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Featured Property: 100 Portsmouth Dr Georgetown, KY 40324
February 13, 2011
By John Day

This Featured Property at 100 Portsmouth Dr in located in The Colony subdivision in Georgetown, Kentucky. Listing agent, Brandy Daugherty, recently sat down and answered some questions about this lovely ranch home.

100 Portsmouth Dr

100 Portsmouth Dr

What distinctive features set this home apart?

This beautiful ranch Georgetown home features a great room with vaulted ceilings and a gas log fireplace.  All common areas have tall vaulted ceilings opening up the space.  The first floor master bedroom has a trey ceiling and walk in closet complete with a built in laundry chute.  There are also two other bedrooms on the first level.  In the basement you will find the fourth bedroom that is currently used for an office, along with a utility room, a large bonus room, and another full bath complete with a whirlpool tub.  This home also has a large 3-car garage perfect for extra vehicles, boats, or a wonderful work area.

Can you describe the architectural style of the home?

This home is a ranch style with 4 bedrooms, and 3 full baths on a basement.  It also includes a 3-car garage.

100 Portsmouth Dr

100 Portsmouth Dr

What makes the price of this home so great?

The home shows very well with neutral décor throughout and tall ceilings in all common areas.  All the kitchen appliances will convey with the property as well as the front-loading washer and dryer.  The large 3-car garage is also a wonderful asset.

What amazing views will the homeowner be able to enjoy?

The backyard has a wooden privacy fence and a large wooden deck.  The storage shed in the backyard will convey with the property.  From the deck, you will enjoy beautiful sunsets, and wonderful foliage in the spring.

Is there anything else you would like us to know about the home?

The home seems very large and would be great for entertaining or raising a family.

If you have any additional questions about 100 Portsmouth Dr Georgetown, KY 40324 or would like to schedule a showing contact Brandy Daugherty or John Reffett.

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Prepare Your Home for the Holiday Season
November 18, 2010
By Judy Craft
Prepare Your Home for Winter

Prepare Your Home for Winter

Preparing your home for the Holiday Season and cooler temperatures includes more than hanging the wreath on the door and cooking the turkey!  Several important items must be addressed to keep your home in the best condition possible as we go into the winter months. 

1.  Make sure your outside hoses are disconnected from the hose bibb.  This will eliminate the possibility of your hose bibb freezing and bursting which will require the services of a plumber to repair.

2.  Check your gutters for debris and clean if necessary.  Clogged gutters will impede the flow of water elimination from your roof which will cause your gutters to overflow rather then travel through the downspouts to be distributed in an efficent manner.  This could cause pooling of water around your foundation and even basement and crawl space leaks if not monitored.

3.  Change your furnace filter(s).  You should change your furnace filters every month or at least once a quarter to keep your HVAC system operating at peak performance.  It is also a good idea to have your HVAC system serviced each year by an licensed HVAC technician.

4.  Replace smoke detector batteries.  Don’t wait until you hear the annoying beep, beep, beep signifying a low or dead battery in your smoke detectors.  Be proactive and change your batteries at least once, preferably twice a year.  It could save your life.

These are just a few tips to keep our Bluegrass homes in tip top shape for the winter!!

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November is “Radio Reading Service Month” in Kentucky”
November 12, 2010
By Katie Rowan
November is Kentucky's "Radio Reading Service" Month

November is Kentucky's "Radio Reading Service" Month

Govenor Steven Beshear has signed a proclamation declaring Nov. 2010 to be “Radio Reading Service Month in Kentucky”, Radio Eye reported.”

Radio Eye is a non-profit group that broadcasts a Radio Reading Service for the blind and disabled. They use a special radio frequency to broadcast to a potential audience of more than 3,000 Bluegrass homes. Radio Eye also gives out radios to these individuals for free.

For more information, contact Amy Hatter or Margaret Chase at (859) 422-6390.

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When is a Hangover No Longer a Hangover?
November 5, 2010
By Mike Wheatley

Thanks for reading the latest edition of “The Hangover”, my analysis
of the Central Kentucky real estate market. Although our official
monthly market report has not been released by the Lexington
Bluegrass Association of Realtors, I have analyzed the numbers
to provide a sneak preview.

When is a hangover no longer a hangover? Maybe after 6 straight months
of the market experiencing a pounding headache? That’s where we are…it
seems we have some chronic issues to deal with. Monthly Pending Sales
numbers still lag well behind the numbers of previous years, and in
October, the year to date closings will finally drop below where we
were one year ago, both in number of units and total sales volume in
dollars. The cushion in sales provided by the tax credit in the first
quarter has finally gone flat, as every month since May has lagged well
behind previous year’s numbers.

One bright spot is the inventory levels continue to drop. We should be
around 6616 Active Bluegrass homes when the report is released. However, the
inventory isn’t dropping due to an uptick in sales. Rather, they are
dropping mainly as a result of people taking their homes off the market.
I would compare it to the employment numbers we receive, when we hear
that unemployment is hovering around 10%, yet there are thousands of
other employable people who have simply given up searching for a job,
so the true number of unemployed would be higher than the stated
percentage.

I expect we will see the inventory numbers continue to decline through
the end of this year as this is historically the time of year when
people are reluctant to put their homes on the market. The bottom line
is that our inventory is still around 15 months,which is way above
where we would like to see it.

Moving forward, what will break us out of this slump? I wish I knew,
but whatever it is, it doesn’t appear that housing will lead the
economic recovery this time. We seem to be in the “chicken and egg”
phase of recovery, with each sector looking at the other saying
“you go first”. I think the single largest obstacle to the real
estate recovery is the foreclosure situation. While in Kentucky
it is still a small percentage of the total market when compared
to other states, the impact of foreclosures on inventory levels and
values has been significant. Looking at the calendar of upcoming sales
through the Master Commissioner, it doesn’t appear that it’s getting
better anytime soon.

Is there any good news out there when it comes to real estate??
Yes! Interest rates still are at historic lows, making this one of the
greatest buying opportunities of all time. My friends in the rental
business tell me their business is booming,with occupancy rates at all
time highs. How long before those folks get tired of paying someone
else’s mortgage and get into home ownership? Also, new construction
prices are still essentially at 2006-2007 levels, so even if you have
a house to sell and aren’t crazy about the price it will bring, you
have to remember that you’re also purchasing something at essentially
the same price you could 4 or 5 years ago. Maybe you don’t gain as much
on your sale, but you’re not paying more than you should on the new
purchase either.

Here is the Pending Sale chart with my projected number for October 2010:

As always, my goal is to provide accurate, timely information on our
local market. Feel free to call or email with any questions.

Mike Wheatley, REALTOR
MWheatley@MilestoneKY.com
859-533-2646

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Georgetown Featured in Southern Living Magazine
October 29, 2010
By Judy Giannasio
Georgetown homes

17 Perfect Getaways - Georgetown homes

The October issue of Southern Living Magazine recognizes Georgetown, Kentucky as one of 17 top best small town getaways. Those of us who live here appreciate the small town feel of Georgetown, where you can slow down, sit a spell and enjoy southern hospitality. Here’s what Southern Living had to say about Georgetown.

Georgetown, Kentucky – Pick up some handmade Kentucky crafts at The Scott County Arts & Culture Center, then pick a winner during a fall Thoroughbred race at Keeneland in nearby Lexington.

It’s no wonder that buyers are eager to look at Georgetown homes!

With I-75 and I-64 running through Georgetown we are only minutes from the large cities of Lexington, Cincinnati and Louisville. Georgetown is known as the home of the Toyota Camry but also the Kentucky Horse Park, where the World Equestrian Games were held in October, 2010, is partially located in Scott County. Family owned shops and antique stores line downtown Main Street. Like they say the Scott County Arts & Cultural Center is a great place to pick up handmade Kentucky crafts.

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Housing Still Part of the Dream
October 22, 2010
By Mike Wheatley

Despite all the craziness in the real estate industry, a recent study
discovered that 8 in 10 Americans still view home ownership as an
important part of achieving the American Dream…read the entire
story here.

The American Dream of Home Ownership is Still Within Reach

The American Dream of Home Ownership is Still Within Reach

Other insights from the study include that most people do believe that
now is a good time to buy, but the employment situation and frustration
with lending practices are 2 big obstacles to making the move.

This seems to coincide with what I see and hear daily in our local market…
people know it’s a great time to buy, but those fears and frustrations
are preventing them from taking the plunge. However, despite all of this,
our local MLS, (Lexington BLuegrass Association of Realtors, has sold and
closed nearly 1 BILLION dollars in Bluegrass homes this year.
Not too bad for a “down” market!

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Does Refinancing Your Mortgage Make Sense for You?
August 12, 2010
By Becky Locknane

Should you refinance?

With interest rates at an all time low, should you refinance your mortgage?

The answer is not an easy one!  There are many things to consider when making this very personalized decision. 

First and foremost you must decide if the home you are living in is meeting your needs now and how far into the future will this be the ideal home for you.  Then it is time to start doing the math!

Remember that refinance rates are typically a slight bit higher than purchase rates. So, don’t be shocked when you read interest rates are lower than what you were quoted for a refinance.  And of course, you will incur closing costs on a refinance the same as you would on a purchase in most cases.

With many lenders you are required to have at least 10% equity in your home unless you have an FHA or VA mortgage. If you plan to include your costs in the amount financed, then your home must appraise to reflect a 90% loan to value.

Always ask for an estimate of closing costs based on the rate you are quoted as well as what your total monthly payment will be including taxes and insurance.  Then figure what your monthly payment savings will be with the new mortgage. Take your total costs to refinance and divide by the amount of monthly savings and that will tell you how many months it will take you to recoup the amount to refinance and at what point you will start to save. Only after this calculation will you be able to decide if it makes financial sense for you to refinance.

A good thing about refinances is that there is a three day right of rescission period after the closing.  If the numbers at closing are not what you expected or if you simply decide it is not the right decision for you to refinance at that time, you can rescind the transaction.  You must notify the lender in writing within the three day period.

Many Kentucky houses are being refinanced because the interest rates won’t last like this forever and the homeowners are happy where they are!  Don’t lose out on your opportunity to possibly save thousands of dollars and contact a loan officer now.

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Hangover, Part 5 – What’s the New Normal?
August 6, 2010
By Mike Wheatley

Here we are in the first week of August, and I’m happy to report that the July Pending home sales started showing signs of life during the second half of the month. As of July 15th, it looked like we were headed for a 425 Pending month, but it appears the actual Pending sales for July will be closer to 550. While this number is still below previous July numbers, I am encouraged that the market seemed to rally slightly during the final half. The factor I mentioned a couple of weeks ago as a concern is coming to fruition. Active Bluegrass homes  on the market, as of today, are 7115 residential listings, back in the neighborhood of the record breaking inventory levels we experienced  in July through September of 2007. As I reported last time, the effect of higher inventory is usually more pressure on pricing, as sellers anxious to move their homes try to make their home stand out in the marketplace, usually through price reductions. The inventory number I would like to see would be in the 3,000 to 4,000 unit range…more of a balanced market. 

I think the big question we face for the rest of the year is, “what is the new normal?”. We’ve been under the influence of some sort of tax credit for 18 months now, and I think everyone agrees that 2004 through 2006 were definitely not sustainable, so its difficult for anyone to project where we should be with our sales figures. I wonder what the numbers would have looked like for the past year and a half with no credits out there. Maybe the numbers we are seeing now represent the new normal…only time will tell. I can say that from a sales perspective, today’s buyer is more cautious, more educated than ever, and generally in the market for a specific reason. The days of buying a home just for the fun of it (and we really did see that in ’04-’06) are gone. Record low interest rates and record high inventories are still not enough to ignite this market. We need a little help from other sectors of the economy, and most of the experts see the employment numbers as the key to a true sustainable recovery. 

The following has been updated to reflect a more accurate projected figure for July 2010:

Pending Bluegrass Home Sales by Month

Pending Bluegrass Home Sales by Month

 *July 2010 projected based on current data available through 8-06-10.
      
Please feel free to call or email with any additional questions you may have. My goal is always to provide accurate, professional real estate advice.
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Inman Technology Conference – Takeaways
July 19, 2010
By Judy Craft

Inman Technology Conference 2010 in San Francisco CA... a multimedia experience!

 

Milestone doesn’t just sell Bluegrass homes; we travel all over the nation so we can always be ahead of the curve in all things real estate and technology for better services and information for our clients. We actually just got back from San Francisco where the weather was cool (mid-60′s) but the information was hot, hot, hot!!  Katie, April, John and I attended the Inman Technology Conference last week and were absolutely amazed at what we saw and heard from the industry’s leaders.  I attended most of the Broker training programs while Katie focused on Blogging and WordPress, April on Marketing and John on everything else.  I sure was happy to have someone under the age of 30 to explain to me in layman’s terms what everything meant. Some of the highpoints of the meeting:

1.  From 2002-2007 Yahoo flatlined while Google skyrocketed in the search category.  In the past 2 years Google has flatlined while Facebook has taken off.  It is being said that Facebook will be the next big Search company due to knowledge of their client base.

2.  The future of Facebook is in Search, as an Advertising Platform and Sydication.

3.  Redfin and Sawbuck presented at the Broker training and implored Broker’s to get “on board” with them with regards to Online Broker Partnerships.  This was a complete turnaround from a couple of years ago when Redfin boasted that their business model would put the traditional Broker out of business.

4.  Social Media is everything but you need to know how to use it in an appropriate manner.  We are able to reach an unlimited number of people at no cost which will enable us to reduce our marketing dollars and generate additional revenue.

5.  The public isn’t interested in the individual agent.  They are looking for a brand they can trust.  The key to a successful Brokerage is to stay relevant, give the agent tools they can use and the consumer more value.

6.  The New York Times Research and Development reported that the paradigm shift is from publishing to communication. Smartphones will outsell PC’s by 2011. Time on email has flatlined while time on Social Networking has skyrocketed.

7.  Errol Samuelson of Realtor.com reported that 90% of the population ages 65-72 have email and 40% of Amazon book sales are now e-books.

8.  Google reiterated that they are not trying to take over the real estate industry.  They are trying to organize all the world’s information geographically and real estate is a big part of that endeavor.  We shall see….

9.  Real Estate websites are not just to provide information anymore, they are about building community.

The media portion of the Conference was absolutely incredible!  All in all it was a great trip.

Let us know what you think about our takeaways by posting a comment!

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The Hangover Part 4
July 15, 2010
By Mike Wheatley

Halfway through the month of July now, and no huge surprises with the June actual numbers and the preliminary July numbers are showing that the market malaise continues. The one number that stands out to me is the number of Active Bluegrass homes on the market, which was 6842 on June 1. This is becoming the “elephant in the room”…we hit all time highs in July through September of 2007, when Active listings exceeded 7000 for the first time in our history. I expect to see us hit that level again in July of this year, as Pending sales continue to lag behind seasonal averages. The effect of higher inventory is usually more pressure on pricing, as sellers anxious to move their homes try to make their home stand out in the marketplace, usually through price reductions.

In the short term, my personal experience has shown that the last 2 weeks of July and the first 2 weeks of August have been a very quiet time for sales activity. I think people use that time to get in their last getaways of the summer before the kids get back in school.

On a positive note, interest rates continue to stay at or near historic lows. The impact of these lower rates is so much more significant than the tax credits that were offered, but for some reason, the public doesn’t seem to recognize that. The quick gratification of an $8,000 check from the government is more appealing than saving tens of thousands over the life of the loan. Here’s what I mean:

The following has been updated to reflect the actual numbers for June, and a projected figure for July 2010:

*July 2010 projected based on current data available through 7-15-10.
     

As always in this type of market with lots of supply, it is crucial for sellers to be priced right and have top notch condition. Buyers have so many choices today, and buying decisions can be based on what might seem like insignificant factors.

Please feel free to call or email with any additional questions you may have. My goal is always to provide accurate, professional real estate advice.