Category: Home Insights

Events We ♥️ this month

Post author By RHRNews
Post date August 29, 2019

Whether you’re into football, farmer’s markets of festivals – you’ll find so much to enjoy in Lexington and Central Kentucky in September! Here are a few of our favorites.

Bluegrass Classic Dog Show

Kentucky Horse Park
August 29 – September 2, 2019

Four days of all-breed conformation and obedience competition sponsored by the Lexington Kennel Club Inc., the Northern Kentucky Kennel Club Inc., and the Mid-Kentucky Kennel Club Inc. This show will include competition for more than 150 breeds, best-in-show competition, junior showmanship classes, obedience and rally, AKC Owner-Handler Series, Canine Good Citizen Test, and much more!

Lakeside Live

Weekly on Friday & Saturday thru September 29, 2019

7pm – 10pm
Lexington Green
FREE

Free live music every Friday and Saturday night May-September. With a beautiful covered dock, a fire pit hang out, amazing restaurants and shopping, and fun live music, you’ll want to linger with friends and family. Pets and lawn chairs are welcome.

Music on the Lawn

Weekly on Friday, Saturday thru October 26, 2019
6:30pm – 9:30pm
Shaker Village of Pleasant Hill

The greatest combination of live music, amazing food and a farm-fresh setting you could ever imagine! Head to Shaker Village for an evening on the lawn beside the historic Trustees’ Office and the Shaker Village garden. Music on the Lawn features live music, outdoor dining, drinks and specialty cocktails around the fire pits. Don’t forget to enjoy a marshmallow roast, grab a cocktail and then take in a special $5 after 5:00 tour. No admission is required, and music begins at 6:30 pm.

Murder Mystery Dinner Theatre – Sing a Song of Murder

September 4, 2019 @ 7pm
My Old Kentucky Foam
Georgetown, KY

Competition is fierce as the 2019 season of “American Talented Voice Search” comes to a close. The field has been whittled down to the final two contestants: Jasper Jones and Melody Rayne, who will do anything to procure their place at the top. When talent isn’t enough and careers are on the line, what comes next? Flattery? Bribery? Blackmail? Or worse… Come join our studio audience as host Ryan Seashore and judges Simon Cowbell and Jennifer Highbridge bring our contest to a close! You can vote for the winner and perhaps catch a killer.

Tags adventure theatre, bluegrass, classic dog show, dinner theatre, Events, kentucky horse park, lakeside live, murder mystery, Music on the lawn, what to do in lexington

Home Insights Home Selling Tips Newsletter Featurettes

Tips to Pass Your Home Inspection When Selling

Post author By RHRNews
Post date August 26, 2019

The vast majority of Central Kentucky homebuyers will want to have a thorough home inspection performed as soon as their offer is accepted by the seller. Here are five tips on how to ensure that when selling, you pass your home inspection with the fewest issues possible.

1. Unfettered Access

First tip to pass your home inspection, provide unfettered access to your electric panels, heating and cooling systems and your attic. The inspector will need to assess all of these areas, so it’s best to let them get in easily. Remember also to clean the space below your sinks so the inspector can easily assess your pipes.

2. Appliance Check

Second, be sure to empty all your appliances to facilitate the inspection (except your refrigerator, of course). That means your washer, dryer, dishwasher and stove should all be fully empty and ready to test.

3. Documentation

Next – if possible — provide full documentation of your appliances, systems and any work you’ve had done on them. For example, “if you’ve had an engineer inspect a crack in your foundation and there’s nothing wrong with your structure, display that report so the home inspector doesn’t have to be concerned about the crack,” says a local inspection company.

You can even attempt to provide the manuals for appliances by using online resources like GE’s Appliance Manual online center: http://www.geappliances.com/ge/service-and-support/literature.htm

4. Light The Way

One incredibly simple tip – replace ALL light bulbs so the inspector won’t have to worry about whether a burnt out bulb is really an issue with your wiring.

5. Get Outta There

Last, get out of there! Think of the inspection as another home showing – you need to be out of sight and out of mind so the inspector can speak freely with the buyers and their agent. And if at all possible, take your pets with you or arrange for them to be visiting a friend or relative during the inspection time.

These tips are a great starting point to helping pass your home inspection. Remember, your real estate agent is your best resource throughout the entire listing process. They are there to guide you through each part of the transaction and answer any questions that you have. Rector Hayden REALTORS® are trained to handle the different situations that occur in our market and are dedicated to the success of your sale.

Maybe you’d also find this article helpful? How Sellers Can Pass Their Appraisal

Tags inspection

Home Insights Home Selling Tips Newsletter Featurettes

Key Insights For Selling This Fall

Post author By RHRNews
Post date August 26, 2019

Although fall can be a challenging time of year to move if you’re a buyer or seller with school-aged children, fall buyers are typically highly-motivated — meaning that sellers could get a faster path to the closing table. Our gorgeous local fall scenery makes it easy to show off the natural beauty of a neighborhood and the homes within it!

Here are some of the pros and cons you’ll want to consider as you make your decision.

Pros of selling a home in the fall

Less competition

Inventory in our local market is always higher in the spring and summer, and the number of homes for sale usually dips in the early fall. If you decide to list your home this autumn, it may stand out amidst the condensed inventory available.

Motivated buyers

Many families are hoping to accomplish their move by the holidays, or before the second half of the school year begins — so buyers looking in the fall tend to be highly motivated. You could benefit from buyers who are ready to move quickly.

Autumn staging is a breeze

While you’ll have to stay on top of raking and bagging your leaves, staging your home in the fall is relatively easy. The natural beauty of the changing leaves will do half the work for you, and staging tips from your Rector Hayden Agent will get you the rest of the way there.

Cons of selling a home in the fall

Time is precious

For many, fall is the busiest time of year. It’s important to remember that the upkeep of your home’s interior and exterior will be critical to selling your home this season. Consider cutting back on other less significant plans and commitments so you’ll be up to the task.

Uprooting can be hard

If you’re a parent of a school-aged child, it can be difficult to move across districts in the middle of the school year. However, studies have shown that kids actually adapt very quickly when the transition is accomplished during the middle of the school year. Immediately having new friends and new experiences can be a good thing!

Ready to sell?

Whether you’re ready to list your home or want the insights of a local market expert, we can help. Contact your Rector Hayden Agent today!

Tags staging

Local Events

August 2019 Calendar of Events

Post author By RHRNews
Post date July 30, 2019

Events we LOVE this month

There’s so much to enjoy in Lexington and Central Kentucky in August!

Here are some of the events and activities we’re looking forward to this month.

Crave

August 24 @ 12-11pm – August 25 @ 12-7pm
Masterson Station Park
3051 Leestown Rd, Lexington KY
859-266-6537

Who’s hungry? An epic festival of food and live music right here in good ol’ Lexington, Kentucky. Seriously, y’all; it’s epic. There are over 50 food restaurants, chefs, food trucks, craft beer & cocktails, kids stuff, a car show and a dozen bands performing over two days.
Details here >>

Woodland Art Fair 2019

August 17 – 18
Daily 10am – 5pm
FREE
859-254-7024

Shop over 200 artists, enjoy live music, Kentucky food, beer gardens, and create your own family art – all with free admission. Woodland Art Fair has received several national, regional & local honors including being voted a Top 200 Fine Art & Design Show in the nation in 2007-2012 by Sunshine Artist Magazine, a Top 20 Event by The Southeast Tourism Society & a Top 10 Festival by The Kentucky Travel Industry Association. Brought to you by WestBanco and co-produced by the Lexington Art League and Lexington Parks and Recreation.

Cold Brew Coffee Festival

Saturday, August 17
Nate’s Coffee
125 Cheapside, Lexington KY

PARTICIPANTS for 2019 (so far)

Roasters:
Greens Coffee +
BerserkerBrew +
City Roastery
Nate’s Coffee
Drinklings Coffee and Mugs
Cherry Seed Coffee Roastery
Smokin’ Aces Coffee Co.
Dry Stack Coffee
Happy People Coffee Company

Non-Roasters:
The Amsden +
Broomwagon Coffee + Bikes +
Lussi Brown Coffee Bar +
Carbon Coffee Cō +
Magee’s +
Barista Social +

Details here >>

Railbird Festival

Saturday, August 10 @ 12pm
August 11 @ 3pm
Keeneland
4201 Versailles Rd, Lexington KY

Music. Bourbon. Horses.

A Railbird is a horse racing enthusiast known for sticking close to the action, hanging on the rail as each contender comes barreling down the track.

This summer, the term will take on added meaning with a brand new music festival in Lexington, KY. 2 days. Multiple stages. World class artists. All at the historic grounds of Keeneland.

Railbird will celebrate the unrivaled culture and traditions of the Bluegrass State at the historic Keeneland Racecourse. A Kentucky experience, through and through, Railbird will be a truly one-of-a-kind event. The festival will be woven into the course grounds to create an unforgettable and immersive weekend centered around music, bourbon, equine culture and Lexington tradition.

Details here >>

Chamber Music Festival

August 22 – September 1 @ 6pm
Pam Miller Downtown Arts Center
141 E Main St, Lexington KY
859-429-1897

The Chamber Music Festival of Lexington is a unique week-long festival set among the beautiful Lexington area. Please join for a series of spectacular concerts, fun-filled pop-up events and an exciting Cabaret Night!

Thursday Night Live

August 8 – September 5 @ 5pm – 8pm
5/3 Pavilion at Cheapside Park
251 W Main Street, Lexington KY
FREE

Get downtown every Thursday! Join thousands of your closest friends for live music, local food and beverage vendors, and the hottest party in town. The event takes place each week at the Fifth Third Bank Pavilion at Cheapside Park. This event is rain or shine!

Tags bourbon, cheapside park, cold brew coffee, crave, downtown lexington, horses, local events, parks and recreation, railbird, smiley pete, summer events, thursday night live, visit lexington, what to do, what to do in kentucky, what to do in lexington, woodland art fair

Home Buying Tips Home Insights

How Much of My Income Should I Spend on My Mortgage Payment?

Post author By RHRNews
Post date July 26, 2019

Understanding your housing expenses

When a lender reviews your loan application, their main job is to verify that you are a low-risk candidate who will be able to cover your monthly housing expenses for the full life of the loan. To do this, they will first calculate your monthly PITI:

Principal of the loan
Interest on the loan
Taxes (estimated from annual payment)
Insurance (estimated from annual payment)

While every lender is different, and every loan application is reviewed independently, the general rule of thumb is that your monthly PITI should be between 28-35 percent of your monthly income before taxes. This number is known as your front-end debt-to-income ratio.

Understanding your debt obligations

Of course, you may have other long-term loans or debt obligations that you pay each month. Lenders will also take these debts into consideration as they review your loan application.

The easiest way to think of a debt obligation is to consider who you are paying back. Common debt obligations include:

Student loans
Car payments
Child support payments
Credit card minimum payments (if you have a long-term balance you are paying off)
Medical or hospital bills

To calculate your back-end debt-to-income ratio, the lender will add up your monthly debt obligations, including your hypothetical monthly PITI. They will divide that by your total monthly income before taxes.

Typically, lenders are looking for a back-end debt-to-income ratio of 35-45 percent. But again, every lender varies and your personal financial history and income history will also be factored in.

What about other expenses?

You have daily, weekly and monthly expenses that won’t necessarily be taken into account by a lender — but that doesn’t mean you shouldn’t think about them as you begin the path to home ownership.

Before you apply for a mortgage, take stock of your monthly expenses, including:

Groceries
Gas or transportation costs
Restaurants, coffee shops and gas station pit-stops
Mobile phone plans, cable television plans and streaming services
Shopping and gifts

It’s likely that you could tighten up one or two of your spending categories without too much effort. Your lender may not notice, but you’ll find it easier to afford your monthly PITI and debt obligations when you minimize your other expenses.

How can I calculate my buying power?

If you’re looking for an easy-to-use tool that takes into account your front-end and back-end debt-to-income ratios, check out these great calculators from Prosperity Home Mortgage, LLC.

Tags home buyer, home buying tips

Home Insights Home Selling Tips

4 Common Home Seller Myths Exposed

Post author By RHRNews
Post date July 26, 2019

Wondering how to sell your home in less time and for more money?
Don’t believe everything you see on HGTV.
Here are four common home seller myths that we’ve debunked for you.

#1) Don’t renovate everything

In today’s market, sellers have the upper hand and buyers are competing over a shortage of inventory. While it’s advantageous for your home to stand out, you can likely get a great offer by making smart, minimal repairs.

Work with your Rector Hayden Agent to determine what changes they’d recommend and see if they agree that you could focus on low-cost upgrades like new light fixtures, fresh paint, replaced hardware, and some fresh spring landscaping.

#2) Don’t “list high”

Some sellers, especially those who aren’t in a hurry to move, fight to list their home at a price higher than the fair market value. Their idea is that by listing high, they may snag a high-bidding buyer — and if they don’t, they can simply lower the price later on.

This is a dangerous plan for a few reasons:

Buyers and their agents are unlikely to overbid on a home that’s being sold for much more than the one down the block.
Homes get the most attention in their first two weeks on the market. When a buyer sees that a home has been on the market for a long time, they will either think that there is something wrong with the home or that it is listed for too high a price.

#3) Don’t sell on your own

The most common reason to sell a home “For Sale by Owner,” or FSBO, is to avoid paying a commission for a real estate agent. While we understand that it can be tough to part with any money from your hard-earned home sale, the reality is that sellers who use a Realtor end up earning more on their home sale, even when the commission is considered.

In 2018, the median selling price of a FSBO home in the U.S. was $185,000, while the median selling price of an agent-assisted home was $245,000. This large gap may be why the National Association of REALTORS® reports that FSBO sellers have dwindled to their lowest number in more than 35 years.

In short, the act of listing a home for a fair price is best handled by a true market expert who has deep insights on your community, recent sales, housing trends and more.

#4) Don’t sell using a “retail price” model

It’s interesting to see that homes priced at a round number price point — like $150,000 or $400,000 — often sell faster than homes listed at $149,000 or $399,000.

Why? It’s really a matter of buyer exposure to online listings. Today’s homebuyers mostly shop online, and they enter in search parameters based on price. If you list your home at $299,000 instead of $300,000, buyers who are searching between $300,000-$350,000 won’t end up seeing your property.

That small pricing change can make a massive difference when it comes to online exposure. Homes with round number pricing showed up in search results 58 percent more than those that were listed at a “discount” price.

What more tips for buying and selling in the Central Kentucky Market? Get in touch with your Rector Hayden Realtor or join our eNewsletter mailing list!

Home Insights Home Selling Tips Newsletter Featurettes Uncategorized

The Benefits of Selling with a Home Warranty

Post author By RHRNews
Post date June 26, 2019

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.

Tags benefits, HMS, home warranty

Housing Market Report Uncategorized

July 2019 – Monthly Housing Market Report

Post author By RHRNews
Post date June 26, 2019

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!

Tags homes, housing, july, kentucky, lexington, market report, monthly housing, selling