News Archives - Putnam County Board Of Realtors

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

May 2021 News

News May 2021

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

April 2021 News

News April 2021

News of February 2021

PCBR Monthly News February 2021

Join fellow members on Thursday, March 4^th 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.