Big Changes For Home Buyers, Sellers

Posted: Updated:
Cooper calls the newly-enacted portion of Dodd-Frank the "most significant" change for the buying and selling process he's ever experienced. Cooper calls the newly-enacted portion of Dodd-Frank the "most significant" change for the buying and selling process he's ever experienced.

Sweeping new regulations as part of Dodd-Frank financial reform went into effect over the weekend and are expected to have a big impact on real estate deals from offer to close. “In my nearly 30 years in real estate, this will be the most significant change for buyers, sellers, title and mortgage people,” says Greg Cooper, a broker with Berkshire Hathaway HomeServices in Indianapolis.

The regulations include new timelines, disclosures and forms aimed at giving consumers greater awareness about the mortgage process. Lawmakers think the stricter guidelines will help prevent another housing and credit crisis. Cooper says the new regulations are well-intentioned, but could make it trickier to close deals on time. “If those timelines are not met along the way, the clock could re-set or nothing could happen,” said Cooper. “One thing getting off (track) and it could be delayed or may not happen at all.”

As for the current state of the residential market, Cooper says things continues to gradually improve, noting a year-over-year increase in pended home sales in August in central Indiana. But he calls it a niche market. “Rehab builder homes are flying off the shelves, but if you’ve got an older home, it’s going to be tougher and you’re going to be more price sensitive to get to the closing table.”

Cooper says interest rates will continue to be the story as 2016 approaches. “It’s going to depend a great deal on our federal monetary policy,” said Cooper. “If that’s stable, it’s going to keep going right like it has, if that changes, we’ll have to re-evaluate.”

  • Perspectives

    • How to Find a New Audience After Hitting a Marketing Plateau

      It may sound like a marketer’s dream scenario: efforts have proven to be so successful it appears a company has completely saturated their target audience. While it may be a good problem to have, it still may be a problem. Hitting a marketing plateau is an opportunity for companies in any industry to reevaluate, re-energize and come to the table with new ideas for better understanding existing customers and engaging new audiences.



  • Most Popular Stories

    • (photo courtesy of WTHR-TV)

      Andrew Luck Retiring from NFL

      In a shocking development following the Indianapolis Colts' preseason loss to the Chicago Bears, quarterback Andrew Luck has announced his retirement from the NFL. Luck, who did not play in Saturday's game, said the number of injuries he has suffered throughout his professional career "has taken my joy of this game away." Luck teared up during a news conference in which he made his announcement. "After 2016 where I played in pain and was unable to regularly...

    • (image courtesy of The Times of Northwest Indiana)

      Crews Start Demolition of Carson's in Hammond

      The face of downtown retail in Hammond is changing once again with the demolition of Carson’s department store, the one-time the anchor of Woodmar Mall. Our partners at The Times of Northwest Indiana report excavating crews have started to demolish the last vestige of the shopping center which stood since the 1950s. 

    • Shaina Keck

      Pier 48 Manager Named

      FK Restaurant Group has named Shaina Keck sales and banquet manager for Pier 48 Fish House and Bar in downtown Indianapolis. She previously served in sales at Kilroy's Bar & Grill. Keck is a graduate of Indiana University Kelly School of Business with a bachelor of science degree in finance and accounting with a concentration in international studies.  
    • On-Air

      Find out when and where you can watch and listen to our reports.

    • Fort Wayne Tops 'Hottest Real Estate Markets'

      Fort Wayne just opened its brand new riverfront Promenade Park to pomp and pageantry, hoping to make it a draw to Indiana’s second largest city. But now the Allen County community has something else to celebrate. The editors of declared Fort Wayne as the hottest real estate market in July for the entire country.