Real Estate Information

Many buyers and sellers are sitting on the fence trying to decide whether it's the right time to buy or sell.  How do you know when the time is right?  Well as the the guru's of real estate have been saying for some time if you are waiting for the market to hit the bottom to buy, we only know it's hit bottom when we are on the way back up!  For sellers, if you are waiting for prices to start back up you may make a bit more on your home but you will also pay more to buy your new home.

Interest rates are still at historic lows.  As rates start to rise this will make the cost of buying a home even higher.  Now is the time to speak to a lender and see how much money buying now will save you.  Don't forget the tax credit for first time home buyers and those that have not owned a home for the past three years!

Call today and let us show you how we can help.

Most of us have heard about the government's new stimulus package (unless you've been out of the country, in a coma or under a rock).  But, not many understand how it will benefit them.  I'm not here to explain all the details but just the one that pertains to buying a home.  Did you know that the government is considering anyone that has never owned a home or has not owned in the last three years a first time home buyer? 

The new stimulus package is offering a tax credit (not a loan like the 2008 package) of $8,000 to any eligible buyer that is a first time home buyer or has not owned a home in the last three years.  There are some income limits and you should consult with a tax attorney before any major purchase but what better time to buy than now?

If you'd like any information on buying a home or the new tax credit, give us a call today and we'd love to help.  You can reach The Melinda Duncan Team at 859-422-2035.

The buzzwords today are short sales.  How might this affect you?  Well, for those of you that are in the unfortunate situation of falling behind on your payments or have gotten into a bad financial state this may be an answer to your worries.   A short sale is a better option than foreclosure.

With all the efforts of the government your best bet is always to contact your lender and try to work out an affordable payment schedule or refinancing with better terms but sometimes neither is possible.  If you find yourself in this situation, let us help you.  We will market your property and once we get an accepted offer we will negotiate on your behalf with your lender to take less than the amount owed on the loan but releasing the lien and therefore releasing you from your burden.

First and foremost don't wait until you get a foreclosure warning.  The quicker we start the quicker a resolution.  Make sure you get an up to date payoff on any and all mortgages on the property.  Sellers are often shocked and surprised by the fees and penalties that quickly add up.

Call The Melinda Duncan Team and let us show you how we can help you.  We offer a complimentary consultation and we will keep your business private.  You can reach us at 859-422-2035.

Well, this week has certainly been a busy time both locally and nationally in the housing market.  We are seeing how volatile the market really is.  First, the Herald Leader reported that permits on new homes in Fayette County and six surrounding counties have dropped over 43 percent from 2007.  This shows how the new construction market has gone into a downward spiral.  Builders are no longer building spec homes but instead are waiting for buyers to purchase the home and then they begin construction.  This may help those trying to sell existing homes since most buyers need to move in a timely manner.

Secondly, as you may have heard the government has taken over Freddie Mac and Fannie Mae.  With the government controlling these entities it has once again instilled confidence in lending.   With this take over mortgage interest rates have dropped significantly.  This should spur some action in the real estate market.  According to many lenders rates should stay down in the 5 to 6 point range for some time.

This is a great time to buy if you have been contemplating it and waiting for the right time.  Please give The Melinda Duncan Team a call at 859-422-2035 if you have any questions.

Great historic home! (edit/delete)

I have got a beautiful historic home in the much desired area of Lexington.  Walk to work at the hospitals, University of Kentucky, and a short drive to downtown.  Please check out our listing at 1623 Nicholasville Rd.

Welcome to this beautiful historic home. You are welcomed into the home by a southern style covered front porch, perfect for sipping lemonade and watching the kids play on the huge front lawn. Offering all the charm and character of days gone by with the amenities of today you will love all it has to offer. This over sized shaded lot has a fully fenced private backyard with a two level slate patio. The home offers large rooms with gleaming hardwoods and updated baths. It also has a walk up attic with heating and air making it easily finished for extra square footage. The family will enjoy the partially finished basement with a warm and cozy fireplace. The kitchen offers todays conveniences with touches of the past in its built in butlers pantry and rounded doorway. Walk to work at Central Baptist or UK.

For more information give us a call at 85-422-2035 and we will be happy to give you a private tour.

Recently an article by John Wasik of the Bloomberg report listed Lexington, KY as one of the top markets with low risk.  It also lists Lexington as a true housing bargain.  As a buyer this shows that it is still worthwhile to purchase a home.  Throughout history real estate is one of the best ways of building wealth.  Studies show the value of the typical home in our area doubles every 10 years.

Although we are not seeing the appreciation as we did over the last five years, Lexington stills offers a great investment opportunity.

Let us show you how a home purchase is one the purchases you can make.  It will likely be one of the best investment choices you make.

With all the news about foreclosures we decided to take a forward action and educate ourselves on how to help homeowners that may be facing foreclosure.  After looking into some viable options the first thing we learned is that there is help for those that want it.

As a homeowner facing these terrible situations you must realize that it doesn't make you a bad person or fiscally irresponsible.  Loans were given to buyers that should have never been made and now those borrowers are facing a situation they never thought they'd see.

With foreclosure you not only face a loss of pride and your home but also your financial future.  In order to avoid this you must act quickly.  Call the lender and see if you can refinance to get out from under the variable rate or higher interest rate you may have taken.  Contrary to belief, lenders do not want to take your home.  This ties up money they could be lending and puts them in the position of becoming a seller themselves.

By employing a Realtor to help you sell your home before foreclosure proceedings begin you may be able avoid the inevitable.  Most lenders are willing to work with a Realtor on your behalf to come up with an amount they are willing to take to relieve you of your debt to them and your house.  This is called a "short sale".  By acting quickly you give yourself the time needed to sell and can stay in the home usually till the transaction is complete. 

The lender will notify you several times before the foreclosure filing.  When you determine that there is no way out give us a call.  We can help and are awaiting your call.  Please give us a call at 859-422-2035 if this sounds like something that may help you or you just want more information.

I recently read an interesting article about ways to sell your house quick.  As the Listing Coordinator for The Melinda Duncan Team I of course, was extremely curious.  The article explained the biggest mistakes that sellers make in today's market.  I had to agree. 

First, many sellers make the mistake of not having their home ready to sell.  Before selling your home you need to get rid of all the excess "stuff" crowding potential living space.  As much as you admire your knick knacks most buyers don't.  You need to present a generic home ready to personalize to their taste.  Sellers may also want to consider having a professional "stager".  For as little as $300 this professional will use your things, their things or a little of both to present your home in the best light.

Secondly, not taking the first offer.  No matter what you think the house is worth, what it was appraised for or what you owe on it, it is only worth what the market is willing to pay.  Many sellers overlook the first offer especially if it comes quick thinking there must be more on the way.  Two years later you may still be waiting.

Small price reductions don't help much unless they lower your price to a new range.  It is better to position yourself 10% under the market you are competing with and be the first choice by price alone.  Offering a buying incentive is also a good way to put your home above the rest.  A lot of buyers are asking sellers to pay closing costs or provide home warranties so why not offer it in the beginning?

Hire the right broker.  Make sure the broker you choose can get your house on the web where it can be seen by millions more buyers.  Buyers today are INTERNET savvy and want to first shop on the web.  Your house will be missed if it's not there.

If you need anymore information on this topic or would like to discuss selling or buying a house please contact The Melinda Duncan Team at melinda@melindaduncan.com.

Are things really as bad as they seem?  I guess it depends on who you talk to.  All we hear in the media today is that real estate sales are down, listing inventories are up and prices are falling.  Oh yeah, where are the buyers?  Well, the media would like us to believe that the real estate market is failing.  Not so much.  Although things are down for most areas of the United States a lot of this is caused by negative headlines creating a fear to both buyers and sellers.

If you are a buyer and all you hear is real estate prices are going down, why would you want to invest your money there?  As a seller, you hear prices are falling and you think why sell if I'm going to lose money.  This only exacerbates the problem and makes the predictions come true.

First time home buyers will never go away.  Those buyers add to their family and they become move up buyers and a seller.  There are also those people forced to move due to a change in life or job.  The main area of slowing sales are those people moving to a larger or more luxurious home just because they can.

Real estate is still a great investment in most areas of the US.  Those people that lived through the 70's and 80's real estate market know that this too will change.

If you find yourself in need of a real estate professional that can help you find your dream home or sell that property in the least amount of time for the most money with the least hassle, call The Melinda Duncan Team at 859-422-2035 or email us at melinda@melindaduncan.com.

In today's slowing Real Estate market it is more important than ever to have your property ready to sell before you start marketing the home.  Buyers have ample inventory to choose from and they are more critical than ever.  Some statistics show that approximately one in ten homes are selling.  In order to make yours the "one", let's take a look at what you need to do.

First of all, take a look around the property as if you are the buyer.  Forget that you love this house or that your babies have grown up in it or you spent $20,000 adding that custom deck.  From the front door back critique the house with objective eyes.  Does the front door needed paint or those flower boxes replanted?  As you go through make a list of all the things you meant to do but just didn't get around to.

"Cleanliness is next to Godliness" or so they say.  But this is so true in marketing your home.  Don't just burn candles or kill them with potpourri.  Actually clean the house till it smells fresh.  Nowadays you can find a good cleaning crew to give it the once over and you will be glad you did.

Pack away all the knick knacks.  You do not need to "decorate" the house for the buyer.  Chances are your taste and theirs are very different.  Clear off all the counters of anything unnecessary.  Pack away the toys and the dreadful stuffed animals.

Lastly clean up the yard.  Trim the bushes and rake the leaves.  The yard is the first and last impression a buyer has, don't you want it to be a good one?

For a complete list of "Getting your home ready to sell", please call The Melinda Duncan Team at 859-422-2035 or email at melinda@melindaduncan.com .