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5 Reasons to Consider Downsizing in 2020

5 reasons to consider downsizing

 

According to the National Association of REALTORS® (NAR), nearly 70 percent of homeowners over the age of 65 have paid off their mortgage, allowing them more options than younger homeowners. With equity built up, the ability to sell for a profit is more likely for this demographic, who can then choose to spend their earnings however they choose.

Here are five reasons you should consider downsizing your home this year.

 

Buy a smaller home with cash

Some homeowners will find that by downsizing, they can earn enough to buy a less expensive home in cash, and end up mortgage-free in a new abode. NAR says this is a very common route for those nearing retirement. Last year, homeowners between ages 55 and 74 who sold their home for a median price of $250,000 went on to purchase a home that was worth a median price of around $215,000.

 

Less time and money spent on upkeep

Larger family homes can take up tens of hours a week to keep up and cost more to cool in the summer and heat in the winter. Those who raised families may find that the three-story home they needed in the past is impractical now. NAR’s data supports this, showing that the median size home purchased by those over the age of 55 was between 1,800 and 1,930 square feet. This is a major downsizing from the age group of 35-44 years old, whose median home purchase size was 2,600 square feet.

 

Embrace the now

Many homeowners will find that their four bedroom split level was great for raising a big family, but now they tend to use their home for weekend visitors and casual get-togethers. The right home for this new lifestyle may be an open floor plan that includes guest quarters and attached bathrooms instead of many smaller bedrooms and bathrooms. Last year, NAR found that homeowners over the age of 55 had a median of three bedrooms and two full bathrooms. Great rooms also tend to replace living rooms and dining rooms — and larger, eat-in kitchens are common to save space and keep the floor plan open.

 

Look forward

Last year, NAR reported that 13 percent of buyers over the age of 50 purchased senior-friendly homes or units in active senior communities. In many cases, then, this age group is not only planning for the “now,” they are also planning for the future. One-level homes with open floor plans, larger rooms and wider hallways prove to be great not only for entertaining guests, but they also will be wheelchair and senior accessible in the future.

 

Gain flexibility

Last, and perhaps most importantly, it’s finally your time to choose. By selling your home, you can regain the flexibility you gave up as you pursued your career and family aspirations. Many approaching retirement in Lexington and Central Kentucky are looking at a downtown condo and a summer rental out of state. Others are looking at townhomes with modern conveniences and a homeowner’s association that handles basic yard and sidewalk maintenance. Still others are wondering if it’s time to retire full-time to the lake home that has been a precious summer escape. Now, unlike any time previously, you can make the choice that best suits you, and no one else!

 

 

 

 

 

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Top Kitchen Trends of 2019

In many homes, the kitchen is more than a room just for cooking. While convenient meal preparation is still an important component of kitchen planning and design, other activities are often incorporated. No matter what kitchen design you choose, make sure your home investment is protected with an HSA℠ Home Warranty.

Click here to read more: http://www.onlinehsa.com/mediacenter/19-08-26/Top_Kitchen_Trends_of_2019.aspx
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Tips for Buying During the Holidays

For many buyers, purchasing a home over the holidays can be ideal. In addition to competing against fewer buyers, you’ll finish the season off with the greatest gift of all — a new place to call home for years to come.  Here are four insights you can use as you purchase a home in Central Kentucky this holiday season.

 

You’ll compete against a smaller, committed pool of buyers

 

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The holidays are a less popular time to buy a home, so you may see fewer buyers at open houses. Don’t assume this means you are without competition – holiday buyers are more dedicated to getting to the closing table, and multiple offers are still possible due to limited inventory in many areas. Be prepared to move quickly on a home that meets your criteria.

 

Think twice about putting in low offers

 

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You might think that people selling over the holidays may be extremely motivated to move and willing to accept an offer for well under asking price. While Scrooge would approve of this philosophy, most sellers simply aren’t that desperate. To avoid losing a home you love, make sure your initial bid is competitive.

 

Limit your travel and don’t overschedule yourself

 

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It can be difficult to slow down during the holidays, but in our fast-moving market, you’ll need to work around seller schedules. Whether you find a house through online searches or your Rector Hayden Agent sends a hidden gem your way, your goal should be to see it in person as soon as possible.

 

Ready to find “the one” this holiday season?

If you’re hoping to get a head start on buying before the hectic spring market arrives, start now! Contact your Rector Hayden Agent today to get started or browse our newest listings at www.RectorHayden.com!

New Listings - Homes in Lexington for Sale

 

 

 

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5 Landscaping Ideas That May Increase Property Value

As a real estate professional, you know how important landscaping can
be.  In many cases, landscaping improvements can increase a home’s curb appeal and attract the attention of potential buyers.


Read the full article here
http://www.onlinehsa.com/mediacenter/19-08-26/5_Landscaping_Ideas_That_May_Increase_Property_Value.aspx
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Press Release: Rector Hayden Wins Readers’ Choice Favorite 6 YEARS in a row!

Thank you Lexington & Central KY on voting us
your #1 FAVORITE
Real Estate Company in 2019!
That’s SIX YEARS IN A ROW! 2014-2019

We have to say that we wouldn’t be able to provide the level of care and service you’ve come to expect without our talented agents serving this area and great customers like you providing feedback on how we can better serve you!

Also, a BIG CONGRATULATIONS TO The Halfhill Auction Group for winning #1 Favorite Auction Company!

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See the winners on the Herald-Leader, click the button below…

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How to Ensure You Get the Best Mortgage Rate

Ensure You Get the Best Mortgage Rate

 Naturally, home buyers are always especially eager to get the lowest mortgage rate possible. Here are three insights you can use as you work to secure a mortgage loan in Lexington and Central Kentucky.

  1. Be an ideal borrower

In order to take advantage of today’s low interest rates, it’s important to demonstrate that you have the ability to repay your mortgage. When looking over your loan application, your lender will closely review your credit score and history, income history, savings and other financial factors.

Typically, the ideal borrower needs proof of stable income, preferably a tenure of two or more years at the same employer, a high FICO score and a verifiable down payment — plus cash reserves.

If you don’t fit the above description (and many borrowers don’t), it’s still possible to secure a loan that fits you and your financial goals. There are options for first-time buyers or those who don’t meet the ideal borrower standards.  Regardless, you’ll want to contact one of the top loan consultants at Prosperity Home Mortgage for more information!

  1. Be cautious with your down payment and mortgage loan total

Mortgage loans can be approved with as little as 3 percent down, but borrowers who put down more than the requirement may secure a lower interest rate. Similarly, if a borrower is approved for a $300,000 loan, but only takes out a loan for $250,000, they may receive a lower interest rate.

Why is this? When a buyer voluntarily takes out less than what they qualify for — either because they increase their down payment or select a less expensive home — it shows they are very serious about their financial responsibility. When your lender sees that you are doing everything you can to minimize your borrowing risk, they may offer a lower rate.

  1. Wait to shop for loans until you’re ready

If you plan to shop for loans to get the best rate, wait until you’re ready to buy. When you apply for a mortgage, each lender will inquire about your credit. If these inquiries continue over a long period of time, your credit score could temporarily be lowered, impacting your interest rate once you do finalize a loan application. Experts recommend confining your mortgage shopping to less than 14 days to protect against this.

Getting started

Securing a home mortgage loan doesn’t have to be a long, complicated process. Contact Prosperity Home Mortgage today for the best rates available – and a free consultation to determine your loan limit, how much you want to put down and options regarding different loan types.

 

 

 

 

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Home Insights Home Selling Tips Newsletter Featurettes Uncategorized

The Benefits of Selling with a Home Warranty

Even though our current housing market remains very strong, the period from list-to-close can be many weeks. 

How can sellers protect their valuable equity in the home during that time? With a home warranty! 

A warranty placed during the listing period can eliminate many out-of-pocket expenses sellers often experience from unexpected breakdowns and repairs to mechanical systems and appliances.

Seller coverage is free to the seller for up to six months when they commit to purchase coverage for the buyer at closing. If the property never closes, the seller owes nothing, even if claims were paid.

Seller benefits:

Coverage while your home is on the market. Mechanical system failures are covered during the listing period for up to six months. This means if something goes wrong, you can continue to concentrate your efforts on selling your home instead of worrying about repairs.

A powerful marketing tool. Research shows that 8 out of 10 buyers prefer to buy a warranted home. It’s added incentive that gives you the edge and sets your home apart from the competition.

Help prevent post-sale disputes. If an unexpected failure occurs in the home after the sale, the buyer will turn to the warranty company — not you — to solve the problem.

 

Avoid the worry and inconvenience of dealing with unexpected home repairs!  
With a home warranty provided by Rector Hayden Realtors, you get reliable protection backed by great service.

 

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Housing Market Report Uncategorized

July 2019 – Monthly Housing Market Report

Our local housing market has had a good start to the new year!

As summer temperatures rise, is our local housing market showing any signs of cooling off?   See all the latest info and trends, in our exclusive Monthly Market Report! 

 
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Fixer Upper

Fixing up an old house, or renovating one isn’t quite as easy as watching the staged production on HGTV.

 

 

 

 

 

 

Here are some golden rules for fixing up a house:

Know your budget

Unforseen costs are inevitable. A fixer upper house is bound to have underlying problems that you can’t see or predict, even more some professionals.

Invest the time

If you have ever remodeled or flipped homes before, you know that time is the biggest investment. Be prepared for the renovation to take a turn and cost you more time that you initially predicted. Whether it’s the plumbing or electrical re-wiring or some demolition that incurs more rebuilding than you intended

Preserve the character of the house while adding a fresh flair

Make a clear choice if you want to Renovate or Remodel the house. In renovating, you are restoring it back to the house’s original condition, in which case, pay close attention to brick and wood. Most likely there is sub-flooring, fireplaces, windows worth salvaging, or finding replacements at a local salvage yard or antique warehouse.

Make a thorough check on the heating and air as well as plumbing.

Don’t hesitate to call the professionals.

Test for Lead Paint

Homes built before 1978 could have lead in the paint and could be a risk to children. Hire a contractor for a test.

 

 

Categories
Housing Market Report Uncategorized

June 2019 – Monthly Housing Market Report

Our local housing market has had a good start to the new year!

Be sure to check out our exclusive Market Report — with all the latest information on the local real estate market – compiled by the experts at Rector Hayden Realtors! 

 
market report with shadow