The Experts Predict interest rates in 2015 – Now is the time to buy and sell!

Don't wait to sell!

With interest rates rising now is the best time to get the best price for your home!

We have had very low interest rates now for years!  The Federal Reserve has been manipulating the economy for years to keep interest rates down. 

Now they are beginning to back off.  How will their new policies affect interest rates?  Well the experts all believe rates will be higher next year.    Higher interest rates will of course will translate into higher payments for home buyers.  This will have a direct influence on home prices.  Do yourself a big favor and please do not wait if you are planning to sell your home in the next few years.  NOW is the opportune time!  Give Paul a call to get a free market report on your home.

859 684 5890

Rector Hayden Sets the Pace for Selling Homes in Central Kentucky in 2013

Rector Hayden Sets the Pace for Selling Homes in Central Kentucky in 2013!

The Jubilee Team is thankful to be affiliated with Rector Hayden Realtors. We are so thankful also for all of our clients for another great year in 2013.

Call Paul to get a free market analysis to sell your home.  859 684 5890  or shoot him an email at pcampbell@rhr.com

2014 was another great year for Central Kentucky's leading realtor

Rector Hayden Realtors Continues to Sell more home in Central Kentucky. The nearest national brand realtors are still far behind.

Just Listed, Near UK, downtown and hospitals. 874 Cheryl Ln, Lexington Ky 40504

Just Listed, Near UK, downtown and hospitals.  874 Cheryl Ln, Lexington Ky 40504

Walk everywhere!  Save money and get healthy.  This is the perfect home for the handy man or woman that needs the large garage and enjoys the outdoors. Yes, the back yard is a paradise waiting for gardening, bird watching and just soaking in nature’s delights.  Hardwood floors and a huge room upstairs for the children to play.  Other videos coming soon of the inside of this wonderful home.

To view this home call Paul 859 684 589 or send him an email at pcampbell@rhr.com  

One level living with huge garage in Nicholasville KY for sale!

The perfect, ready to move in home with two remodeled beautiful bathrooms.  Come home to a large eat in kitchen that opens to the family room. 

A great place with lots of space to entertain.

Enjoy cooking and entertaining? Come quickly to view this great home in Nicholasville.

Or stay home and work in your heated office at the back of your huge garage.  Call Paul to see this home that is ready for you to enjoy right now!

Work from home in this large garage with heated office.

The Jubilee Team of Rector Hayden Realtors presents this lovely home for sale at 211 Oakmont Drive, Nicholasvile KY 40356

Enjoy playing basketball, holding corn hole tournaments or just relaxing on your gigantic level patio!  This home also boast a large deck off the kitchen.  You won’t find a better place to enjoy three season entertaining.

Give Paul a call at 859 684 5890 to see this great home!

Keeping Up With the Joneses, A True Life Home Buyer’s Story – Part Four – Negotiating the Deal

Keeping Up With the Joneses, A True Life Home Buyer’s Story – Part Four – Negotiating the Deal

Brandy and Nick both understood that to get the best deal both the seller and they needed to be in a winning situation.  Brandy and Nick wanted to buy this house and the sellers wanted to sell.  Some buyers seem to be motivated to just try to get a good deal.  So to them if they cannot buy a home for ninety percent of the asking price they will not buy.  That kind of attitude in the current market will do nothing but waste a lot of time.

All good Realtors will price a home so that it will sell quickly because experience has taught us that when a home is on the market more than 60 days it will become harder to sell.  In fact when I research a home that has been on the market more than 60 days I usually find there are reasons I really do not want to show the home.  Sometimes it is just a matter of the price.  If the house has been overpriced for months maybe the seller is ready to take a good price cut.  Usually though there are other reasons like mold, radon, a bad inspection that has derailed the transaction.

Brandy and Nick were looking at homes that were priced fairly and they knew that we were not going to be able “TO STEAL A HOUSE.”

NEGOTIATING THE DEAL is really easy when the home is priced right and the buyer is ready to buy.  Having a willing buyer and a well prepared seller makes the Purchase Offer negotiating very easy.  I presented the offer to the listing agent and she got back to me very quickly.  Usually I give the sellers 24 hours to respond.  The listing agent was back to me in just a few hours.  We were able to work out the contract quickly by each party giving a little.

The listing agent was a very good listener and represented her sellers with professionalism efficiency.  We had agreement after just working out a few details and were ready to schedule the inspection.

Just a couple of notes about negotiating a purchase offer:

Price is always important but often experience has taught me that there are sometimes equally and even more important parts of a contract than the price.  How can that be?

The biggest non price item is most often the closing date and for good reason.  For instance, if the buyer can lock in a low interest rate  for 60 days and interest rates are increasing then to close before that date expires is really important.  That lower interest rate may save the buyers much more money in just a few years than the difference in price that they are negotiating.

If the seller is currently struggling to make payments on two homes it may make sense to them to sell for less and get an earlier closing date.

The fifth part of this blog series will be about the inspection process.

Keeping Up With the Joneses, A True Life Home Buyer’s Story – Part Two

Keeping Up With the Joneses, A True Life Home Buyer’s Story – Part Two

Nick and Brandy Jones were the best prepared buyers I have ever helped.  In Part One of this series I blogged about the importance of using a search engine that was accurate while searching for your home.

Nick and Brandy Jones and their new home. What a great family to help own their first home.

In this blog post I am writing about the way in which Nick and Brandy went about deciding that they were totally committed to buy and what specifically they would buy.

If you are just beginning to think about buying a home the biggest mistake you can make is to call a Realtor and begin looking at homes.  The very first thing you should do is contact a lender and explore exactly how much money you are able to spend.  In this case Nick and Brandy found that they were qualified to buy much more than they were comfortable spending on a monthly house payment.  So they decided to buy a home that really fit their budget.   They decided to look for a home that they could live in, without worrying about where the next penny would come from to pay for life essentials (including a new baby girl!)

I am all for home ownership.  I believe buying a home is the best decision for most people they will make with their money in their life time.  However buying a home that stretches your finances to the limit is not a good idea.  There are always expenses to maintaining a home and ignoring those expenses is like buying a car and not thinking about what it will cost to maintain it.

Before Nick and Brandy even began looking at homes they sat down with me and we went over the cost of maintaining a home.  We especially looked at the big ticket items like the air conditioner, furnace, hot water heater and replacing shingles on a roof.  If you are looking at a home over seven years old you really do need to consider what it may start to cost you down the road in the next five to ten years to start upgrading or replacing the major mechanical systems and replacing a roof.

Don’t misunderstand me.  I love older homes and personally would much rather own an older brick home with hardwoods and a nice sized back yard  that has been well maintained than a brand new home that has vinyl siding and carpet with a small yard.   But be sure to check out the age of the systems in the new home and be prepared to pay to repair or fix down the road.  One way to take away part of the worry of maintaining an old home is to purchase a home warranty.  I will do a blog post in the future on the advantages and cost of home warranties.

After discussing all the advantages and costs of home ownership then Nick, Brandy and I explored the whole subject of the criteria that were essential for them to have in their first home.  That will be the topic of the third blog post on The Jones’ house buying adventure.

Keeping Up With the Joneses, A True Life Home Buyer’s Story – Part One

A great place to search for homes for sale in Central Kentucky is the LBAR MLS>

Search using the LBAR MLS and get a real time feed on what is really on the market.

Keeping Up With the Jones’, A True Life Buyer’s Story – Part One

A few weeks ago I was blessed to see Nick and Brandy Jones accomplish a milestone task in their lives.  They purchased their first home.  When Nick and Brandy first started thinking about buying a home, I set them up with their own real time search on LBAR.  The Lexington Blue Grass Realtors multiple listing service is the most accurate place to get the real scoop about what homes are on the market.  There are other local web sites like TheJubileeTeam.com or PaulCampbell.rhr.com that have accurate information because these sites pay to have real time information.

Nick and Brandy were smarter than many of the people who call us.  In fact it seems most people want to do their own searching on Zillow or Trulia.  Zillow and Trulia do not have a real time accurate feed.  I don’t know what kind of feed  they use but often we have people calling us wanting to see a home that has already sold or that is pending, and sometimes the status of that home changed weeks or even months ago.  My guess is that Zillow and Trulia are popular because of their powerful mobile apps.   If a buyer wants a powerful accurate real time app  then they should use the Rector Hayden App that gets a real time feed from the LBAR MLS.

Get accurate real time information on homes for sale in Central Kentucky at TheJubileeTeam.com

Don’t miss out on the hottest homes on the market. Use TheJubileeTeam.com to find your home before someone else buys it.

Nick and Brandy wanted to buy in Georgetown because of Nick’s new job. They had certain things that were important to them and I set up a search criteria that met their specific needs and desires at that time.  In a later post I will share how Nick, Brandy and I sat down together over dinner and really nailed down exactly what was the very most important things they needed and wanted in a home. 

Using an up to date search engine to find homes in Georgetown gave Nick and Brandy accurate information that really helped them understand the market in Scott County.  When we began seriously looking at homes they were not misled by prices of homes that sold last year.  The market has changed dramatically and having accurate information is essential to make a wise home purchase.

Nick and Brandy then began seriously to consider all their options to decide whether purchasing a home was the best decision for them at this time.  The first thing they needed to know was what price of homes could they be pre- approved to buy. 

Part two will explore their journey in finding a home loan that would work best for The Jones’.

 

 

Luxurious condo just listed, walk to UK, Rupp arena and downtown, only $249,750

Luxurious condo just listed, walk to UK, Rupp arena and downtown, only $249,750.

 

Carefree Living At Its Best! One of the most popular condo complexes near UK, this modern 3rd floor unit comes with floor-to-ceiling windows & balcony facing UK Campus. Unit features 2 master suites, each with its own private bath & walk in closets with custom shelving. Enjoy an open floorplan with bamboo floors in living area, granite countertops in kitchen, all appliances convey (including washer & dryer), and two parking spaces (1 assigned & 1 unassigned). With water & sewer paid for by HOA, the rest of your utilities are only $50 to $70 per month! (cable & phone extra) Bored or Hungry? Choose from a dozen of restaurants & entertainment venues just walking distance of this fabulous unit. This 6yrs old condo is nestled between the UK Campus & a historic neighborhood, and is just a couple blocks of downtown Lexington.

Center Court condo for sale.  Great location and luxury for less than 250K

Location cannot be beat on this luxury condo near the University of Kentucky

Price Dropped to $114,900 with a full unfinished basement in popular Lexington neighborhood.

New Price – $114,900 Updated 3 bedrooms with a full unfinished basement in popular Lexington neighborhood!

Wonderfully updated & remodeled ranch on a full basement.  This home features hardwood floors, open floorplan between kitchen & family room, pantry, raised vanities in bathroom, nice sized bedrooms, full basement, rear entry garage, large fenced yard, and more.  Recent updates include new water heater, refinished hardwood, shower doors, carpets, and garage door.  In addition, sellers are offering a 1yr Home Warranty to buyers as an extra peace of mind. Located on a cul-de-sac street in a popular school district and just minutes from UK, downtown Lexington, shopping, dining, entertainment and more.  Don’t miss your chance; call for your private showing today!

 New Price, $114,900 on updated 3 bedrooms with a full unfinished basement in popular Lexington neighborhood!

What a joy to live in this Lexington 3 bedroom home.
For Sale – $114,900 updated 3 bedroom home in a great Lexington neighborhoodl.

 

Home Buyers and Home Sellers: Pay Close Attention to the Seller’s Disclosure

 

Protect Yourselves Home Sellers and Fill out the Seller’s Disclosure with great care and precision.

I recently wrote a blog titled “7 Tips to Insure Buyers are Prepared to Write a Strong Purchase Offer.”  The first tip was to make sure the you understand the information on the seller’s disclosure.  In this blog my goal is to further explain the seller’s disclosure for the State of Kentucky.

What is a Seller’s Disclosure Form?  It is a form that the seller can fill out that informs the buyer and agents about the history of the home.  In the state of Kentucky the seller can choose not to fill out the form but in doing so, will cast some serious doubts about the condition of the home.

If the seller has no idea about the condition of the home then they can check the “unknown” boxes.  This is most common when an estate home is being sold by survivors who have not lived in the home or by a bank owned home.  It is also quite common to see all the “unknown” boxes checked when the seller has been renting the property.  When the seller has no idea about the condition of the property they will often sell it “as is.”  They will usually allow inspections but they will not to agree to negotiate the correction of problems.

Some things to consider:

If the seller has been renting the property, but checks “unknown” for the entire property doesn’t this make you wonder about the condition of the property?  This would mean the seller (as a landlord) either never repaired anything or are being willfully ignorant about the true condition of the property.

Check to make sure every line of the form has been completed.  The directions to the seller very clearly state that every line needs to be completed.  Here are the specific directions for this form KRS 324.360

INSTRUCTIONS TO THE SELLER: (1) Complete all numbered items. (2) Report all known conditions affecting the property. (3) Attach additional pages, if necessary, with your signature and date and time of signing. (4) Complete this form yourself or sign the authorization at the end of this form to authorize the licensee to complete this form on your behalf in accordance with KRS 324.360(9). (5) If some items do not apply to your property, write “not applicable”. (6) If you do not know the answer to a question, write “unknown”.

Key Reasons for Both the Buyer and the Seller to Pay Close Attention to This Form:.

Seller Benefits

1)  In the state of Kentucky the purchase offer says that the buyer cannot ask the seller to repair any defect that is on the seller’s disclosure.  The insert below is a snapshot from the offer to purchase for the state of Kentucky.  This is from the top of page three.  It is part of the language for the third inspection choice.  It is the choice I recommend for most of my buyers.

Seller's Disclosure protects the seller.

Buyers cannot ask sellers to make repairs on the items listed on the seller’s disclosure form in the state of Kentucky.

This is again referred to and emphasized on the inspection form.  See item 3 on the insert from the Inspection Agreement Form below.

The language that protects sellers from making repairs to the items disclosed.

The Inspection Agreement form clearly states that home sellers do not have to repair items that are disclosed on the Seller’s Disclosure Form

So sellers are protecting themselves from further demands of the buyer when they disclose any problems that exist in the home.  This is one reason that it may be worth the seller’s money to have an inspection before placing their home on the market.  With a good inspection, the seller will be able to disclose any problems and not have to worry about the demands from buyers to have disclosed defects repaired.

2)  A seasoned buyer’s agent will have lots of questions about an older house that seems to be in “perfect condition” according to the seller.  If the disclosure form shows few or no defects or repairs then that can be a red flag to the buyer’s agent.  When I see a disclosure form that is filled out completely and has a long list of repairs and disclosed defects I know the seller has worked hard to be forthright.  I also know the seller has probably kept very good records of the maintenance of their home.

3) Filling out this form accurately and with diligence gives the seller assurance that there is very little chance of a lawsuit in the future. Making sure the Seller’s Disclosure is completed correctly and thoroughly may be a good way to help sellers sleep well during the selling process and for many years in the future.

Buyer Benefits:

1) Reading the Seller’s Disclosure carefully can be a big time saver.  If you do not want to worry about replacing an old furnace or air conditioner then find out how old they are.  If this is not disclosed, you can hire an HVAC professional to help you determine the age if it is worth your time.

2) Understanding exactly what has been repaired on the home can give you assurance that you want to move forward with an offer.  There are certain things that can be very costly when maintaining a home.  The roof is one of the best examples.   Knowing that the shingles on the roof have been replaced in the past five years can give you assurance that the roof will probably last another fifteen years.  It is easy for an inspector to look at the underlayment and determine the condition of the roof foundation.  Just a quick side note:  Often the buyer will state the “the roof” is five years old when  only the shingles are five years old.  Most people replace the shingles when they wear out but not the underlayment. Have your agent find out if the entire roof was replaced or just the shingles.

3. Having a Seller’s Disclosure Form that is filled out with diligence is a good signal that the listing agent has done a good job helping the seller understand the importance of detail.  Experience has shown it is also a good signal that the seller is someone that you can trust and will likely be easy to work with. 

A Seller’s Disclosure Form that is fully completed and easy to understand is a win win situation for all parties involved in the transaction of selling and buying a home.