Today's New World Of Real Estate - Greg Cooper

Selling A Home in 2012? Better Get 'Stangered' First

2012-02-01T14:29:00.001-05:00

Trying to neutralize your home for sale? Here are the colors to use.

Easy home maintenance jobs perfect for this time of the year.

Craving daylight? Here's help if you need out of the Winter Blues.

Does your home stink? Get rid of Winter's funky odors.

The national housing relief plan spelled out by the White House.

Just so we gave it to you.....national home price trends down (ignore them).

Top home improvements that will return their investment.

Should you have your home preinspected BEFORE it goes on the market?

Bad credit? You can still buy a home.

How much of a down payment do you REALLY need to buy a home?

The FBI made this homeowner's dream a nightmare.

It looks strange but it is the world's safest house.

To Put The Rumors To Rest

2012-01-13T10:14:00.002-05:00

There has been all kinds of speculation about whether or not the national health care bill included a tax on the sale of real estate. Google it and you'll find a lot of fire breathing going on about this subject. Without getting into the politics of this in any way, I'm going to share with you the word from a very well respected accountant (who shall remain nameless). Breathe easier home owners, it's not what some have been saying. Here's the word from an expert:

First, there is no national sales tax. Remember Congress has not acted on how the states can collect sales tax from Amazon and eBay, let alone nationally. Because Congress has not acted, states like Indiana have reached agreements with Amazon that pushes collection to 2014 in order to give Congress time to act on an internet retail tax. Of course, our Congress will not act on anything.

Second, the interpretation of those who say a tax is included is twisted. In the healthcare bill there is a 3.8% surtax (“Medicare Contribution Tax”) on the investment income of higher income earners. Individuals with adjusted gross income (AGI) over $250,000 when filing joint, and $200,000 when filing single are considered high earners. The surtax applies to unearned income (interest, dividends, capital gains, royalties, and rents). The statute specifically excludes “gain on the sale of a principal residence.”

So can there be a 3.8% tax on the sale of a primary residence – in short No.

Can a taxpayer selling real estate be affected by the 3.8% tax – yes. If they have AGI over the high earner limit, sell an investment property such as a vacation home at a gain (sales price less cost) creating a capital gain. The tax does not apply to the entire sales price (unless the seller has no cost in the property).

You can think whatever you like about the healthcare bill but this much is clear. Virtually no one who reads this will have to worry about paying taxes on the sale of their home anytime soon because of the health care bill. Now go get your mulch ordered, will you? Spring is just 67 days away in the Midwest.

Time For the 2012 Crystal Ball

2012-01-03T10:47:00.000-05:00

Pending home sales leap at year's end....another positive sign.

Have you read this story yet about home values? No? Good. Ignore it. Here's what matters far more than Case Schiller national data.

Resale home sales continue to climb but take it with a grain of salt. Last November we were recovering from the 2012 buyer's credit vacuum that affected most of the year.

Five great tips for selling a home around the holidays.

What can neighborhoods do to create and maintain value?

Mortgage rates set record lows (again).

Here are nine unique features that can set a home apart.

This time of the year, lighting can be EVERYTHING in selling a home. Here's why:

One of the coolest new gadgets for today's home.

Think your Home Owner's Association is tough? Try these!

For my foodie friends.....just for fun here's a site that I cannot get enough of. If I could only make pictures of homes look this good.

2011 Year In Review

2011-12-26T15:23:00.011-05:00

Foreclosure Hotspots Across America

2011-10-18T14:01:00.000-04:00

September Foreclosure Heat Map - Source: Realty Track

September 2011 numbers were actually down for the 3rd quarter of the year compared to 2010 but up 1% from August. The foreclosure market continues to be pervasive across the country and will be for the forseeable future.

Once Again Big Media Blows The Housing Story...

2011-06-22T15:20:00.000-04:00

This is why as we continue on through 2011 you can simply ignore big media's take on housing. They want to lump it all together as the same (it's not), they use data from a few bottom heavy markets to tell one story fits all (it doesn't) and they certainly don't want to share any story that relates to anything getting better (in some spots, it is).

Homesellers....how do you stack up?

2011-05-24T07:04:00.007-04:00

NEW VIDEO BLOG coming 9 a.m. 6/22 (Wednesday) talking about just released Indy housing data and why it's not fully accurate. Got a BIG bone to pick...literally.

Up....DOWN.....SIDEWAYS. Which direction is the Indy home market headed? Greg talks with WIBC's Steve Simpson and gives us the answer.

Central Indiana home sales dropped in April compared to one year ago. What's it mean?

Here's a hint as to why those numbers are down.

Want to live dirt cheap? While Indy has incredibly affordable housing....here's the absolute lowest priced markets in the U.S.

Housing may actually be on the upswing...although it doesn't always feel like it!

No surprise new home starts are down when the resale market is still struggling.

Battling the neighborhood eyesore. What to do?

Google wants to help you pick your next home mortgage. Uh oh.

National resale housing numbers are struggling as well.

The dryest Realtor in America....that thousands want to watch work.

Happy Feet! Hot flooring trends and how to choose your next floor.

Five national issues that are hot in the real estate industry.

Shabby chic to early American College Dorm. How well do you know your home decorating styles?

No matter the price point, here's what a foreclosure means to the value of other homes in a neighborhood:

2011-04-29T10:44:00.003-04:00

National resale home numbers improve....and they do the same locally. This is good but remember it's 1 month!

Why Indiana should radically change the township assessor system.

It's a good thing I don't agree with Case Schiller home values. This is one national number that ISN'T about Indiana.

Does your yard have the funk? Help it heal after a tough winter.

Some baby boomers have decided to stay put rather than downsize their homes. They've created a remodeling boom.

Across the board Spring landscaping tips.

The recent federal housing stimulus could be summed up in a word: FRAUD.

Coming soon to a home purchase near you: 20% down payments.

My NUMBER 1 Pet Peeve in Real Estate Marketing

2011-04-16T09:19:00.006-04:00

Oh.....and if you live in central Indiana and have SNOW pictures of your home in the BLC/MLS today, how can your marketing possibly be right?

If you have a few moments this 60 Minutes piece is a shocking reminder of why we've gone through the housing and financial crisis in this country.

A small piece of my WIBC interview on why the foreclosure numbers have gone so far down.

The home buyer credits from 2009 and 2010 were an unmitigated disaster. Inmates, children and people that didn't even buy a home took tens of millions of dollars in fraud.

Hamilton County gets another accolade.

Accent your home and add value this summer!

Will you need at least 20% down to purchase a home in the future?

Bad national news doesn't always translate into poor local conditions. You're going to hear a LOT of this in 2011.

Think All Marketing Is The Same?

2011-04-16T09:17:00.000-04:00

There are so many subtleties and questions in marketing real estate today that most Realtors and virtually all home owners are either unaware of or don't execute properly.

How do you identify and reach your potential purchaser?
How should your home be presented online to attract buyers?
What are the true strengths of your home that should be used in the marketing of your property?

We briefly touched on a few of these in the video and would be happy to elaborate further. In the mean time here are a number of valuable resources that homeowners need along the way in selling a property that we have great experience with.

Home appraiser - Geffrey Lady

Home Inspector - Timothy Tucker

Mortgage & Lending
Dan Runge
Bruce Higgins

Real Time Market Data
Greg Cooper

Want a real person on the phone?
Greg Cooper 317.848.GREG (4734)
Dick Richwine 317.506.6800

Asked and answered at 4/1. "How's the market?"

2011-03-28T16:41:00.000-04:00

Tis the season for many of us to consider home improvment projects. Here are some thoughts on getting the most bang for your home improvement bucks.

One of the toughest parts of a home sale today is the appraisal. If you get burnt by a bad one, here's how to fight back.

So you're getting ready to buy an Indiana home. Here's how to evaluate the neighborhood before you sign on the dotted line.

In late March Greg talked about the Japanese crisis' effect on the U.S. mortgage market and the closing of the Estridge Company with Steve Simpson of WIBC radio.

Granite counter tops have become so commonplace they're now available through almost every retailer.

New home sales continued to fall.....a sure sign the resale home inventory is still at an excessive level.

Could Gen Xers lead us into a housing recovery?

If you're leasing a home you may want to plan ahead. The home rental market is about to get more expensive.

The challenge of finishing uncompleted housing developments. What's the best path?

2011-03-03T14:32:00.000-05:00

You can check out the stats page to see the 2010 sales numbers for our area that have become final and reflect the homes sold in the Indianapolis, Carmel and Fishers areas for the last 12 months.

It seems the mortgage climate may be starting to change after the subprime mortgage crisis over the last several years. Some are advocating 20% down on ANY new mortgage for a home purchase.

Going green has increasingly become more cost effective especially in places like our kitchens.

Spring storms are upon us as the calendar moves through March and if you don't have the right protection in your basement, you're playing with fire.

The art of marketing a home has never been more important as more and more buyers migrate to online home searches. If your marketing isn't right, it WILL cost you money.

Speaking of home selling, there are some things sellers do to hurt themselves in the process. Are you guilty of any of these?

The housing crash has brought few 'feel good' stories but Patrick has given us all a moment of relief.

Over and over and over again the Indianapolis metro area remains the most affordable home market in America.

If your Realtor takes 24 hours to put pictures of your home online when starting the listing, FIRE THEM.

2011-02-10T16:19:00.000-05:00

Who's up? Who's down? Central Indiana housing numbers for 2010 are in and you can see them here!

Existing home sales surge in December.....let's hope it continues!

Why the first 10 days your home is listed is absolutely crucial!!

Shadow home inventory continues to plague the housing market nationally but to a lesser degree in Indianapolis.

Millenials and Gen Y home owners have a very different vision than Boomers.

Housing permits edge up....and that helps the jobs market.

Will Illinois' huge tax increases benefit Indiana? Some think so....

Indianapolis has it's own Iphone application.....no doubt a trend coming everywhere!

Easy upgrades to the most important room in your home....the kitchen!

How to make your home's curb appeal great...even when the weather isn't!

3 Big Housing Challenges

2011-01-21T14:37:00.010-05:00

Don't Get Fooled By The Experts

2010-12-13T14:54:00.001-05:00

The Indianapolis metro (11 counties) has pended or sold 24203 properties in 2010 through 12/10. In 2009 during the same time frame 26613 properties. Units alone are down 9.1% in 2010. Unfortunately the November numbers alone were abysmal. In 2010 we sold 32% less units than we did in November of '09 which is a further reflection of the affect of the homebuyer's credit.

Indianapolis is still the most affordable home market in America...and here's why:

If the federal income tax deal gets done (and it will), some foresee a brighter 2011.

If you approach it right, now more than ever is the right time to buy a home.

Has home ownership been a good investment in the 2000's? The answer may surprise you.

A home owner's 25 year fight to save her property from the bank.

Home building numbers are still dropping....which is all part of the recovery.

How does your state's home value index compare to the rest of the U.S.?

Four ways to improve your home for the holidays.....and all year long.

What Will The Winds Of Change Blow In Before 2011?

2010-10-30T16:56:00.004-04:00

Indiana metro housing numbers remain somewhat volatile which means we haven't seen a true direction to the market yet following the home buyer credits.

Statewide housing numbers are also mixed but not catestrophic as in the Fall of '08 and '09.

A national overview of the housing market....

Foreclosures took a breather, short sales get more challenging amidst the foreclosure moratorium.

Do you have to REPAY your homebuyer credit?

NEW home sales up slightly from August....but not from September of 2009.

Existing home sales are similar....up from August '10 but down year to year with September '09.

National home prices weaken in September.

INDIANAPOLIS remains one of the most affordable housing markets in America.

An intriguing look at the future of the housing market.

Is the key to a housing market recovery more subprime loans?

The most important issue of this Summer's housing market will be........

2010-05-18T16:11:00.010-04:00

From the 7/14 Wall Street Journal....the former Hilbert Mansion on the block!

Get post home buyer tax credit sales information at THE STAT HOUSE.

Enjoy Indy area festivals all summer long! Here's the schedule.

As a state, Indiana has created more jobs than any other in the nation.

On the subject of jobs, Indiana Governor Mitch Daniels believes the Hoosier state can be the electric car production capital of America.

INDIANAPOLIS is again the most affordable housing market in America!

Foreclosures, Mortgage delinquencies are still rising. Meanwhile one in ten homes with a mortgage will be lost to foreclosure in the coming years.

Here's a growing trend: Walking Away and letting go.

The post tax credit housing market isn't schizophrenic, it's just bipolar.

[OPINION] The housing 'recovery' is just another government subsidy.

Is the Obama administration laying the ground work to end the mortgage interest deduction?

FHA commissioner calls housing market potential 'incredible.' Say what?

Hooray for Greece! Their mess will help our mortgage rates!

Desperately seeking foreclosures? You're not alone.

Home construction up.....building permits down. What's it mean?

What the new lead based paint laws mean for homeowners.

New home construction surges 41%.

Home Buyers, Sellers, Here's What To Do AFTER The Tax Credits Expire

2010-04-29T15:03:00.012-04:00

Round One of the post tax credit numbers posted now for the beginning of May at the Stat House! See how the numbers compare!

Foreclosure numbers from across the nation and your area.

Foreclosure estimates for the future and down....and up.

Here's why values will struggle despite a rising economy.

Some people are happy the tax credits are ending (opinion).

How are consumers faring as tax credits expire?

In some places values are rising but there's still trouble spots.

Fannie Mae still pushing short sales over foreclosures.

Majority of Americans still think buying a home is a great investment!

Indiana remains one of America's leading life sciences job states.

Allergy sufferers take heart. Spring cleaning tips to help your health!

Home Sellers....Offer Your OWN Homebuyer Credit!

2010-04-22T11:52:00.004-04:00

For year to date sales information on Geist, Carmel, Fishers, Zionsville as well as Washington and Lawrence Townships in Indiana please visit The Stat Page!

As the housing stimulus ends, where will the future be? Disucussing just that on WIBC, Indianapolis 4-23.

Buyer's tax credits lift home resales....big clouds remain over the industry.

Mortgage delinquencies decline....a positive sign!

While all real estate is local, some national numbers are still a concern.

Energy Star appliance ratings. Bordering on silly!

The 6 biggest mistakes home buyers make.

Reverse mortgages are still appealing to many people.

Renting no longer cheaper than buying? From South Beach to Indianapolis it's true.

The Housing Market's Dirity Little Summer Secret

2010-04-16T16:30:00.001-04:00

For Year To Date Home Sales Numbers For
Carmel, Zionsville, Fishers as well as

Washington and Lawrence Townships,

visit The Stat House!

The Buzz

Mortgage Rates fall slightly....always welcome!

Foreclosure numbers highest in 5 years....not a great sign.

Existing home sales numbers jump. A sign of things to come?

Indiana's jobless rate at 9.9% - best in the Midwest

Homebuyer tax credit: Less than 2 weeks and counting!

Six housing trends shaping a still rocky housing market.

President Obama's loan modification program failing terribly.

More than ever, we must see our homes as a place that enhances our quality of life!

It could be worse....and in these places it is!

House and Home related.....great tools for your kitchen!

Is It Still A Buyer's Market?

2010-03-22T15:08:00.010-04:00

          Carmel Indiana Housing Facts through 3/20/2010
       Fishers Indiana Housing Facts through 3/20/2010
     Zionsville Indiana Housing Facts through 3/20/2010

Marion County, Washington Twp. Housing Facts (3/20/2010)

Marion County, Lawrence Twp. Housing Facts (3/20/2010)

More help on the way from the Fed on modifying mortgage problems...but will it work?

Existing home sales top expectations...but are they actually up?

The jobs problem continues to drive foreclosures here and across the country.

My friend Fred Glick of CNBC thinks he can rescue the economy. Agree or disagree?

Indianapolis is rated the most affordable and in the top 10 of ALL housing markets in the U.S. by Forbes.

Foreclosure numbers are on the rise again.....see why the numbers are climbing.

It could be worse....your home's value.....and here's where it is worse!

Property tax revolts are growing the U.S. but not in Indiana where taxes are capped at 1% of assessed value.

Time is running out to get the $6500 home buyer's credit....but you had better hurry!

Got a second mortgage? Modification help may be on the way.

The Credit Market: A home SELLERS big challenge.

2010-03-12T15:14:00.001-05:00

The Buzz

Here's why home sellers need to have their properties marketed to mobile users as well!

Give up your home.....get $4000. Why many homeowners are walking away.

Property tax revolts are growing in many states but not in Indiana where residential taxes are capped at 1% of a property's value.

Got a second mortgage? Modification help may be on the way.

Foreclosure rates are slowing but still will be a factor through 2011.

Home prices are still being cut but the rate is getting better (and we're all for positive news)!

The most affordable home market in America is.........Indianapolis.

Time is running out to get the $6500 home buyer's credit.

Here's a great organizer if you're preparing to move!

If you're in the market for a new appliance, here's how to get a check from Uncle Sam when you buy.

Here's Greg's February appearance on WIBC radio, Indianapolis. Real world market advice!

5 Things Home Sellers Must Do To Help Their Sale!

2010-03-09T15:54:00.014-05:00

The Buzz

This is why home sellers must know that their property's marketing works on a mobile device!

Property tax revolts are growing in many states but not Indiana who's taxes are locked in at 1% of assessed valuation.

Indiana's unemployment held steady in February despite many more out of work in surrounding states.

Could help be on the way for home owners with second mortgages?

National foreclosure rates are slowing but still a significant problem.

Are you selling at a loss? The government could pay you to do so.

The number of home sale price cuts has dropped nationally. What's that mean for the overall market?

Tough for most consumers to grasp but Fannie Mae/Freddie Mac are a mess and their failure is hurting our housing recovery.

There's still time to get the $6500 home buyer credit but you need to act NOW!

There literally is a stimulus for EVERYTHING. Cash for appliances is up next.

The most affordable home market in America.

Economist Peter Tongue thinks the national housing picture still has a bumpy ride ahead of it.

If you're getting ready to move, here's a great suggestion to add organization and make things simpler.

Consumer confidence numbers are still very negative.

Greg's February appearance on WIBC, Indianapolis talking all things real estate.

Some homeowners are still opting to walk away from their homes when they see no short term recovery in value.

Here Comes The Corner...Will You Be Ready?

2010-02-25T09:24:00.007-05:00

The BUZZ

Warren Buffet says it will all be rosey in housing in 2011. Apparently Mr. Buffet will be personally curing the credit market which is one HOT MESS!

Indy, statewide home resales down in January.

New Home sales numbers are not good. REALLY not good considering we were expecting a 1% RISE.

10 cities where housing prices will rise in the immediate future.

Forbe's TOP 10 housing markets in the U.S.A.

Greg's WIBC appearence from 2.23 on Case Schiller housing numbers and more.

Jobless claims up 12% in the LAST TWO WEEKS.

CNN Money thinks home prices will fall nationally this year. Just remember it's all local!

Consumer confidence plummets over jobs worries.

Housing prices are up slightly but too many mortgages are underwater!

More and more families are being forced to share homes in this challenging time.

There's still time to get the $6500 home buyer credit but time is short!

Indianapolis International Airport ranks #1 in customer satisfaction across the U.S.A.

10 things you can do RIGHT NOW to increase the value of your home.

For FOUR years running Indianapolis remains the most affordable home market in America.

You can't get there from here....at least if Fannie Mae & Freddie Mac are giving directions.

2010-02-14T10:17:00.013-05:00

The Buzz

Could this box be the power source of the future for your home?

Frustrated homeowner bulldozes home ahead of foreclosure.

Federal aid to housing coming to an end.....and cities worry.

Inflation surges (16.8% annual?) and joblessness grows. Is this a sign of a double dip?

Housing starts rise but when your numbers are non existant, any change is good! Overall the economic data is mixed.

Indianapolis International Airport ranked #1 in customer satisfaction of top 64 airports in the U.S.

Homeowners, builders, developers. If you consider real estate an investment, here's some huge food for thought.

Indiana home sales drop but it's not time to panic. Just take a look at the national numbers.

Deadlines, strategies and how to actually get the $6500 home buyer credit.

10 things you can do RIGHT NOW to increase the value of your home.

10 cities to get the best real estate bargains.

Where does housing fit in importance for President Obama? His State of the Union message contained three total lines about real estate in over 70 minutes of copy.

The 20 hardest hit foreclosure cities in 2009.

New home sales fall 20%....but the news isn't all bad.

Think your home may be a bit too unique? This site will make you feel like your residence is perfectly normal.

Barney Frank wants to abolish Fannie Mae and Freddie Mac. Hey Barney, aren't YOU part of that problem?

Buehler? Buehler? Economist Ben Stein talks about lessons learned from this recession.

Who's the most affordable housing market in america? The answer may surprise you.

In 2010 MORE THAN EVER: If selling your home is critical then you MUST be ready to GET THE PRICE RIGHT! Here's why:

2010-01-13T09:54:00.021-05:00

The Buzz

From small to big....10 things you can do to increase the value of your home!

High end home values are down an average of 33% across the U.S.A.

Unemployment rises again the week of 1/22

HUD and the U.S. Treasury work to help our massive foreclosure problem.

Bank closures continue in 2010 as the FDIC seizes another lender.

10 things you MUST know about real estate in 2010.

Foreclosures are still hammering the U.S. See where your area ranks.

Need info on the $6500 tax credit? Find it HERE.

Housing starts fall but it may not be all bad news.

IF YOU ARE A SELLER, YOU MUST KNOW YOUR BUYER!

Hey Mr. and Mrs. Homeseller. Who are your buyers? (National)
Hey Mr. and Mrs. Homeseller. Who are your buyers? (Indianapolis)

Indianapolis is (still) the most affordable home market in the country.

Indiana residents will get a chance to make 1% propety tax caps permanent.

The Federal Government's grand plan to modify mortgages has reached exactly 7% of troubled home owners. Swell.

The nine most recession proof suburbs in the U.S.

Where are home sellers most likely to reduce their listing prices to get their homes sold? (Indy is in the top 10)

The $6500 Home Buyer Credit Clarified.....

2010-01-06T10:38:00.018-05:00

The Buzz

10 REASONS you should buy a home this year. No, I didn't write it but it's spot on.

OT but still entertaining. PETA and KFC are fighting over ad placement in the city of Indianapolis.

New jobless claims are up again....although the rate of job loss has slowed. I'm sure not telling any of the well over 10% of Americans out of work things are getting better.

Mortagage appications are at their lowest since mid 2009. A sign at the very least that the housing market is taking a breather. No, it's not just seasonality.

The Federal Reserve still has major concerns about housing as expressed in their 1/6 meeting.

Interest rates are poised for a jump.

Some people feel negative amortization loans can help reduce foreclosure and provide more relief to the housing market. My new friend Fred Glick from CNBC explains.

Meanwhile more and more home buyers are being drawn by the 15 year mortgage.

Pending home sales fall in November which is in part seasonal and part a reflection of a still challenged housing market. Here's a great opinion piece on the value of the home buyer credit related to home resales.

Who are today's homebuyers? A great read for sellers getting ready to put their homes on the market.

The Obama administration committed a hideous violation of trust on Christmas eve by writing another blank check to Fannie Mae and Freddie Mac. What happened to transparency? (idiots)

Ever been through the joy of dealing with a Homeowner's Association? Here's a few thoughts on how to navigate that process in the future.

Indianapolis remains the most affordable home market in the country.

Indiana is working to make 1% property tax caps permanent.

The Theme For 2010 Is......

2009-12-31T14:18:00.012-05:00

Pending home sales FALL in November....a recovery still with bumps.

It's still not all rosey.....construction spending plummets.

The single most unique home you've ever seen. Would you live here?

Homesellers....know who buyers are before you get your property on the market!

What's the most important thing you can do to improve you home's saleability in 2010? Kitchens and baths, kitchens and baths, KITCHENS AND BATHS!

On that note, watch your purchase when buying new kitchen appliances!

Here's a delicious thought. Search your own zip code to see your drinking water's quality. (thanks agentgenius.com)

Is a national MLS coming? Many people think that the National Association of Realtors has taken a step in that direction.

The Obama administration has fed Fannie Mae and Freddie Mac another pile of our money late on Christmas Eve they can spend however they like. So much for transparency.

If you're thinking of dying, for your family's sake, you'd better do it in 2010.

First California and now Arizona....I'm thinking we are very fortunate to have Mitch Daniels as our CEO and Governor in Indiana.

Finally....good news for those in Central Indiana as Indianapolis is named the most affordable market in the country. (again)

2009-12-18T15:02:00.013-05:00

INDIANAPOLIS AREA HOLIDAY EVENTS are found here for those of you trying to decide how to close out 2009.

The End In Sight.
For many of us 2009 began with utter uncertainty and ended with several small rays of hope. We're not out of the woods yet but 2010 will certainly start on a note of optimism.....and a note of caution when it comes to the effect of inventory and supply. What will happen then? A memorable moment from the past 15 months and a prediction for the coming year....

Heloise I'm not but with the proliferation of granite surfaces in homes, I thought this video may be timely for the holidays. If you get stains on your granite (I'd never spill red wine, etc.) here's a pretty good first step in trying to clean them:

How to Clean a Granite Countertop -- powered by eHow.com

Finally, just for my friends who visit GregCooper.com regularly.....here are a few special holiday recipes from The Food Networks's Queen of Quisine, Paula Deen. First it's a Christmas day treat sure to help you ignore the stress of the relatives because it puts all the focus on your arteries.

Finally one more....the perfect dessert for you to serve to start 2010.

2009-11-13T14:16:00.003-05:00

What it was, what it is and what it shall be....
As we finish 2009, the proverbial fork in the road is appearing and things will be changing as the year turns in Today's New World Of Real Estate.

Housing Tax Credit Q & A

1. Existing homeowner credit: Must the new house cost more than the old house?
A. No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

2. I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
A. Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

3. I am a first-time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
A. Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phase-out range).

4. I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a non-negotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
A. No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

5. I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
A. Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

6. I am an eligible first-time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
A. You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

2009-11-05T15:22:00.004-05:00

Here's the audio from the new Home Buyer Credit discussion on WIBC, Indianapolis on 11/5.

Housing Tax Credit Q & A
(Thanks to Phil Creglow of NAR and Sally Johnson of the Indiana Association of Realtors)

1. Existing homeowner credit: Must the new house cost more than the old house?

A. No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

2. I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

A. Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

3. I am a first-time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

A. Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phase-out range).

4. I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a non-negotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

A. No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

5. I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

A. Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

6. I am an eligible first-time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

A. You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

2009-10-28T11:03:00.003-04:00

10/29/2009 - Famed economist Robert Schiller predicts we could be near another real estate bubble in some parts of the country.

How do you make sense of it all? Housing data coming out of so many sources that seems to contradict itself is extremely confusing. Always remember, people share data as a means to express an opinion. As has been said, 'there's lies, there's damn lies and then there's statistics.' We'll make it all very clear in the next 2 minutes on Today's New World Of Real Estate.....

Here's the CNN MONEY link to find out where they predict your market's value will be over the next 24 months. This study was done by a private research group that has no political stake in the game which is why I give them credence. Use the top right search tool to find your area's predictions.

2009-10-20T15:32:00.002-04:00

The top 2 real estate stories for the day: 1) Building permits are down across the U.S. and actor Nicholas Cage has sold his California home once listed at 29.9M, now currently priced at 9.9M (not about the actor but the price reduction.....yikes).

So......are you buying the line that unemployment will be the last segment of our economy to recover when things actually turn? By the way, while the broader media would like you to think it's better, it's only better by being 'less worse'. Jobs are still being lost, foreclosure numbers are still rising and in fact were the worst they've EVER been during the previous quarter. So what will it take for foreclosures to slow? It's more than a bit obvious in Today's New World Of Real Estate....

For those of you who'd like to see the foreclosure numbers you can find the entire piece linked HERE. If you expand the map on this page you can see each quarter's results for any state in the U.S. during 2009.

Believe it or not, this isn't a story about how real estate is going to hell in a hand basket. I thnk it's about as far down at this moment as it's going to get. This a challenging time and we're all watching for the proverbial light to appear down the tunnel. A light, a glimmer, a pinpoint of something not dark.....no matter....we'll know it when it gets here. When it gets here is going to be 2010...unless the inflation bogey man gets here first with higher interest rates. At that point you'll see me on a beach in south Florida selling bottled water. If it comes to that, it won't be so bad.....quick closing, few call backs and a great tan.

2009-10-16T13:46:00.006-04:00

So......are you buying the line that unemployment will be the last segment of our economy to recover when things actually turn? By the way, while the broader media would like you to think it's better, it's only better by being 'less worse'. Jobs are still being lost, foreclosure numbers are still rising and in fact were the worst they've EVER been during the previous quarter. So what will it take for foreclosures to slow? It's more than a bit obvious in Today's New World Of Real Estate....

For those of you who'd like to see the foreclosure numbers you can find the entire piece linked HERE. If you expand the map on this page you can see each quarter's results for any state in the U.S. during 2009.

Believe it or not, this isn't a story about how real estate is going to hell in a hand basket. I thnk it's about as far down at this moment as it's going to get. This a challenging time and we're all watching for the proverbial light to appear down the tunnel. A light, a glimmer, a pinpoint of something not dark.....no matter....we'll know it when it gets here. When it gets here is going to be 2010...unless the inflation bogey man gets here first with higher interest rates. At that point you'll see me on a beach in south Florida selling bottled water. If it comes to that, it won't be so bad.....quick closing, few call backs and a great tan.

2009-10-15T10:20:00.005-04:00

If you are a home buyer or seller, be aware the government is out to make your life better..... (NOT)! What they are doing with the HVCC (Home Valuation Code of Conduct) is making virtually every real estate transaction harder and slowing down the housing recovery. Here's how:

Meanwhile, I am absolutely astounded that the media keeps pumping us full of 'recession is over' good news. When your unemployment goes from 450K per month of jobs lost to 275K of jobs lost, we generally don't think of it as a recovery. What DOES happen with those stats is that people keep losing their houses.

See the full story HERE.

I have said it 1000 times and I'll keep saying it. Real estate and home ownership are still a great investment.....but not in 2 years. Take the long term view and not only will you have a wonderful place for you and your family to be but a significant investment as well. The days of 'flip this house' are over. Our mindset of home ownership is being forcibly changed and those of us who heed that change will benefit. Those who don't.....well just remember the parable about those who ignore history.....and how they WILL be destined to repeat it.

2009-09-30T11:15:00.010-04:00

From my post on AGENTGENIUS.com this week.....thoughts on the $8000 first time homebuyer credit...and why it's time has come and soon must go.

Homebuyercredit from GregCooper on Vimeo.

The LOCAL SLICE has our taxing authorities directly in the cross hairs. Consumers had better pay extra close attention and here's why:

2009-09-18T09:05:00.011-04:00

The Big Picture....with a disclaimer. In referencing Lani @ Agent Genius I'm offering my interpretation of her post. We all see things differently and if you know me....you know HOW differently I can interpret things! FYI....here's the link to her post.

For clarification....we ALL want things to be better but it is our job and our responsibility to tell it the way it is. If we want to be credible with consumers we can't always be sunshine and roses. Within every downturn there are incredible opps....along with huge risks. As I've said 1000 times things are less bad...and that's good. Pundits...stop being so gullable, McFly. In no way are we 'back to the future'.

Now....on to The Local Slice of the real estate market. Think the simple issues of supply and demand are what to watch over the next 24 months? Not. There's another pink elephant in the room and it could have an enormous affect on Today's New World Of Real Estate for many in central Indiana.

2009-09-08T10:46:00.005-04:00

Admiral James Stockdale and The Aqua-Holic.....

I know....I know....stop being so negative Greg. Listen, I want things to be better.....a LOT better but overcoming an enormous fall like our financial markets took last year will take time and some discomfort. It's not that we aren't better off...we are but we're not yet going up yet. I believe we must be 100% forthright in our assessments of where things are if we want to have credibility with consumers. So (doing my best Forrest Gump), we're less bad and that's good.

You see it everyday....the rush to proclaim the next big thing. Whether it's a super star athlete, a sports team that's going to be a champion or the news media on announcing our economy in recovery. Everybody wants to be first to tell the story and why not? Everyone wants to hear good news and be associated with a positive tale. Considering that my business (real estate) has constantly been accused of spinning information to benefit our industry I'm just not going there. We are better off than a year ago and some positive signs are out there but let's not forget that unemployment is still at staggering levels and all of the money that's been spent to stimulate, massage, invigorate, caress and boost our economy will eventually have to be paid back. The way you do that is by raising interest rates and taxes, neither of which is going to grow an economy. In essence things are better....with an asterisk which means that we have quite a ways to go. In the meantime appreciate those things that truly matter in your life because there's a lot of pain and challenge for many of our fellow Americans. Oh....and if you are going to be in the real estate market, make it about a place to benefit and enhance the lives of you and your families. The days of looking at home ownership like a quick buck artist are over. It's time we all started looking at things with a bit more perspective...and it starts with those of us who are directly involved in the process.

2009-08-13T16:04:00.010-04:00

Greg's video from TrueGotham.com can be seen HERE. The real question of the day is will the first time home buyer credit stay or go? Lots of opinions...here's what will influence it's future along with the stupid real estate moment of the week:

Want more proof that we're not out of the woods yet? Foreclosure filings are up again nationally by 7% with 1 in every 355 homeowners being in foreclosure according to RealtyTrac. "Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions," RealtyTrac Chief Executive Officer James Saccacio said in a press release.

Look friends....it's getting 'less bad' if that's a correct way to put it but we are not yet seeing value growth and certainly not seeing the end of decline above $600K and up. We're a LONG way from having that market segment recover.

Additionally the loan modification programs are NOT working. Through July only 9% of the 2.7 million 60 day or longer delinquent loans had been approved for modification. The Obama administration had hoped for that number to be much higher eventually giving relief to millions of home owners. The reason it's not moving faster? Lenders are making far too much in late and delinquent fees to really want any modification. It's on home owners to make this happen. Those who are persistent will have a chance to save their homes but it will take patience.

2009-08-04T13:36:00.018-04:00

Everybody's got an opinion. Everyone wanted to know about the home. At the end of it all, it was a simple real estate sale...with a few twists. The visual tour is HERE and the rest is summed up in less than 5 minutes below......

*Here's the WTHR TV story: Schrenker Home Sells.

*Here's the WIBC interview for the Schrenker sale.

____________________________________

Greg's video from TrueGotham.com can be seen HERE.

2009-07-31T09:18:00.020-04:00

Greg's video posted on TrueGotham.com can be seen HERE.

Selling a high end home ANYWHERE is very tough with jumbo loan rates hovering in the mid 7's or above. Few buyers are willing to make the leap from a 5.0% +- conventional mortgage to a 7.5% or higher jumbo mortgage (those above $417,000). There is a way to get to the closing table for you sellers....if you're willing:

Meanwhile here's a sad sad story about one such high end homeowner who's even got famed housing economist Robert Shiller talking smack about his property. How they got Shiller to do this I'll never know. It's a great bit of fun poked at our Treasury Secretary.

The Daily Show With Jon Stewart

Mon - Thurs 11p / 10c

Home Crisis Investigation

http://www.thedailyshow.com/

Daily Show
Full Episodes

Political Humor

Joke of the Day

2009-07-21T20:04:00.012-04:00

Cap and Trade

Roughly half the personal wealth in this country lies in the equity in our homes. Cap and Trade will significantly affect that. It's not that we shouldn't be more Eco friendly, we should. It's not about the what...it's about the how.....and here's why:

This housing portion of Cap and Trade was added at 2:42 am the morning that the legislation was passed in the house of Representatives. So much for transparency. So much for doing things differently. When you plug in 300 pages of radical legislation in the middle of the night, you know it's bound to be something we shouldn't trust. AGAIN I EMPHASIZE....I AM TOTALLY FOR A MORE ENVIRONMENTALLY FRIENDLY APPROACH IN THE HOUSING MARKET. I am NOT for destroying the ability of millions of people to EVER sell their homes.

Here's the language that DID pass the U.S. House:

H.R. 2454 Page 350 – Line 13 – The Administrator shall develop and implement standards for a national energy and environmental building retrofit policy for single-family and multifamily residences …. to facilitate the retrofitting of existing buildings across the United States to achieve maximum cost-effective energy efficiency, improvements and significant improvements in water use and other environmental attributes ….

ADDITIONAL NOTE: I am well aware that NAR worked to get the original energy audit language changed. I absolutely believe that based on the original intent of the Cap and Trade legislation and the language that did pass the U.S. House, EVERY effort will be made by the Federal government to impose the energy audit provision of selling homes if Cap and Trade passes. Based on the language above and the fact that a U.S. Senator's office has told me there are already attempts being made to add the audit provision back in as an amendment to other bills should Cap and Trade pass, there's no doubt to me what is being planned for Today's New World of Real Estate....and it's not good.

CALL YOUR SENATOR TODAY OR WE WILL ESSENTIALLY BE PUTTING A SHOVEL TO WHAT'S LEFT OF TODAY'S NEW WORLD OF REAL ESTATE.

2009-07-11T14:29:00.005-04:00

With the 2ND half just underway here are some key points to watch for in the coming months in Today's New World Of Real Estate.

INTEREST RATES are holding fairly steady with conventional rates hovering in the mid 5's and jumbo loans in the 7.5-8.0% range.

APPRAISALS are still a nightmare with the new regs that have kicked in as of May 1. The Federal Government in yet another attempt to 'fix' what's wrong with the housing market now requires stiffer rules on appraisers and how, where, what, etc. they do their jobs. As per most Fed dabbling, the problems are worse than ever.

CAP AND TRADE which is one of the most idiotic proposals EVER relative to the housing market has passed (I SAID PASSED) the U.S. House and will now move on to the Senate. If it passes there and is signed into law it will single handedly destroy half or MORE of the equity that American homeowners have. In fact, I'll have a new VIDEO BLOG coming this week about just that subject.

QUESTIONS? COMMENTS? DONATIONS?
317-848-GREG (4734) or Greg@GregCooper.com.

2009-06-23T10:26:00.005-04:00

A HUGE thanks to Mike Lyon of DoYouConvert.com for allowing us to share this. Tribes author Seth Godin talking about the future for homebuilders at the PCBC 2009 conference where Seth gave the keynote. Highlights of the keynote are on Mike's site and they are great!

This is a great year for consumers to buy new construction residences, especially spec homes. With so few homes being built this year, they will fare very well as resales in the years to come. Ooops....sorry Seth....wrong mindset (watch video).

NON RELATED....Greg will be shooting for HGTV's More Bang For Your Buck this Friday and Saturday in Indianapolis. We'll be shooting three kitchens that have recently been renovated. The episode will air this Fall on HGTV and we'll post air dates as they become available. We'll also have an updated blog post over this coming weekend about the shoot and show as a whole!

Finally....May market data is out. It still is very weak. As we joked to several people we could just change the month at the top of the report and it would look pretty much the same. If you would like a copy please email greg@gregcooper.com.

2009-05-30T20:30:00.007-04:00

**Just got the word I'll be appearing on HGTV's 'More Bang For Your Buck' that we'll be shooting on 6/16-17 here in Indy. Air dates forthcoming...unless I stink.

Every day....every week.....every year we hear it: "But my property is worth more because......" Today's New World of Real Estate's insensitve moment gives you straight talk about value.

The other big news of the week involves interest rates. Conventional loan rates jumped a full half of a point this week to the mid 5's. Why? A devalued dollar because of our skyrocketing federal debt. Get your money now friends because in a couple of years 5.5% is going to be a distant memory.

2009-05-18T06:50:00.003-04:00

The GOOD News: We're busy....REALLY BUSY. The bad news: It's all about homes under $400K in our market right now and in many places in the U.S.A. there is a similar dichotomy. What ever may be considered to be the 'upper end' is still suffering in many places, not yet having seen the benefits of 5% +- interest rates and the first time home buyer credit. If President Obama gets his way and eliminates the mortgage exemption for people who make more than $200K, well don't get me started. Let me just say this....it will DRASTICALLY alter the housing market in America in virtually every price price point. Oh, yes, the other bad news at least for me.....my PC inhaled the VUNDO virus about 10 days ago and it killed EVERYTHING on my computer including my video software. There should be more fun filled commentary coming shortly via video on all things real estate but in the mean time I wanted to share an appearance by one of my favs, Gary Vaynerchuk from CNN in the last few days. If you're wondering why I have all of the social media connects along the left side of this web site, just spend a few minutes with @Garyvee and think about the applications to real estate....and your business. Here's a taste: I sold a home in February of this year DIRECTLY as a result of a post on Twitter. Wonder what it may do for you?

2009-04-29T14:41:00.010-04:00

Is now a good time to sell? Does seasonality trump market conditions? What pitfalls should you be aware of when selling today? Greg's appearance on all things real estate from WISH TV, Indianapolis can be seen here:

(NOTE...a bit of insider television dirt....at the end of the piece both Greg and the anchor are changing where they look repeatedly. There were 3 computer controlled cameras moving about randomly in front of them and it was really tough to tell where the red light was bouncing to).

GOOD NEWS ALERT! CNN Money has released a national study of the top 100 housing markets and their projected status one year from today. Indianapolis actually ranks much better than the over whelming majority of the nation. You can see the entire study of those results HERE.

2009-04-23T15:08:00.005-04:00

A common pitfall of seasonal marketing.

We're all going to be better consumers in this economy....and we'll have to be. If you're a seller in Today's New World of Real Estate, beware this pitfall.....

Meanwhile back at the real estate ranch, the local data is in today.....and it may require an extra potent adult beverage to stomach. I'll be posting them shortly....so at leaast you've got a little time to prepare.

2009-04-21T09:34:00.005-04:00

A weird open house moment....

The most profound moment at my open house last Sunday came when a prospective buyer shared with me one of the lone bright spots of the current downturn. She believes that we will all have to become better consumers when it came to our investments. Kudos Diane...VERY true. The weirdest moment? Well here you go..........

OT......there's a GREAT new tool out there for keeping track of just about anything from crime in your area to shopping, store deals, entertainment to a variety of news updates. It's FREE (nice) and you can also create your own search terms that can be updated and sent to you at http://www.trackle.com/. I'm getting ready to set up a search for where my 14 year old is after the movies on Friday and Saturday nights!

2009-04-15T13:46:00.002-04:00

Distracted? Having trouble focusing? Time to find your focus screen.

The SINGLE biggest challenge facing the real estate market in the next 12-18 months.

2009-04-13T11:11:00.004-04:00

The single biggest challenge in the coming months won't be what it's been for '07 and '08. Market conditions over the last 2 years while painful, were much more finite. When supply (a property at a given price) met demand (what a buyer was willing to pay), we had a sale (a true established value). We're going to need to relearn the market as things begin to move in the other direction.

2009-04-09T14:39:00.003-04:00

Real Estate & diversity. Sometimes we get it right. Sometimes we learn things. Sometimes what we do matters.....and that's why we do it.

Market summary at the end March, 2009. Will it or won't it get better? Buyers, sellers, Realtors take note!

2009-04-06T10:39:00.006-04:00

Listen to Greg on WIBC, Indy from 4/8/ HERE.

So it's April....and as we head in the second quarter of 2009, it's time to take stock of where we've been and peer into the crystal ball a bit as well.

Have a different expereince? Love to hear from you!

If you missed the Transparency video....here you go!

2009-04-03T11:57:00.006-04:00

Real Estate transparency. I'm irritated. I'm annoyed. I'm spittin' like football coach Bill Cowher. Well, it's not quite that bad but I am on a Rant in Today's New World Of Real Estate. Transparency is not just a nice little trend....but a darn fine idea for the real estate industry and business as a whole. Problem is too many real estate companies are still living in 1978. They don't know it yet but they're about to become real estate road kill....and it's going to happen sooner rather than later. Here's why:

If you're looking for other videos by Greg, check the archives at the bottom of this page or simply click on the You Tube Channel link on the left tool bar.

2009-03-30T11:19:00.007-04:00

Greg LIVE on WIBC 3/30 can be heard in it's entirety HERE.

The new market stats are in.....and they have a LOT of room for improvement. Better days are ahead but they were very challenged in the last 90 days.

Pricing and valuation, while painful, are not that complicated in Today's New World Of Real Estate:

2009-03-20T15:27:00.018-04:00

**Greg will be on 93.1 FM, WIBC on Monday March 29th talking the latest live, local and late breaking housing numbers to be released 3/29!! (streaming @ www.wibc.com)

Remember 10th grade economics....where simple supply and demand ruled the day? Here are a few thoughts on supply and demand relative to value in Today's New World of Real Estate:

2009-03-16T11:58:00.006-04:00

Visual Tour for 12069 Leighton Court Open Sunday 3-5

Trying to sell a home in this market is incredibly confusing for most home owners. There are a number of reasons why pricing is SO important in your quest to get to the closing table.....here's why

2009-03-13T09:37:00.005-04:00

Just the Facts, Ma'am.

10 weeks into 2009 and we have some interesting data to start the year. The sales market has changed dramatically and is continuing to do so. The first time home buyer credit is having an impact on the market, but only for the actual first time home buyer, and not for the move up market.

Here's a look at the data for 2009 through early March for the entire 13 county metro Indianapolis area:

nearly 50% of all homes sold were under $100,000
93% of all homes sold were under $300,000
95% of all homes sold were under $500,000
99% of all homes sold were under $1,000,000
less than .06% of all homes sold were over $1,000,000

A major issue in this data starts with the low end of the market, or the first time home buyer. Of those homes under $100,000, over 50% of those were foreclosures. That tells us that of the owners of those homes under $100K, only half potentially went on to actually buy another property. That's why the sales numbers above $300K are so weak. What's selling is simply foreclosure inventory. While that's good and needs to happen, it tells us we are very VERY early in the recovery process if at all. Until the foreclosure inventory is absorbed and the foreclosure rate slows, we not recognize any value increase in the higher price points above 300K. At the moment we are simply absorbing unsold inventory. That inventory is the active inventory, not the secondary inventory which I would define as the complete set of homes that are waiting for any type of sign the market is recovering before coming back for sale. In other words we have several years of overall inventory to absorb before values begin to grow. If you're any type of buyer, this is good news because it means you are going to have opportunity to make a great buy for some time to come. Selling, will remain a big challenge for at least the next 24 months in our market.

2009-03-12T15:20:00.004-04:00

Now for something totally different....A LITTLE BIT OF GOOD NEWS!

Not long ago USA Today ran a great feature about the city of Indianapolis and it's efforts to be ready for a national economic turnaround as it occurs. From population growth to business and industry to housing affordability, this piece does a great job of describing why our region is ready when the day comes where growth is the direction rather than contraction. The entire USA TODAY story is a great read!

2009-03-10T11:15:00.008-04:00

Once Upon A Time In A Land Far, Far Away....

...homes appreciated 12% per year while their owners gleefully day traded their way into multi millionaire status. We all dreamed of the day when our homes would double in value, we could buy a vacation home with no down and no reason to document our income. Ditech.com would refinance our primary residence at 125% of it's value simply by doing a drive by appraisal. Interest rates hovered in the low 6's but no matter, our generous year end bonuses were just around the corner. The lawn never needed watering and the temperatures never went below 50 at night. Our kids all made straight A's and didn't scowl at us when we asked them to pick up their rooms. The neighbor's dog didn't squat in our front yard, nothing in our homes ever broke and the roof, furnace, AC and the appliances lasted for 50 years always appearing updated and new. Cell phones for kids and text messaging were just irritations we would never have to face. Forty hour work weeks were just a distraction, the unemployment rates were 3.9% and inflation was what we did to balloons. Vacations at the beach were a given, none of our parents ever got old or needed care and our pets lived forever. Wars were what happened in history books or places we couldn't find on any map and terrorists only existed at the '72 games in Munich. Television was for families before 9:00 and we never had to shield our kid's eyes and ears because of a promotional advertisement in a magazine or on TV talked about erectile dysfunction.

What's that? The real world is now the exact opposite of everything in the previous 22 lines? Well then, it's time for me to take my blood pressure meds, make certain my kid is really at the library studying and head back to work to try and keep my job for another 30 days. Do me a favor...next time don't wake me up.

(Thanks to Brian @ 1000 Watt Consulting and Boing Boing for the inspiration)

2009-03-09T09:24:00.004-04:00

Fear, Loathing and Market Recovery

It's down to one thing in the world we live in: FEAR. Fear of job loss, fear of survival, fear of no retirement, fear of falling values on one's home, fear of banks failing, fear of things getting worse. Take your pick, the boogeyman's out there.

If people continue to be afraid, spending on a macro scale will continue to decline which will eliminate more jobs, more companies and more stability (for as much as there even is today). The less people spend, the less likely we are to see any type of recovery in the near future. Make no mistake, I've never been much of a Keynesian when it comes to economics but these days I'm starting to wonder. For the record I'm loosely defining that as one who believes in spending our way out of a recession.

I was watching a CNN interview with Martin Wolf, a noted economist and writer for the London Financial Times. Mr. Wolf, while also a non Keynesian, stated that since we have already passed the stimulus bill and the money was going to be spent anyway, the most important thing we can do is get the money into people's hands who will actually spend it. In his opinion the biggest challenge to where we are is that the President is hell bent on the whole 'roads and bridges' philosophy which will do nothing for at least 18 months on the national economic front that in Mr. Wolf's opinion is wayyyyyyyy toooooo late. Mr. Wolf flippantly shared at one point we'd have been better off walking out and handing people money on main street than allocating it the way we have. We can have the argument on how to improve the current mess in terms of massive tax cuts versus massive spending but being where we are, spending the money properly in a way that would make things better is now the discussion. It's not one that will likely be resolved soon.

Having stated the obvious, here's sublime of the where we are. I don't know exactly when we will see a huge turn in the economy but I am convinced that right here, right now there are unprecedented opportunities for success. Opportunities in the stock market, opps in the real estate market, opps in employment in the form of new demand for different types of skills. They are out there....and in the face of fear those who have courage will change their lives for the better. Some will buy stocks, some will buy real estate, some will reinvent themselves and their personal brand and change careers and their lives forever. Some will get entangled in the fear and suffer. Some will embrace where the world is and prosper. The only question for each of us is which path will we take?

2009-03-02T09:22:00.005-05:00

C.P. Morgan Redux

It's been most of a week since one of the nation's 30 largest home builders threw in the towel and the thoughts on what happened are still being debated. Several things seem obvious to me through the haze of frustration for the former employees and 'caught in the middle' customers of Morgan.

1) The company's press release was an out and out lie. The release stated that all homes had been completed and there were no outstanding build projects ongoing. Wrong. Numerous homes are standing unfinished and that doesn't count the people who have made lot deposits between $1000 and $4000 to begin the build process.

2) The employees were told that their health care was going to be cancelled as of midnight of 2/28. Nice. They get canned and their insurance gets cancelled with no advance warning in 48 hours. How considerate. What's still up in the air is whether ALL employees even got paid for the 13 days of the pay period in which they got gassed. As of their dismissal, they had not.

3) Does anyone now doubt that 'no down' and 'low down' payment homes with 300 lots in a development are a BAD IDEA? I worry there will be tumbleweeds blowing through some of these neighborhoods before the foreclosure monster is through. You can't sell them with no equity and the sheer quantity of properties will make it even tougher for owners who are in distress to work the short sale option.

4) I'm treading on thin ice here but I don't frankly care with the way in which people have been hurt. C.P. Morgan always prided itself as being a 'Christian' company. I'm all for people's faith, in fact it's the most important thing in my personal life. My issue is how dare a company's owner allow that type of 'marketing' or 'presentation' of his company take place and then be off in Florida buying a massive new boat while his employees are getting laid off and his customers are left in the lurch? Understand, it's not the faith, it's the abuse of faith that is unconscionable here. When I see a woman on the news saying she signed a Morgan contract because she believed they were a Christian company and then she gets burned for the previously mentioned reasons, it makes me sick.

5) If you are a Morgan homeowner, review your paperwork carefully. Understand who is repsonsible for your warranty. Get involved in your neighborhood association. The future of your neighborhood and your homes value is on the line. Don't get blindsided by being unaware of what's going on around you.

What will come of the future of Morgan's previous clients and employees remains to be seen. What is certain is that they're demise and how they handled it as a company is a burn on the trust of consumers. It's a burn that will not soon heal here or for other home buyers across the country in the wake of the current housing collapse.

2009-02-26T14:03:00.009-05:00

...and another one gone and another one gone...another one bites the...

Well, you get the point. One of the most successful home builders in the history of Indiana is closing it's doors. This bizarre economy has claimed another victim in the corporate sense and thousands in the consumer and former employee sense. More layoffs and more peripheral pain in the industries that support housing. What ever you may think, we cannot simply blame C.P. Morgan for failing. It's WAYYYYYYY bigger than that. This is a national economic issue not isolated to this company and it's not over friends. You can see the entire Channel 13 television story with Greg here.

Gosh, sure glad the congress in all of it's infinite wisdom did something to fix housing. Oh, that's right, they didn't. We've now printed 1.5 TRILLION new dollars trying to save the economy and all we could come up with is a pissant $8000 first time home buyer tax credit that will have NO ultimate affect on the overall housing market. The $15,000 credit approved by both houses of congress was whacked by a bipartisan 'negotiating' committee whose identity was not revealed (intentionally) at the time of the signing of the stimulus package. What a load of crap. Fix housing first? What happened to that? How about let's kick housing to the curb. It is obvious now that despite the fact that a 6th grader understands how real estate leads economies into and out of recessions, our Congress and President do not understand or do not care. If we can find $150 million for honey bees we could find money to stimulate housing. Don't bother trying to tell me how honey bees need saving, I'm not arguing that....they just have NO PLACE in the stimulus.

We're not done friends. There are more challenges to come. For our friends formerly employed at C.P. Morgan and the consumers who are left in the wake, you have our significant sympathy. We're all hurting...some more than others.

2009-02-24T14:24:00.012-05:00

Listen to the archive of Greg on WIBC, Indianapolis from 2/25.

There's been a Rod Serling sighting.

At some point it just gets off the wall silly. It would be funny if it weren't about such incredibly large sums of cash and disappearing equity. Every month feels like the last when the new housing numbers come out. More bad news. Little to be optimistic about. It certainly feels surrreal, like we've entered into our own 'Twilight Zone.'

The newest report on housing has prices of U.S. single-family homes plunging 18.5 percent in December from a year earlier as the monthly pace accelerated, according to a Standard & Poor's/Case-Shiller home price index on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas fell 2.5 percent in December from November, compared with a 2.3 percent decline in the previous period, S&P said in a statement. "There are very few, if any, pockets of turnaround that one can see in the data," David Blitzer, chairman of S&P's index committee, said in the statement. "Most of the nation appears to remain on a downward path." In a separate index, home prices depreciated at a 18.2 percent pace in the fourth quarter from a year earlier, for the largest drop since the series began 21 years ago, it said. From the housing market peak in the second quarter of 2006, home prices have plummeted 26.7 percent, it said.

As for the Stimulus, don't count on that making a difference. While there was an $8000 tax credit for 1st time home buyers, the reality is congress, in all it's brilliance, totally stripped out the $15,000 tax credit that would have applied to ALL home buyers. That would have made a difference. The first time home buyer's credit, while nice, will have little effect on the overall market. So much for fixing housing first. If it's true that housing leads us into recessions and out of those same recessions, we're still waiting for the residential General to start marching back up the hill. Right now he's no where in sight.

So once again class, what does it all mean? As I've said on the radio a thousand times, it remains a great time to buy with incredible interest rates available for many home buyers. In five years you will look back and feel you've made one of the best investments of your life. Not in two years, five.

As for home sellers, lower your expectations, your prices and your uside down statues into the ground because sports fans, you're going to need all the help you can get. It is the most challenging time to sell a home since the mid 1960's. Not even the early 80's were this bad. Sure we had high interest rates but we didn't have the bank failures and the numerous other factors working against us.

Now we have excessive inventory, foreclosures, unemployment, etc., all affecting housing. There's also the inflation monster which will be sure to rear it's ugly head in the coming few years. If you can survive the moat full of monsters to buy a home right now, you may just see 2015 arrive with a pile of equity in your property. Be warned, getting there will be tough. If you look closely, you may even see Mr. Serling along the way.

2009-02-23T14:24:00.004-05:00

Five Questions To Contemplate For March of 2009

1) With the current market environment, should you be looking at your home as a long term residence or considering a change?

2) What should I do or not do with my current mortgage commitment?

3) Should I be investing additional money in updating my home?

4) Will my home appreciate in Today's New World Of Real Estate?

5) Is real estate the best investment for my future?

Think about these things relative to where you live and your future. We'll be exploring them further as February evaporates and we head for the Ides of March in Today's New World of Real Estate.

2009-02-21T13:17:00.003-05:00

Today's Lesson From Tom Peters.com:
(yes, the guy who co wrote In Search of Excellence and many other phenomenal things).

"It" (the current economic mess) is 100% about psychology. Fixes must first and second and third and fourth be directly aimed at our inherent irrationality—times ten in periods of high stress, and at least as true of the "bestest and brightest" as of the rest of us.

Thank you Tom. Class dismissed. See you all next week.

2009-02-16T10:13:00.013-05:00

[As a clarification, the stimulus package the president will sign may have an impact but not in the short term. At best I believe it will be mid 2010 before we see any potential affect on the housing market]

So What Will It Take To Sell Your Home
NOW?

The holidays have passed, the weather has broken slightly in some places and your For Sale sign is starting to look like a permanent fixture in your yard. Your impatience is growing and there seems to be no answer. But there is. Before I share the solution, you must as a home seller ask yourself the most obvious but pertinent question.

Do you really want to sell?

Not you would like to sell, maybe you want to sell, you hope to sell, you have a home you've seen that you would kinda sorta like to move up or down to.

NONE OF THESE WORKS IN THE CURRENT ERA.

If you are not 150% committed to the selling process than you are hurting yourself and wasting money. First of all, bar none, every day of unsuccessful history that your home has on the market costs you money. The initial question every buyer asks is 'how long has it been on the market?' Right there they have another tool to beat you up with in the negotiating process if the answer isn't just a short time. Do NOT forget this: If you are on the market and not selling you are hurting your own position! Get it sold or get it on the sidelines until things improve. Don't stick your big toe in the water...dive in or get out!

Still think you want to sell? Then consider the following solution. If your home has been on the market since before the holidays there is one thing you MUST do immediately.

Reduce the price today by 10%.

Not tomorrow, not next week, TODAY. The market is STILL DECLINING. If you have been on the market longer than 90 days you are less competitive today than you were in November. This is not rocket science. It's 10th grade economics. Sales occur when supply and demand meet. When someone's motivation becomes so great that they can't live without your home, they make an offer. In this market, PRICE DRIVES EVERYTHING.

"Well if they like it, they'll just make an offer." Wrong. That's what 100 other home sellers are thinking too. The problem is that the truly motivated sellers with homes equally competitive to yours have already lowered their prices twice while you've done nothing. Buyers don't have to waste time and emotional energy chasing your home when they have all of those choices from motivated sellers.

"Well those things don't apply to our home" or "our home will overcome those objections." If Ricardo Montleban was still alive he'd be saying "welcome to Fantasy Island!"

"Well it's our Realtors fault." Wrong again. By some estimates over 90% of buyers look online first and if your home is in the MLS you are probably everywhere. Buyers are seeing your home. They just don't like what they see at your price. While we can debate how your home is being marketed in it's presentation, if it's out there, people know about it.

Look, this isn't pleasant but do you want to know and act on the truth or live in the pain of make believe? This is not a market for pretenders. If you aren't adjusting your price to meet the demand of the market you are in fact pretending. That's fine....it is your money. It would just be our opinion not to waste any more of it than necessary.

Oh and by the way 10% may not work. It's possible you are farther off in your value than that and it could mean you need further reductions, especially if the market doesn't bottom out soon. Remember true value is what someone is willing to pay, NO MORE. Painful? You bet. I don't enjoy telling you this any more than you want to hear it but if you want to be lied to, this is the wrong place to come. I'd rather shoot straight with you now so you'll still respect me in the morning rather than be one of the Realtors who deceive just to get you into bed with them. They're the ones who will ultimately cost you a LOT of money.

Questions? Comments? Donations? Greg@GregCooper.com or 317.848.GREG (4734).

2009-02-01T12:37:00.003-05:00

This post is originally from June of 2007. Every day
that goes by I wonder more and more if it's not coming
true. Gary Vaynerchuk of WineLibraryTV.com is
constantly saying 'STOP DRINKING YELLOW TAIL.'
In Today's New World of Real Estate I would offer
'STOP SENDING OUT RECIPE CARDS!.'

Denny Crane says
'Who wants to be a Travel Agent?'

Welcome to my metaphor. Inspired by nearly a week of reading my new favorite blogger, Rich From Copywrite, Inc. (linked on the left side of the page), this piece is motivated by change. For my purposes, I'm speaking to the change in doing business or owning real estate. The manner of conducting a real estate sale is about to be swept away into an entirely new paradigm like a number of businesses have been in the recent past.

On ABC's Boston Legal, William Shatner, aka Denny Crane, constantly pops into scenes tossing out the painfully embarrassing, yet somewhat obvious line. In the real estate business, Denny would again be loudly asking the obvious of those of us helping to orchestrate real estate transactions and those who own real estate as an investment.

"C'mon.....who wants to be a travel agent?"

Why? Because those who conduct the business of Real Estate and those who own real estate are in the midst of a titanic shift in the process, much like the travel industry saw several years ago. For my skewed context here, there is no irony lost on the character of Crane, played by Shatner in his commercial endorsement role to PRICELINE.com . 10 years ago, the travel industry was respected, successful and storming ahead with it's service to people in every form of travel based need. America was increasingly affluent, mobile and loved to be on the move. That year, 1997, Priceline.com introduced itself to the traveling public in the form of William Shatner through a stream of wacky commercials that pushed us to point and click to find the cheapest air fares (and later in classic brand extension hotel rooms and rental cars). A decade later the travel industry has laid off thousands of workers. Essentially it's become a shadow of it's former self. Many other service industries are experiencing that as well along with the products they represent, like real estate.

Old school agencies who broker travel have basically been redefined to an Internet based business that fills a niche of customer service. The difference is there is no need to have legions of people seated at a desk to actually place the orders. There are some direct service agencies, but they are a small minority serving certain business and other pigeonhole clientele. To be fair, the change wasn't necessarily any fault of the travel industry and the huge numbers of it's successful representatives other than they never saw it coming. Who did? Can any of say we knew how the Internet was going to absolutely flatten so many businesses by the immediate accessibility it provides?

Well it's coming again to the business of real estate...this time precipitated by the current down turn in the Real Estate market. Anthony Robbins, motivational speaker and infomercial guru has written that 'things don't change when conditions are comfortable....change occurs when pain is present.' If that's the case, change is a full blown tidal wave heading directly for us. Dropping values due to foreclosures, excessive new homes supply, a sub prime mortgage fallout and other secondary factors are the norm today and it will affect most all of us. Falling equity in homes has driven the discount service brokerage movement in the past year and they will continue to gain strength (much to the chagrin of many of my colleagues). They will not, however, replace the affect of the most successful brokers but rather will feed upon those individuals who continue to try and charge a premium fee for less than top shelf service. It's the classic Wal Mart - Nordstrom example. The middle is disappearing to be replaced by the most cost effective (discount) and the very high end.

Real Estate brokers and their companies must learn to do things differently. The effect of the current market downturn will demand that. Watch the numbers in the winter of '07-'08. The quantity of Realtors in this country is going to take a major nose dive (not all would think that's bad, I know). Likewise, the manner in which we all make investment decisions about real estate is also going to change. Dwindling demand for 'vinyl village' types of homes and increasing demands for prime locations will be highlighted. In our area, lots and neighborhoods with character (water front, heavily wooded, golf course) will be the most coveted for more than aesthetic reasons. At this moment they are the only locations selling at a premium and as the public becomes more and more aware of this as a business issue, their demand will rise even faster. The days of buying something slick, shiny and new just for those reasons will soon be a secondary decision. Consumers will be forced to look at the investment first which is not how many decisions have been made in the past. Consumers who blindly buy property for any reasons other than investment first will quickly become the 'travel agents' of the real estate marketplace. I can almost hear Denny Crane's thoughts on that......as painful as they may be.......

Questions? Comments? Donations? 317.848.GREG (4734) or Greg@GregCooper.com

2009-01-29T13:35:00.008-05:00

1143 West 116th, Carmel, Indiana.

An absolute steal, now listed at $15,000,000!

Reduced from $20,000,000!

Once appraised at $25,000,000!

Forgive the superlatives. I'm a bit overdrawn on real estate cliches although it is 'much more than a drive by.'

On the serious side, this remarkable estate which the previous owner stated has more than $35,000,000 in costs associated with it's creation is now officially listed at $15,000,000. It has 33.6 acres with the main estate and 7.6 acres in a separately parceled lot, also included. There are 25,791 square feet in the main residence that do not include the 15,000 square foot sports building, the guest house, pool house, catering hall and power building. We've had professional athletes, upper management of sports franchises, national corporate presidents and a female professional wrestler with the WWE express interest in the property. Personally, I was pulling for the lady wrestler. Few things would have provided more entertainment than the likes of Terry Hogan and Vince McMahon showing up at the gate in some 12 door Hummer limo. While we have had numerous individuals interested and offers made, this property has not closed and been accepted by a new owner. So we're telling you there's still a chance. If the $5,000,000 price reduction doesn't get your attention....maybe the 25 meter lap pool in the Master Suite will.

You may view the complete virtual tour for this home right now by clicking here: 1143 West 116th, Carmel, Indiana.

All interested parties please contact Dick Richwine or Greg Cooper at 317.558.6806.

Questions? Comments? Donations? Greg@GregCooper.com or 317.848.GREG (4734).

2009-01-26T15:51:00.012-05:00

Hear Greg on WIBC from 1/26/2009 HERE.

Read Greg's Interview in the Indianapolis Business Journal HERE.

It's Not Bad News. It's
Just the News.

If anyone tells you the 'for sale' home inventory is going to shrink this year, tell them to do some more homework. While the resale active market will see some up and down over the next 11 months, one thing is for certain: We ain't seen nothing yet (thank you Randy Bachman).

We're about to experience a torrent of lender owned or controlled properties hitting the market. The value of REO properties on the books of FDIC banks surged nearly 30% from the late 3rd quarter of 2008 through the 4th quarter. Those properties are going to be unleashed on markets around the country now that the TARP efforts have been so seemingly convoluted and are not being used to truly combat the foreclosure problems. Repossessions by Fannie Mae and Freddie Mac have blown sky high and in fact they had nearly 100,000 homes in their inventory at the end of September of 2008. With a moratorium on take backs over the holidays that expiring at the end of January by the nation's two big quasi lenders, there will most certainly be more foreclosures in the mix.

So this sounds like horrid news. Nope. It's just the factual reality of where the market is. As I continue to believe, as far as the market goes off track, there are opportunities that are every bit as positive. The media primarily uses information to take a position. I get that. But truth in advertising is a two way street. Look, it is a very challenging time for home sellers. The news coming out of Washington is getting more and more diluted each day for what the past/present bailouts mean. Forget the bailouts. Here's what it means for you and I: If we're selling doing so requires a major reality check on what the market will offer for your home. If you're buying there is plenty of mortgage money available and you are probably going to make a stunning buy in terms of overall value. Fear is driving the market now. You don't need to be afraid of making a purchase if you get good representation and understand this is NOT a short term investment. In this market the 'Flip My House' mindset is tanatamount to 'Take My Money'. Avoid that methodology and if you are in a position to do so, go ahead and make the home purchase you've been contemplating. In five years that's one thing you will be able to count on as being a 'no brainer.'

Questions? Comments? Donations? Greg@GregCooper.com or
317.848.GREG (4734)

2009-01-20T14:11:00.013-05:00

I Would Have Rather Started Off With A Bang....

Today's Definition From Dictionary.com:

Transparent:
/trænsˈpɛərənt, -ˈpær-/ Show Spelled Pronunciation [trans-pair-uhnt, -par-] –adjective
(two of the definitions include)
4. easily seen through, recognized, or detected.
6. open; frank; candid: the man's transparent earnestness.

Having said that, how about a little real estate transparency? We're starting off the year in a VERY challenging way. Not with a BANG...more like a whimper. Here's the market data from 1/1/08 to 1/18/08 and then the same 18 days in 2009. Quoting my good friend Robert Plant, 'The Song Remains The Same.' Great time to buy, tough time to sell.

ALL PENDING SALES FOR THE 1ST 18 days of 2008 and 2009

Hamilton County

2008 - 209 sales

2009- 124 sales

-31.3%

Marion County (Indpls. proper)

2008 - 501 sales

2009 - 413 sales

-17.6%

Boone County

2008 - 39 sales

2008 - 24 sales

-38%

Hendricks County

2008 - 89 sales

2009 - 63 sales

-29%

Johnson County

2008 - 102 sales

2009 - 47 sales

-54%

Yes, we all realize it's a short sample but last year was also down from the year prior. What this shows is that we have a LONG way to go before a recovery takes place. The only reason Marion County (Indianapolis proper) did not get banged so badly is that they got clobbered so significantly last year. Again and again and again I say: If you do not have to sell, park your home until 2010. Any questions? Please review the data above.

Questions? Comments? Donations? Greg@GregCooper.com or 317.848.GREG (4734)

2009-01-13T15:38:00.024-05:00

I Have Issues

********

Listen to Greg HERE on WIBC on the State of Real Estate

I'm in a foul mood. Last week I went to our city's 'State of Real Estate' conference. It was depressing. Lots of stats. Perfectly dressed people with perfectly coiffed hair gave us 94 minutes of bull roar in neatly packaged speeches. Just once I wanted someone to walk to the edge of the stage and talk to me. No notes. No cards. Just speak from the gut about the mess that was 2008 in Real Estate. Unfortunately there were no takers.

Seems like our industry takes one step forward and two steps back. At the very least there is a widening gap between those real estate professionals who understand where the future is going and those who have no clue. It's not that hard but there are plenty of people 'in the biz' that are headed for a rude awakening and a career change VERY soon at the rate we're going. Consumers...you need to ask more questions than ever before. Do you really need representation? Yes, but be careful where you tread or you may just end up in that gap between those that get it and the clueless who hang a license on the wall and want to collect a check from your sale. Yet there is hope. Last week the best and the brightest in the real estate profession also gathered in New York for the semi annual Inman Connect Real Estate Conference. Some stunningly great real estate minds. Some truly great solutions to the overall market's woes. So where are they in many local markets? Few and very far between. That's why, today, I'm irritated by how, on the local level, we practice real estate.

Here are some of my reasons:

1) Where's The Transparency? We don't get it in the Real Estate Industry. Tell the truth, the whole truth and nuttin' but the truth. Stop spinning the data. Stop giving sellers false hope. Stop encouraging buyers to offer 50% when the prices are already down 30%. Whether you like it or not your cred, your very survival depends on it as a real estate professional.

2) What happened to the Media? What the heck does the media want? You give them the straight scoop and still they twist it. Right now there are clearly two sides to the market. Great buying time. Tough selling time. Challenges mean opportunities...really REALLY great opportunities. Media reporting of anything has become totally about the agenda of the author.

3) Why the confusion about Marketing (industry)? I had reps from one of the major 'homes' mags tell me they would be around for 10 years (hard copy). I told them they should just focus on the next 10 minutes (if they were lucky). Print is dead. Broadcasting has terrible R.O.I. Online is the key to the immediate future.

4) Why the confusion about Marketing (sellers)? Quick - Mr. and Mrs. Seller. Can you name 10 web sites your home is advertised on? Can your agent? Think about it.

5) Social Networking Technology. Most Realtors don't even know what Social Networks are. Many Seller's kids are more proficient at this than those who are the professionals. If you don't know what they are, how can you leverage them to market real estate?

6) Proprietary Information is Dead. Real Estate, like many other businesses is no longer about being the 'gatekeepers.' It's not about the info...it's about knowing what to do with it. Clients no longer pay Realtors for their time but their expertise. If you don't have it, get it or practice saying 'welcome to Wal Mart, can I help you?'

There's plenty more....and I'll probably add to this list. For now, as my good friend Steve Simpson from WIBC says....'It makes my hair hurt thinking about it.' There's growth and opportunity ahead...as well as tremendous challenge. Step lightly and do your homework consumers. Much of the risk in the market is up to you to find.

2009-01-10T13:59:00.009-05:00

The State Of Real Estate 2009.

Sounds very official doesn't it. Like an oracle that's been passed down from Delphi. While there is a Delphi in Indiana, this oracle came from Advantage Point/Colliers Turley Martin Tucker's yearly gathering at the Murat theater in Indianapolis on January 7th. There were facts and statistics, opinions and alibis as well as some future prognostications but the summary was short and sweet.

"No one knows what in the world is
going to happen next."

I had the chance to review this gathering on WIBC, Indianapolis radio with Steve Simpson the evening of the event and without laying blame, there clearly is no direction or reasonable guess as to where the overall residential market is headed. This much, I believe to be true: We will not see a significant reduction in inventory, a noticeable recovery in the market or anything that resembles the fast market times of the post 2006 real estate world in the next 12 months. What we WILL see is a staggeringly low interest rate level that some professionals think will put us into the upper 3's range by Fall. Upper 3's...hard to even say out loud and think it's serious. It's great news if you're thinking about buying but right now a housing recovery is about 1 thing. FEAR. We can't get people to buy homes if the interest rate is ZERO if they're afraid of losing their jobs. So Mr. President...you've got your work cut out for you because I'm sure not counting on Nancy Peolosi to get it done.

ON A BRIGHTER NOTE.....

This may be a historically significant time to attempt to reel in your property taxes. Comparable sales have been horrid. Foreclosures rampant. There's plenty of opportunity to justify your home being worth less than the County thinks it's worth. If you can document that, you could have a great chance to win a valuation appeal with your local taxing board and lower your taxes. There's never been an opportunity to do that as there is today. Make every effort to explore whether you can give this a shot because it's worth it. If you're not sure where to start, email or call me and I'll direct you to people who can help. If you decide to go after it there may be a fee involved of a couple of hundred dollars but if you can save thousands over years of taxes, it will be well worth it.

Questions? Comments? Donations? Greg@GregCooper.com or 317.848.GREG (4734)

2009-01-02T13:33:00.007-05:00

Five Fearless Predictions
For 2009:

1) Indianapolis and a number of markets will see no significant reduction in home inventory.
Thousands of homeowners are awaiting the first good sign of real estate tidings. When they see it, the market will get flooded over and over with waves of new listings from years of pent up selling interest. Make no mistake....inventory is the single biggest factor in value growth above ALL others.

2) Many Real Estate Companies and Realtors will continue to 'spin' the market positive.
As consumers you must understand some Brokerages and individuals simply cannot help themselves. They cannot find it in themselves to say 'it's a great buyer's market but a challenging seller's market.' They actually still think that you won't find out if the market is in the crapper. In a web 2.0 world, transparency is the key to credibility. Those that have it will survive. Those that don't have no chance. Proprietary information is dead. It's what we will do with it as real estate professionals that will make us shine.

3) Interest Rates Will Continue to Go Down.
We may see rates flirt with 4.0% before we're done. 4.0%! While that would be an amazing rate, is still will NOT trump fear consumes are feeling. If you offer a prospective buyer a 0% interest rate but he's afraid of losing his job, it still doesn't matter. Things will get better when consumers get a bit less cynical.

4) Those who sell and or buy in 2009 will look back and be very grateful.
While we may see some improvement in late 2009, real estate selling, will not be the same for a long LONG time. If you sell a property now, you may not be leaving money on the table as you think. If you buy, you will most certainly look back in five years and know it was one of the best investments of your life. Not in two years, but five.

5) Lawrence Yun, the chief economist of the National Association of Realtors will continue to say idiotic things about the real estate market.
Pick a month any month, add Lawrence Yun and that month on Google and watch the fun roll in. I would swear this guy takes a great big Bob Marley hit off his favorite plant before he speaks because his views always bring on a clueless grin and a severe case of the munchies. Nice job propping up our cred there, Larry.

Finally, here's a great piece from Lani Rosales of Agent Genius on selling your home. Seem obvious? For many, not so much. Happy New Year everyone. Good riddance 2008.

Questions? Comments? Donations? Greg@GregCooper.com or 317.848.GREG (4734)

2008-12-17T07:45:00.006-05:00

Here's What Happened and Here's What it Means:

Christmas came a bit early, sort of, for the American consumer this week. The Federal Reserve lowered interest rates on 12/16 to the lowest rate they could at essentially 0%. Let's hope this works because the only place to go now is triple dog 0% and I don't think anyone wants to see Paulson and Bernake with their tongues stuck to the flag pole out in front of the school.

What the Fed is trying to do is spur spending either through use of credit lines or some form of home equity line to help the overall economy. If you are a homeowner, credit card user or equity line user tied to real estate you are affected by this in some significant way depending upon how your particular credit is dictated by the prime rate. In many cases home equity loan rates will go down and lower monthly payments for consumers. This lowering will eventually ease pressure on many different forms of credit either directly or indirectly.

The single biggest fallacy of the post credit crash world is that there is no money to borrow. This is simply not true.

Here's what you must have in order to borrow money for a home purchase:

1) A decent credit score which in the post credit crash world means mid 700's.

2) A job. (not always the easiest thing to maintain in Today's New World of Real Estate)

3) A down payment. This means anywhere from 3% to 20% down depending upon load size and credit score. Yes there are still minimal down payment loans available but you need tremendous qualifications to get it.

4) A savings account with actual money in it. Imagine that....saving money and not spending it.

When I spoke on WIBC on 12/17 with Big Joe Staysniak and Terri Stacy it's clear that consumers are struggling to differentiate between the lowering of Fed rates, the buy back of troubled loans by the Fed and the ending of the Fannie Mae/Freddie Mac foreclosure moratorium. These things are NOT all tied directly together other than they all affect the big pot of monetary stew our country is in at the moment.

As I said at the outset, let's hope this works. The Fed has now taken us to 0. Unlike the car commercials or the 1980's song by the group The Fixx, the phrase 'saved by zero' has a much bigger impact, a critical impact on all of our financial futures.

2008-12-09T09:07:00.010-05:00

GAME OVER.

As cultural shifts go, this was a blitzkrieg. We can all say we're shocked, amazed, saddened but this happened quicker than I had ever imagined. It's been no secret that media was shifting as print has become a dying art, but the economy has made this an occurrence of speed multiplied by 10. Tribune media has filed for bankruptcy protection that also includes their print and broadcast media outlets as well as other second tier magazines and niche hard copy products. For the love of all things Mark Cuban at least the Cubs were not included in this. This bankruptcy and it's affects are punctuated locally by the massive layoffs the Indianapolis Star announced in October .

Last month I linked a video by marketing king Gary Vanyerchuck where Gary expounds on where marketing dollars are being spent and more importantly where they are not. Gary, as usual, was dead on in his theory but gave print a bit more of a lifeline than the reality of world economics. The only question now is where and when will the other shoe drop.

I've been astounded lately by listening to both my local radio stations and networks like ESPN radio to hear with some consistency what amounts to public service announcements touting the benefits of radio advertising.

ARE YOU KIDDING ME?

Running self serving marketing ads in the middle of the holiday season that is the broadcasting equivalent of black Friday? Absurd....and revealing. Radio is hurting badly. Television is no different. Soon you will see cut backs at the local level affecting everything from how you get your 11:00 news on T.V. to potentially what people (or lack there of) that deliver the live, local and late breaking news, weather and traffic coming out of your car radio on the way to work. Some of you won't notice because you're already on to an Ipod or Satellite radio. Hence the problem. I've been saying for years that all media is getting to be THIS < > WIDE. With the Tribune bankruptcy filing, it just got narrower.

What does this mean for Today's New World Of Real Estate? Marketing, access and transfer of properties are going to look A LOT different in the months and years to come. Open your mind Mr. and Mrs. consumer. Change has come to the real estate industry and the learning curve will be steep for you and those Brokers who represent you.

QUESTIONS? COMMENTS? DONATIONS? Greg@GregCooper.com or 317.848.GREG (4734)

2008-11-30T15:25:00.009-05:00

Could
Gordon Gekko
have been right?

"Greed is good. Greed is right. Greed works. Greed clarifies, cuts through and captures the very essence of the evolutionary spirit. Greed, in all of it's forms, for life, for money, for love, for knowledge - has marked the upward surge of mankind and greed, mark my words, will not only cure Teldar paper but also that other
malfunctioning corporation known as the United States of America." -Gordon Gekko (Michael Douglas) from Wall Street, 1987

Considering the current mess on Wall Street this
is not exactly a 'feel good' diatribe from a 'feel
good' character from over 20 years ago but there's
a point here. Greed, for lack of a better word, has already begun to save the real estate market in several places across our country and ultimately will do so in every city and town in America. In California where home prices have plummeted 40% or more, home sales in units have actually increased at least in part because of greed. Yes, we would all use different identifiers here (free markets, capitalism, opportunity) but the bottom line is that Mr. Gekko had it right in one sense.

When the markets get down far enough that opportunity is present, greed takes over. Recent buyers in California are not making purchases because they're feeling altruistic. They buying for investment and personal opportunity. They're buying because the free market is working. In fact when prices fall to that tipping point in many other markets in our country, homes will begin to sell again with regularity. If we updated GG's infamous speech with the words free markets, I can almost hear that booming voice calling out the housing mess in Today's New World Of Real Estate.......

"Free markets are good. Free markets are right. Free markets work. Free markets clarify, cut through and capture the very essence of the evolutionary spirit........"

QUESTIONS? COMMENTS? DONATIONS? Greg@GregCooper.com
or 317.848.GREG.

SIDE NOTE: Michael Douglass has been asked to resurrect the Gordon Gekko character for a sequel to 1987's classic picture and he's considering it. Douglass has been asked repeatedly about the current mess on Wall Street with one reporter actually questioning him in character. Douglass' reply: "I'm not Gordon. He's simply a character I played 20 years ago and if you would pay half as much attention to nuclear proliferation as Wall Street, we'd be in a much better world."

2008-11-26T12:57:00.002-05:00

As God As My Witness.....Let Us Give Thanks.

We'll get back to the hard stuff in a day or two. For now...thanks for sharing the ride with me through 2008.

All the best,
Greg Cooper

2008-11-25T09:38:00.009-05:00

Greg's appearence on WIBC from 11/25 explaining the latest real estate numbers can be heard here!

___________________________________________________

NO NO NO NO NO!

I like the Indy Star. I am a dying breed in that I like getting the hard copy of the paper every day at home to read with my caffeine. Today I have a grudging disagreement with them. On second thought, why sugar coat it, I'm just pissed off at them.

The top headline that states 'Area home sales plunge 24%' is true but not accurate. That number reflects closings of home sales in the month of October which has NOTHING to do with the current market. Closings are a combination of things that have happened over the last several months and not just October. Why does something that happened six months ago reflect on the current market.?

IT DOES NOT.

The ONLY key number is not the number the STAR used but in fact, in simple terms Pending Sales in October for our area. That number as a 3 month rolling total is down 7 percent from a year ago. It is not a 24% drop as the Star attempts to convince us it is. The Star tells us we are far worse off than the national average. It is less than reported on the National Association of Realtors site that states:

"The median price of U.S. resale homes dropped 11.3 percent year-over-year in October -- the largest ever drop since the National Association of Realtors began tracking the statistic in 1968."

Let's see that's an 11.3% drop nationally versus 7% drop here....hmmmmm.

That is not the figure used in the Star today. I understand where the Star got their numbers. They cherry picked them to blast a headline that gets people's attention and sells papers....I GET THAT. However, they are not telling the entire story when they use that tack and frankly lose credibility on the issue now and in the future. I was on WIBC last night (Monday, 11/24) and preempted their headline by giving the whole picture instead of just a headline. I'll post that audio link at the top of this page today as it's available. In the mean time, yes it's a damn hard time to sell a home and great time to buy one but it's not the Michael Stipe 'end of the world as we know it' in local real estate. It would have been nice if the Star had actually asked someone who knew what the data meant before printing the article.

Questions? Comments? Donations? Greg@GregCooper.com or 317.848.GREG (4734)

2008-11-24T13:37:00.009-05:00

On Tuesday we'll post the archive of Greg's appearence on 93.1 WIBC from Monday evening. You can find it here during the afternoon of 11/25.

This Too, MUST Pass...

The dust has barely settled on the 2008 election cycle and already law makers are heading towards a significant discussion over the fate of Indiana's property taxes. Governor Mitch Daniels won reelection in part on the promise that he would see through a constitutional change that would cap Indiana's taxes at 1% (for residential) and proportional amounts for investment and business properties. Speaker of the House Pat Bauer has stated (paraphrasing) that he would rather wait until he has time to further evaluate the current system, perhaps readdressing the caps issue in 2010.

To that I would offer this gracious epithet:

@#%& NO!

Here's why:

1) Indiana's housing market has been battered to a higher degree than the national norm in the last 2 years with the utter nonsense that our property tax system has become. ANY additional delay in passing this constitutional cap will cause further damage to the value of real estate in Indiana.

2) Indiana's citizenry deserves the tax relief and consistency that a cap would create and sustain. How about we let Hoosiers know their taxes are going to be reasonable and stable in the near term?

3) Indiana's local municipalities must also have financial consistency in order to plan for schools, public services and the like. Capping property taxes will go a long way to create that stability.

Speaker Bauer, in addressing the issue of the lease of the Indiana Toll road several years ago, I sat listening on my computer as you actually stated a concern you had over such a lease by wondering out loud in the house chamber 'what would happen if we ever went to war with Australia?' That lease put millions of dollars in Indiana's coffers and will end up putting people to work in our state for the better part of a decade. Mr. Speaker, stop jockeying for your personal power and whatever else by doing what is best for the citizens of Indiana. Cap the tax NOW or I as an average citizen may have to take strong punitive action like denying my wife unlimited shopping in your 6th district. Trust me...no one wants their constituents to suffer like that.

Questions? Comments? Triptophan Hotline?
317.848.GREG (4734) OR Greg@GregCooper.com

2008-11-21T10:52:00.009-05:00

Changing a Life:
My most Thankful Experience.

It was roughly 20 years ago and I was a real estate newbie. I had been assigned a relocation couple who was going to be transferring from the San Francisco area to Indianapolis as a part of the United Airlines move of their maintenance facility. Ping and Dao were an incredibly nice pair of customers to have but we had challenges. They were an Asian couple who spoke broken English at best and I was a clueless Hoosier who had little experience with people of different cultures.

Side note: I've learned since then that understanding and accepting diversity is not about being open minded, I'm embarrassed to say. It's about the actual experience of successfully interacting with and appreciating people of other cultures. Many of us in Indiana think diversity is simply not being bigoted. That's half the battle. Real understanding comes from true experience...not just saying you 'get it.' Those of you in HR are now free to have your heart attack after what I've just written.

They had an additional challenge that weighed heavily on their lives as well. They had recently lost a young daughter to a horrible illness. They were grieving and being uprooted from the only place they'd ever lived, California. Their family was giving them significant pressure to leave United and find other work out west. The opportunity they were being offered to move to the Midwest was in their minds the best for the two of them and their young son. That recognition didn't make it any easier.

We did a great deal of 'attempting' to communicate before that weekend they were to visit and make their home purchase. I understood they lived in a home that would be about $650,000 where they lived near Vacaville, California. It was to be sold or bought out by United after 60 days on the market so that Dao and Ping would be able to make the move and get settled on the right deadline. They wanted to be in reasonable proximity to the Indianapolis International Airport where Ping would work and in a home of similar value of what they were in. Sounded simple enough but with a major language barrier it was still an uncomfortable anticipation for both they and I as their trip neared.

On that Thursday I picked them up at the airport, took them to their hotel and waited patiently in the lobby while they got settled and came back down for us to begin looking for houses. I think we all had a headache trying to understand each other at the beginning but as time went on we worked through it. What happened that day is something I will cherish for all of my real estate career. As we drove up the driveway of the first home, they were engaged in a very animated conversation that I couldn't understand a word of. Ping looked at me before leaving the car and through great effort asked if in fact the price on the home was correct....that it was priced about the same level as their home in California. It was. He shared this with her and there was silence as we walked to the door.

We entered the foyer of the home as I wondered what was wrong...what had I done or not done? Almost immediatly Dao burst into tears. With her face in her hands standing in the main entry to our first house she couldn't control her gentle sobbing. I waited while Ping spoke with her in hushed tones. The next words, I presumed would be the order for me to take them back to the hotel. What Ping said suprised me. 'She's crying because she's so happy,' he explained. 'In California we live 90 minutes each way to my job in a 1700 square foot home on a 90 by 60 foot lot.' 'Here we'll be living in a home we could have never dreamed owning.' We'll have 2 1/2 hours more a day together as a family as my communte will only be about 10 minutes each direction.' 'We'll have a huge yard for our son to play in and be close to his school where we are far away from it now.' 'Our family told us we'd be coming to live in the middle of a corn field.' 'Instead we'll be starting a new life that we never could have imagined for it's quality.'

I was stunned. I couldn't have imagined their perspective. In all of their stress and pain, they recognized in the entry of that first home they had made the right decision. I felt incredibly humbled to be a part of that transition.

Today, their family has expanded by 2, their son is approaching high school and Ping has started a successful business outside of the airline industry. They are happy and content and having a quality of life they never seemed to be in reach of where they were before they moved to Indiana. I got to experience a true life transformation for a family that badly needed it. Every year when the calendar nears Thanksgiving Day, I think about that Thursday in Brownsburg, Indiana when Ping and Dao saw their new life. It's one I will never forget. It's the reason that through all of the pain of 2008 that I will press on in my chosen profession. The profession that allows me, on rare occasion, to play a role in the changing of a life. God bless you Ping and Dao...and may God bless us all in our country on this Thanksgiving week.

2008-11-19T09:09:00.008-05:00

Hey
Congress.
Where's
Our
Personal
Bailout?

Apparently everyone is now unofficially eligible for applying for their 'fair share' of the bailout. Cities are doing it. Companies are doing it. Homeowners are doing it. So where's our share?

It's now obvious that any additional bailing out should be viewed and analyzed with the highest degree of skepticism. Not being able to see who's getting part of the initial $250T allotment is bad enough. Why would we trust these clowns in Congress when they have denied us total transparency on where the dollars are going. You can get the best information available at BailoutSleuth.com but don't think you're going to get the full story.

[EDIT: I am not an insensitive ass. There are people who genuinely need help in this world and as human beings we need to do what we can to help. What I'm NOT in favor are idiots who choose to be victims and exploit the system. Let them eat cake.]

Again...where's my personal bailout?

GM, Ford and Chrysler are an absolute joke asking for a bailout. First, they're paying their workers an average of $78 per hour in total costs and benefits adding over $2000 per car to the expense. Toyota pays only $36 per hour for the same product and is subsequently kicking our clueless American butts in the auto industry. Next, you have industry executives like the president of GM who made $15.1 million dollars last year sitting in front of Congress asking for a bailout. Absurd. This is the same guy who thinks the Cadillac Escalade is a mass appeal product getting about 11 miles per gallon. Give it up big 3. You're in way to deep to recover. You don't get it and it's too late to change. A financial reorganization is the only way for you to go. Get rid of the costs and start building cars that are financially competitive again. Yes I have empathy for the workers but they're toast anyway if there's not a complete reorganization of the auto industry. Stop asking for a bailout and do something about the mess YOU'VE created.

Meanwhile I'll ask the question again. Where's my personal bailout? Perhaps my national trade organization who keeps saying 'it will get better very soon" will get off their sunshine and butterfly back sides and get us Realtors a bailout.........NOT.

Questions? Comments? Donations?
317.848.GREG (4734) or Greg@GregCooper.com

2008-11-15T07:37:00.006-05:00

Henry Paulson's Magic Act

This week Secretary Paulson did what many thought would happen and what many hoped wouldn't happen.

He changed the game.

In announcing this week that the bailout was not going to support distressed mortgage assets to stabilize the housing market, good old Hank picked up that giant crystal ball known as the American economy and shook it up. Now instead of having a bailout that our good friend Jim Cramer promised us could potentially pay us back in full, we have a quagmire that most certainly has encouraged every conceivable entity from the City of Detroit (and others) to General Motors to ask for a personal bailout. In essence our friend Mr. Paulson has taken the bailout and started moving it around under the three cups much like the carnival barker. Many had hoped for calm after the passage of the bailout. Many had hoped for stability. Nope. Now we have just about as much fear and loathing as a financial market could have. Pardon my curtness but what it in the hell were they thinking?

I have said numerous times over the last month I'd give anything for the stock market not to go up or down more than 100 points per day over an entire week. So much for that pipe dream.

In Today's New World of Real Estate stability sells. Fear and uncertainty do not. While many of us hoped that with the presidential election behind us there would be hope and a desire to move forward in our country, what we have is another step into the muck that will most certainly be with us for years to come. With the October home sales stats due out soon, we're going to get a first hand glimpse of exactly how far into the muck we've stepped.

Of course my national trade organization has smiled and sailed happily along with chief economist Lawrence Yun proclaiming this week that Indiana was primed for a quick turnaround based on housing affordability and good employement rates. This was the same clown that told us in January of '08 that things would be better by the summer of '08. Mr. Yun I'm begging you ....just stop talking. As our mothers told us often in our younger years, if you don't have something nice to say.....

Questions? Comments? Donations? Greg@GregCooper.com 317.848.GREG (4734)

2008-11-08T07:37:00.009-05:00

No RESPA for the Weary....

In my continuing efforts to serve you 25/8, I have uncovered serious new issues with something that no one with a pulse wants to actually care about but must be aware of in Today's new world of real estate. Well, there are attorneys who may care and for that reason it should (grudgingly) matter to us.

RESPA. The Real Estate Settlement and Procedures Act. AKA....the really boring alternative to watching paint dry.

Simply put RESPA is the general set of guidelines that covers how real estate closings are to handled. RESPA has usually been this mostly inert set of rules that were the 3000 pound elephant in the room. Everybody do what they're supposed to and nobody gets hurt. Poke that behemoth and somebody could be recovering from a severe blow to the pocketbook.

The latest, not so subtle changes in how real estate closings are going to be handled stem directly from new legal interpretations of RESPA. For consumers it will mean more choices. Choices that could cost you money. Specifically my brothers and sisters here's what it is and what it shall be:

In the pre economic melt down world it was generally the home Seller's job (or Seller's Realtor) to choose a title or settlement company where the final closing took place. Contrary to popular belief real estate closings are not generally stress filled occasions with buyers, sellers, attorneys, closing agents, et. all using loud language and threatening everyone else in the room. That usually happens (if ever) well before the actual closing. I have witnessed few nightmares over my 20 plus years at closings. There was the one situation where a coffee cup plunked off the forehead of a middle aged divorcing husband when he brought his new 20 something girl friend along to sit across the table from the soon to be Mrs. ex. Mr. forgot the decree that states "those who trade in should do so out of view of the past model." It was a stellar effort by the future former Mrs. ex. She hit him squarely above his unibrow.

Back in the day the seller's side chose the closing company, all parties arrived, sat across the table, signed a series of docs and after a long period where everyone waited uncomfortably for the checks and documents to be distributed, keys and well wishes were exchanged and that was that. Now there could be a different scenario. Buyers may be choosing their own Title Company as to where they want to close. Seller's could choose a different company which means we could have closings that take place at two different locations. Who cares? Only the people who are trying to do this in the most cost effective manner. When Sellers choose a Title company and everyone closes there, only one closing fee is charged for the transaction. If buyers choose to close at a different location today, there will be a second settlement fee charged to someone ranging from $250 to $500 additional.

Oh and there's more documents. Have I mentioned the additional documents? Apparently to cover their assets, Title companies are going to be required to read a series of disclosures that could total some 17 pages prior to a closing with all participating parties. 17 fun filled pages. Can someone please bring along a copy of the complete Harry Potter collection?

If you are a consumer, just make certain it is spelled out in detail in your purchase agreement what exactly will take place and who's paying for what. Buyers and Sellers are going to have more choices in Today's New World Of Real Estate. You're going to need a representative who covers your assets so that it doesn't cost you more money. In the world there's legal protections for the consumer and then there's.....well, RESPA. Good luck with that consumers...if you don't get the right help to understand it all.

2008-10-19T23:16:00.015-04:00

For those of you who insist on clinging to your newspaper, broadcast and glossy magazine marketing to find your way, here's a little reality check from the front......

Where are the marketing dollars being spent to promote your property? Big splashy ads in the Sunday paper are not what they're cracked up to be. Marketing guru Gary Vaynerchuk has a few suggestions on the perception versus reality of what actually drives results in Today's New World Of Real Estate....and a LOT of other places.

Want to see how our federal officials are squandering our 'bailout/rescue' money? Mark Cuban has played a role in creating BailoutSleuth.com to watch the dollars roll out into the wind. One can only look at this every so often for fear of being totally sick to one's stomach!

2008-10-17T09:23:00.014-04:00

Conversation Of
The Week:

Expired Listing Seller: "I'd like to speak with you about listing my home"

Me: "Certainly....tell me about your property's history"

ELS: "Well it's been for sale for a year with no showings and no price adjustments."

Me: "Are you aware of the available inventory, how many homes have sold in your price point and location?"

ELS: "No....but I built homes for several decades and I know what this property's worth."

Me: "Have you had an appraisal?"

ELS: "No....by the way you're not going to be one of those agents that keeps telling me to lower my price, are you?"

Me: "Why would I actually want to waste your time with nonsense about supply and demand, inventory absorption and silly little things like how buyers actually feel about your property?"

ELS: "Good....I think we're going to get along just fine...when can you come out?"

Me: "I can be there just after nine on Monday, July 21st, 2011...about the time the market actually recognizes your price. Looking forward to seeing you. One more question Mister ELS....are you aware that we're in the most challenging real estate market since the '70's?"

ELS: "No but I've got the entire Pable Cruise collection on vinyl. I loved the '70's!"

To think some people believe we Realtors are overpaid.

Questions? Comments? Donations? Greg@GregCooper.com or 317.848.GREG (4734)

2008-10-10T10:29:00.025-04:00

UPDATE: Here is the 28 minutes (comercials edited out) of Greg's WIBC appearence on 10/13. Click here to listen.

If you're looking for the WIBC economic round table discussion from 10/6 please go HERE.

"My problem lies in reconciling my gross spending habits with my net income."
-George Bernard Shaw

What in the world is LIBOR?
The current overall economic challenges we're facing are broad. To boil it down to how the housing market is affected, one term we've all been hearing about in the last several weeks is LIBOR.

The LIBOR benchmark is a key rate that reflects how lending institutions loan money. It affects how businesses borrow money. It affects how people borrow money to buy homes, cars and just about anything else that requires capital. Right now the LIBOR numbers are very high meaning borrowing money is tough. It's high in part because so much money has disappeared from the stock market through many factors (corporate defaults, mortgage foreclosures, etc). In essence, lenders are scared. Hey, we're all a bit uncomfortable right now. But there is some light at the end of the tunnel.

One of the reasons that the LIBOR numbers remained so high is that the money agreed to in the economic bailout has not yet been put to use. It's not been used yet to help the current crisis because we passed a bailout bill in 10 days without really having any plan.

Uhhhhh.....Isn't this what we all feared?

The good news from those smarter than I on these things is that many people do have great faith in Henry Paulson and Ben Bernacke to get the right people and plan in place to use the bailout to help ease credit.

To keep this simple, if you look at LIBOR numbers for the next 30 days, they are still very high meaning borrowing money will still be tough. The 90 day numbers are much lower meaning the markets believe over the next three months money will be easier to borrow. IF...and it's a big if that does occur, car, home and business loans will be easier to get and we may see some progress in getting this mess headed in a better direction. LIBOR getting better is essential. Life getting back to normal (whatever that means) is essential. For all of our sake, let's hope we see some steps in the right direction between now and Christmas.

Questions, Comments , Donations? Greg@GregCooper.com or 317.848.GREG (4734)

2008-10-07T10:21:00.010-04:00

A few thoughts for President Obama

On Monday night October 6, I sat in on a radio economic round table (listen) hosted by WIBC's Steve Simpson with a number of individuals who are far more versed at the bigger picture than I am. Denny Smith, a co founder of the Mutual Fund Store in Indianapolis; Linda Conti, vice president of wealth management of David A. Noyes company, business writer John Ketzenberger of the Indianapolis Star, Dr. Catherine Bonser-Neal of IU's Kelley School of business and yours truly were voicing our opinions on all things economic on 93.1 WIBC, Indianapolis. From the inside I must say it was a fascinating discussion. The summary of it all which I hope our next president hears through the noise that he will be bombarded with is this:

Don't raise taxes.

Don't raise taxes anywhere on anyone at any time during your first term if you hope to have a second. I understand you feel that high earning individuals should pay more. This is not a philosophical plea. This is factual, empirical, statistical, uncomfortable.

Don't raise taxes.

We can argue all day long about why we're in the mess we're in but one of the opinions that came through loud and clear last night from this very wise group of people for whomever the next president is was:

Don't raise taxes or you may crush our economy.

Senator Obama many people liken you to another charismatic leader we once had, John Kennedy. President Kennedy made a historic speech to the New York economic club in 1962 that still resonates today. His major point was this:

"The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system — and this administration pledged itself last summer to an across-the-board, top-to-bottom cut in personal and corporate income taxes"

Please take a moment and read the entire text of one of the more prolific economic speeches ever delivered in our country. Senator Obama despite your desire to raise taxes as you've stated, we can only hope you will defer to the greater good of our populace and at the very least keep things where they are. There's going to be a LOT of pain over the next several months. Let's not add to it.

Questions? Comments? Donations? Greg@GregCooper.com or 317.848.GREG (4734)