Category: Home Buying Tips

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Home Buying Tips Home Selling Tips

Lexington In Top 30% of Healthy Real Estate Markets!

Lexington, KY ranks 85 of 300 Healthy Real Estate Markets!

What makes certain areas healthy real estate markets? In an article published by Wallethub, economists looked at data from the top 300 Metropolitan areas in the United States.  They compared data for real estate and employment and affordability rankings in each of the metros.  Economists see that when the job market is holding steady, and unemployment rate is low, the housing market holds steady as well.

“To help prospective home buyers find the most attractive markets, WalletHub compared 300 U.S. cities across 14 key metrics. Our data set ranges from median home-price appreciation to home price as a percentage of income to job growth (WalletHub, 2015).”

That’s a pretty sophisticated study, right?  For those familiar with The Bluegrass Region – Forbes and our Chamber of Commerce have designated our region as a great place to start a small business because of the strong economy and low unemployment rate.  This still holds true as we see its effect on Lexington showing up in the Top 30% of this list! (See the Methodology of this study and a breakdown of the metrics that WalletHub analyzed [click here])Snapshot of the data list - shows Lexington KY as 85 out of 300 healthy real estate markets

See the Full List of 300 Healthy Real Estate Markets by heading over to the full article on WalletHub.com – see the link in the source list down below!

Have questions about the market in your particular part of The Bluegrass?  Wondering what the median prices and days are market are for your county?  Your Neighborhood?  Your Street?  Get in touch with your Rector Hayden Agent today or contact clientcare@rhr.com to get individual assistance!  Rector Hayden  can research and present to you the most comprehensive detailed reports of the market in your area – whether you’re interested in all of The Bluegrass or two blocks east of the courthouse! With our leading technology and training, our agents are best prepared to help you in all real estate matters.

Source:  WalletHub: 2015’s Healthiest Housing Markets.  Richie Bernardo – https://wallethub.com/edu/healthiest-housing-markets/14889/

 

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Home Buying Tips

Reasons why a Buyer’s Agent is Your Super Hero!

You’re shopping for a home?  

You need a questions answered fast – or advice – or negotiation experience – what do you do??

Google it??

No.  A Buyer’s Agent is Your Super Hero.

A buyer's agent is your hero when looking for your next home - the image shows two women in a professional meeting

A good Realtor® can show you more suitable properties, offer valuable advice, and coach you through the entire home buying process.  A Realtor® helps you find the home AND they help negotiate the purchase contract to help you own the home desired.

Do I Really Need To Use A Realtor®?

You can do your home search by yourself, but why should you? At Semonin we have hundreds of experienced associates and they will be at your side, making the process of finding the perfect home easier, faster and a lot more fun.  Let their knowledge work for you.  By the way, the seller is paying the commission of the agent working with you.

Whether your home search begins with Internet websites, driving around, speaking with friends and family or looking a print advertisements we can help save you time. A Realtor® can help you see homes faster and they work hard to provide up-to-date information about new homes on the market that fit your criteria.

Some people think that if they have several agents looking for homes on their behalf, they’ll find a house more quickly. Like most relationships, the buyer-agent relationship thrives on communication, loyalty and trust. By working exclusively with one agent, you’ll improve both the process and the results.

Finding The Right Agent For You

Chemistry is important. So are credentials. Above all, you’ll want an experienced agent who has the resources of a leading real estate firm behind them, such as Semonin REALTORS.

Below are some helpful hints on finding and working with a Realtor®

  • ⇒  Ask friends, family members, neighbors or co-workers for referrals.  A referral is simply a recommendation of someone you trust who states, in their opinion, a particular agent will do a good job.
  • ⇒  Trust your intuition.  That good ole gut feeling you get when you talk with someone for the first time is not something to take lightly.  Real estate agents come in all shapes, sizes and personalities.  Just like buyers and sellers.  Human nature strikes again so just pay attention to your intuition.
  • ⇒  Share with your sales associate (real estate agent) as much as possible about your lifestyle, tastes, needs and dreams for your home.
  • ⇒  Focus your search on a few geographic areas.  If you have lived in the community for years this is easier.  If you are moving into the Greater Louisville area then our real estate agents knowledge becomes even more advantageous to you.

Want more tips on the Home Buying Process?  Check out our Buyer’s Journey Guide Book,
click the image below or visit: http://www.rhr.com/buyer

As Home Buyer - Your REALTOR is your hero! Read more about the Buyer's Journey at Rector Hayden's Website!

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Home Buying Tips

5 Things to Look for in the Best Starter Home

Getting you a Starter Home for the Holidays…

Today’s discussion is geared toward New / First-Time Homebuyers and looking for the best starter home.  Maybe you’re a millennial breaking into the world, or a professional looking to put down some small roots in an area.  This home isn’t going to be your dream home or your forever home – but it is going to be HOME.

“If I’m Renting my current home/condo/apartment, I’m not paying a mortgage!” … MYTH!

Truth is… you’re paying a mortgage either way.  As a homeowner, you’re paying your own mortgage and building equity – but as a renter, you’re paying the building owner’s mortgage for the property or at the least the property taxes.  So, you may want to reconsider if renting is the best choice for you!  You could be investing your money in your own property.

5 Things to Look for in the Best Starter Home

1. Low Maintenance – Especially low maintenance fees

 

Consider a smaller yard for your starter home. Image pictured is of a garden hose.Unless you LOVE yard work, look for a starter home with a smaller outside space.  Homeowner responsibilities can be a bit more than you may be used to, so don’t take on acres and acres of land if mowing and landscaping aren’t your strong suit (and you don’t want to spend a lot of money on care).  Or, look for a home that is part of an affordable Home Owner’s Association that would take care of the outdoor work for you.  Yard management is very important, especially if you still plan to do a lot of traveling [still returning home for the holiday seasons?].

 

2. Smart Location

 

Location of your starter home is very important. The image picture is of a city intersectionThe golden rule of real estate: “Location, Location, Location”  –  Look for your new starter home in a good location.  Close to your place of work, or convenience shopping & needs.  Do you normally take public transportation?  Look around for areas on bus routes.  Or, do you like running in the park?  Look for home options near your favorite places!  And remember, you don’t have to look far away from the city to find your price range – especially if living far out doesn’t fit your lifestyle … bringing us to tip #3!

 

3. Easy Lifestyle Transitioning

 

Try not to choose a starter home drastically different from your current situation. The image is of a bicycle parked outside of a town house.

 

Try not to suffer yourself culture shock by moving from a locale where you can walk to coffee shops all the way to living far out in quiet suburbia.  You can consider condos or townhouses as a great starter home option.  They can have convenient HOA options or overall low maintenance.

 

 

4. Budget-Friendly

 

Stay budget friendly when shopping for a starter home. You may consider talking with a loan officer about affordability. The image is of US American currency.Remember, this is your starter home.  Don’t get carried away just because you may qualify for a low down-payment or low monthly payments on your first mortgage.  Choose a starter home that fits your needs and lifestyle within reason.  Don’t overwhelm your finances on your first property.  Your forever home / dream home come later in life.

Talk to a Loan Officer about what you can get pre-approved / pre-qualified for. They can help you make the decision of what price range is the smartest for your budget and spending habits.  Rector Hayden Mortgage office is located in our main Lexington building – and would love to meet with you to discuss your options, no obligation!

Get started easy by using the RH Mortgage online Affordability Calculator

 

5. Manageable Care & Upgrade Options

 

If you aren't handy, don't pick a fixer upper starter home. Image is of a metal wrench.Don’t get sucked in to the DIY Pinterest phase and think you can ‘total home makeover’ a property.  If you know you aren’t handy, then don’t buy a fixer-upper. (Or, on the other hand – if you have a great contractor in your family, then buying a fixer-upper may be a great starter home project!).  What may look like a great deal still needs to be inspected.  Too many repairs can become quite costly and end up costing your much more.

 

BONUS:  If you’re thinking of renting for 5 years or so to save up money to purchase your next home – consider this…  Sometimes life can get in the way of a long-term plan like that.  Your savings for a big down payment could end up going elsewhere.  You may be closer than you think to making a good down payment and getting your first home!

Want to see what the first step is?  Check out the RectorHayden.com Buying Journey [Click Here].

 

This article is part of Rector Hayden REALTORS® – Home for the Holidays 2015
series of home buying and selling.

Categories
Home Buying Tips Home Selling Tips

MYTH: You Can’t Buy or Sell a Home During the Holidays

Agents and Consumers alike, you may have heard that the market comes to a screeching halt around this time of year – but that’s just not the case.  Most home buyers and sellers assume that it’s too difficult to buy or sell a home during the holidays.  While some markets may show a slower few months of sales in the winter time, it doesn’t make it a WRONG time to list or look.

It’s common knowledge that most people are advised to get their home on the real estate market in late spring or early summer as that is ‘real estate season.’ While the majority of homes do sell in the spring and summer, listing your home or looking for a home during the holidays or in the winter is not as taboo as some would lead you to believe.

There are actual benefits to listing or looking for a home during the holidays, and if you’ve missed out on the real estate scramble of the spring and summer, starting a home search or listing your home now might just be in your best interest. Here are some of the top reasons why you shouldn’t avoid listing your home, or looking for a home, during the holidays.

4 Reasons to Buy or Sell a Home During the Holidays

Reason #1: Buyers Never Stop Looking

a young woman using a telephone, laptop, and reading the newspaperEvery state’s real estate market is thriving year-round, and that even includes during the holiday season. Serious buyers never stop looking, and a serious seller (or a seller that wants or needs to sell their property) will keep their home or property on the market all year long. The holidays bring out the buyers and sellers that are determined — they need something or want to sell now, and they’re not willing to wait for the spring or summer.

Many people with school-age children want to wait to buy a new home when their kids are not in school, but the reality is that a family or anyone looking for a new home can move at any time of the year. Perhaps if you’re in an area with inclement winter weather, you might want to put off your search or move until better weather arrives, but for those that live in a mild climate, moving in November or December is just as easy as moving in May or June. Buyers can also sign up for new listing emails, which alert them to whenever a new property has come on the market, and sellers have the ability to sign up for sellers reports, so they can stay on top of the market in their neighborhood.

 

Reason #2: Inventory & Competition

two adults packing or unpacking moving boxesWhile it is known that home inventory is largest during the spring and summer months, the MLS (Multiple Listing Service) always has homes and properties listed on it. Fall and winter will have properties available, but the number of properties will be lower. Unless you’re totally transfixed on a certain home, or you have a list of needs and wants a mile long, you can be sure to find a property that will fit your housing needs throughout the year.

Despite the fact that inventory will be lower in the fall and winter, people still list their homes, especially if they are serious sellers. While the market is slower, it also is less competitive in terms of other buyers looking for homes. It’s likely the fall and winter won’t create scenarios of multiple, high dollar offers on one property; buyers and sellers alike will have more opportunities to actually think about offers, and especially for buyers, low competition guarantees that you’re not making a rushed or rash decision based on emotions or other offers when you do find the perfect property.

 

Reason #3: Affordability

This is specifically for buyers, but it’s widely known that home prices slightly fall in the fall and winter when the market has cooled down and more serious sellers are keen to get a sale. This is mostly because real estate sales are seasonal. But that’s not to say if you list your home in the fall or winter you’re going to have to drastically slash the price in order for your property to sell. While it might sit on the market a little longer than it would in the spring or summer, fall and winter sales happen, and if you’re a serious buyer or seller, you know you’ll want to do all you can to make your dream of buying or selling a home a reality.

 

Reason #4: Homes Look and Feel Charming

image of a rusting cabin homeYou’ll see a lot of articles on how to spruce up a home to ready it for the real estate market, and while the tips are definitely valuable, it’s not a secret that many people decorate their homes over the holidays. There’s something warm and inviting about a decorated home, or a home that feels cozy, and people who list their homes in the fall and winter can take advantage of a fireplace or wood stove to make a room more inviting.

If your property doesn’t have a fireplace or wood stove, you can use candles and other things to make the home smell inviting to buyers.

While it may seem cumbersome to sell a property during the holidays or in the winter, you do have some ways to play up the season. And if you are truly set on avoiding the holidays, you can always put it on the market the first of January, when the chaos of the holidays is over

[From our Real Estate Advisor Newsletter, Nov. 2015] – 

See More about Buying or Selling during the holiday season, check out Keeping Current Matters recent post: Waiting until after the Holidays Isn’t a Smart Decision

 

Categories
Home Buying Tips

8 Tips for First Time Homebuyers

If you are currently in the market for your first home, you probably have lots of questions. You are about to be making an important decision for your future, a great investment of both money and time. Rector Hayden is here to make that as simple and stress-free as possible.  Here are some tips that can help make your home buying process successful:

 

  • Tip #1: Do Your Homework

    The perfect home won’t find you by itself. The key step in buying a home is doing the proper research. Educate yourself on local schools, neighborhoods, and the kinds of homes available. By reading available materials and talking with experts, you can start to put together your idea of the perfect home.

 

  • Tip #2: Start Planning

    Most decisions benefit greatly from proper planning, and home buying is certainly no exception. Start a filing system with sections such as home buying, home financing, and service providers. By forming a home buying plan you can more easily focus on the most important factors and help give structure to the entire process. My website is a great resource for property information.

 

  • Tip #3: Get PreQualified

    Getting prequalified for a loan normally only requires a short phone conversation with a lender, and can greatly help your home search. Prequalification does not guarantee you a loan, but it does provide you with an estimated monthly payment and a price range to use as a guide when shopping for homes. Being prequalified can also often indicate to sellers that you are a serious, prepared buyer.

 

  • Tip #4: Look for Value

    When shopping for homes, it’s important to consider potential value. Even if you’re not planning to sell the home some time down the line, it’s a good idea to consider the future value of the home. Protect yourself against things like falling prices and gradual shifts in the nature of the neighborhood. You may not think of a new home as a means to make money, but it’s an important investment that requires caution.

 

  • Tip #5: Decide What You’re Looking For

    Settle on the home features that are important to you (covered parking, hardwood floors, architectural style, etc.) and make an ordered list. Having well established guidelines will help narrow down your search and will prevent you from being shown properties that lack your key amenities. It can help you make the decision not to buy an attractive property that doesn’t really fit your needs. My website has a search feature that allows you to filter thousands of listings based on attributes that you select. If you know you want a brick house with gas heat and a garage, you can get the results you’re looking for.

 

  • Tip #6: Relax

    You don’t have to make an offer on the first home you see. Make sure to look at other listings in the area to get a feel for the marketplace. When you decide to make an offer on a house, consult with your real estate professional so that all of your questions are answered.

 

  • Tip #7: Shop Around for Your Mortgage

    Deciding on the financing for your home can be as important as choosing a home itself. The first step is deciding what kind of loan best fits you: a fixed rate mortgage, or an Adjustable Rate Mortgage (ARM). There are benefits to each form of loan, and your real estate professional can provide you with more information. Next you’ll want to begin to shop around for different lenders.

 

  • Tip #8: Protect Yourself

    Be careful when signing a contract on a home that allows you to find financing, have the home inspected, and work through any problem areas that may arise. Paying for a quality home inspection is absolutely crucial! You can save yourself thousands in repair costs by being sure of what you’re getting into.

 

If you have more questions as a first time buyer – feel free to get connected with one of our agents.  You can use our ready chat feature on www.rhr.com or you can send an e-mail to clientcare@rhr.com