looking for open houses?

Truth is, before I worked in real estate, I just loved stopping by an open house to look at houses especially in my own neighborhood. And face it, visiting open houses is always a fun way to take a peak at houses for sale that catch your eye without bugging the real estate agent. (Remember though, if you are working with a buyer's agent to let the open house host know that you are already working with a Realtor. They should respect that relationship and be glad that you have an agent to represent your interests! Also, as one of my clients says, "every house is an open house when you are working with a buyer's agent!" so if you are actively in the market)

I've recently found a great new local website http://www.openhousesky.com that agents can put the homes they are holding open that weekend. Check it out if you have a boring Sunday afternoon and want to go look at some houses!

Need to clear out your bookshelves?

Sometimes when you're getting ready to sell and move, some of the bulk items you need to declutter are books! There's a great local organization that is a fantastic resource in helping you find a good home for those tomes. In fact, it's one of my favorite charities, Lexington's own International Book Project. Affectionately known as IBP, the organization acts internationally, nationally and locally to promote literacy and global friendships by shipping books directly to schools, libraries, and peace corps volunteers throughout the world. This year, IBP was recognized by the Million Dollar Roundtable as its charity of the year and has shipped thousands of books to those in need.

Donated books that are not appropriate for shipment overseas (cookbooks for example) are sold through a used book store the organization operates at its warehouse, located at 1440 Delaware Avenue (between Winchester & Liberty Roads).

I'd be remiss if I didn't mention they also take monetary donations to ship the books as well, so if you need to declutter your wallet -- they can help with that too! Or, if you are new to Lexington, love books and want to get involved with a wonderful charity through volunteering talent, IBP is a great place to volunteer locally and have the satisfaction of truly helping people around the world.

What does "Buyer Agency" Mean?

Check out this link from my website if the term buyer agency confuses you. If you are in the home shopping market place, ask if your Realtor is an "ABR"--Accredited Buyer's Agent. It's a better assurance that your agent really knows how to best represent your interests as a purchaser.

http://www.moving2centralky.com/Nav.aspx/Page=/About/Default.aspx

Don't forget the Home Inspection...

As you are budgeting for what costs you'll incur as a home buyer, don't forget to include a home inspection. Most inspectors want to be paid at the time of service, however, a few will allow you to put the costs on the closing statement under special circumstances like having an FHA loan or a lot of seller paid closing costs. Typically the cost is between $250 and $450 depending upon the inspector as well as the size, age and cost of the home.

Even when purchasing new construction, a home inspection can be dollars well-spent. A home inspector may find a shortage of insulation or an attic vent that hasn't been cut out. The new construction offer-to-purchase should allow you to reserve the right to have a home inspection and a good builder won't mind you having that done.

On existing construction, a home inspection helps to ensure that you are purchasing the home you think you are buying! if the home inspection uncovers flaws within the home that weren't disclosed you should have an opportunity to negotiate repairs or to void the contract depending upon how your contract is written. It's important to discuss those details of what will happen with your inspection with your buyer's agent (and another great reason to have your own buyer's agent) at the time you make your offer to purchase.

Since the summer of 2006, Kentucky has required home inspectors to be licensed. I can provide you with a list of licensed inspectors and help you make the right choice for your home purchase.

good news!

I read this article and thought I would share it with you as it isn't doom and gloom!!!!!!! Let's hope that it's true.

Daily Real Estate News November 6, 2007Could Mortgage Rates Drop to 5 Percent?

The manager of the world's largest bond fund predicted Monday that the Federal Reserve "cannot afford" to let U.S. housing prices fall and will have to cut interest rates aggressively to prevent it from happening."A Fed cannot afford to let homes go down by 10 to 15 percent like we saw in Japan," Bill Gross, chief investment officer of Pacific Investment Management Co., said on CNBC Television. "We've only begun to see the pain from the standpoint of the home owner in terms of those monthly payments. Defaults and delinquencies will increase as we extend throughout 2007 and then into 2008."Gross expects the Fed to cut the federal funds short-term rate to 3.5 percent, which implies that the 30-year mortgage rates will come down to 5 percent to 5.5 percent.

Source: Reuters News (11/05/07)

latest staging tips

The best staging tip I've heard lately is to lose the brass! Nothing seems to say "dated" more to a buyer these days than an overabundance of shiny brass cabinet knobs and light plate covers. Visit my house if you want to see an example of what I'm talking about! When you can't afford to replace your lovely 80s oak kitchen cabinets, try splurging on some new hardware for the cabinets and see if it doesn't make a noticeable difference in the appeal of your kitchen!

FSBO -- for sale by owner

If you are hunting for a home and working with a buyer's agent (which is a great idea!), your agent can show your for sale by owner homes (FSBO). Many sellers who are not listing with an agent are happy to allow a Realtor to show their home and work with a buyer represented by an agent. In fact, working with a buyer's agent helps them know that they are dealing with a qualified buyer and handle the myriad of paperwork and transaction details that Realtors manage on a day-to-day basis.

If you are a FSBO seller, be sure that buyer's agents are welcome at your door. They are the most likely source of buyers for you and can help ensure that the transaction runs smoothly. A good Realtor is worth every penny of the commission you'll pay them!

Red River Gorge Calendar

My friend John Snell, a very talented Kentucky photographer, just sent me the link for his 2008 Red River Gorge Calendar. Following the success of his book published last year called, “Red River Gorge, The Eloquent Landscape”, the new calendar promises to be a visual treat. The link to his calendar is http://www.johnsnellphoto.com. Hope you enjoy it!

Enjoying Central Kentucky - Red River Gorge

For the outdoor enthusiast thinking about relocating to Lexington or new to the area, Central Kentucky has many treasures within an hour's drive of Lexington. One of my favorite destinations is the Red River Gorge. Both the experienced and novice hiker can find trail after trail to enjoy in the Red River Gorge.

If you're looking for a quick easy day hike, try one of our family favorites: head to Natural Bridge State Park mid-morning. Park at the sky lift and take this up to the top (I recommend purchasing the round trip ticket and hold on to that ticket). The sky lift takes you to the top of the Bridge and from there you can find a number of trails. We typically traverse the bridge and take the trail that leads down to Hemlock Lodge for lunch. After lunch we take the Old Trail back up the mountain to the bridge (this will get your heart rate up) where we squeeze through Fat Man's Misery and end up back on top of the trail and return to parking via the Sky Lift. There's another short easy trail from the top of the bridge that gives you a great view looking back at the bridge for the fall visual effect.

Another easy but very rewarding trail is Sky Bridge. This super trail is mostly paved and provides very accessible access to Sky Bridge. If you're hiking with dogs or small children hold tight to them as you cross over the bridge (my dad confessed recently that he won't go over the bridge because he's scared of heights!). The top of the bridge affords a great view of the area and the underside provides a fascinating look at this natural wonder. Both Sky Bridge and the Natural Bridge trails are about the best introduction you can give yourself if you are new to the area. It's also fairly easy to do both of these spots in the same day as the Sky Bridge trail is no more than a mile.

A couple of great websites for more information about the Red River Gorge are www.RedRiverGorge.org and www.RedRiverGorge.com. The first site has a number of the trails listed there. If you can find it, I've also long relied on a book called Kentucky's Land of Arches.

My children also suggested I mention that one should definitely stop at the Dairy Queen in Stanton for a blizzard on the way home. After all, you'll burn a lot of calories hiking and you'll need a treat!

Real Estate is local!

Working with a lot of relocating clients, I am frequently asked "how's your real estate market in Lexington?" Of course, if every time we open the newspaper or log onto msn.com we get the bad, scary housing market news...you know, the bubble..., I don't blame people for asking.

I had the pleasure this morning to attend a speech by Dr. Lawrence Yun, the chief economist for the National Association of Realtors, for our local board of Realtors. What a insightful talk! Dr. Yun gave a great reminder that when you look at market trends you have to look locally. Comparing what's happening in the California and Florida market trends is like looking at Miami's weather to figure out what's happening in Lexington. Data for our local market, shows there isn't a bubble. The number of transactions in our local market is down, but that fact has little impact on the consumer (only on the people who make an income off the transactions like real estate agents, lenders, closing attorneys...you get the picture). For the consumer, home values are still strong and real estate remains a great investment for almost every buyer.

Dr. Yun presented a lot of great data on our Lexington real estate market vs. national trends and some specific markets like Washington D.C. As soon as his powerpoint presentation is available I'll create a link to it for you.