3 Helpful Tips for Neighborhood Selection

3 Helpful Tips for Neighborhood Selection

Greater Lafayette, IN is a great place to live, and we’re not just saying that. There are many contributing factors to this claim. However, some of the biggest pertain to our growing industrial and business presence. This benefits Greater Lafayette, IN community members in obvious ways such as product and job availability, diversity, rising incomes and therefore rising house prices. When you take Lafayette, IN through the list of, “10 Things You Should Look for When Choosing a New Neighborhood,” from Forbes Magazine, it checks all the boxes! Now that you’re convinced to move this direction or stay for a lifetime, here are some “smaller scale” neighborhood selection pointers. When you scope out a suburb or small subdivision, keep these things in mind. Upkeep of surrounding houses. There are certain factors to this, but overall, the houses throughout the neighborhoods reflect a couple things. It can sometimes reveal the presence of an HOA (Home Owner’s Association) or the absence of one. An HOA can be helpful in overall appearance, requiring community members to purchase certain mailboxes or other exterior house items. It can also allude to the rental to home ownership ratio. This is important because a healthy, established neighborhood has a mixture of both rentals and owners. Forbes says, “According to industry estimates, you want to ideally buy in a community where less than 25% of homes are rented out.”School district“One Realtor.com survey found 91% of prospective home buyers said school boundaries were important in their search. There’s no shortage of school ratings online, but the data can be narrow. GreatSchools.org, for instance, compares test results for all schools in the state, which...
Greater Lafayette Spring Real Estate Market Update

Greater Lafayette Spring Real Estate Market Update

The spring of 2020 is one that will never be forgotten! Greater Lafayette market has held steady despite the pandemic. Here are some stats for March and April 2020 compared to the same time periods in 2019 to give you a snapshot of what happened… Demand Due To Low Housing Supply A normal market is considered to have a 6-7 month supply of inventory to be considered balanced.  We have seen and experienced in Tippecanoe County that a shortage of inventory tends to keep home prices strong and has resulted in multiple offers and bidding wars.  Tight inventory is a main reason the ball is still in the sellers’ court. The inventory of existing homes for sale remains below the 6 months needed for a normal market and is only at a 1.7 month supply looking at April 2020. This means, there are not enough homes for sale to satisfy the number of buyers in our market. Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move. Many homeowners were reluctant to list their homes over the last couple of years, for fear they would not find a home to move into. That is all changing now as more homes come to market at the higher end. The choices buyers have will...
Virtual Home Buying Program

Virtual Home Buying Program

Now could be a great time to take advantage of our virtual home buying program!  For the past several years, we have helped many buyers purchase homes without having to leave the comfort of their current home. HERE’S HOW IT WORKS: Virtual home buying might not be for everyone. You can still have the option of doing any of the above safely in person with us. For every step of the process, we make virtual an option to make things easier on you. For up-to-date information on YOUR Indiana area neighborhood or a FREE Seller Consultation – call The Romanski Group at (765) 293.9200.  Using an experienced team is the way to get your home ‪SOLD‬! You deserve the BEST Realtor in the Lafayette Indiana...
Low Mortgage Rates

Low Mortgage Rates

The recent drop in mortgage rates may have you dreaming of buying a new home or refinancing your current house. You’re not alone. Today’s low interest rates are providing a break to new homeowners, making homeownership more desirable and achievable at the same time. Freddie Mac explains, “The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.” There’s a current narrative that owning a home today is less affordable than it has been in the past. The reason some are making this claim is because house prices have substantially increased over the last several years. It’s not, however, just the price of a home that matters. Homes, in most cases, are purchased with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s income. The median family income has risen by approximately 3% over the last year. The chart below is featured from FRED Economic Research. It shows the 30-Year Fixed Rate Mortgage in the United States from 1980 to current times. Look at that drop, how crazy! In just 40 years, mortgage interest rates have dropped almost 15%! What an incredible cost savings! The National Association of Realtors (NAR) releases a monthly Housing Affordability Index. The latest index shows that home affordability is better today than at almost any point over the last 30 years. The index determines how affordable homes are based on the following: “A Home Affordability...
10 Things to Avoid Before Closing on Your Home

10 Things to Avoid Before Closing on Your Home

So you’ve been pre-approved for your first mortgage loan, and you’ve found the perfect starter home. Your offer was accepted, the home inspection has been negotiated and your loan officer locked you in at a competitive rate. You likely think you’ve all but sealed the deal. You won’t officially be a homeowner for maybe another 20-30 days, give or take, so don’t get careless. Because guess what? Your lender will check your credit again just before your closing date, prior to granting you the funds. Your lender might also need additional information from you while processing your loan application. That means that keeping your finances stable and being readily available to answer any questions over that 30-day time period is pretty important. Here are 10 things you should avoid doing before closing your mortgage loan. DO NOT…. Buy a big-ticket item: a car, a boat, an expensive piece of furnitureQuit or switch your jobOpen or close any lines of credit (NONE!)Pay bills lateIgnore questions from your lender or brokerLet someone run a credit check on youMake large deposits to your accounts outside of your paycheckCosign a loan with anyoneChange bank accountsTake out any payday loans Depending on your personal situation, you might want to take some time to get comfortable with your new mortgage payment — and after that, it’s probably okay to splurge on that new kitchen table, go on a long vacation or open a new line of credit. But doing so before you close could potentially put getting your home in jeopardy.  Bottom Line It’s now more difficult to get a mortgage loan. As a homebuyer, you don’t want anything...
Property Tax Exemptions

Property Tax Exemptions

The Property Tax Exemption Deadline in Indiana is Approaching! Are You Entitled to a Property Tax Exemption? If you purchased a house, changed the deed, or refinanced on your mortgage, you should make sure the correct exemptions are filed on your home. The Romanski Group of Keller Williams Realty wants to remind you to file your property tax exemptions by the end of the year!  If exemptions aren’t filed or confirmed by December 31 your taxes could go up substantially.  Below is a summary of common exemptions along with contact information for each county below. Homestead Deduction – If you own a home or are buying on a recorded contract, and use it as your primary place of residence, your home could qualify for a homeowner’s deduction. A taxpayer cannot receive the Homestead Deduction in multiple states as the homestead is considered the “principle place of residence”. The deduction is either 60% of your assessed valuation or a maximum of $45,000. Mortgage Deduction – If you are buying property on a recorded mortgage or a recorded contract, and you are a resident of the State of Indiana, you could qualify for a mortgage deduction. The value of the deduction may not exceed the amount of the indebtedness. The deduction is either one half of your assessed valuation or $3,000, whichever is less. A person owning more than one property may not receive mortgage deductions totaling more than $3,000. There are several other property tax exemptions that may be available to you as well which you may want to inquire about. Please find your county below and file your homestead...