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Featured Property: 117 Crowe Ln, Nicholasville, KY 40356
January 17, 2011
By John Day

Today’s featured property is a Nicholasville home located at 117 Crowe Ln. Listing agent Gerald McCauley sat down to answer some questions for us about what makes this 3 bedroom, 2 bath ranch so great.

117 Crowe Ln

117 Crowe Ln

What distinctive features set this home apart?

This beautiful ranch home features a split bedroom plan, great room with a vaulted ceiling, and a fireplace with gas logs. Home has beautiful oak hardwood floors.  The master bedroom has a tray ceiling and a bathroom complete with whirlpool tub, separate shower, double bowl vanity, and a nice size walk-in closet. All of the kitchen appliances convey with the property. The gallery kitchen has a breakfast area at one end and a nice dining room across the hall from the other end of the kitchen.

117 Crowe Ln

117 Crowe Ln

What amazing views will the new homeowner be able to enjoy?

The back yard is fenced with a wooden fence and a play set that conveys with the property.  There is extra storage in the partially floored attic accessible with pull down stairs in the nice size two car attached garage.

What are the advantages of the location & neighborhood?

This Nicholasville home is located close to a neighborhood park. It’s also minutes from Kroger grocery store and the restaurants and shopping of the downtown area.

Is there anything else you’d like to tell us about the home?

Contact the listing agent concerning the possibility of 100% financing.

If you have any questions you’d like to ask or wanted a personal showing on 117 Crowe Ln, Nicholasville, KY 40356, be sure to call listing agents Gerald McCauley at (859) 396-5507 or Roger Johnson at (859) 338-3433.

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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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Local Market Update: Median sales prices rise 4% in Bluegrass, while nation posts 2.4% loss.
November 4, 2010
By Judy Craft


Fast Tube by Casper

A review of the Central Kentucky real estate statistics for September shows a slowing sales pace, while the median sales price posted a gain.

Sales in Central Kentucky for September 2010 fell 35%, while the National Association of REALTORS® posted a 19% decrease in sales for the nation. Central Kentucky real estate market statistics for the prior three months are very similar, as we are still seeing the effects of the end of the homebuyer tax credit earlier this year. In spite of this, sales of Bluegrass homes for the first nine months of 2010 are only down 1% compared to the same time period in 2009.

More importantly, however, is the fact that median sales prices for Bluegrass homes rose 4% for September 2010 versus September 2009. This figure dropped 2.4% for the U.S. as a whole. This once again illustrates that even though sales are slowing, Central Kentucky home prices and values are very stable.

Pending sales dropped 36% in September 2010 vs. September 2009. Show slide 3 The active number of listings or inventory on the market for Central Kentucky in September was 6,897 which is up 11% compared to September 2009.

Watch for our next “Milestone Minute, Market Review” blog for my upcoming overview of October data in relation to the national market. And, don’t forget that you can check out highly detailed statistical reports on our Market Statistics page.

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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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Featured Property: 113 Walnut Ridge Ct
October 1, 2010
By Katie Rowan

Listing agent Gerald McCauley recently gave us some insight on his new Featured Property located at 113 Walnut Ridge Ct. This wonderful home is a three bedroom, two bath Ranch located in Southbrook.

113 Walnut Ridge Ct

113 Walnut Ridge Ct

Can you describe the architectural style of the home?

This Nicholasville home is a popular split bedroom plan with a large master bedroom.

What are the advantages of the location and neighborhood?

Home is located in a quiet neighborhood and located on a dead end street. It is also located close to a Kroger and Rite Aid as well as various restaurants and strip malls for your convenience.

113 Walnut Ridge Ct

113 Walnut Ridge Ct

Have there been any recent renovations or upgrades?

The upgrades in this home include light fixtures and ceiling fans, new vanity with granite count tops, faucets and ceramic tile floor in the main bathroom and stainless steel appliances. There is also a new front door with leaded glass and sliding glass door opening to a 10×30 trex deck. The laundry room features ceramic tile flooring and the backyard is privately fenced and landscaped. As of June 2010 there is also a new heat pump.

Is there anything else you’d like to tell us about the home?

This home is one of the few homes in Southbrook subdivision with Kentucky Utilities Electric. In addition to that, it is also in an underserved census area and qualifies for special financing.

If you would like to set up a showing for 113 Walnut Ridge Ct, Nicholasville, KY or had any additional questions, please contact listing agents Gerald & Judy McCauley at (859) 396-5507 and (859) 396-5506.

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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!