Susan Timmerman’s Blog

It is SuperBowl “Eve” and this Noblesville Realtor can’t wait any longer!  I know this blog is supposed to feature Noblesville real estate and related topics but I doubt very many people are thinking “real estate” come Sunday, February 7th; but if you are, please call me (before kickoff that is)!

Since I am a native Hoosier (born on the west side of Indy), I’ve had the privilege of watching Indianapolis grow and evolve into one of the most desireable places to live and raise a family.  Helping individuals and families relocate to the area is easy because of our housing affordability, low taxes, great schools and of course ALL of the amazing sports and cultural activities we have the opportunity to enjoy!

But today, on SuperBowl Sunday, I’m focused on my non-real estate passion, the Indianapolis Colts.  Yes, I do remember the days when the Colts weren’t so good and my season tickets were all the way at the top of the old Hoosier Dome!  But are we having fun now?  YES WE ARE!  And what a difference a few changes make…like drafing Peyton Manning.  We are so fortunate to have such a class organization, one made up of men of character that give their all each and every game not to mention give back to their community through their time and many foundations and charities.  I’m proud to be a Colts fan and today I will be wearing my Colt’s BLUE #18 jersey! 

In case you haven’t seen this, I’ve included my favorite video clip of Peyton…enjoy!

Whether you’re partying with a group or intently watching the game at home, don’t forget the Colts still need their 12th man!  So be proud and yell loud and help our Colts bring home another SuperBowl VICTORY!

I hear there’s a storm brewing in South Florida…Go COLTS!

Check out this article for great Colts/SuperBowl party ideas

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Susan Timmerman - Noblesville Real Estate Agent
Keller Williams Realty Indy Metro NE
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Villages at Pebble Brook is an extremely popular neighborhood on Noblesville’s northwest side.  This community began its existence as an Estridge-built community with a total of 197 homes.  It’s obviously grown since then with additional homes, condos and apartments.  You’ll notice that there are several different entities that make up the Pebble Brook neighborhood not to mention some list Pebble Brook as 2 words and others as 1 word.  The best explanation of the various associations within Pebble Brook can be found on their HOA website.  To summarize however, here they are:

• Pebble Brook Golf Course
• Pebblebrook Homeowners Association (the condos)
• The Villages at Pebblebrook Homeowners Association
• Pinehurst Village Homeowners Association
• Pebblebrook Amenity Association
• Pebblebrook Boulevard Association
• Augusta Village Homeowners Association
• Emerald Village at Pebble Brook Homeowners Association
• The Village of Pebblebrook Apartments

In addition to the Estridge-built homes, there is also a section of custom homes.  One example of a beautiful executive home currently on the market is 502 Pitney Drive listed at its appraised value of $550,000.  Tucked away from the hustle and bustle of Little Chicago Road, this home features many custom amenities to support an entertaining lifestyle in a location surrounded by lots of trees and the golf course.

Residents love the PB location because of its easy accessibility to major roads such as SR31, US31/Meridian, and Hazel Dell Parkway.  PB features such neighborhood amenities as a swimming pool, basketball and tennis courts.  There is also on-site daycare, Pebble Brook Preschool, for the growing family along with Hazel Dell Elementary located on the South side of SR32 opposite the main entrance to Vlgs at Pebble Brook. And last but not least for the golfer, check out Pebble Brook Golf Club which offers 2 courses.

Currently there are a total of 5 ACTIVE listings ranging in price from $181,500 to $550,000!  Obviously addressing the market for both the First Time and Repeat Home Buyer market.  With so few ACTIVE listings, one can rest assured that the neighborhood is stable as most residents are choosing to stay!

There are currently NO PENDING sales.

Since 1/1/09 there have been 8 SOLD listings ranging in price from $155,000 (ranch style) to $177,000 (2-story).  In 2008, there were 7 SOLD listings ranging in price from $158,000 (ranch style) to $422,500 (2-story).  Very comparable turnover from 2008 to 2009 with only one noticeable difference and that being the SOLDS in 2008 were at higher price points wherein 2009 shows the First Time Home Buyer Tax Credit influence.

Estridge Homes is an established and well-known quality Indiana homebuilder.  They are known for their “green” influence providing tree-lined streets, ponds, and family gathering spots throughout their neighborhoods. Villages at Pebble Brook is one of a handfull of neighborhood communities with a golf course offering several golf course lots/views!

If you’re interested in learning more about Noblesville and/or viewing the ACTIVE listings in Villages at Pebble Brook, feel free to call or email this experienced Noblesville Realtor!

Villages at Pebble Brook HOA Website

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The total number of Noblesville homes SOLD in 2008 were 893 vs. 884 for 2009.  SOLDS are defined as transactions that “closed” between January 1st and December 31st of each respective year.  These numbers do NOT include PENDING sales (i.e., homes under contract) as these deals can still fall short and not close due to appraisal issues and/or Buyers not qualifying for their loans. 

The good news is that our Noblesville market remained stable throughout 2008 and 2009 with very little change in TOTAL number of SOLDS.  One should note, however, the dip that occurred in Q4/2008 that carried over through Q1/2009 with 163 and 169 SOLDS, respectively.  That was, indeed, our low point, but we rebounded well to finish 2009 with 216 SOLDS, a 32% increase over Q4/2008!  One would assume this momentum surge was due in large part to the First Time Home Buyer Tax Credit incentives and the numerous “Distressed” property deals that were, and still are, out there.

In the second chart, I’ve broken down 2008 vs. 2009 numbers by Price Point as well as noted number of SOLDS classified as Distressed Properties.  The higher price point homes, anything over $300,000 in our example, continues to be a tough market with only 103 vs. 81 SOLDS, a mere 12% and 9% of the Total SOLDS, in 2008 and 2009.  

2008 >$300,000 Market Notes:

• Maximum SP - $1,140,000
• Minimum SP - $220,000 (LP was $300,000)
• Average SP - $449,909 with $151 SP/SF and 115 DOM (Days on Market)

2009 >$300,000 Market Notes:

• Maximum SP - $1,525,000
• Minimum SP - $225,000 (LP was $300,000)
• Average SP - $422,761 with $133 SP/SF and 147 DOM

You’ll also see in the second chart that I’ve included several price points and that it is pretty obvious most home buyers are staying under the $300,000 price range.  It is this Noblesville Realtor’s opinion that the majority of First Time Home Buyers focus on the $100,000 to $200,000 price range.  Interesting is that the price point for under $150,000 attributed to 49% and 53% of Total SOLDS in each year respectively. 

Percent of Total SOLDS by Price Points, 2008 and 2009:

• 2008 Greater than $300,000 - 12% of all SOLDS; while 2009 was 9%
• 2008 Less than $299,000 - 88% of all SOLDS; while 2009 was 91%
• 2008 Less than $250,000 - 83% of all SOLDS; while 2009 was 85%
• 2008 Less than $200,000 - 72% of all SOLDS; while 2009 was 76%
• 2008 Less than $150,000 - 49% of all SOLDS; while 2009 was 53%
• 2008 Distressed Sales - 17% of all SOLDS; while 2009 was 24%

Because of the significant impact of Distressed properties in our local economy, it’s worth pointing out that almost 1/5 of the Total SOLDS in 2008 and 1/4 in 2009 were “Distressed”.  These are categorized under the search criteria “Disclosures” in MIBOR as bankowned, foreclosure, HUD-owned, possible short sale, preforeclosure, or VA-owned (all forms of ”distressed” properties).  The Noblesville Real Estate market is showing signs of positive movement and with the heavy impact of Distressed properties both on the ”buy” and “sell” side, one should strongly consider using the services of a Realtor with the Certified Distressed Property Expert designation.  This Noblesville Realtor has that designation and is ready to help both buyers and sellers!With the extension of the First Time Home Buyer Tax Credit and the NEW Repeat Home Buyer Tax Credit, now is a great time to buy and sell real estate in Noblesville.  While the appreciation of property values has not been there, certainly there is an opportunity to benefit when buying.

If you are thinking about buying or selling a Noblesville home, be sure to contact this Noblesville Realtor.  Our team of 5 dedicated and experienced women SOLD just over $24 million in 2009 with a sales price to list price ratio of 97%.  We’re here to help make your 2010 a terrific year!

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Susan Timmerman - Noblesville Real Estate Agent
Keller Williams Realty Indy Metro NE
Noblesville IN Real Estate Website

IMPORTANT…URGENT…DEADLINE fast approaching for those that purchased a Noblesville Home in 2009! 

Please take a moment to insure that your Mortgage and Homestead Tax Exemptions have been filed.  If they have not, Dawn Coverdale, Hamilton County Auditor, has announced that the statutory deadline for filing for tax deductions is the last day of the year (i.e., December 31, 2009) in order for them to be reflected on your 2009, pay 2010 property tax bills. 

Once these deductions have been filed, you do not need to refile unless there is a new mortgage or a deed change on the home, or if the property has been put in a trust.  The Homestead credit should have been filed at the time you “closed” on the purchase of your home but the Mortgage deduction was not.  This one is up to you to get done!

Mortgage deductions and the Homestead credit could save you hundreds of dollars in property taxes. It is not necessary to have a mortgage on a home to claim the Homestead credit.

The 3 most common deductions are:

Mortgage Deduction - This is a $3,000.00 exemption and is deducted from the assessed value of property when calculating property taxes.  A NEW homeowner or ANYONE who has refinanced since the last filing must refile for the deduction. Refiling must also be done by anyone who has placed a property in trust.

Homestead Credit - This is the big one!  It is a $45,000.00 credit providing up to 20% deducted from the gross tax amount. Taxpayers are eligible for homestead credit on their principal residence only. This deduction is automatically filed for the homeowner at “Closing” but it’s always a good idea to verify.

Over 65 age Deduction - This is a $12,480.00 deduction if all tenants are 65 by December 31, 2009. Property owners must reside on the property or be in a nursing home. Applicants taxable gross income must not be more than $30,000 for an individual or $40,000 for those filing jointly with their spouse or other individuals on their deed. The assessed value of all properties cannot exceed $160,000.00. Applicants should bring their income tax return form for 2007 when applying.

For a complete list of property tax deductions and credits, check out the Hamilton County Govenment website. 

If your home is in Hamilton County, you will have to apply for your deductions IN PERSON at any of the following FILING Locations:

Historic Courthouse in Noblesville, 1st Floor
Hours: Mon. - Fri., 8:00a.m. - 4:30p.m.

Carmel/Clay Twp. Assessor’s Office
10701 N. College Ave., Indianapolis
Hours: Mon. - Fri. 8:00a.m. - 4:30p.m.
Phone: 848-7116

Fishers/Delaware Twp. Assessor’s Office
9090 E. 131st Street, Fishers
Hours: Mon. - Fri., 8:00 a.m. - 4:30 p.m.
Phone Number: 577-0501

It only takes a few minutes to do, it’s FREE, and it can save you literally HUNDREDS of DOLLARS on your property taxes so don’t let this one slip by.  FILING DEADLINE IS DECEMBER 31, 2009.

Specific questions regarding deductions should be directed to the Hamilton County Auditor’s Office at 776-9602 or 776-8296

If you are thinking about buying or selling a Noblesville home, be sure to contact this Noblesville Realtor.  Our team is averaging 59 days on the market in 2009 and our sale price to list price is 96%

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Attention potential Sellers of Noblesville Real Estate!  If you’ve been “riding the fence”, “waiting out the market” or simply “thinking” about moving, now may be just the time to make your MOVE!

President Obama signed into law on November 6, 2009, to EXTEND the current $8,000 tax credit for First Time Home Buyers and approve a NEW tax credit of $6,500 for “Repeat Buyers” who sell their current principal residence and buy a new home!

There’s never been a better time to buy and sell real estate and the tax credits allow both buyers and sellers to benefit.

Top 10 Reasons to Move…

• 1) Brand new baby
• 2) Great new job
• 3) Just got married
• 4) Just got divorced
• 5) You’re bursting at the seams
• 6) All the kids have moved out and you are tired of cleaning all that space
• 7) Tired of your neighbors
• 8) Relocating (we know agents in other cities)
• 9) Building equity through purchase of distressed property
• 10) You want the $$$ from the tax credit available NOW!

If this information has caused you to “consider” a move, then your next step would be to call me, your local Noblesville Reator, for your FREE Market Analysis & Market Ready Plan of Action!  It’s so important to be “show ready” when your house hits the market - as we have no time to waste with the April 30, 2010 contractual deadline really just around the corner!

For answers to some Frequently Asked Questions about the new credits, I have found the National Association of Home Builders has compiled a fairly comprehensive set of scenarios to help explain the Extended $8000 First Time Home Buyer Tax Credit as well as the NEW $6500 Repeat Home Buyer Tax Credit.  

WAITING may have paid off…let me know if you want to move forward!

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Susan Timmerman - Noblesville Real Estate Agent
Keller Williams Realty Indy Metro NE
Noblesville IN Real Estate Website

To update our Noblesville and fellow Hamilton County residents, the Senate approved the Unemployment Insurance/benefits extension bill which included “extending and expanding the home buyer tax credit provisions“.  Senate approved the bill earlier in the week by a unanimous vote of 98-0.  The U.S. House voted overwhelmingly to approve the tax credit changes by a vote of 403-12.  The last remaining step in the legislative process is the President’s signature and he did so TODAY! 

Key Points Include:

• Extended Tax Credit - First time home buyers may receive 10% of the Sales Price or a maximum of $8,000 for homes “under contract” by 4/30/09 and “closed” by 6/30/10.
• Expanded Coverage - Repeat buyers who have used their home as their principal residence consecutively for 5 of the 8 previous years will be eligible for a $6,500 tax credit.
• Income Limits - Single buyers changed from $75,000 to $125,000 and Married buyers changed from $150,000 to $225,000. 

For a better overall snapshot of the changes, you may want to check out the National Association of Realtors (NAR) chart on the Home Buyer Tax Credit Changes as well as their Frequently Asked Questions (FAQs) summary.

There’s never been a better time to buy and sell and with these tax credit changes, both buyers and sellers can benefit.  The incentive for current homeowners that may have been “riding the fence” or “waiting out the market”, you may want to consider that move to up-size, down-size, more features/amenities such as a basement or 3c garage.  There are plenty of deals to be had with short sales and bankowned properties too

If you have specific questions about the changes to the tax credit legislation, please feel free to contact this Noblesville Realtor.  For Buyers, call me for your FREE Buyer Consultation so that we can get your home profile and searches set up and working for you.  And for those Sellers, it’s so important to be “show ready” when your house hits the market so call me for your FREE Market Analysis & Market Ready Plan of Action!

If you are thinking about buying or selling a Noblesville home, be sure to contact this Noblesville Realtor.  Our team is averaging 59 days on the market in 2009 and our sale price to list price is 96%

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Susan Timmerman - Noblesville Real Estate Agent
Keller Williams Realty Indy Metro NE
Noblesville IN Real Estate Website

Extending the First Time Home Buyer Tax Credit would continue to boost Noblesville Real Estate sales!  This Noblesville Realtor heard news tonight that Senators agreed Wednesday to extend the $8,000 First Time Home Buyer Tax Credit.  Set to expire at the end of November, the Senators agreed to extend the popular credit for contracts signed by 4/30/10 and closed by 6/30/10.  Additionally, the action also included offering a tax credit of $6,500 for Repeat Buyers who have owned their current homes for at least five years.  (See the AP article posted on MSNBC and the article on USAToday website for additional details.)

What’s great about the expanded tax credit program is the added incentive for “move up” or “downsizing” buyers.  Seems to make a lot of sense to provide a worthwhile incentive for Sellers (ie, Repeat Buyers) to help offset the cost of selling their homes in de-valued markets.  By providing this expanded tax credit, these Sellers must BUY in order to receive the credit resulting in more inventory for the First Time Home Buyer!

Also, these Repeat Buyers are more likely to have the assets to buy Distressed Properties such as short sale or foreclosures that require repairs to bring them back to current market values.  First time home buyers generally have to work hard just to get their downpayment and then don’t have the funds readily available to repair/rehab a bankowned home that has to be purchased “as is”. 

It should be noted that this Noblesville Realtor also read that this still has to pass the full Senate and House so stay tuned for updates and more details! 

If you’re a Buyer there is no better time than now to invest in real estate.  If you’re a Seller, there is no better time to SELL and RE-INVEST in real estate!  So for those Buyers out there, call me for your FREE Buyer Consultation so that we can get your home profile and searches set up and working for you.  And for those Sellers, it’s so important to be “show ready” when your house hits the market so call me for your FREE Market Analysis & Market Ready Plan of Action!

If you are thinking about buying or selling a Noblesville home, be sure to contact this Noblesville Realtor.  Our team is averaging 59 days on the market in 2009 and our sale price to list price is 96%

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Susan Timmerman - Noblesville Real Estate Agent
Keller Williams Realty Indy Metro NE
Noblesville IN Real Estate Website

Everyone continues to be curious about the Noblesville housing market, so here is the market report for September 30th, 2009.  There are currently 658 homes for sale in Noblesville and another 119 are under contract (pended). For the time period January 1, 2009 through Septemer 30th, 2009, the total amount of Noblesville real estate sold is 682 homes versus 754 for the same period in 2008. 

Looking at the graph, we can see that in every  month but one, 2008 has outperformed 2009.

In the 2009 time period 151 (22%) were distressed properties compared with 114 (15%) in 2008.  We are seeing an increase in other parts of Metro Indy as well in this area.

Of the homes that sold, 352 were under $150,000 and 18 were over $500,000.  Neighborhoods with the highest number of solds were:

• Deer Path with 32
• Mill Grove with 18
• Pine Knoll and North Harbour both with 14
• Cherry Tree with 12

The most expensive home sold this year was in Morse Overlook for $775,000.  It had 4800 sq ft and additional 1800 in the finished walk out basement.  It was listed and sold in the same day.  This is somewhat unusual for the over $500,000 market, the average days on market are well over 100.

If you are thinking about selling your Noblesville home, be sure to contact your Noblesville Realtor.  Our team is averaging 59 days on the market in 2009 and our sale price to list price is 96%

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Susan Timmerman - Noblesville Real Estate Agent
Keller Williams Realty Indy Metro NE
Noblesville IN Real Estate Website

Deer Path is one of the most affordable neighborhoods in Noblesville servicing approximately 1000 homes.  Residents love the location because of its affordability and accessibility to major roads, shopping, restaurants, healthcare, and schools!  Deer Path is located just West of one of the major corridors between Noblesville and Fishers at Exit 10/I-69.

Deer Path has a little something for everyone. There is new construction, there is existing/resale and there are deals to be had on “distressed” properties. This master-planned community offers both 2-story and ranch-style homes.  Deer Path features one of the best neighborhood community parks around. Residents can enjoy the pool, clubhouse, playground, basketball courts, tennis courts all set amongst the many mature trees…and did I mention the walking trails and soccer fields? 

Currently there are a total of 41 ACTIVE listings ranging in price from $84,000 to $270,000!  The average price point is $143,702 with $78 LP/SF and 72 DOM (days on market).  Out of the 41 ACTIVE listings, 12 are listed as a “distressed” property per the Listing Agent.

There are 11 PENDING sales (i.e., accepted offer) with an Average List Price of $125,300, $72 LP/SF and 44 DOM.  Of the 11 PENDING sales, 5 are listed as distressed.

Since 1/1/09 there have been 56 SOLD listings ranging in price from $72,504 to $244,855!  The average price point for SOLD listings was $125,369, $77 LP/SF and 59 DOM.  Of the 56 SOLD properties, only 8 were listed as distressed.  Interesting to note that out of the 56 total SOLD listings since 1/1/09, there were 18 that actually “closed” in the month of September - 12 of which were NEW Construction!

As you can see, price range varies rather dramatically within the “Deer Path” family.  There are 3 distinct sections:  the original Preserve at Deer Path, the newer Beazer section called the Enclave at Deer Path, and the newer Centex section called Meadows of Shelbourne at Deer Path.  Obviously this is a very active market with just under 25% of the current activity being of the “distressed” variety.  The East side of Noblesville will only continue to grow and develop and with the Noblesville Corporate Campus, Hamilton Town Center, Saxony Retail/Residential development, and the ever-popular Verizon Music Center, Deer Path should be an attractive option to many buyers especially those looking for a “deal” right now. 

If you’re interested in learning more about Noblesville and/or viewing the ACTIVE listings in Deer Path or in having an experienced realtor work with you on a “new-build” in the Deer Path community, feel free to call or email this Noblesville Realtor!

Deer Path Noblesville HOA

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Susan Timmerman - Noblesville Real Estate Agent
Keller Williams Realty Indy Metro NE
Noblesville IN Real Estate Website

Whether you’re looking for a home in Noblesville or the surrounding areas, it’s important to know the ”cash on hand” needed to get your purchase transaction started.

So what are the typical Out-of-Pocket expenses for a Buyer?  There’s more than just the downpayment to consider when buying a house.  I always explain to my Buyer Clients there are 3 primary out-of-pocket expenses BEFORE they even get to the Closing Table.  I think this is so very helpful, especially if you are a first-time Buyer or a Buyer “relocating” to the area. The 3 primary expenses are:

1) Earnest Money Deposit - Typically 1% of the Sales Price offered.  It can be less; it can be more depending on the nature of the offer and price range.  It should be noted that bank-owned transactions almost always have a $1,000 minimum earnest money deposit and will need to be in the form of certified funds.  This money is actually DEPOSITED into a non-interest bearing account of the Listing Broker.  It is a “good faith deposit” that is held in escrow until Closing at which time the money is credited towards the Buyer’s expenses. Think of it as a deposit or downpayment towards the purchase of the home.

2) Independent Inspection Fees - Typically these fees range from $250-$450.  Base inspections are calculated on age of home and square footage.  Termite inspections are additional and run $50-$80; Radon testing is also additional and runs $80-$110.  Of course if mold, lead-based paint, foundation or crawl space problems or other issues are uncovered during inspection, there may be additional fees for expert evaluation, inspection and recommendation.  Buyers need to be prepared to pay their inspection fees at the time of the Inspection as it is not an expense that can be held over to Closing.

3) Hazard (Homeowners) Insurance - Lenders typically require 1-year premium paid in advance as well as being named as an Additional Insured.  Since they will be holding the mortgage, they need proof their investment is insured at the time the transaction is closed.

Your lender should also provide you with a Good Faith estimate that enumerates the costs to be paid at Closing either by, or on behalf of, the Buyer.

There may be other expenses involved as part of your move such as purchasing some or all appliances, movers, residential cleaning, blinds/window coverings, paint, carpet/flooring.  Depending on whether the home is new construction or existing, move-in condition or needing some TLC, you should always plan your budget and know what you’re going to need BEFORE actual moving day. 

One last piece of advice…based on your home inspection you may need to plan for future improvements such as roof, windows, major mechanicals (furnace, A/C, water heater, etc.).   If a Home Warranty Policy is part of your purchase transaction, this protection can get you through the first year of home ownership with minimal investment.

There’s less than 90 days before the $8000 First Time Home Buyer Tax Credit expires.  So if you, or someone you know, qualifies as a First Time Home Buyer, you need to be looking NOW and be under contract by mid-October to allow enough time for financing approvals, appraisals, inspections and a successful close.  This Noblesville Realtor is a Certified Distressed Property Expert and can assist buyers with “distressed” home purchases as well as the traditional resales and new construction! 

Search homes for sale in Noblesville by Neighborhood 

Other Northside Blogs (Carmel, Noblesville, and Geist)

 Susan Timmerman - Noblesville Real Estate Agent
Keller Williams Realty Indy Metro NE
Noblesville IN Real Estate Website