One of our favorite things about selling real estate is getting to look at all the amazing homes around Indianapolis. Especially in Midtown, there are always homes we view that surprise us.
Just the other day, we were previewing a home for one of our clients and stepped right onto a set from Mad Men. The home was in really good condition….it just looked like it hadn’t been touched since it was built in 1951. Pink and black bathtub and toilets, wide foyer/hallway entry with honeycomb tile, all kinds of vintage chandeliers, limestone fireplace, shag carpets, velvet wallpaper…. and the biggest blast from the past: a built-in tube television.
Definitely needs some cosmetic updating, but the layout is amazing and it could be the coolest ranch home in the area.
Contact us if you want more info on this home, or any home in the Midtown market!
-Indy Scene Team, “We Sell Midtown!”
- Energy efficiency – furnace, windows, etc.
- Outdoor living space – patio, deck, fire pit, and pergolas are SO hot right now.
- Walkable– the closer to local restaurants, shops, parks, the better!
- Parking-Having a garage adds value to your home, and is always a plus for buyers.
- Character-people looking in midtown want to see character (built-ins, original hardwood floors, etc). Thats what makes Midtown homes so great!
- Updates-while buyers like the character of the older homes found in Midtown, upkeep and updates are typically needed in the older homes.
- A deal– this isn’t just for Midtown homebuyers; everyone is looking for a good deal. Look at what houses are selling for near your home, and what is currently listed. Pricing your home competitively from the start will get the most buyer’s attention the fastest.
A client of mine wanting to purchase her first home was looking in the Broad Ripple area, and we got her an accepted offer early in September (yay!). It was disclosed on the listing that the home is in a flood plain, and we knew that the seller paid flood insurance. They informed us that they paid around $2,000/year. All good! said my client.
We did NOT know, however, that new flood insurance rates would kick in on Oct. 1st due to a new law, the Biggert-Waters Flood Insurance Reform Act. The law, which took effect July 6, 2012, is phasing out subsidies that have kept flood insurance rates low. Why the phase out? The program was left billions of dollars in debt due to several disastrous events.
The law won’t affect anyone who’s had a policy before July 6, 2012, as long as their policy doesn’t lapse. Anyone who has purchased a home in a flood plain since then, however, will now have to pay a much higher premium. Although the law has been in force since July 2012, the rates weren’t available until Oct. 1st of this year, so no one knew the true impact.
But now that Oct. 1st has come and gone, we know how bad it really is. The new flood insurance quotes are so outrageous, it will make it extremely difficult for people in flood plains (i.e. Rocky Ripple and surrounding neighborhoods) to sell their homes.
If a buyer is getting a mortgage, the lender will require flood insurance. If the flood insurance is as high as we’ve been seeing, it could potentially affect the buyer’s debt to income ratio, making them ineligible for the loan.
So, the moment you’ve been waiting for- HOW MUCH are these new rates? My client for one, was quoted around $5600/year by one company, and then settled with a quote from State Farm for roughly $3400/year. A lender I know had a client quoted at $7200/year. I wasn’t exaggerating when I said outrageous!
What can be done? The only thing anyone can do as of now is to push congress to change the law. That is what residents in Rocky Ripple are urging others to do. In the meantime, if you’re looking to buy at a home in a flood plain, get your insurance quote before you make an offer.
Check out Indiana Flood Maps.