.S. government offers a variety of home purchase programs that help make homeownership possible for more people. These programs are offered through agencies such as the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), and the U.S. Department of Veterans Affairs (VA). Each of these agencies offers specific mortgage loan programs with different down payment requirements:

  • FHA Home Loan— This loan is a great option for first-time buyers and those with financial or credit setbacks. The required down payment amount for an FHA home loan is 3.5%, and a parent or relative can be a co-applicant on the loan with you. Mortgage insurance will be required.
  • FHA 203(k) Rehabilitation Loan— Want to buy a home that needs repairs? With an FHA 203(k) rehab loan, you can finance a home and many qualifying repairs. Two versions are available depending on the type of repairs required and their costs. Mortgage insurance will be required.
  • USDA Rural Home Loan— If the home you’re looking to buy is in a designated USDA rural area, then you may be able to qualify for a USDA home loan. This program provides up to 100% financing, which means no down payment is required. View a map of the designated rural areas to see if the property you’re interested in is eligible.
  • VA Home Loan— As a benefit for your service to our country, the VA works with lenders to provide veterans a flexible solution for buying a home. You’ll get a competitive interest rate and don’t have to make a down payment unless you want to.

Shawna O’Brien
Residential Broker
KW Portfolio Collective, Geist Fishers
317-506-0039
ShawnaOBrienRealtor@gmail.com

Buyer Tips

Why You Want an Agent’s Advice for Your Move

by indianapolisareahomesforsaleLeave a Comment on Why You Want an Agent’s Advice for Your Move

No matter how you slice it, buying or selling a home is a big decision. And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re talking about.

Moving is no exception. You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this:

“As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.”

And while perfect advice isn’t possible – not even from the experts, what you can get is the very best advice out there.

The Power of Expert Advice

For example, let’s say you need an attorney. You start off by finding an expert in the type of law required for your case. Once you do, they won’t immediately tell you how the case is going to end, or how the judge or jury will rule. But what a good attorney can do is walk you through the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to adjust that plan as new information becomes available.

The job of a real estate agent is similar. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know everything that’s going to happen throughout your transaction. Their role is to give you the best advice they can.

To do that, an agent will draw on their experience, industry knowledge, and market data. They know the latest trends, the ins and outs of the homebuying and selling processes, and what’s worked for other people in the same situation as you.

With that expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.

Bottom Line

If you’re looking to buy or sell a home, you want an expert on your side to help you each step of the way. Let’s connect so you have advice you can count on.

Shawna O’Brien
Residential Broker
KW Portfolio Collective, Geist Fishers
317-506-0039
ShawnaOBrienRealtor@gmail.com

Market Update

Expert Home Price Forecasts for 2024 Revised Up

by indianapolisareahomesforsaleLeave a Comment on Expert Home Price Forecasts for 2024 Revised Up

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.

So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change.

2024 Home Price Forecasts: Then and Now

The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections:

a blue and white graph with text

The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you’ll see they’ve all updated their forecasts and now think prices will go up more than they originally thought. And some of the differences are major.

There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. According to Business Insider:

“Low home inventory is a chronic problem in the US. This has generally kept home prices up . . .”

A lack of housing inventory has been pushing prices up for a long time now – and that’s not expected to change dramatically this year. But what has changed a bit is mortgage rates.

Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, mortgage rates were up and buyer demand was more moderate.

Now that rates have come down from their peak last October, and with further declines expected over the course of the year, buyer demand has picked up. That increase in demand, along with an ongoing lack of inventory, is what’s caused the experts to feel the upward pressure on prices will be stronger than they expected a couple months ago.

A Look Forward To Get Ahead of the Next Forecast Revisions

Real estate experts regularly revise their home price forecasts as the housing market shifts. It’s a normal part of their job that ensures their projections are always up-to-date and factor in the latest changes in the housing market.

That means they’ll continue to revise their projections as the housing market changes, just as they’ve always done. How those forecasts change next is anyone’s guess, but pay attention to mortgage rates.

If they trend down as the year goes on, as they’re expected to do, that could lead to more buyer demand and even higher home price forecasts.

Basically, it’s all about supply and demand. With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too.

Bottom Line

At first, experts believed home prices would only go up a little this year. But now, they’ve changed their minds and forecast prices will grow even more than they originally thought. Let’s connect so you know what to expect with prices in our area.

Shawna O’Brien
Residential Broker
KW Portfolio Collective, Geist Fishers
317-506-0039
ShawnaOBrienRealtor@gmail.com

Market Update

What’s Really Happening with Mortgage Rates?

by indianapolisareahomesforsaleLeave a Comment on What’s Really Happening with Mortgage Rates?

Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.

The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.

Mortgage Rates Are Volatile by Nature

Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a whole.

Take a look at the graph below. It uses data from Mortgage News Daily to show the ebbs and flows in the 30-year fixed mortgage rate since last October:

If you look at the graph, you’ll see a lot of peaks and valleys – some bigger than others. And when you use data like this to explain what’s happening, the story can be different based on which two points in the graph you’re comparing.

For example, if you’re only looking at the beginning of this month through now, you may think mortgage rates are on the way back up. But, if you look at the latest data point and compare it to the peak in October, rates have trended down. So, what’s the right way to look at it?

The Big Picture

Mortgage rates are always going to bounce around. It’s just how they work. So, you shouldn’t focus too much on the small, daily changes. Instead, to really understand the overall trend, zoom out and look at the big picture.

When you look at the highest point (October) compared to where rates are now, you can see they’ve come down compared to last year. And if you’re looking to buy a home, this is big news. Don’t let the little blips distract you. The experts agree, overall, that the larger downward trend could continue this year. 

Bottom Line

Let’s connect if you have any questions about what you’re reading or hearing about the housing market.

Shawna O’Brien
Residential Broker
KW Portfolio Collective, Geist Fishers
317-506-0039
ShawnaOBrienRealtor@gmail.com

Market Update

Houses Are Still Selling Fast

by indianapolisareahomesforsaleLeave a Comment on Houses Are Still Selling Fast

Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn’t as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal.

The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:

When you look at the most recent data (shown in green), it’s clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal ‘unicorn’ years (shown in pink). According to Realtor.com:

“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”

What Does This Mean for You?

Homes are selling faster than the norm for this time of year – and your house may sell quickly too. That’s because more people are looking to buy now that mortgage rates have come down, but there still aren’t enough homes to go around. Mike Simonsen, Founder of Altos Research, says:

“. . . 2024 is starting stronger than last year. And demand is increasing each week.”

Bottom Line

If you’re wondering if it’s a good time to sell your home, the most recent data suggests it is. The housing market appears to be stronger than it usually is at this time of year. To get the latest updates on what’s happening in our local market, let’s connect.

Shawna O’Brien
Residential Broker
KW Portfolio Collective, Geist Fishers
317-506-0039
ShawnaOBrienRealtor@gmail.com

Buyer Tips

Why Pre-Approval Is Even More Important This Year

by indianapolisareahomesforsaleLeave a Comment on Why Pre-Approval Is Even More Important This Year

On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.

What Pre-Approval Is

As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more.

From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this:

“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”

Now, that last piece is especially important. While home affordability is getting better, it’s still tight. So, getting a good idea of what you can borrow can help you really wrap your head around the financial side of things. It doesn’t mean you should borrow the full amount. It just tells you what you can borrow from that lender.

This sets you up to make an informed decision about your numbers. That way you’re able to tailor your home search to what you’re actually comfortable with budget-wise and can act fast when you find a home you love.

Why Pre-Approval Is So Important in 2024

If you want to buy a home this year, there’s another reason you’re going to want to be sure you’re working with a trusted lender to make this a priority.

While more homes are being listed for sale, the overall number of available homes is still below the norm. At the same time, the recent downward trend in mortgage rates compared to last year is bringing more buyers back into the market. That imbalance of more demand than supply creates a bit of a tug-of-war for you.

It means you’ll likely find you have more competition from other buyers as more and more people who were sitting on the sidelines when mortgage rates were higher decide to jump back in. But pre-approval can help with that too.

Pre-approval shows sellers you mean business because you’ve already undergone a credit and financial check. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.”

Sellers love that because that makes it more likely the sale will move forward without unexpected delays or issues. And if you may be competing with another buyer to land your dream home, why wouldn’t you do this to help stack the deck in your favor?

Bottom Line

If you’re looking to buy a home in 2024, know that getting pre-approved is going to be a key piece of the puzzle. With lower mortgage rates bringing more buyers back into the market, this can help you make a strong offer that stands out from the crowd.

Shawna O’Brien
Residential Broker
KW Portfolio Collective, Geist Fishers
317-506-0039
ShawnaOBrienRealtor@gmail.com

SOLD!

SOLD! CARMEL, IN HOME SELLS AT FULL ASKING PRICE MID WINTER & WHEN INTEREST RATES WERE AT THEIR HIGHEST!

by indianapolisareahomesforsaleLeave a Comment on SOLD! CARMEL, IN HOME SELLS AT FULL ASKING PRICE MID WINTER & WHEN INTEREST RATES WERE AT THEIR HIGHEST!

This immaculately maintained Carmel home was only 9 years old and still under many builder warranties but it was vacant and needed help showing how buyers would utilize the spaces. It took a few conversations but the sellers agreed to professionally stage the home and the feedback from brokers, open houses, and showings showed that was the RIGHT choice. During a time when the media and many naysayers were poo-pooing interest rates AND the “slow” winter sales, we sold this home at FULL price to buyers that LOVED it.

There’s a buyer for every home, and there’s a home for every buyer. You only have to align yourself with the right professionals (me, wink, wink) who can guide, educate, negotiate and advocate for you!

Full Listing HERE

#homeforsale #homeownership #IndyRealEstate #indianapolis #hirearealtor #indyhomesforsale #TrustYourAgent #HireAnAgent #TrustYourRealtor #StagingMatters #MarketingMatters

Shawna O’Brien
Residential Broker
KW Portfolio Collective, Geist Fishers
317-506-0039
ShawnaOBrienRealtor@gmail.com

Seller Tips

Home Equity Can Be a Game Changer When You Sell

by indianapolisareahomesforsaleLeave a Comment on Home Equity Can Be a Game Changer When You Sell

Are you on the fence about selling your house? While affordability is improving this year, it’s still tight. And that may be on your mind. But understanding your home equity could be the key to making your decision easier. An article from Bankrate explains:

“Home equity is the difference between your home’s value and the amount you still owe on your mortgage. It represents the paid-off portion of your home.

You’ll start off with a certain level of equity when you make your down payment to buy the home, then continue to build equity as you pay down your mortgage. You’ll also build equity over time as your home’s value increases.”

Think of equity as a simple math equation. It’s the value of your home now minus what you owe on your mortgage. And guess what? Recently, your equity has probably grown more than you think.

In the past few years, home prices skyrocketed, which means your home’s value – and your equity – likely shot up, too. So, you may have more equity than you realize.

How To Make the Most of Your Home Equity Right Now

If you’re thinking about moving, the equity you have in your home could be a big help. According to CoreLogic:

“. . . the average U.S. homeowner with a mortgage still has more than $300,000 in equity . . .”

Clearly, homeowners have a lot of equity right now. And the latest data from the Census and ATTOM shows over two-thirds of homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below):

That means roughly 70% have a tremendous amount of equity right now.

After you sell your house, you can use your equity to help you buy your next home. Here’s how:

  • Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates. Investopedia states:

“You may want to pay cash for your home if you’re shopping in a competitive housing market, or if you’d like to save money on mortgage interest. It could help you close a deal and beat out other buyers.”

  • Make a larger down payment: Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much money. The Mortgage Reports explains:

“Borrowers who put down more money typically receive better interest rates from lenders. This is due to the fact that a larger down payment lowers the lender’s risk because the borrower has more equity in the home from the beginning.”

The Easy Way To Find Out How Much Equity You Have

To find out how much equity you have in your home, ask a real estate agent you trust for a Professional Equity Assessment Report (PEAR). 

Bottom Line

Planning a move? Your home equity can really help you out. Let’s connect to see how much equity you have and how it can help with your next home.

Shawna O’Brien
Residential Broker
KW Portfolio Collective, Geist Fishers
317-506-0039
ShawnaOBrienRealtor@gmail.com