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Visit the Indianapolis Monthly Dream Home

Visit the  2010 spectacular 2010 Indy Monthly Dream Home available for sale nestled on a 1.2 acre wooded lot in desirable Lost Run Farm. Community has 1.5 miles of private riverside trails and 40 acres of green space. This Tuscan style home is over 8,500 square feet with 5+ bedrooms and 7 bathrooms. This is a must see!

I went to a private Realtor luncheon there today and it is beautiful!!  We were taken on a tour of the grounds and they are breathtaking!  Why not take a tour and dream of your next home or just get decorating tips!

Tickets are $12 at the door; $2 off coupons are available at participating Marsh locations. All proceeds benefit the Dyslexia Institute of Indiana: www.dyslexiaindiana.org/dream_home for dates and times.

Join me for Lawrence Township’s Free Community Day

Mayor Paul Ricketts has announced the City is combining two very popular events this year — the 11th Annual Public Safety Day together with the Community Day and Chili Cook-off. The City has taken the best features from both venues in order to create a day of fun for the entire family as well as showcase the City’s services, local restaurants, businesses and public safety.

Free admission for the entire family offers an exciting and informative schedule of entertaining events on Saturday, August 28th from 10:00 AM until 3:00 PM at Fire Station #40, 9530 East 59th Street (corner of 59th Street and Lee Road), located at Ft. Benjamin Harrison.

There will be live demonstrations of auto extrication, police K-9s, SWAT static displays, and more. The Hoo-Doo Band and “M.C. Axe and the Fire Crew” will both make special appearances, which are always crowd pleasers. Police and fire apparatus will be on display and kids will have an opportunity to spray a simulated fire with a real fire hose. A Blackhawk helicopter will land and be on display, as well.

Local restaurants will be giving out free samples of their fares.

Back by popular demand is the Chili Cook-off contest. The judges are Mayor Paul Ricketts, Tom Britt, Steve King, Chris Burd and Dick Wolfsie.  Come and cheer on Vickie from Chef Suzanne’s catering team!!!  They are great!!

Police Officers and Firefighters will be grilling and selling hamburgers and hotdogs to raise funds to benefit both the Lawrence Fire Department Needy Family Fund and the FOP’s Kops and Kids program.

For more information, please call Candy Davis at 545-6191 or Dino Batalis at 547-4371

Buy or Rent? Which is right for you?

Should you buy your first home or remain a renter?  It is a classic question.  How do you know if you are ready?  Can you afford a mortgage and all of the fees associated with securing a loan?

If you are pondering these questions, here are some items to consider:

• Can you afford the home now and will you still be able to afford it in 6 months or a year from now?
• Do you have enough savings for a down payment and unforeseen costs, like major repairs?
• Are you credit worth?  Will you qualify for a mortgage?
• Are you emotionally ready to put down roots and take care of a home?
• Is your job going to change in the next few years?  Will your company relocate you to a different area?
• Are you planning to get married?

There are many tax benefits to home ownership, such as a tax deduction for the interest on your mortgage and a federal deduction for your local property taxes.

You must evaluate neighborhoods closely, what is a fair market price for a home you are interested in?  This is where the expertise of a real estate agent comes into play, they can show you the “comps” or the prices that comparable homes in the neighborhood have recently sold for.

The decision to buy, especially a first home, is a life-changing experience but with the proper lender and real estate agent to guide you, it can be a dream come true.

For example, if you were to purchase the home below for $125,000 and you qualified for an FHA mortgage, your approximate monthly payment would be $831.  This is based on:

• 3.5% downpayment of $4,375
• Annual property taxes of $912
• Annual homeowners insurance of $700
• And includes an estimate of $80/month for private mortgage insurance

Mortgages are at historic lows, home prices are competitive, so where are the buyers?

At first glance, it is the chance of a lifetime for home ownership, so where are all of the buyers?

Unemployment and uncertainty about the future are reasons some buyer’s state.

Before the tax credit cutoff of April 30th, interest rates were about one percentage point high.  Buy today, and the average savings on a $250,000, 30 year fixed mortgage would be $54,993 over the life of the loan!!! This is remarkable!

If you had purchased this home for $250,000 in July of 1980, your approximate principal and interest payment would  have been $2,610 based on an interest rate of 12.19%.  If you purchased this same home today for the same price, your approximate principal and interest payment would be $1,266 based on an interest rate of 4.59%.  That is a savings of $1,344 per month or you could buy a $515,000 home today for that same $2,610 per month!!!  WOW, that is incredible!

(These figures are only for demonstration, call a lender for more accurate calculations)

Below are the average 30 year fixed rate mortgage rates in July of the last 4 decades.  This shows just how affordable home ownership is in today’s market!

July 1970   7.00%

July 1980  12.19%

July 1990  10.04%

July 2000   8.14%

July 2010 4.59%

Add to this, the fact that there are some great move-in ready homes on the market, appraisal guidelines  have finally been adjusted giving appraisers more flexibility to set values that reflect the current market and there are many financing options available to buyers, WHY WAIT?    You could own a home for less than you are paying in rent!

When I look back at 1983 when my husband and I purchased our first home and interest rates were nearly 13%, I would have been thrilled to have an opportunity like this!!  So if you are sitting on the fence, give me a call, I will put you in touch with a lender and let’s make your dream of home ownership a reality!

First time homebuyer story!!

Today reconfirmed why I love my job!  I met Chris and Emily at an open house about 4 weeks ago, they were just starting their search for a home.  I set up a search for them and continued to stay in touch.  We went out last Sunday to look at a couple of existing homes and I asked them if they had ever considered new construction, they said “No” but were open to it.  We then went to Pulte in Avalon where we met Patty Riesen and she informed us of an awesome promotion they were offering.  We toured the model homes and found a plan that met Chris and Emily’s needs and they fell in love.  We brought Emily’s parent to look at the model on Wednesday and went back today to finalize the purchase!!!  Their new home will be completed in December!!!

This is why I choose to be a realtor!!!

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