Close up of a senior couple having breakfast and using a phone
The real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. One challenge to the housing industry, however, is the lack of homes available for sale today. Last week, the National Association of Realtors (NAR) released their Existing Home Sales Report, which shows that the inventory of homes for sale is currently at an all-time low. The report explains:
Helping house guests feel at home means making their comfort a priority and enjoying their visit. Here are 9 easy tips from HSA℠ to open your home to visitors and make sure they want to come back
Few things are more exciting than making the leap from being a renter to being a first-time homeowner. Getting swept up in all the excitement is a wonderful feeling, but some first-time homeowners lose their heads and make mistakes that can jeopardize everything they’ve worked so hard to earn. Following a series of practical steps early in the homeowning experience can save new owners time, money, and effort later down the road.
Don’t Overspend to Personalize
You’ve just handed over a large portion of your life savings for a down payment, closing costs and moving expenses. Money is tight for most first-time homeowners. Not only are their savings depleted, but their monthly expenses are also often higher as well, thanks to the new expenses that come with home ownership, such as water and trash bills, and extra insurance.
Everyone wants to personalize a new home and upgrade what may have been temporary apartment furniture for something nicer, but don’t go on a massive spending spree to improve everything all at once. Just as important as getting your first home is staying in it, and as nice as solid maple kitchen cabinets might be, they aren’t worth jeopardizing your new status as a homeowner. Give yourself time to adjust to the expenses of home ownership and rebuild your savings – the cabinets will still be waiting for you when you can more comfortably afford them.
Don’t Ignore Important Maintenance
One of the new expenses that accompany home ownership is making repairs. There’s no landlord to call if your roof is leaking or your toilet is clogged. To look at the positive side, there’s also no rent increase notice taped to your door on a random Friday afternoon. While you should exercise restraint in purchasing the nonessentials, you shouldn’t neglect any problem that puts you in danger or could get worse over time. Delay can turn a relatively small problem into a much larger and costlier one.
Hire Qualified Contractors
Don’t try to save money by making improvements and repairs yourself that you aren’t qualified to make. This may seem to contradict the first point slightly, but it really doesn’t. Your home is both the place where you live and an investment. It deserves the same level of care and attention you would give to anything else you value highly.
There’s nothing wrong with painting the walls yourself, but if there’s no wiring for an electric opener in your garage, don’t cut a hole in the wall and start playing with copper wiring. Hiring professionals to do work you don’t know how to do is the best way to keep your home in top condition and avoid injuring—or even killing—yourself. Also, be sure to check with the local building authority and pull any necessary permits to complete the work.
Get Help With Your Tax Return
Even if you hate the thought of spending money on an accountant when you normally do your tax returns yourself, and even if you’re already feeling broke from buying that house, hiring an accountant to make sure you complete your return correctly and maximize your refund is a good idea. Homeownership significantly changes most people’s tax situations and the deductions they are eligible to claim.
Just getting your taxes professionally done for one year can give you a template to use in future years if you want to continue doing your taxes yourself.
Keep Receipts for Improvements
When you sell your home, you can use these costs to increase your home’s basis, which can help you to maximize your tax-free earnings on the sale of your home. In 2008, you could have earned up to $250,000 tax-free from the sale of your home if it was your primary residence and you had lived there for at least two of five years before you sold it.
This deduction assumes that you owned the home alone—if you owned it jointly with a spouse, you could each have gotten the $250,000 exemption.
Let’s say you purchased your home for $150,000 and were able to sell it for $450,000. You’ve also made $20,000 in home improvements over the years you’ve lived in the home. If you haven’t saved your receipts, your basis in the home, or the amount you originally paid for your investment, is $150,000. You take your $250,000 exemption on the proceeds and are left with $50,000 of taxable income on the sale of your home. However, if you saved all $20,000 of your receipts, your basis would be $170,000 and you would only pay taxes on $30,000. That’s a huge saving. In this case, it would be $5,000 if your marginal tax rate is 25%.
Repairs vs. Improvements
Unfortunately, not all home expenses are treated equally for the purpose of determining your home’s basis. The IRS considers repairs to be part and parcel of home ownership—something that preserves the home’s original value but does not enhance its value.
This may not always seem true. For example, if you bought a foreclosure and had to fix a lot of broken stuff, the home is obviously worth more after you fix those items, but the IRS doesn’t care—you did get a discount on the purchase price because of those unmade repairs, after all. It’s only improvements, like replacing the roof or adding central air conditioning, which will help decrease your future tax bill when you sell your home.
For gray areas (like remodeling your bathroom because you had to bust open the wall to repair some old, failed plumbing), consult IRS Publication 530 and/or your accountant. And on a non-tax-related note, don’t trick yourself into thinking it’s OK to spend money on something because it’s a necessary “repair” when in truth it’s really a fun improvement. That isn’t good for your finances.
Get Properly Insured
Your mortgage lender requires you not only to purchase homeowners insurance but also to purchase enough to fully replace the property in the event of a total loss. But that’s not the only insurance coverage you need as a homeowner. If you share your home with anyone who relies on your income to pay the mortgage, you’ll need life insurance with that person named as a beneficiary so that they won’t lose the house if you die unexpectedly. Similarly, you’ll want to have disability-income insurance to replace your income if you become so disabled that you can’t work.
Also, once you own a home, you have more to lose in the event of a lawsuit, so you’ll want to make sure you have excellent car insurance coverage. If you are self-employed as a sole proprietor, you may want to consider forming a corporation for the greater legal protection of your assets.
You may also want to purchase an umbrella policy that picks up where your other policies leave off. If you are found at fault in a car accident with a judgment of $1 million against you and your car insurance only covers the first $250,000, an umbrella policy can pick up the rest of the slack. These policies are usually issued in units of one million.
With the great freedom of owning your own home comes great responsibilities. You must manage your finances well enough to keep the home and maintain the home’s condition well enough to protect your investment and keep your family safe. Don’t let the excitement of being a new homeowner lead you to bad decisions or oversights that jeopardize your financial or physical security.
Helping house guests feel at home means making their comfort a priority and enjoying their visit. Here are 9 easy tips from HSA℠ to open your home to visitors and make sure they want to come back
Whether a move is across the country or just across town, it can be stressful time for homeowners. Packing and unpacking is often a strenuous, tedious process that can turn life upside down for a few weeks. If you’re facing a move, here are some tips from and tricks provided by HSA℠ Home Warranty to help you get through the process.
Please SHARE on IG @rectorhayden and FB @rectorhayden channels to spread the word for help in locating a kidney. Greg is in dire need of a living donor for a kidney transplant. The University of Cincinnati has approved Greg to be on their list for a kidney, and it’s important that we help find a donor soon. Regardless of where a person lives, they could be a potential donor by making one phone call and answering a few questions. Greg’s insurance covers all the medical expenses of the donor.
Please share and consider helping Greg by calling 513-584-7001 today!
They will need his name – Gregory Howard, from Lexington, KY. If no answer, leave a message and they will call back.
Rector Hayden REALTORS® is honored to announce that for a consecutive year, we’ve been awarded First Place for Interactive Media at the Leading Real Estate Companies of the World MarTech Conference!
This year, at the Leading Real Estate Companies of the World® annual conference – Rector Hayden received three awards overall – highlighting the passion and integrity our company devotes to this industry.
Rector Hayden REALTORS® was inducted into the Global Alliance Club this year (and received the globe award you see pictured above). LeadingRE companies are added to this club when they successfully complete an international referral to a sister company.
In 2017, Rector Hayden Relocation Services assisted a referral going to the Dominican Republic find their new home!
For Marketing: Rector Hayden Realtors received both the first place award mentioned above, and an honorable mention award for our agent encouragement campaign “Make It Rain.”
“LeadingRE has also established the Website Quality Certification (WQC) to recognize member company websites that achieve “best practices” in website design and Internet communications. The firms are recognized for innovation, creativity and superb examples of website excellence.”
A time to reflect and celebrate the successes and joys of 2017 – and an opportunity to motivate and invigorate ourselves for 2018 – SELL-A-BRATION!
Mike Huff, Katie Feola, and Marcos Volpini
Sell-a-bration is Rector Hayden’s annual tradition of celebrating the year in review and kicking-off our business in 2018. Second to our holiday feasting, this event epitomizes the spirit of our RHRFamily and office culture.
This year our event was held at Malone’s Prime – the Bluegrass Hospitality Group’s premier event space in Lexington, Kentucky. We were honored to get to utilize this new and gorgeous event space. Sha Fister, General Manager, opened up our luncheon with kind remarks and introducing Katie Feola to sing the national anthem. Katie Feola, member of the Feola-Williams Group, is also a professional singer in the Lexington area – known for performances at Southland Church and Rupp Arena. As always, her performance was beautiful and an honor to lead our event.
Cindy Shryock, a blessing to all who know here, and an agent from our Versailles Office, blessed the meal. Her prayer was moving and sweet and truly set the tone for the afternoon of gratitude and devotion.
It’s always a fantastic experience to sit down and break bread with our agents, and thankfully over 130 members of the Rector Hayden family were able to attend this year.
This year, the Rector Hayden Staff and Keith Rector held the first ever SAGY awards ( yes, saggy… ) the Staff Awards for a Great Year! These humorous superlative awards were voted on by staff members to showcase some of the often unrecognized talents of our agents in our family.
Scroll through the following slideshow to see the winners!
NEW AGENTS
It’s always a delight to welcome and acknowledge agents that joined the RHRFamily in the previous year. For 2017, we had 34 new agents join and grow with Rector Hayden.
There’s no other place I would’ve wished to spend my first year as a Realtor. The people make this company great; the core staff, supervisors, and Realtors have all been exceptionally supportive. I am so thankful for each of these individuals that continue to inspire, encourage, and guide me in this new path of helping people achieve their dreams.– Abigail Stone
NEW DESIGNATIONS
One thing that truly defines Rector Hayden’s agents is the continual pursuit of knowledge in this industry. Many of our agents dedicated time and invested in themselves to strengthen and build their business.
The Real Estate Negotiation Expert (RENE) certification is for real estate professionals who want to sharpen their negotiation skills. The RENE certification program gives REALTORS® the tips and tools they need to be skillful advocates for their clients.
Trudy Brooks, The Brooks Team, received Accredited Buyer Resource (ABR) designation from the National Association of REALTORS®
The Seller Representative Specialist (SRS) designation is the premier credential in seller representation. It is designed to elevate professional standards and enhance personal performance. The designation is awarded to real estate practitioners by the Real Estate Business Institute (REBI) who meet specific educational and practical experience criteria.
The Seller Representative Specialist (SRS) designation is the premier credential in seller representation. It is designed to elevate professional standards and enhance personal performance. The designation is awarded to real estate practitioners by the Real Estate Business Institute (REBI) who meet specific educational and practical experience criteria.
The Pricing Strategy Advisor (PSA) certification is specifically designed to enhance your skills in pricing properties, creating CMAs, working with appraisers, and guiding clients through the anxieties and misperceptions they often have about home values.
The Real Estate Negotiation Expert (RENE) certification is for real estate professionals who want to sharpen their negotiation skills. The RENE certification program gives REALTORS® the tips and tools they need to be skillful advocates for their clients.
Certified Residential Specialist (CRS) is the highest credential awarded to residential sales agents, managers and brokers.
…
Over 90 agents participated in the nationally-known certified Ninja Selling program this January, and we want to recognize their achievements as well. Read the full release of all of our Ninja Certified Agents here… [READ MORE]
25+ Years of Service
Each year we honor the members of our RHRFamily that have been with us for 25 years or more in service. What amazing dedication to this company!
The following Rector Hayden agents proudly served their fellow agents and communities by serving on the Lexington-Bluegrass Association of Realtors® Board in 2017 or associated Committees.
Traci Felix, MLS Committee
Amanda Ferguson, Community Education Task Force
Sha Fister, Board of Directors
Kristin Halfhill-Larimore, Young Professionals (YRB)
David Hill, Government Affairs and RPAC
Mike Huff, Technology Committee
David Humes, Farm Task Force
Lura Justice, Board of Directors and MLS Committee
Lynn d’ Lindsey, Grievance Committee
Andrew Salsman, Government Affairs and RPAC
Tom Thomas, Grievance Committee
Lucy Waterbury, MLS Committee and Technology Committee
Donna Williams, Grievance Committee
OUTREACH in 2017
Our program continued by recognizing the amazing charities and community projects Rector Hayden was involved with in 2017. You can read more about these different events by clicking the links below.
The Platinum Producer designation is awarded to the top 10 producing parties affiliated with Rector Hayden REALTORS® for the calendar 2017 year. These agents went above and beyond in production and transactions. We’re honored that these high-producing agents are part of our family.
Platinum Producer #10: Laura Hayden
Laura Hayden, REALTOR®
Laura Hayden, daughter of co-founder Pat Hayden, has been a full-time REALTOR® since 1999. Laura has consistently been a top-producing agent with our company. But, more importantly, Laura serves her community with a heart full of passion and devotion. Laura has served in many charities and volunteer capacities, including: The Realtors Community Housing Foundation, Ashland Terrace, Lexington Children’s Theatre and Junior League of Lexington.
Motivated by today’s changing market, I rely on my background in architecture, real estate investing, continual education, consulting and proven track record as a top producer to ensure your dreams are a reality when buying or selling your first or last real estate purchase, regardless of residential, commercial or investing. I want to be sure your experience is more than you ever anticipated in order to establish not just a business relationship, but a friendship.
A testimonial from a recent client of Cindy’s:
This whole experience of finding and buying a house with Cindy’s help was FANTASTIC!!! Her knowledge of the area, her promptness with getting back to me when i had a question or concern, her willingness to meet me to look at houses when i could, everything about her is truely AWESOME!!! If and when i ever look for another house i will certainly be contacting Cindy for her help in finding one! Plus referring her to friends and family. When your ready to find that perfect realtor for finding that perfect house, think Cindy Shryock! – Paul of Versailles, KY
Platinum Producer #7: The Digs Group led by Jody Moore
Jody Moore of The Digs Group, REALTOR®
“I LOVE BEING HERE.” – Jody Moore
[table width =”100%” style =”” responsive =”true”]
[table_body]
[table_row]
[row_column]The Digs Group: Jody Moore, Morgan Campbell, and Kevin Mueller[/row_column]
[/table_row]
[table_row]
[row_column]Jody Moore cell: (859) 474-1137[/row_column]
[/table_row]
[table_row]
[row_column]e-mail: email@jodyleemoore.com[/row_column]
[/table_row]
[table_row]
[row_column]website: http://thedigsgroup.rhr.com/[/row_column]
[/table_row]
[/table_body]
[/table]
Platinum Producer #6: Halfhill Auction Group
The Halfhill Auction Group: licensed REALTORS® and Auctioneers
Jim Halfhill Jr., Kristin Halfhill-Larimore, Jim Halfhill Sr.
Founded in 1991, the Halfhill Auction Group, associated with the #1 real estate company, Rector-Hayden Realtors, is Central Kentucky’s leading real estate auction firm. Our team specializes in residential, commercial, farm, estate, and bankruptcy auctions throughout central and eastern Kentucky. Founded by Principal Auctioneer Jim Halfhill, Sr, the Halfhill Auction Group team includes his son Jim Halfhill, Jr (Principal Auctioneer), his daughter, Kristin Halfhill-Larimore (Principal Auctioneer) and his wife, Elizabeth, as office and operations manager. The Halfhill Auction Group has successfully conducted over 1,000 real estate auctions totaling over 250 million dollars in sales. When in need of professional auction services, let the Halfhill Auction Group bring their years of experience and the excitement of their live auction team to your next auction.
A testimonial from a client of Jeri’s:
“There aren’t enough words to say how much Jeri Hartley did for us regarding the sale of our home. She worked very hard to accommodate our needs when showing the house and still managed to get us under contract in 9 days! That speaks volumes to the level of professionalism Jeri has. I would recommend Jeri very highly to anyone looking for a real estate professional. She knows the local market and works hard to make sure your home is shown often so it can be sold quickly. Our whole experience was a positive experience!!!!!” – Wayne and Tracie of Versailles, KY
The Riddell Smith Group: Ryan Smith, Broker Associate; Mary Galus, REALTOR®; and Joe Riddell, Broker Associate
“Rector Hayden helped me in many ways in 2017. The office staff were very helpful in creating brochures, ordering advertising, and much, much more. The management staff answered important questions and gave wise advice. The Halfhill Auction Group and office staff helped our team with an important auction. Having a beautiful office space and our own office makes coming to work a joy. Thank you Rector Hayden for helping make my business a success in 2017!” – Ryan Smith
I feel incredibly fortunate to work with all of the amazingly good people of RHR! I have had some great role models in 2017. Many who have gotten me through a successful first year by demonstrating best practices, offering training, advice, guidance and demonstrating great character. – Mary Galus, The Riddell Smith Group
Platinum Producer #3: The Justice Group
The Justice Group: Richard Justice, REALTOR®; Lura Justice, Broker Associate; Lisa Dickens, REALTOR®
“I’m so proud to call Rector Hayden “home.” Year after year, this company goes above and beyond in providing the very best support staff, managers and education to its agents. Hands down, THE BEST! in all aspects!” – Lisa Dickens
[From Left to Right] Sha Fister, GM; Donna Williams, Manager; Monty Fraley, REALTOR; Paul Campbell, REALTOR; Andrea Clemons, REALTOR; Susan Hammett, REALTOR; Brad DeVries, CEO & BrokerThe Jubilee Team is comprised of Paul Campbell, Andrea Clemons, Monty Fraley, and Susan Hammett.
Buying & selling a home can be a lot of fun, but also challenging in today’s world. We are purposeful about offering a joyful & patient attitude to all parties involved in our transactions. We choose to persevere for our clients, guiding you through any difficult waters that rise and doing everything we can to ensure you meet or exceed your real estate goals.
The staff at Rector Hayden, particularly Keith Rector and June Laves, assisted me in securing The Castle Listing. Their willingness to contribute and assist The Jubilee Team, was Outstanding, and much appreciated. Great Team Work! In addition, every time I come into the offices of Rector Hayden, to behold the smiling faces of Tracy Prewitt and June Richey is heart-warming. The patience I receive from Sheila Bellomy, Kim Combs and Betty Gardner is so very much appreciated since I am technologically challenged. I love Rector Hayden ! – Susan Hammett
We concluded our luncheon by announcing three major announcements for marketing opportunities for agents, as well as a revised schedule for continuing education for agents throughout the year! Our CEO, Brad DeVries, closed us out and we left with motivation and full bellies.
Rector Hayden REALTORS® is honored to announce that for a consecutive year, we’ve been awarded First Place for Interactive Media at the Leading Real Estate Companies of the World MarTech Conference!
A testimonial from a recent client of Cindy’s:
Founded in 1991, the Halfhill Auction Group, associated with the #1 real estate company, Rector-Hayden Realtors, is Central Kentucky’s leading real estate auction firm. Our team specializes in residential, commercial, farm, estate, and bankruptcy 
“I’m so proud to call Rector Hayden “home.” Year after year, this company goes above and beyond in providing the very best support staff, managers and education to its agents. Hands down, THE BEST! in all aspects!” – Lisa Dickens
