Ring in the New Year with Revised Legal Forms:
Indiana REALTORS® work smarter with statewide legal forms that bring consistency, compliance and efficiency to each transaction. Every year, IAR’s Legal Department and a Forms Committee of REALTOR® volunteers review, revise and expand the library of 130+ forms to address changes to real estate law and REALTOR® Standards of Practice as well as issues raised by members.
The new and revised forms for 2023 are being formatted and finalized for release on January 3rd. Click below for a presentation detailing form changes for 2023 – more than a dozen forms have significant changes for next year, including Purchase Agreements for Improved and Unimproved Property, Listing Contracts, the “AS IS” Purchase Agreement Addendum and Buyer Inspection Response, among others.
And we’ve added four new forms for 2023:
Amendment to Inspection Response
- Appraisal Gap Coverage Addendum
- Post-Closing Possession Agreement
- Buyer Inspection Waiver Acknowledgement
Check out the specifics (and samples of the new forms) in the download file. (And please note: The line number references in the overview presentation are from the 2022 versions of relevant forms, as the line numbers for 2023 forms won’t be available until they are finalized, formatted and released on January 3rd.)
November sales keep sliding – but there’s hope ahead for housing
Indiana’s statewide total of 6,335 closed home sales last month was 27% below an unseasonably active November in 2021. The sales number was almost precisely matched by 6,342 new listings across the state (19% below November ’21).
Despite the year-over-year dip in listings, Indiana’s overall inventory of homes for sale remained above 12,000 for the third consecutive month – the highest levels since early 2020 – as the market continues to cool.
The state’s median sale price also decreased from $237,000 to $231,000. However, with mortgage rates still double the historic lows enjoyed by homebuyers last Fall, reduced prices and higher inventory weren’t luring many Hoosiers into purchase agreements ahead of the holidays.
But there is hopeful news for the housing market:
This week’s better-than-expected consumer inflation report also signals good news for mortgage lending.
- Mortgage rates have already been falling four straight weeks after the last round of encouraging inflation data from October; rates have dropped from above 7% to roughly 6.4% for a thirty-year loan.
After four consecutive 0.75% increases to its benchmark interest rate, the Federal Reserve announced a half-percent hike this week to close out 2022 – a sign the central bank will relax its stranglehold on lending markets after five straight months of slowing inflation.
To put the challenging market in perspective: While Indiana home sales have declined 12% versus 2021 from June through November, U.S. sales plummeted more than 25% over the same six months (when elevated interest rates truly hit housing demand).
- Homes are still selling at nearly full listing price, with median prices remaining 12% ahead of 2021 year-to-date – signs of healthy demand for housing in Indiana, ready to rebound when mortgage rates and national economic conditions improve.
Here’s an early New Year’s REALTOR® resolution heading into the last year of the license renewal cycle: Take some time around the holidays to tackle your twelve-hour CE requirement with RECP.
Take advantage of your member benefit CE package and give yourself one less hassle in 2023 – remember, you must complete all required CE before submitting your renewal by June 30th!
Current member benefit CE courses are:
The Art & Science of Winning Negotiations (taught by Robert Morris) to help you win more deals for your clients as the market rebounds in 2023.
- Get a higher IQ on the high-tech features of your local listings with Helping Customers Understand Smart Homes (with Craig Grant).
Live by the code (and meet NAR’s requirement) with a deep dive into the REALTOR® Code of Ethics.
- Indiana Real Estate Law & Practice – IAR’s legal team hasn’t just been hard at work updating our library of transactional forms – they also put together this course on the latest legal developments and emerging issues that could impact your bottom line.
Watch your email inbox for more details on these events!
Follow us on Social Media:
Capitol and Market. It’s not only our address but also what we do. IAR backs you at the state Capitol and works to keep REALTORS® at the center of their local market. This monthly newsletter will report on these efforts, as well as all the other information you’re entitled to as a member.
Add email@example.com to your address book and be sure to let your local association know when you change email addresses (that’s where we get your contact). Thank you for reading and thank you for your membership.
Manage your preferences | Opt Out using TrueRemove™
Got this as a forward? Sign up to receive our future emails.
View this email online.
143 W Market St, Ste 100 | Indianapolis, IN 46204 US
This email was sent to .
To continue receiving our emails, add us to your address book.