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Wednesday, March 4, 2015

Two New East Carmel Biz Updates....

In a move destined to help migrate hoards of school age children and some adults (free slushies) the Rickers at 146th and River Road is now open (free slushies) and after all of the consternation about the location seems to be a good fit. Did I mention they're giving away free slushies for a short time during their grand opening? They are and being the step parent of a 15 year old I've now been awarded frequent slushie miles for the number of times I've already been in here. As an observation the exit on River Road seems set back far enough that traffic should reasonably be able to get in and out which had many wondering about this spot for a high traffic destination.  

In the old La Hacienda/Mud Socks location restraunteur Scott Wise has shared that a Scotty's will be moving in soon. With that huge garage door that opens up in the Summer on the north side it seems this is a great fit for the corner of 146th/Hazel Dell and for the Scotty's Brand. No date has been announced yet for the open.
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Tuesday, March 3, 2015

Setting Expectations: Carmel Real Estate March & April

Despite the freezing rain falling and unidentified teacher falling in front of Carmel High School when I drove by a few moments ago, scenes like this one to the right are not far off. No, really. In 60 days Spring will be in full bloom. So what should home buyers and sellers expect over the next two months as we transition from a Winter to a Spring market?

First some statistics. In February of 2014 103 homes went under contract in Carmel averaging 96 days on the market. In March of last year 166 homes pended into escrow at 72 days on the market. In April the progression continued with 185 escrows established at 56 days average on the market. You can clearly see the activity level ramping up as we see March and April coming upon us.

So let's translate this. For buyers it means get ready. The available inventory will grow but so will demand. If you find the home you want you had better be ready to pounce with a strong offer or someone else will. Have your finances in order with a rock solid preapproval letter from your lender in hand.

For sellers, don't get too giddy. While your odds of selling go up, so does your competition. Then there's the demand dynamic. Buyers have gotten more and more discerning. They want done. They want granite and stainless and hardwoods. They are much less interested in some nebulous concept of getting a deal if it means they have to fork out tens of thousands after a closing to reap that benefit. Again...they want it done. Your job is to do all you can to get your property ready or be prepared to price it at a significant discount. However many 'warts' (in the true business sense of buyer demand) you have will determine sales price obviously but also time on the market and percentage of list price you'll receive. Just because we are inventory challenged doesn't mean you're product no matter how imperfect will draw a favorable offer. Be realistic. If not you'll be in that group of people that sees May become Labor Day with no end to your journey in site.
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Tuesday, February 3, 2015

Carmel's January Housing Market: Weird

Some things continue to make sense in this life like the scenic view of the Monon Trail after a recent snow. Not so in our recovering housing market. The home sales numbers for January in Clay Township are of the nonsensical kind to the letter. In January of 2014, the same January that saw blizzards and 14 below zero temperatures, there was actually some reasonable housing activity. That January gave us 98 homes under contract despite the weather that was record setting. So in 2015 we should have fared MUCH better, right? Not so fast friends. In the month just ended, January of 2015, there were just 74 homes under contract for a decrease of 25% in units of homes under contract. Go figure. Mortgage rates are good and gas prices are as low as they've been in years and still that. Showings (which Realtors track) are actually above last year which could be a very good sign for February and March. In my mind that tells us there are home shoppers who have started early and will be making a buy as the year rolls ahead. They're not out shopping in January if not. If you're an impatient home seller, breathe. Better days are coming and if you're on the market now you will be the beneficiary. The homes under contract for Carmel in January are listed HERE.

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