Important News

IAR says Escalation Clause still a rough spot in closing deals

Calls and emails are still pouring in on the IAR Escalation Clause Addendum. It’s a good thing that the market is still hot, and we love hearing from you, we just want you to be able to serve your clients the best you can. Please take 6 minutes out of your day to watch this video recorded by General Counsel Richelle Mossler back in May. It will explain how to use the escalation clause properly.

Appraisal Gap Best Practices – from IAR

 
Another sign that the market is hot? Calls and emails on the IAR Appraisal Gap Coverage Provision remain steady. Again, we love hearing from you, we just want you to be able to serve your clients the best you can. So, here’s a quick review: This provision says the buyer agrees to cover the gap if the appraisal comes back lower than the purchase price up to a certain dollar amount. Several issues may arise when this provision is in play. Protect your clients with these best practices drafted by IAR attorneys.

IAR warns of legal action for unauthorized use of IAR forms

SECOND NOTICE: UNAUTHORIZED USE OF IAR FORMS
Reports of IAR forms being used by non-members are pouring in on the Legal Hotline. It is a violation of copyright when a non-member uses an IAR form. It is also a violation of copyright when a member supplies an IAR form to a non-member. To protect the integrity of IAR forms – and the members who pay to access them/use them as intended – IAR intends to pursue legal means to prosecute unauthorized users and their suppliers.
Official Notice
 FYI: first notice was given in this May 6th all-member email.

IAR adds clarification on appraisal gap practices

APPRAISAL GAP BEST PRACTICES
Given the highly competitive market we are experiencing right now, buyers are getting creative in their efforts to gain an advantage. Increasing in popularity is the use of an appraisal gap coverage provision. This provision says the buyer agrees to cover the gap if the appraisal comes back lower than the purchase price up to a certain dollar amount. Several issues may arise when this provision is in play. IAR attorneys drafted this document to make you aware and help guide you through the issues.
Appraisal Gap Best Practices

Latest Market Report

Statewide, the comparison of March 2021 to March 2020 shows:
  • Closed sales decreased 3% to 7,181
  • Median sales price increased 9.1% to $191,000
  • Average sales price increased 9.9% to $225,434
  • Percent of original list price received increased 2.2% to 98.5%
  • Pending sales increased 3.6% to 7,982
  • New listings decreased 4.8% to 8,691
Most notably, there were just 5,898 homes for sale statewide at the end of March. That is a 57% decrease from last year.
The comparison of Q1 2021 to Q1 2020 shows that sales are still ahead by three percent and prices – both median and average – are up 10-plus percent.
“Demand is not waning in the face of rising prices and mortgage rates. Homes continue to sell quickly,” said Indianapolis’ Roger Lundy, 2021 President of the Indiana Association of REALTORS®. “We saw our first dip in sales in a long time simply because of limited inventory. To bring the market back into balance, we need policymakers to support home building and development and existing home seller and new construction activity to increase. Until then it should be a busy and highly competitive market.”
See Full Statewide Report
County Data
IAR partners with all eight listing services in Indiana to publish the statewide and following county reports. Remember, the tables are sortable. Just click on the appropriate “sort” at the top. Each county name is a link to a one-pager, and you are welcome to use these reports however you see fit.  
YOY & YTD Comparisons
Trailing 3- & 12-Month Comparisons

News of February 2021

 PCBR Monthly News                                                                                             February 2021

Join fellow members on Thursday, March 4th at NOON at the Putnam Inn

Sponsored by:  Indiana 811 Damage Prevention,

with guest speaker Mason Hubner.

Learn more about the IN 811 Service and why REALTORS and their clients can’t afford NOT to use it!

Join us in the front room, with lunch compliments of our sponsor.

 

LEND A HAND – GLEANERS FOOD DISTRIBUTION

If you can spare a little time now and then, here is a great opportunity to serve in our community.  Extra hands are needed to help distribute food through Gleaners:

February 11, 10-11:30*THIS EVENT CANCELLED DUE TO WEATHER

February 18, 4-6**

Gleaners drive-through food giveaways will be held at the Putnam County Fairgrounds the second* and third** Thursday of each month.

Participants must be Putnam County residents

*The Senior event is for age 55+ and will be on the second Thursday from 10-11:30 a.m.

**The all-ages event will be on the third Thursday from 4-6 p.m.

If it is 30 degrees or below, the drive-through may be canceled.

Membership Updates

The following members have placed their licenses in referral or with the State:

  •         Donna Gray-Graves, Lakehouse Realty
  •         Denny Bridges, Carpenter
  •         Carolyn Sabean, Carpenter
  •         David Duncan, Century 21 Wheeler

 

NAR will begin verifying member email addresses: (This was delayed in January)

Soon, NAR will be sending a verification email to the current 1.4 million active Realtor/Realtor Associates in the REALTOR database.

Sender will be: National Association of REALTORS® [email protected]

12 New Tools for the Tech-Savvy Agent

The latest innovations revealed at CES 2021 seek to transform home and work.  Find out more here.

The Marketplace MLS Mandate

The brokerage cooperative that has served real estate for more than 100 years has never faced more pressure. The path forward is affirmative transparency. More here.

Stop Building Your Own Real Estate Brand

Many pros suggest that branding is a magic pill that will separate you from the competition. Not only is this advice a waste of time and money, it also represents a common misconception.  More here.

How ‘Letting Go’ Can Improve Your Listing’s Staging

You may not be able to bring a property’s best features to the forefront if your clients aren’t willing to move on emotionally.  More here.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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