Today's New World Of Real Estate

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)