Mid-Eastern Indiana Association of REALTORS

Real Estate Tax

Ryan Orr — Thu, 31 Jul 2008 10:37:59 GMT

Article Supplied by:
Ryan Orr
REALTOR, Sales Associate
Office: (765) 741-9111
Email: Ryan@ORRHomes.com
Web: www.ORRHomes.com

Postive Real Estate Tax & Exemption News for Indiana & Delaware County!

     I am very excited about what it seems to be positive changes that are starting to be taking place with the passing of House Bill 1001 Property tax relief by the Indiana Legislation.   I think we are all still learning more and more about the effects of the bill but I wanted to post about the postive changes that should start to be seen by current and prospective property owners.

     Here is a summary of the major points of the changes that will be taking place the way I understand them as of now:

· Effective April 1st, 2008 Indiana Sales tax was raised from 6% to 7%.

· Effective for the 2008/2009 Tax Year Taxes will be capped at 1.5% for Residential, 2.5% for Investment and 3.5% for Commercial and Farm Ground 3.5% of assessed values.

· Effective for the 2009/2010 and thereafter tax years, taxes will be capped at 1% for Residential, 2% for Investment and 3% for Commercial and Farm Ground of assessed values.

· Starting this year Exemptions will be allowed to be placed on the property for the next year anytime between January 1st - December 31st instead of the old way of having to own before March 1st to be eligible for the following year.

· The HOMESTEAD EXEMPTION will be AUTOMATICALLY placed on your primary residence upon purchase by the filing of the SALES DISCLOSURE.   According to our local auditors office here in Delaware county they are going to encourage the new disclosure to be used now and be required after July 29th. If you are interested the new form can be downloaded at: http://www.in.gov/icpr/webfile/formsdiv/46021.pdf

· I am not 100% positive yet but it looks like ONLY the HOMESTEAD EXEMPTION will be automatically filed from the sales disclosure.   You will still be responsible for going to the auditors office to file any other exemptions you may be eligable for such as the Mortgage, Over 65, Veteren, Blind/Disabled ones.

     As a real estate professional, I am very excited about these changes because hopefully it will help the investors to get excited about buying again and give potential homeowners the ability to know how much their taxes will cost and dramatically improve the time to get exemptions filed on their properies in certain situations.

     I Hope this post will help make a little more sense out of the changes taking place.

     As always, I would recommend contacting the county Auditors office to verify all information or if your real brave read it at: http://www.in.gov/legislative/bills/2008/HB/HB1001.1.html!

Statistical Update 7/31/2008

MEIAR — Thu, 31 Jul 2008 10:23:04 GMT

The data provided through the link below is intended for personal knowledge only. This data may not be recreated, copied, or reprinted without the written consent of the Mid-Eastern Indiana Association of REALTORS. This representation is based in whole or in part on data supplied by the Association MLS members. Neither the Mid-Eastern Indiana Association of REALTORS, Inc. Nor its MLS guarantees or is in any way responsible for its accuracy.

Blog Stats 07 31 2008

The Code of Ethics

Bill England — Thu, 31 Jul 2008 10:22:49 GMT

Article Supplied By:
Bill England
Managing Broker
RE/MAX Real Estate Groups
billengland@remax.net
www.munciehomes.com

Honestly, accountability, integrity, and education; these four words helped establish the criteria set forth in 1908 when the National Association of REALTORS was founded. With no license laws at the time the real estate industry had a history of speculation, exploitations and disorder.

In 1913 a Code of Ethics was adopted to establish a professional standard of conduct. This new code became the basis for license laws throughout the country. It’s not just a coincidence that Article #1 of our Code coincides with Article 1 General Provisions of the Indiana Real Estate Commission. Both refer to safeguarding the public’s interest, encouraging ethical practice, and promoting your clients interest.

The Code has been amended several times to keep up with current trends and conditions. One of the biggest changes occurred in the 1990’s, the establishment of Buyers Agency. Up to this change both listing and selling agent has a fiduciary obligation to the seller. This condition was known as “Caveat Emptor” or let the buyer beware. With the adoption of buyer agency all parties in a transaction now have agent representation.

Aside from protecting the public the Code encourages ethical practices through discipline of licensees who engage in dishonest, fraudulent or criminal activities. The disciplinary action may range from a letter or warning or reprimand a fine up to $2500 a requirement to attend an ethics course suspension or termination from the local association. Only the Indiana Real Estate Commission can revoke an individual’s license.

It is our Code of Ethics that allows REALTOS to refer to themselves as Professionals and it is every REALTORS responsibility to report violations of our Code when known.

Take price in what our Code of Ethics stands for and you as a professional can call yourself a REALTOR.

Statistical Update 06/12/2008

MEIAR — Thu, 12 Jun 2008 10:31:41 GMT

Rent Vs. Buying

Deborah Gilpin — Thu, 12 Jun 2008 09:46:07 GMT

Article Supplied By:
Deborah Gilpin
Broker / Owner
G & G Realty & Auctions
agent436@usa.net

Home Sweet Home VS Renting

We all know that unless you are still living at home with Mom and Dad, you are paying to live somewhere. You are paying a mortgage. Are you paying one for yourself or for your landlord?

If you are renting and decide to buy a home, your money is gone. If you buy a home, your money is an investment in your future. You are building equity in your home. Your homes equity may be used for future loans. Paying a mortgage payment is also a very good way to establish credit. Mortgage payments made on time are very important.

Tax advantages are another reason to buy. Real estate taxes and interest paid on mortgages is tax deductible.

It is really nice not to have to ask permission to paint or make changes in your home like you would if you were renting. The home belongs to you and you are in control of how you decorate it.

Your own home will also make you feel more secure. As long as you make your payments and pay your taxes, no one can take your home away from you. If you are renting the landlord can at any time tell you that you need to move for any reason. He might want to live there or maybe he is going to sell the home.

Knowing that the home you are living in is yours is a symbol of achievement. You work hard and it is very satisfying to come home at the end of the day to something that is worth working for.

Just imagine:
You have been renting for the last 5 years at $500 a month. You now have $30,000 dollars invested in someone else’s property. WHAT A DOWN PAYMENT ON A HOME OF YOUR OWN!!

There are many different ways to finance a home. Starting at NO down payment. A local RALTOR can find a plan just for you and if at this time it is not possible to do financing, your REALTOR will help you get ready for that special day.

Preparing to Sell

Rickie Sipe — Thu, 22 May 2008 10:13:18 GMT

Article Supplied By:
Rickie Sipe
Broker / Owner
Property House GMAC Real Estate
rickie@indy.net
www.rickiesipe.com

PREPARING TO SELL
Real estate values have been falling quickly across much of the nation. The pace of existing home sales is down sharply as well, with many homes languishing on the market for months.
There are strategies that can help you sell your home----for a fair price----even in hard hit areas.
You might have to be very aggressive in the current environment, especially if your local real estate market has a glut of homes for sales. Here’s how--------
DON’T START WITH A HIGH PRICE. The asking price is the single most important reason that a property does not sell. In this buyer’s market, it is a mistake to set a high price and assume that you can lower it later, if necessary, in negotiations.
If you start out too high, by the time you do lower your price, the buyers who do see your home will view your price cut as a sign of desperation and bid low.
The correct price to ask for your home in this market is toward the low end of the range of prices being asked on comparable homes currently for sale in the neighborhood.
Pricing your home at a slight bargain ensures that as many potential buyers as possible will walk through your door. This is crucial at times like these when home sellers out number buyers.
RECHECK THE ASKING PRICE OF COMPARABLE LISTINGS every two to four weeks if your home has not sold. If local prices are falling fast, you might have to lower your price to remain competitive. When you do a price reduction, make it large enough so that the new price is very competitive with comparable homes or is even a “best buy”.
Important: The amounts your neighbors sold their homes for a year or two ago should not even enter your thinking. It was a very different market then and those prices are irrelevant today.
HELPFUL: If your home is not attracting many showings, the price is probably the problem. If it is attracting showing but not offers, the home itself is most likely to blame.

Statistical Update 05/13/2008

MEIAR — Thu, 12 Jun 2008 10:17:51 GMT

Avoiding Foreclosure!

Carolyn Beeson — Fri, 09 May 2008 09:08:10 GMT

Article Supplied by:
Carolyn Beeson
Broker / Owner
Carolyn Beeson and The Bee Team
Email: cbeeson@beesonenterprises.com
Web Site:

Avoiding Foreclosure!!

Purchasing a home is usually the largest investment that most individuals will have in their lifetime. Today there are literally hundreds of thousands of homes nationwide that are being foreclosed on. How can you avoid that misfortune?

    1. When you purchase your home, do so without using futuristic expectations of
        any additional income.
    2. Understand the terms of the mortgage and be aware if your payment will
        increase in the future, usually due to an adjustable rate mortgage.
    3. Mortgage payment should be no more than one week’s income.
    4. Avoid refinancing and adding your credit card debt into your home mortgage
        loan. In many situations, individuals continue using their credit cards which
        often leads to financial disaster.

Sometimes, after purchasing a home, individuals will have adverse situations, such as but not limited to divorce, death of a mate, or loss of job and when these events happen, many find that their resources are no longer sufficient to cover their expenses. At the point an individual realizes that there is going to be a problem, in making their house payments, they should call the Loss Mitigation Department within their loan servicer’s organization, and explain the situation. There are several programs that have been established to help homeowners but it is imperative that you act quickly. Call and work with your lender to determine what your options are, before your situation becomes too critical to avoid the foreclosure.

Community Involvement

Kerry Wiggerly — Fri, 09 May 2008 08:48:30 GMT

Article Supplied by:
Kerry Wiggerly
Broker / Owner
Century 21 Realty Group
Email: kwiggerly@c21rg.net
Web Site: www.thinkrealtygroup.com

COMMUNITY INVOLVEMENT

As every real estate agent knows, we all receive much from the communities we serve. That makes it imperative, in my view, that we give back to those communities. The “give” can be defined in many forms. Some will choose to work through their church or faith based venue. Some will join others and select non-profit organizations as board members or grassroots fund raisers. Some will work through their Local Board of Realtors and serve their community in a variety of ways, and still others will follow a passion and serve it relentlessly.

I have seen, over my years in this business, a huge outpouring of love, passion and desire to help from REALTORS. Many serve tirelessly, without seeking any personal recognition, just wanting to see a goal reached. I have seen them give their time, money, and hearts to help and give back.

I am proud of all of these people and I am proud to be associated with a group of people who are willing to roll up their sleeves and get to work, especially, when they see someone who is suffering or is less fortunate than they are. From our perspective, COMMUNITY INVOLVEMENT is not just a privilege but also a requirement from anyone who receives so much from the people that we serve.

Becoming a Real Estate Agent

Tammy Parker — Fri, 09 May 2008 08:49:05 GMT

Article supplied by:
Tammy Parker
2008 MEIAR President
FC Tucker Five Star Real Estate
Email: tammyparker@aol.com
Web Site: www.fctuckerfivestar.com

When thinking about becoming a real estate agent, just a few things you should know that will help you be successful. Contact local real estate agencies in your area. The key to becoming a realtor is not only being aware of your competition, but getting in touch with people that can help you succeed. You can make the dream of homeownership a reality.

Once you have decided to become a realtor you need to enroll yourself in the class which you will find information about on line. After you complete all the real estate courses, you'll take an exam that will determine whether or not your are licensed to be a agent. Then you need to decide which company you want to associate yourself with. You will want to join your local real estate board for access to all local listings. Then take some additional training to learn and the forms and ethics of being a good Realtor. The business can be very lucrative if you do your business well. Run it like any good business. Follow the Golden Rule.