Real Estate Information

There may have never been a better time to buy a home than right now. Earlier this month, interest rates dropped again -- the average contract interest rate for 30-year fixed-rate mortgages decreased to 4.79% from 4.93%, according to loanrateupdate.com -- and there is still plenty of inventory, keeping home prices relatively low in our area.

Those positive factors, however, are often offset by tighter lending standards, causing many to shy away from applying for a mortgage. As a Member of the Top 5 in Real Estate Network®, however, I have learned that it really boils down to four main factors that will impact a lender's decision:

• Your ability to make a downpayment - usually between 3% and 20% of the purchase price -- of course, the larger the downpayment, the better your odds of securing the mortgage.
• Two years of steady employment - at the same job or in the same field.
• Good (but not necessarily perfect) credit score - these days, around 660 may do it.
• Monthly income between two and three times the estimated monthly mortgage payment.

I have had many clients, however, who have qualified for a mortgage without completely meeting the above criteria ... so don't rule yourself out too soon. There are several other steps you can take to secure a mortgage, such as these ideas from BusinessWeek:

• Meet with a lender anyway. You may find out that you qualify after all, and if not, the lender can tell you exactly which areas to focus on in order to qualify in the near future.
• Ask your real estate agent if they work with a particular lender or mortgage broker. An experienced agent works with many lenders and may even offer in-house mortgage services.
• Get a co-signer. This isn't easy, because if you default on a loan, the co-signer will be responsible for paying it. But if you know someone with good credit who has great faith in your ability to pay, a co-signer could be a workable option.
• Plan for the future. If it turns out you cannot qualify for a home loan right now, have your real estate agent help you map out a plan for improving your credit qualifications over the coming months. If you make homeownership a serious goal, you should be able to qualify in the not-too-distant future.

For more information about applying for a mortgage, please feel free to contact me. And be sure to share this email with family and friends who might also be considering a home purchase -- this market is just too good to miss out on!

In the do-it-yourself age we live in, many homeowners are ready and willing to take on home-improvement projects themselves. But while you may be ready and willing, the real question is, are you really "able?"

I have access to many great home-improvement resources thanks to being part of the Top 5 in Real Estate Network®. The following advice comes from HGTV's Carter Oosterhouse. Heed these suggestions before you embark on your next project:

1. Focus on projects that will pay you back. For example, if you're dealing with hot or cold weather, try to lower heating and cooling bills by properly sealing your home. Look for drafts around windows, doors, and vents,and then use caulk or weather stripping to seal them. It may not be glamorous, but it will pay you back down the road.
2. Know where to start. If you have never taken on a major project, start with spaces such as the living room, spare bedroom, or the garage -- rooms that won't limit your ability to function, says Oosterhouse.
3. Closet reorganization. Many times, people have maxed out their closet and have no more room to add, let alone organize. That's when it’s time to evaluate. Donate clothes you no longer wear to a charity, store seasonal attire in a separate location, and separate his from hers.
4. Break down a big project. Planning is essential. As Oosterhouse says, if you think you can just start up any big job without a plan, then you are in for a world of frustration. Know your capabilities and limitations.
5. Know where the biggest ROI is. The improvements that will most add to the value of your home include, the kitchen, the master bedroom and bathroom. These can boost your resale value and attract buyers who want a space that’s move-in ready.

These are just some of many great suggestions for tackling home improvement projects. Feel free to contact me for more ideas and please forward this email on to your fellow DIY-ers!

Many people have weathered through some tough times over the past few years. But now, as things begin to look a little brighter, it's time to consider starting over the right way and with a plan.

As a member of the Top 5 in Real Estate Network®, I am well versed in credit and lending issues and can offer some great tips and information on taking the steps to once again qualify for a mortgage.

Here are some tips for getting your credit back on track:

Pay your bills on time: The FICO score, the dominant credit score used by lenders, gives the greatest weight to payment history, so make sure you consistently pay your bills on time.

Review your credit report: You're entitled to a free credit report once every 12 months from each of the three national credit bureaus -- Experian, TransUnion and Equifax. You should get a copy and check it for any inaccuracies. To get your free credit report, go to http://www.annualcreditreport.com.

Check your mortgage: You want to be sure that you don't still owe anything on your old mortgage. Sometimes proceeds from a foreclosure sale aren't enough to cover what's owed on the mortgage, which would leave you owing the difference.

Apply for credit: In particular, apply for different varieties of credit. Credit-scoring models value having different types of credit, so apply for everything from a credit card to a car loan but don't apply for too much credit at one time. Too many inquiries on your credit report will look poor.

Don't fall prey: Watch out for credit repair companies that promise to clean up your credit report so you can get a car loan, a home mortgage, insurance, or even a job -- after paying a fee for the service. "The truth is, that no one can remove accurate, negative information from your credit report," according to the Federal Trade Commission. "It’s illegal." Only the passage of time can assure that negative, but accurate, information on your credit report will be removed.

Unfortunately, there are no quick credit fixes; however, with a little education and patience, you can begin to walk the road back to homeownership. If you would like more information on this topic, please contact me. Also, please pass this information along to anyone you feel may benefit from it.

The last of the paperwork has been filed away and the keys are in your hand. Congratulations on joining the ranks of first-time homeowners who've taken advantage of the great home-buying opportunities in today’s market!

But closing on your home is just one step toward reaching your long-term financial goals. As a member of the Top 5 in Real Estate Network®, I often advise my clients on financial matters and know that there are several steps new homeowners should take in order to ensure financial stability and protect their new investment. For example, here are five smart financial strategies from author Joe Tyson:

1. Don't splurge. While it's tempting to decorate every room in your new home as soon as possible, be careful about spending too much on furnishings and home improvements. Budget out over the course of the year or several years, to chip away at your home. Plus, when you're a homeowner, expenses will always crop up, so sock away some cash for the proverbial rainy day.
2. Rebuild emergency savings. If you've dipped into reserve funds to buy a home, put back that buffer as soon as possible to protect against unexpected events. This should be your priority ahead of aesthetic changes to your home.
3. Automate your mortgage payments. Late payments can cost you. Consider automatic checking account deductions to pay your mortgage. This is the number-one best way to ensure you are never late and to protect your credit score.
4. Keep good records. Even in today's tech-centric world, receipts and all related documents will be necessary for your tax returns.
5. Appeal tax assessments. If your home's value drops, you could be eligible for reduced property taxes. Keep in touch with your real estate agent to stay abreast of how property values are faring in your neighborhood. If your home's value is less than what it was appraised for at the time of purchase, appeal directly to the county assessor at little, if any, cost.

These are just some of the steps you can take to make sure you start homeownership on the right financial foot. Feel free to contact me for more financial tips and please pass this email on to others who might benefit from this information.

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In today's technology-centric world, the idea of hosting an open house to help find a buyer for your home may seem antiquated. As a Member of the Top 5 in Real Estate Network®, however, I have learned from experience that an open house -- when done correctly -- can go a long way toward getting your home sold quickly for an optimal price.

Why? Because while technology is integral to marketing your home, no video or virtual tour will ever compare to viewing a home in person. That's why it's essential to focus on the very tangible assets of your home during an open house -- the things that will connect with a potential buyer's senses. Work with your real estate agent to make sure you emphasize the following areas of your home so that open house visitors can connect in a very visceral way:

• Fragrance - Move beyond the played-out strategy of baking cookies in the oven and instead, seek to emphasize potential natural fragrances associated with your home. Have your open house while your magnolia tree, hyacinths, lilacs or rose bushes are in bloom. Make sure your lawn is freshly mowed. Open windows to let in sea or lake breezes. Arrange some freshly cut pine branches from a tree in your yard decoratively in a vase. Make sure your hardwood floors are cleaned and polished. All of these are subtle, yet powerful, scents associated with the true meaning of home.
• Warmth - Nothing says home better than a room basking in sunlight. Make sure curtains are pulled aside and blinds raised to let natural sunlight bathe key rooms in the home. Take advantage of a home's wood stove or fireplace when appropriate.
• Touch - Open house visitors will open all sorts of doors, cabinets and drawers and come in contact with banisters and window frames. Make sure all metal substances, like brass door knobs, and wood finishes, such as your master staircase, are brilliantly polished, clean and smooth to the touch.
• Sound - Every home has certain sounds associated with it -- good and bad. Take advantage of any natural water nearby by keeping a strategic window or two open, or install indoor and/or outdoor fountains. Hang a bird feeder in close proximity to an open kitchen window. If you own a grandfather or cuckoo clock, make sure it's wound. Conversely, unplug any electronics that might make disturbing humming or beeping noises, and close any windows that let in displeasing street noise.
• Sight - While odds are most visitors have already seen your home online, nothing compares to this in-person visit. Inspect your house from all angles, starting at the front curb or driveway, all the way through to the basement, attic, and back door. Make sure your home looks its best from every angle -- even inside closets and cupboards. As you can imagine, less is more. Clean out the excess and arrange subtle vignettes that help visitors envision themselves living life in the various nooks and crannies of the home.

Thanks to technology, we can narrow down who is truly interested in our home prior to an open house. But make sure your open house grabs potential buyers on a deeper level than what they can experience online. For more ideas, please e-mail me, and feel free to pass these tips on to others who might be interested in selling their home.

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Come and see for yourself what a true stunner this beautiful cape cod is.  212 S Grand will be held open Sunday, Janurary 23, 2011 from 1:00pm - 3:00pm and will be hosted by Mike Parker.

Directions:  471 to South on Grand, home is located on the left going South

212 S Grand Ave Price: $150,000 Beds: 3 Baths: 2 Sq Ft: 0 212 S. Grand Ave. is a true stunner! This mint condition cape cod has been totally updated and is loaded with amenities. It features three bedrooms, two full bathrooms, lush hardwood flooring, central air, gas heat, a wood burning brick fireplace, a... View this property >>

As of today January 13, 2010:

There are currently 3310 Single Family, Condo, Town-homes and Farms for sale in Northern Kentucky.  As of today there are 444 Single Family, Condo, Town-homes and Farms that are Pending (Under Contract).*

Here is the breakdown:

There are 2667 Single Family homes for sale with 395 single family homes Pending (under contract) in Northern Kentucky. The Average list price is $183,296 with a Median List Price of $142,000.*

There are 628 Condo and Town-homes for sale with 52 Condo and Town-homes that are pending (Under Contract).  The average list price is $207,177 and the median list price is $121,200.*

There are 108 Farms for sale in Northern Kentucky and 5 are Pending (under contract) in the NKY MLS.*

* All Data taken from the Northern Kentucky MLS the morning of January 13, 2011.

This Report was brought to you by Northern Kentucky Real Estate Expert Mike Parker of HUFF Realty!  Mike has over 24 years of experience in selling real estate in Northern Kentucky! If you would like more data or want to know more about your own personal property, please feel free to contact Mike Parker – CRS. 

Mike Parker – CRS

HUFF Realty

Direct: 859-486-3300

Mike@MikeParker.com

P.S. I deeply appreciate Your Real Estate Referrals!

According to a new consumer poll from the National Association of the Remodeling Industry (NARI), 49% of homeowners consider outcome and design as the greatest determinant of project satisfaction. According to NARI National President-Elect Michael Hydeck, consumers want their design to cater perfectly to their lifestyles and how they intend to use the space.

As a Member of the Top 5 in Real Estate Network®, I have seen countless times how good design involves much more than customization of the home. Design work can bring multi-functional capabilities to a room -- like a kitchen that also serves as the family room -- or it can enhance the flow of the space by widening walkways and adding more access to the space from various parts of the home.

If you are considering a home remodel in 2011, make sure your remodeler works with you to get to the root of your lifestyle needs. According to Hydeck, many remodelers actually put their clients through special exercises to see how the remodel can best enhance their lifestyle, such as having them complete a questionnaire or take them on a walk-through of the entire home.

Hydeck also recommends, prior to starting a remodel, that you take a few days to take note of everything you do in your home and how you access it ... the paths you take, what counters or areas you place items on, where you sit most often to relax, etc. Being aware of these patterns will help make your remodel as successful as possible.

For more advice on remodeling, visit www.nariremodelers.com, or e-mail me. I can provide you with my recommendations for remodelers in your area. Be sure to forward this information on to any friends and family members who may also be considering a remodel.

As we enjoy this holiday week and invite friends and families to our home, the fireplace often serves as the iconic focal point of our get-togethers. In fact, according to the U.S. Fire Administration (USFA), approximately one-third of Americans use fireplaces, wood stoves and other fuel-fired appliances.

My colleagues and I in the Top 5 in Real Estate Network® know how important a fireplace can be to making a house a home. But we also know the hazards they can present when proper safety precautions aren’t taken. Following are some important tips for safely enjoying your fireplace and protecting your family and home:

1. Yearly fireplace maintenance is crucial. Gas and wood-burning fireplaces require yearly maintenance in order to work effectively. If you light fires frequently, consider having this done twice a year. Chimneys should be inspected and cleared each year by a certified specialist—a professional real estate agent can recommend a good chimney sweep in the area. Burners and controls for gas fireplaces should be vacuumed and brushed at least once a year.

2. Check smoke detectors and fire alarms often to ensure they are working properly. Also, make sure you have enough in your home. The USFA recommends installing smoke alarms on every level of your home and inside and outside of sleeping areas. Test them monthly and change the batteries at least once a year. Consider installing the new long-life smoke alarms.

3. Keep the fire manageable. Small fires produce less smoke and are easier to control. Make sure your fireplace screen or cover fits securely in order to prevent any embers from escaping.

4. Monitor carbon monoxide (CO). Carbon monoxide is an odorless, colorless and tasteless poison produced whenever gas, oil or wood is burned. CO is controlled by proper maintenance and ventilation of fuel-burning appliances. Carbon monoxide monitors should be used in any home that has a fireplace.

5. Enable proper ventilation. Air is vital for fireplaces to function properly and for preventing CO buildup. Never cut off the air supply to the flame. Make sure that necessary vents and dampers are open, and do not shut the flue until the fire is almost out. Leaving a window open a few inches can also help circulate fresh air and prevent back drafts.

6. Only burn the proper materials. Use only seasoned hardwood, such as oak, ash or maple. Soft, moist wood accelerates creosote buildup in your chimney, which can lead to chimney fires. Lighter fluids, flammable liquids, cardboard and trash should never be used to start a fire.

7. Ensure the right conditions outdoors. Keep your roof clear of leaves, pine needles and other debris, says the USFA. A clogged chimney, cracked masonry or a blocked vent can greatly increase the chance of fire or carbon monoxide poisoning. Periodic outdoor inspections for low-hanging branches or other debris should be performed throughout the winter.

Of course, be sure to never leave your fireplace unattended. A watchful eye is often the best safety measure there is. If you would like more information on home safety, please e-mail me. And be sure to pass these important tips onto your friends and loved ones, too. Wishing you a happy and healthy New Year!

Moving into a new home is indeed one of the most exciting times of your life. That’s why it’s important to start out on the right foot and start caring for your home—and protecting your investment—right away.

As a Member of the Top 5 in Real Estate Network®, my clients often ask me what are the most important areas of a home to consistently maintain. Here are 10 key trouble spots home maintenance experts advise you regularly check on so that they don’t turn into larger, more expensive, problems down the road:

1. Windows and doors – Be sure to regularly check seals around all your doors and windows to keep drafts out. This simple measure can result in big savings when it comes to your heating and cooling bills.
2. Safety devices – Check all smoke and carbon monoxide detectors and replace batteries twice a year. Also, keep small fire extinguishers in appropriate places.
3. Roof – In early fall, check around vents, skylights and chimneys for cracks or leaks and repair or replace tiles as necessary.
4. Gutters – Keep gutters clear of leaves and debris to prevent clogging, and always make sure they drain away from the house.
5. Fireplace – Have a chimney sweep assess any fireplaces to check for cracks and creosote build-up that can cause chimney fires.
6. Filters – Clean or replace furnace filters once every month or as needed. Check and clean the dryer vent, air conditioner, stove hood and room fans regularly.
7. Air conditioner – When you cover your outdoor furniture for inclement weather, be sure to cover your air conditioning unit as well.
8. Refrigerator – Test door seals to ensure they are airtight. If you have a coil-back fridge, the coils should be vacuumed twice a year.
9. Faucets – Check for leaks in kitchens and bathrooms and replace washers as necessary.
10. Siding and paint – Look for cracks or peeling areas. Repaint or replace caulk as necessary.

These are just a few home maintenance tips to be aware of. For more information, feel free to e-mail me and be sure to pass these tips along to your fellow new homeowners!