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Sept. 20, 2022

55+ Communities in Hendricks County, Indiana

As you get closer to retirement many people prefer to downsize and move into some sort of maintenance free living or retirement community. In Hendricks County there are many 55+ communities to choose from, additionally there are many condo communities that don’t have a 55+ restriction, but those residents largely makeup the ownership. You can choose from older more established condos with less lifestyle perks, or you can choose newer communities (or new construction) that offer a lot of amenities to keep you active. It really just depends on your wants and needs, as well as your budget. You’ll also want to take other things in consideration such as how far doctors, hospitals, and family are to help you as you get older. If you are considering moving into maintenance free living please contact me and we will discuss all your options in Hendricks County.

Eric Miller
Wright Realtors
317-797-6738

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Posted in Buying
Sept. 20, 2022

Indianapolis Area iBuyer Update - September 2022

A little over a year ago we saw Opendoor and Offerpad move into central Indiana with heavy advertising to establish themselves. The prices these buying companies were offering were aggressive and pretty competitive with market values (minus the service fee/repairs). Over this time I would say both companies bought homes at a pretty aggressive pace and accomplished their goals of gaining market share. 

Now that interest rates have been rising the overall market has slowed a lot. It’s interesting to see these iBuyers try to shift. I have seen some listings offer some nice buyer financing incentives to try to offset the rate increase. However, the biggest shift I see is the amounts being offered by these companies. The offers have become much less aggressive, and most are just terrible for the seller. Add in the 5% fee and some repairs, and they rarely make sense now. When they first entered the Indy market about 12 months ago their offers could make sense to sellers given how aggressive they were. These companies are definitely becoming more conservative as the market is shifting.

If you are looking to sell your home quicker make sure you still shop around and also speak to a real estate agent. You don’t need to give your home away just for a little convenience. As an agent I know plenty of other cash buyer/investor options in addition to these companies that will generally come in much higher if you wanted to go that route. If you would like a no obligation market valuation and cash offers for your home, please reach out to me for some more options.

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Posted in Market Updates, Selling
Sept. 20, 2022

Luxury Rental Properties in Indianapolis & Surrounding Communities

Are you looking for a luxury rental in Indianapolis, or surrounding areas? These can be difficult to find depending on how high end you are looking for and what part of town you want to live. Many complexes call themselves luxury, but many fall short. The Northside will certainly have the most options in Fishers, Noblesville, Carmel, Westfield, and Zionsville. Downtown Indianapolis will also have many nice options if you are wanting to be in the city. Outside these areas the other surrounding counties including Hendricks, Johnson, and Hancock Counties do not have a lot of this housing type due to lower demand.

If you are moving into the area and need assistance finding a higher end luxury rental please reach out. I would be happy to assist in your search. If you are not able to be in town to look in person I can do FaceTime tours, or even shoot full 360 degree virtual tours of properties if one does not already exist. Send me a message with what you are looking for.

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Posted in Buying
Sept. 12, 2022

Avon, Indiana Neighborhood Spotlight - Ginseng Trail

Tucked away to the Southwest from the main town of Avon is Ginseng Trail. While this isn’t a traditional subdivision, this little known single road offers has many very nice homes on large wooded parcels. Most of these homes were built in the late 70s and 80s, but they are very unique and larger homes. Listings on this street do not come for sale often, making it a tough neighborhood to get into. Given the uniqueness, this street is one of my favorite hidden gems in Hendricks County. 

Are you interested in Ginseng Trail, or looking for similar homes? Please contact me and we can discuss what your ideal home and property looks like.

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Posted in Buying
March 18, 2022

5 Multi Acre Parcels - Putnam County, Indiana

Choose from 5 different parcels that all have their own unique features. Located in SW Putnam County. Each listing is linked below.

Parcel A 13.22ac - $190,000
Parcel B 26.98ac - $310,000
Parcel C 9.67ac - $125,000
Parcel D 5.92ac - $80,000
Parcel E 9.14ac - $125,000

The closest address to locate these is: 6621 W. Co Rd 1025 S., Reelsville, IN 46171

For more information please contact me, or your real estate agent. 

Eric Miller
Wright Realtors
317-797-6738

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Posted in Buying, Selling
Feb. 8, 2022

Northwood Haven Neighborhood - Danville - Opening Soon!

Northwood Haven has broken ground, and the main groundwork is moving along fast. This new subdivision is located in Danville on 10th St across from Temple Estates and will have a little less than 400 homes. These homes will begin selling in the Summer of this year (2022). The community will have several common areas, but does not appear to have a planned community pool.

Generally new subdivisions start out lower on pricing to get activity going, and buying early can be the better deal. However, if you are looking for new construction in Danville there are many new subdivisions to choose from. Each subdivision has different builder quality, different design standards, lot spacing, and overall lot quality. When deciding where to build, you want to buy a solid investment for your future. Choosing the right subdivision, builder, and a desirable lot are important things that play into you future resale values.

Interested in homes in Northwood Haven, or other areas? For the latest on construction timelines, pricing, lot availability, and construction updates please contact me.

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Aug. 12, 2021

Heritage Lake Indiana Builder List, Lot Info, and Lenders

Are you interested in a new construction home at Heritage Lake? When looking at Heritage Lake builders you have a choice of several different active builders in the area, plus several other smaller custom home builders that work in that area. Each builder typically has existing floor plans to choose from and usually has the flexibility to make changes if you desire. Alternatively, you can bring your own floor plan and have multiple builders bid on your home. When I work with new clients looking to build at the lake, we typically have an initial meeting to go over what you are looking for. From there we will setup some meetings with builders, and stop by some of their under construction properties. Once you decide which builder you would like to work with construction typically takes about 4 months (longer for more customized homes). Contact me today to go over all your builder options at Heritage Lake!

Do I need to buy my own lot to build? - This is a common question I often get asked, and the answer is no. Most of the builders keep lots in inventory so they have choices for home buyers without the upfront expense. Additionally, I also keep vacant lots in stock, that way my clients always have lots available to pick from if they are not ready to commit to a particular builder. You are welcome to buy your own lot separately, and in many cases home buyers do this option so they can pick a nicer lot, or have lake access in the years before they intend to build. Contact me today if you would like to know about both listed, and off market vacant lot options at Heritage Lake.

Do I need a construction loan? - The answer to this depends. Some builders will work without the construction loan if you are buying the typical home they sell. Then once the home is complete they sell it to you for the contracted price. However, in many cases builders only do so many of these because it puts more risk and expense on their shoulders. With a construction loan, your lender will make payments to the builder during the construction process, and once the home is complete you have the final closing. Contact me today if you would like some lender options to build anew home at the lake!

Can I do a USDA 0% down loan? - YES! Heritage Lake is located in the USDA 0% down loan area. This means you can build a new construction home, pick out your finishes, pick your lot, and have very little money out of pocket! Contact me today about building your brand new home with a USDA loan!

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July 29, 2021

Are Opendoor and Offerpad legit? Here is my experience in Central Indiana

In recent months the iBuyers have started to move more aggressively into Central Indiana giving homebuyers more options for selling. We already have Opendoor and Offerpad, but Zillow Offers is also expected to start moving into our market at some point as well. If you are not familiar with the term iBuyers, they are basically home buying companies that give you a quick cash sale offer on your home. They also give you the flexibility of closing on your chosen timeline, rentback options, no repairs out of pocket needed, and no showings. These terms can be quite attractive to sellers because it gives them flexibility to find their next home while their current home is secured with a cash buyer.

iBuyer make offers on your home based on condition, location, market appreciation and many other internal factors they use. These companies are a business and need to buy your home at a price where they are going to turn around and resell it for a profit. However, these companies have gotten pretty aggressive with offers in some areas as they all fight for market share. In some cases they are making very good offers, but the offers do come with fees and "repairs expenses."

IBuyer Fees and Repair Expenses

Offerpad and Opendoor both charge a transaction fee. This fee can vary by company because they are trying to remain completive with with iBuyer competition in the local markets, so the fee structures have changed over time. At the time of this blog post the fee was 5% for each company.

Repair expenses are also deducted once they have an inspection. This is much more of a grey area for the iBuyers because their definition of repairs needed are based really on what they want fixed and updated, rather than what is actually broken. For example, if they don't like your paint color, flooring condition, or 1990s kitchen cabinets they deduct those off your offer as "repairs." When you sell with a real estate agent, inspection items are almost always limited to defective or in need of repair items found during the inspection.

For a real life example I requested an offer of my own home from Opendoor and Offerpad. Here were the results.

My home is worth about $300,000-$315,000 at the time of this blog post. Selling it with a Realtor would then have agent expenses that are typically 5%-6%.

Offerpad Offer: $275,775, 5% fee, minus repairs.

Opendoor Offer: $297,800, 5% fee, minus repairs.

In order to figure out the repair deduction I would have had to have both companies come out for a full inspection. However, since I did not intend to proceed with the sale and I was only using it for information purposes it would not have been fair to take up their time. My research online, and with other agents who have worked with these companies is that repair expenses amount anywhere from 1%-8% of the offer amount. It really depends on the overall condition of the home.

Summary

If you are thinking about selling your home, and depending on your situation, you should definitely seek out an offer from these companies if you need something more flexible. Getting extra offers on your home is a good thing. To be honest, I have seen scenarios where these companies are actually paying over market value, making them the best deal.

Make sure you also talk to a local Realtor because in most cases your best offer will still be selling the traditional way. Many homes are selling fast, over list price, with cash offers, and flexible buyers who are eager to purchase your home. Additionally, in many cases we can get you a comparable cash offer from a local investor that will net you more money than the iBuyers, and also offer you closing flexibility. 

As a local Realtor that serves the Hendricks County and surrounding areas I offer a no risk option to list your home. If I cannot bring you a better offer that nets you more money than the iBuyers then I agree to cancel the listing contract early, with 0 cost to you, and you can go back and accept the Opendoor/Offerpad offers. They will still be around to make you an offer.

Contact me today or call/text at 317-797-6738 for a no obligation home valuation and review of your iBuyer cash offer. Eric Miller - Wright Realtors

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June 21, 2021

2021 Hendricks County Fair Carnival Schedule

The 2021 Hendricks County Fair is approaching fast on July 18th-24th. For those parents with kids (like me!) wondering when you can get the unlimited carnival ride pass or wristbands here is the schedule...

March 5, 2021

What You Should Know Before Moving to Brownsburg, Indiana

What are the Pro's and Con's of moving to Brownsburg, Indiana? Here area few things to consider if you're not from the area.

  1. Location/Info - Brownsburg is located just off Interstate 74 just outside of Indianapolis. Being located off the highway makes travel to the 465 loop really easy, however the highway does not go straight through all the way downtown. Given its close proximity to the Indianapolis Motor Speedway and Lucas Oil Raceway the town has a lot of racing related businesses that have set up shop in Brownsburg. One of the biggest complaints about the town is the lack of grocery stores. The town is growing fast and only has a Kroger and Walmart. However, it was recently announced (in 2020) that Kroger is building a new much larger store next to their current one which should open in late 2021. Additionally, the grocery chain Aldi will be building a store, so some improvements are coming. Most of the new businesses tend to go on the “Northside of town” (North of US136/Main St), so some of residents on the “Southside of town” would also like to see things come to their area. The town also has a lot of great non chain restaurants including donuts, ice cream, pizza, Thai food, and sit down restaurants.

  2. Parks - The town has a few nice parks including Williams Park, and Arbuckle Acres which is located right next to the new downtown development area. There are also a few smaller parks, and other new planned parks and athletic fields coming soon. They also have a former railroad line called the B&O trail that was turned into a nice long running trail that connects to different areas of town. Additionally Eagle Creek is not very far away for more outdoor fun.

  3. Traffic - Brownsburg traffic generally only gets slow along sections of Green St which is the main North/South road through town. On this road there are a lot of busy intersections and a lot of it is made up of single lane road. Additionally, there is an active railroad track right through the middle of town. While there are only a handful of trains per day that travel this route, they come through slow, and occasionally stop on the track, blocking main roads.

  4. Schools - The Brownsburg school system is consistently highly rated in state rankings, and has nice facilities. The sports teams excel in many school sports, and are also known for strong little league baseball teams, some of which have played in the Little League World Series.

  5. New Downtown - The town has focused on revitalizing and growing its downtown area just around the corner from its historic downtown area. This is the area on Green St, and is North of Main St. This new area features all new buildings with higher end apartments, retail, restaurants, and coworking/micro office space for small businesses. At this time some of the retail has been a little slow to fill in, but overall its a very nice addition to the town.

Are you considering moving to Brownsburg, Indiana and want to know more pro's and con's of the town? Lets connect! Send me a quick message!

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Posted in Buying, Town Updates