Greetings from Atlanta!

Until Wednesday, I'll be attending the RE/MAX International Convention in Atlanta, Georgia networking with other RE/MAX agents from across the globe (!). I've already been learning about some great new ideas and techniques that will help me more effectively market and sell your home as well as lots of new strategies to help me be an even better negotiator on behalf of my buyer clients. I believe it's so important to stay current of what's new in this ever-changing real estate market. While I hate being away from my business for even a few days, I love the opportunity to "sharpen my saw" as Steven Covey would call it. In fact, tomorrow Steven Covey is the opening speaker.

I look forward to being back in Lexington Wednesday with new and powerful tools to put to work for my clients!

Magic Eraser -- a little cleaning goes a long way!

Showed a house this past weekend that had serious need for a "magic eraser." The house was only two years old but really dirty -- the sellers had neglected to clean off door frames, woodwork, and doors from grubby little fingers and it gave the whole house a feel like it just hadn't been well maintained. So sellers take note: a little cleaning goes a long way in getting a house ready to put on the market. A lot of buyers can even overlook dated if they get a general sense that the house has been well-maintained.

I have to give credit for my Magic Eraser knowledge to Kerri Buchanan. She taught me about Magic Eraser when we did a walk-through a new construction home she was purchasing and she got out lots of dark marks and surface wall blemishes out herself!

More local flavors

When I’ve moved somewhere, my favorite finds in a new city are always those little restaurants and shops that are locally owned and exclusive to that city. Lexington has a lot of great spots that are really special. Zuni, Part of Le Matin bakery, I’ve mentioned before and is probably my favorite lunch spots. And, if you’re looking for a great “Ladies who Lunch” stop you can’t beat The Greentree Tea Room. The Greentree requires a reservation and you’ll find it downtown on Short Street just before Victorian Square. The Greentree is absolutely delicious (the menu changes at the beginning of each month) and the atmosphere is simply charming.

Two more recommendations for Lexington visitors:

Joe Bologna’s has my vote for the all-time best pizza. It, too, is downtown on Maxwell (just north of the University of Kentucky) located in a converted synagogue. If you’ve never been there before be sure to order a breadstick.

And of course, you have to have some Barbecue. My hands-down fav? Billy’s BBQ. Located on the corner of Tates Creek (a.k.a. High Street) and Cochran. To the embarrassment of those who dine there with me, I love it so much I can practically drink the sauce! Love it! Check back later for more local flavor finds!

Moving damage

Just learned a great tip from a friend who recently moved back to Lexington from Kansas City. The movers had done an unbelievable amount of damage to her gorgeous furniture by not properly packing her furniture with pads. Fortunately, the movers on this end of her trip called her attention to the matter as they unloaded and she has digital pictures of the inadequate job that was done packing her valuables. She has great ammunition with those pictures now in her damage claim.

Brrr....

I thought global warming had done away with winter in Central Kentucky but not so! While we don't have the snows I remember from my childhood (way back when it was uphill in both directions to school) Lexington has certainly had its spell of cold weather lately. I had an inspection this morning and we had a very difficult time getting into the house because the MLS lockbox was frozen shut! That certainly doesn't happen every day.

Seems like we're up to our third snow day this year for 2007! One thing you'll want to be prepared for if you move to Fayette County and have kids in public schools, there are no built-in snow days! Plan on having some extra days tagged on at the end of May-beginning of June for each day the kids miss in class.

The latest info...

From the Lexington-Bluegrass Association of Realtors (LBAR) here is the latest statistical news on last year's real estate market:

Residential sales in LBAR’s market area where down 3% compared to 2005 which makes it the third best year in real estate sales. Of the 10,693 sales reported for the year 2006, 5,376 of those took place in Fayette County. As of the end of the year, there were 6,026 residential and townhouse/condo properties on the market for sale: 5,257 single family and 772 townhouse/condos.

Downtown Income Opportunity

Investors take note! Have you seen how much is happening in downtown Lexington these days with brand-new condos and lovely renovations? If you're looking for income potential, this great building is a perfect opportunity. The sellers have made MANY improvements and the building is an easy rent since it's less than a block from Transy and includes off-street parking for the tenants.

This week's mortgate news...

If you are keeping an eye on the housing market and interest rates, here's this week's word on the street (kindly taken from Mortgage Matters courtesy of Bluegrass Mortgage.) If you'd like to get this free weekly update, just email me at GwenMathews@remax.net and I can forward it on to you!

"Recent reports suggest that housing sales may be rebounding. New home sales rose in three of four months through November, and housing starts increased by 4.5% to a seasonally adjusted 1.642 million annual rate in December. Meanwhile, the National Association of Home Builders/Wells Fargo index of homebuilder sentiment rose to 35 this month from a revised 33 in December, the highest it has been since July.
Unfortunately, the housing market isn’t likely to receive much help from the Federal Reserve over the near future. While underlying inflation pressures have softened from mid-2006, the moderation likely isn't pronounced enough to convince Fed officials that price pressures are no longer a threat, suggesting that steady interest rates are the most likely path, at least through the first half of 2007.
Steady rates are also likely to apply to the mortgage markets. This week’s economic data releases are unlikely to move credit rates. Energy prices, having dropped precipitously over the past three weeks, are also unlikely to fall much further this week. Given current expectations, odds favor mortgage rates holding steady; possibly swinging a basis point or two in either direction."

Building a Dream Home

Simply Gorgeous! Check out this fantastic 5 acre lot I now have listed in Jessamine County. This lot can accommodate the home of your dreams and would be perfect for a walk-out basement. Chandamere is one of the best values in Jessamine County and this lot has some of the best views out there. In addition, the sellers have had the property perc tested and the results are on file in Jessamine County.

Why Lexington?

Relatives from Chicago just left the Mathews family from a few days stay over the holiday break. Their visit provided a great opportunity for my visiting neice-in-law and I to take a quick lunch and shopping break from our families -- it was a great reminder for me of the wonderful quality of life we have here in Lexington and Central Kentucky. We shopped small (For Friends and Peggy’s on Clay Avenue, two of my favorite local stores) and large (Macy’s at Fayette Mall – Kentucky’s largest mall) and had a great lunch out at Zuni’s on High Street.

As we drove through Lexington, we talked about how affordable and well-built our homes are, the diversity of our neighborhoods and how strong the public school my children attend is. Lexington’s great blend of big city resources with small town charm is truly special. While the Chicago relatives have a great lifestyle too, they really pay the price, quite literally, in terms of housing costs, taxes, commute times and crime.

I love big cities -- love to visit them, shop, tour and admire them, but when it comes to living, it's hard to beat the quality of life the Bluegrass affords. Central Kentucky has several wonderful colleges and universities, cultural and artistic attractions, excellent medical care, a temperate climate and the spectacular beauty of the Bluegrass.

It's a good place to visit and a great place to live!

Home Staging -- The Art of Decluttering

One of my favorite memories of home showing was a house with the giant mounted tyrannosaurus rex head. It was freakily realistic with beady eyes that watched you wherever you went in the room. We also found a giant iguana (this was real!!!) in the back bedroom that startled the living bejeezus out of my client and me...one of us actually screamed! Thereafter, we referred to that house as the reptile room. Needless to say, my client also did not buy it!

While the above case is a bit extreme it does point out that when people are getting ready to sell a home, the hardest part has to be decluttering and depersonalizing their home!

When I help a client stage their home for sale, the first thing we do is walk through each room and talk about what's in each space and the image it creates in a buyer's mind. For most homes, we're looking for space -- after all this is America where bigger is better! Make your house look half-full (as opposed to half-empty)! The more organized and neutral you can bethe better. Your goal is to make people picture themselves living in your house and have that be a good thing.

In the kitchen, clear the counters -- move off the food processor, the fax machine (my house!) and gadget holders, etc. Clean out cabinets and put away the things you know you really won't use in the next month or so in a box. Eat down the pantry!

Closets -- and yes people do go in your closets. They aren't looking for skeletons, just trying to make sure their stuff will fit in there. This is a great time to get rid of all those clothes you never wear and donate them to a worthy cause. Closets should only be half-full with lots of space between what's in there.

Family Room/Den/Living Room -- Can people move through these rooms, or does your furniture block their access ways? Sometimes our furniture it too big for the room -- you can remedy this by taking out one piece of a sectional or moving an extra chair or coffee table out of the way. Minimize, minimize. Less is more and worth the sacrifice of going without if it makes your home sell faster! Remember to depersonalize these areas. The less a buyer knows about you from your stuff--the easier it is for them to picture themselves instead of you in the house.

Okay, and how about just plain cleaning. Nothing helps a house sell faster in my opinion than being well-maintained and sparklingly clean! One of my favorite websites for the housekeeping challenge (of which I definitely include myself!) is http://www.flylady.net/ The Flylady has fantastic advice about managing all the things that clutter our homes and our lives.

Don't forget to share if you have any great tips, horror or success stories of getting your own house ready to show!

A good time to buy?

I found this article and I'm not really sure who to credit for the source, so my apologies to its author. (Please feel free to share if you do know.) I thought it was worth posting here since I've had so many questions lately about whether or not now is a good time to take the plunge into buying a new home. I think it's especially relevant for the new home buyer.

Home seekers' big dilemma: buy now or wait?
During the last couple of years, new listings sold in a matter of weeks in many areas. In Louisville home prices appreciated at a steady 3 % but nationally prices escalated at a record pace. Financing a home purchase was rarely a problem -- money was easy and interest rates were low. Few buyers wanted to miss the opportunity to make fast money in a market that seemed to defy gravity.
What a difference a year makes. Now, the appreciation rate is running at a snail's pace, and declining in some areas. According to the National Association of Realtors, the median home price nationally declined a little over 1 percent in August from a year ago. This trend is expected to continue through the end of 2006. Consequently, many buyers who were anxious to buy last year are standing on the sidelines, waiting to see what happens next. Remarkably, there are still areas where the demand for new listings still exceeds the supply. In the desirable Claremont area of Berkeley, Calif., for example, there were recently nine offers on a listing competitively priced at $1.25 million. Another listing in neighboring Rockridge listed for $1.45 million sold with multiple offers for $1.5 million.Regardless of whether you live in an area where there's plenty for sale or if you are still battling other buyers for too few listings, it's time to return to the basics when considering a home purchase.HOUSE HUNTING TIP: Until recently, home buyers bought not with an eye to a quick profit but in order to gain control over the place where they lived. As a homeowner, you don't need the landlord's permission to make modifications to the property to suit your needs. You aren't at the mercy of a landlord who might raise the rent or ask you to move. Now there's no guarantee that you'll find a place to rent in a neighborhood where you'd like to put down roots. Also, rents are rising after years of lackluster performance.Additionally, homeowners tend to take a serious interest in preserving and enhancing the quality of the neighborhoods in which they live. Renters tend to be transient. The tax benefits of home ownership shouldn't be overlooked. While restrictions do apply, homeowners can claim a deduction for mortgage interest and property taxes from their federal income tax returns. This effectively lowers the cost of home ownership for taxpayers who itemize deductions.There are several other good reasons why this could be a good time to buy. One is that there is, in general, less competition from other buyers than there was a year ago. It's now possible to negotiate with sellers if the list price seems out of line. Another factor in your favor is that interest rates have recently eased and are still at historically low levels. Of course, a risk of buying now is that home prices could decline from their current level. David Lereah, NAR's chief economist, recently speculated that we will "probably see prices dip temporarily below year-ago levels as the market works through a build up in housing inventory."So, why not wait to buy until home prices start climbing again? That's certainly an option, if you can find a suitable rental. However, it's impossible to time the market. We'll know that prices have bottomed out for the cycle only after they have resumed their ascent.Buying for the short term is risky in the current market. But, this could be a good time to buy for buyers who plan to stay put for the long term, particularly if what they're looking for is not readily available.