Deed Restrictions and HOA’s- Understand Before You Buy!

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You’re probably asking yourself why you would even want to buy property that restricts how you can
use your own property. Restrictions give a development a more uniform or complimentary appearance,
and control some of the activities that take place in the defined area. Covenants benefit the homeowner
by protecting values. When enforced, they usually regulate lot size, minimum size of structure,
setbacks, placement of buildings on the lot, placement of trees, easements, fees for maintenance or
amenities, structure and style of outbuildings, fences or other additional improvements OR the
prohibition of these things as well as pets and certain vehicles. The list can be endless and if the
restrictions were in place and recorded before the property is purchased, they are enforceable regardless of whether they seem reasonable or not.
Remember that if you are buying a home or lot in a subdivision or recently developed area, you most
likely will have deed restrictions. Always ask your REALTOR® to show you these documents before you
sign a contract to buy. (If no one has these available, go to the county clerk’s office – to the deed room
and ask the staff to help you find them. If you have the deed, take it with you.) Once you have closed
on your property, it is too late to decide that you don’t like the rules set forth in the deed restrictions.
Not only do you need to be aware of rules, but there might also be fees that are assessed to every
property owner for amenities or maintenance. Make sure that you are informed about 1) fees,
2)governing body, 3)penalties, 4) YOUR rights as stated in the covenants. If you ever have any doubt or
question about any part of the restrictive covenants- seek the advice of an attorney.
Not all restrictions involve subdivisions or developments. Sometimes you’ll see restrictions on individual
parcels of land or property that may include things like “no mobile homes” or “no commercial business”,
“no farm animals”, etc. Many times these are to protect the seller from competition, or neighboring
properties trying to maintain the nature of the area. Also look for things like private road agreements
and easements that exist on the property.
Enforcing deed restrictions can be as simple as contacting the property owner, referencing the violation
and asking that they make the change to be in good standing with the neighborhood. Of course, if that
doesn’t work, your next step might be to contact the developer or leader of the homeowners
association to contact the property owner by mail (registered mail) requesting compliance. If this effort
fails- either the developer (if he/she still has control set forth in the restrictions), the homeowners
association, or you, the property owner in the development may pursue legal action against the noncompliant homeowner.

You’re probably asking yourself why you would even want to buy property that restricts how you can
use your own property. Restrictions give a development a more uniform or complimentary appearance,
and control some of the activities that take place in the defined area. Covenants benefit the homeowner
by protecting values. When enforced, they usually regulate lot size, minimum size of structure,
setbacks, placement of buildings on the lot, placement of trees, easements, fees for maintenance or
amenities, structure and style of outbuildings, fences or other additional improvements OR the
prohibition of these things as well as pets and certain vehicles. The list can be endless and if the
restrictions were in place and recorded before the property is purchased, they are enforceable regardless of whether they seem reasonable or not.
Remember that if you are buying a home or lot in a subdivision or recently developed area, you most
likely will have deed restrictions. Always ask your REALTOR® to show you these documents before you
sign a contract to buy. (If no one has these available, go to the county clerk’s office – to the deed room
and ask the staff to help you find them. If you have the deed, take it with you.) Once you have closed
on your property, it is too late to decide that you don’t like the rules set forth in the deed restrictions.
Not only do you need to be aware of rules, but there might also be fees that are assessed to every
property owner for amenities or maintenance. Make sure that you are informed about 1) fees,
2)governing body, 3)penalties, 4) YOUR rights as stated in the covenants. If you ever have any doubt or
question about any part of the restrictive covenants- seek the advice of an attorney.
Not all restrictions involve subdivisions or developments. Sometimes you’ll see restrictions on individual
parcels of land or property that may include things like “no mobile homes” or “no commercial business”,
“no farm animals”, etc. Many times these are to protect the seller from competition, or neighboring
properties trying to maintain the nature of the area. Also look for things like private road agreements
and easements that exist on the property.
Enforcing deed restrictions can be as simple as contacting the property owner, referencing the violation
and asking that they make the change to be in good standing with the neighborhood. Of course, if that
doesn’t work, your next step might be to contact the developer or leader of the homeowners
association to contact the property owner by mail (registered mail) requesting compliance. If this effort
fails- either the developer (if he/she still has control set forth in the restrictions), the homeowners
association, or you, the property owner in the development may pursue legal action against the noncompliant homeowner.

Ultimately, my message is this know the rules that come with the land- BEFORE you buy it! If you don’t
like to rules, find a different area to buy because, chances are you won’t like it any better after you buy.
Remember that restrictions are there to protect all of the property owners within the restricted area.
And, maybe most importantly- try to keep a harmonious relationship with neighbors by reaching out as
a neighbor first to correct offenses and turn to the court as a last resort!

Change is coming!!

Peggy R. Smith

Momentous changes are coming to the Old Ky Home Board of Realtors!!  After more than 12 years with our current MLS provider, we are making some changes. We love our MLS provider and the great service it provides for our members and our communities in Nelson, Marion, Washington, Larue, and Hart Counties! But for years, we have wanted to increase our reach out into the state.

I remember making a file ten years ago, when I started the job as Association Executive for this impressive Board of Realtors.  Inside that file were plans of other MLSs joining together to serve the members better. Over time- willing partners moved closer in conversations, in research, and in observing the changing times and needs. Finally- almost 2 years ago- Region 2 of the KY REALTORS formed a committee to gather information and to get the specifics of some form of regional data sharing MLS model.

Then, finally after hundreds of ideas, proposals and answered questions- we signed the KMA Alliance with the five boards, including twenty-eight counties and approximately 1300 Realtors. Over the past year, our KMA committee has worked tirelessly on the details, the data fixes, and the compatibility of the 5 MLSs working together while remaining independent. It has been a challenging, frustrating, and rewarding undertaking- and it all comes to fruition Monday, October 11^th!

Locally, I want to give a huge thanks to Edward Seay who was President when this adventure became formal, to Steve Bagby who served on the committee, to Brent Long who served on the committee and to our current President Molly Mattingly who will preside over that changeover. We are finally at the finish line!

What does this mean to you- the public, consumer, community member? Until now- if you list your home with a Realtor- you want to find a local person who knows the area, knows the local market, and gets the best coverage of area for exposure to lots of agents- and therefore- buyers! Being a smaller board gives our members the personal service that our professionals want and deserve; but being a small MLS does not always work the same way. Therefore, many of our agents have had to join more than one MLS to get the coverage the sellers want. With this new Alliance- we can now be a smaller, more personal board- while becoming a larger MLS. The best for both members and clients!

We want to help our Realtors to continue to give our local buyers and sellers the best service available- with the best tools at our fingertips! We want to be able to access more properties for buyers, we want to be able to get every listing to more agents in our area of the state! We are doing that now!!

Change is inevitable and the world is always in a state of change, every single moment there is change happening, and now it has come to the Old Kentucky Home Board of REALTORS®! Let us serve you up a nice dish of it!

Peggy R. Smith is the Association Executive for the Old KY Home Board of REALTORS®. The Old Kentucky Home Board of REALTORS® owns and operates the MLS for the Nelson, Washington, Marion, Larue, and Hart Counties in Kentucky, with over 55 years serving our local area. Member of Kentucky Association of REALTORS® and National Association of REALTORS®.

And now- the KMA MLS Alliance serving 28 counties!

October 5, 2021

https://www.facebook.com/peggyritchie.smith/

Board Cookout Time…We love people!!

I so excited that it’s almost time for the Old KY Home Board of REALTORS® Community Appreciation Cookout!!  The first five months of 2021 have flown by- and now it’s the time we reserve each year to thank those who help us, the great people of the Old Ky Home Board of REALTORS® make a living!  We had to cancel last year’s celebration due to covid, but we’re back and so excited about serving you! Especially our affiliates- lenders, inspectors, title companies, appraisers, contractors, surveyors, builders, photographers, clerks.  It takes all of us to pull off a successful closing.  Our partnership and relationship with all of you means a lot to us. 

In my many years in the real estate business- I have personally witnessed the difference between a closing involving parties aware of the process and local settlement customs- and one where the parties are not familiar with the local processes and traditional protocol.   I can tell you that the best closings are the ones with no surprises!  It is our relationship with these professionals that makes it all come together smoothly at the end!

When we have the truest professionals working together as a team , we get to move on to the most gratifying part of our job- helping people find their homes! Making these dreams come true for folks is what makes every wrinkle, crack or roadblock worthwhile!  Being in the profession- we know how many things can go wrong without the appropriate attention to the details of each and every transaction.  Without the trust and confidence of our buyers and sellers- we couldn’t make this happen. 

Of course- no appreciation celebration would be necessary if not for the wonderful community that we have the privilege to work with.  Our clients, and customers are our highest priority.  We consider it the highest compliment that the good people in the OKH Board of Realtors area choose one of us to represent them in the sale or purchase of a home.  This is our time to say thank you.

So- Wednesday, June 16, 2021 we will host our Third Annual Appreciation Cookout- starting at 11:30am until 1:00pm at the Bardstown Farmer’s Market, downtown Bardstown on East Flaget Ave. 

We’ll have pork chops, burgers, chips, baked beans, cookies, colas, water, music- and we (REALTORS) will serve you up right!!  Our industry exists and thrives because of you- homebuyers and sellers and our great partners in Real Estate!  Thank you!

By the way- we are only about a month away from the Project School Supply Drive which will happen in July.  We will be accepting donations at our cookout and/or instructions about how you or your company can get involved or make a donation to bring school supplies and basic school needs to the family resource directors in our local schools!  Please mark your calendars for the COOKOUT on June 16 and the PROJECT SCHOOL SUPPLY in July!!

 Peggy R. Smith is the Association Executive for the Old KY Home Board of REALTORS®. The Old Kentucky Home Board of REALTORS® owns and operates the MLS for the Nelson, Washington, Marion, Larue and Hart Counties in Kentucky and has over 50 years serving our local area. Member of Kentucky Association of REALTORS® and National Association of REALTORS®.

SPRING CLEAN-UP TIME IS HERE AGAIN!!

Spring is really here! After a winter of dormant, grass, dozing flowers, used up petals, leaves and messed up mulch- we are all ready to throw off that blanket of fall and winter’s left- overs! 

First – let’s get rid of all the debris- so that we’re starting with a clean slate.  Get all your tools out and clean them up so that you have what you need them.

 What kind of tools do you need? Hand trowel, garden rake, pruners, loppers, gloves, lawn size garbage bags, wagon or wheel barrow.  Trim and clip away the dead leaves, grasses, limbs, stems, vines and branches. 

Rake up all the debris, and place them into the garden wagon and haul away- or move to your compost heap.  In our area- we have city and county trucks that drive around collecting branches if left by the side of the road. If you have a lot of branches- you might want to call the city of Bardstown to see if there are services being offered now.

Rake up all the old leaf and grass covers to keep fungus and bacteria from developing.  Now your yard should be ready for spring re-seeding. Keep in mind that raking a spring yard, there’s a special rule you need to follow.  You’re supposed to do it when the grass is relatively dry not to pull it out with roots out of the wet soil. Wait till the melted snow disappears completely and let your yard dry up for a few days before raking the lawn. It will be a lot easier to rake then as well. If any thin or bald spots formed on your lawn, get rid of dead turf to make way for the seeding areas.

Garden beds have to be cleaned, annual flowers and plants – removed, perennials – trimmed to a height of 4-5 inches and divided wherever necessary, soil – aerated and fertilized for future planting. Getting the flower beds repaired after the winter damage is quite fitting to spring yard cleaning as well.  Make sure that all the throw-aways are disposed of.

Now is a good time to get out the pressure washer and tackle porches, decks, fences, walkways.  All the remnants of last winter and fall that you can blow away and spray off goes a long way to making your spring and summer yard more healthy and enjoyable!

Wooden fences take a beating in the winter- therefore; don’t forget to give them some love during your spring yard clean up session. Replace broken or rotten boards, strip off flaked paint. Scrub the pickets clean using a water, bleach and liquid soap solution (2 gallons, 2 quarts, and 1 cup accordingly) and let them dry. After that, examine your fence for small rotten sections and patch them with wood epoxy. Sand and apply a fresh coat of paint. Your brand new fence is ready.

Okay- I know some of you might not have time, energy, tools or the interest in doing these things- but love the idea of a fresh, colorful and fresh flower bed when spring arrives in May.  So- just go ahead and cut out this article, call you husband, son, brother, or whoever might have the time, talent and tools to get it done and hand him/or her this list and offer the lunch, dinner, cake or pie in exchange for a couple hours of spring yard clean-up!

Next… picking out and planting your flower bed.

Peggy R. Smith is the Association Executive for the Old KY Home Board of REALTORS®. The Old Kentucky Home Board of REALTORS® owns and operates the MLS for the Nelson, Washington, Marion, Larue and Hart Counties in Kentucky and has spent over 50 years serving our local area. Member of Kentucky Association of REALTORS® and National Association of REALTORS®.

Covid-19 and Real Estate Update

We have gone a few weeks now with much social distancing, self- isolation and other safety measures directed by our state and federal government.  These are serious times and all of us bear the responsibility to serve each other in as safe a way as we can!  Luckily we receive guidance on who is allowed to continue conducting business and what standards must be met in order comply with all the safety measures.

REALTORS® across the Commonwealth are pleased with the decision made by Governor Beshear to allow professional services to continue to operate during this time of business restrictions. (Section O. of Executive Order 2020-257) The services that affect the real estate industry in Kentucky besides REALTORS® themselves include but are not limited to title searches, permitting, inspections, construction, appraisals, mortgage lending and especially the transfer and recordation of ownership.

The ability to close real estate transactions and properly serve consumers includes certain requirements and deadlines. The potential impact of a business stoppage, both on the lives and finances of property owners and buyers in need of housing now, is substantial and will now be avoided since these professional services are allowed to continue.

REALTORS® are local market experts who stand ready to serve their clients and communities in this time of uncertainty. While the majority of real estate business functions can be accomplished remotely, REALTORS® are able to conduct private showings and work one-on-one with clients while closely following CDC guidelines. Information from the National Association of REALTORS® has provided the guidance they need to safely do business with the consumers of Kentucky.

Right now- the need for a home for some people is just as great as before the virus and the subsequent social restrictions.  Everyone should feel comfortable that any continuation of business in this area will be conducted with the greatest of care and adherence to the state and national standards.

THIS IS NOT BUSINESS AS USUAL! We Realtors® and affiliated services are unwavering in our support for the Governor’s order.  For our sakes and yours we will be diligent in our measures to keep all of us safe.

Again- I want to stress that if you want to wait until this passes, it is still important to stay in touch with your Realtor®, your lender, and keep on searching online for homes that will meet your needs.  The ability to communicate and gather information has never been more important!

The REALTOR® community appreciates its customers, clients and communities and are very sure that we will emerge out of these times soon and with great enthusiasm! Stay safe, and if you have a pressing need for a home- count on us to take great care in serving you.

Peggy R. Smith is the Association Executive for the Old KY Home Board of REALTORS®. The Old Kentucky Home Board of REALTORS® owns and operates the MLS for the Nelson, Washington, Marion, Larue and Hart Counties in Kentucky and is celebrating 50 years serving our local area. Member of Kentucky Association of REALTORS® and National Association of REALTORS®.

Covid-19 and Your Home Search

Every few years, we have a virus, epidemic, or some health issue that makes us as a country pause to wonder if this will alter our way of life, or if it will just pass us by.  This year, as this new Covid-19 virus sweeps across the country- it has a few things about it that makes it feel different.  I know that we have the best and the brightest doctors and scientists here in America, but I still feel like going out with a little more caution than previously. 

Already- with the cancellation of the NCAA tournaments, the racing at Churchill Downs, the closing of schools, cancellation of gatherings, meetings and church services have gotten our attention big time!!  This is a first in my lifetime- for sure!  With all that, what can we- as Realtors, and you- as consumers expect in the future for buying and selling a home?

First- I will say that the process of driving clients around, showing homes and open houses will have a few changes.  You can’t possible know everything about who you are driving or riding with- so for the sake of caution- drive yourself.  Homeowners may have a few reservations about people not known to them coming into their home- be patients and expect some restrictions or guidelines.  And as for Open Houses- you might not be able to find as many these days, at least until the concern dies down.

Going places, being around people and especially being in someone’s home are things that are putting us at a certain amount of risk. However, with care and caution- business can continue, it’s up to each of us to do our part in cleaning surfaces, washing hands, driving ourselves, putting on shoe booties or taking off shoes when looking at a home.  It’s common sense really, but we can be reminded over and over.

Locally- the Old Kentucky Home Board of Realtors decided it was prudent to cancel this month’s membership meeting in order to protect our members and the restaurant worker.  Even though we were aware that it meant a loss of business to the restaurant and to the workers.  I think patience and awareness will get us through this.

Is there any up-side to this mess?  Well here is what I found-

On March 13, 2020, according a latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.940 percent with an APR of 4.080 percent. The average 15-year fixed mortgage rate is 3.180 percent with an APR of 3.380 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 3.500 percent with an APR of 3.990 percent.

This might change daily, but I think you get my point!  Interest rates are great.  This allows the buyer to have a lower monthly payment or allows them to go up a little in price.  It’s hard to tell if this is a result of the Fed’s actions last week, or the virus, or government action , but- it’s a great thing and if you think it’s time for you to buy a home- this is the time.  (Couple that with the $5000 grant that is available through most lenders and you are scoring big time!!)

So- at the end of the day- keep looking at and for homes (you can do that online); keep talking to your Realtor (you can do that by phone or internet); keep talking to your lender and ask about the $5000 grant (by phone).  When you have it all together- go see that home, have your Realtor write a good offer, get that great financing and buy that house!

Peggy R. Smith is the Association Executive for the Old KY Home Board of REALTORS®. The Old Kentucky Home Board of REALTORS® owns and operates the MLS for the Nelson, Washington, Marion, Larue and Hart Counties in Kentucky and is celebrating 50 years serving our local area. Member of Kentucky Association of REALTORS® and National Association of REALTORS®.

 

Fair Housing Act Turns 50

April is Fair Housing Month! After years of noting this important month as a civil rights- no, a human rights measure signed into law in 1968- some things are changing regarding enforcement. . As it reads today, the Fair Housing Act protects people from discrimination when they are renting, buying, or securing financing for any housing. The prohibitions specifically cover discrimination because of race, color, national origin, religion, sex, disability and the presence of children. According to a New York Times article last week by Glenn Thrush, ” The Trump administration is attempting to scale back federal efforts to enforce fair housing laws, freezing enforcement actions against local governments and businesses, including Facebook, while sidelining officials who have aggressively pursued civil rights cases.” According to the article, every administration will make some changes, and Ben Carson, HUD Secretary decided to remove the words ”inclusive” and “free from discrimination” from HUD’s mission statement. Different agency officials have reported that several inquiries about fair housing violations have been put on hold by the agency. Secretary Carson denies that he is abandoning the agency’s mission, but “recalibrating” the process rather than making a philosophical shift. Either way, it is worth noting that any changes to the enforcement of the Fair Housing Act could be interpreted as a change in the law. Today- I write this article, including the above concerns because the Fair Housing Act is one part of the law of this land that must change and grow as our country changes and grows. HOWEVER- any changes, no matter how small or seeming inconsequential must be watched and monitored as it could lead to the unraveling of a very important part of our nation’s fabric. As we celebrate 50 years since the passing of the Fair Housing Act, I hope we can celebrate the progress made in those 50 years as far as opening doors for new housing opportunities for so many people who had often been denied access to quality housing and home financing.

The National Fair Housing Alliance, in their 2017 Fair Housing Trends report, stated:

 There were 28,181 reported complaints of housing discrimination in 2016. Of these, private fair housing organizations were responsible for addressing 70 percent, the lion’s share of all housing discrimination complaints nationwide.

 55 percent of these complaints involved discrimination on the basis of disability, followed by 19.6 percent based on racial discrimination and 8.5 percent based on discrimination against families with kids.
 91.5 percent of all acts of housing discrimination reported in 2016 occurred during rental transactions. Based on these statistics alone- we must watch, hold ourselves accountable and our society to standards which will always hold the right to good, safe, clean and affordable housing as a basic human right.

I have had many conversations with people in the communities in our area for years about the quality of housing; public housing, private housing, rental properties in and around Nelson County. We stand among the best, well maintained, in the state! It is in our awareness and pride that we can claim to be the Most Beautiful Small Town in America.
Peggy R. Smith is the Association Executive for the Old KY Home Board of REALTORS®. The Old Kentucky Home Board of REALTORS® owns and operates the MLS for the Nelson, Washington,
Marion, Larue and Hart Counties in Kentucky and has over 50 years serving our local area. Member of Kentucky Association of REALTORS® and National Association of REALTORS®.

A Tale of Three Conversations

Conversation 1
Mr. Seller: I keep reading that it’s a seller’s market- and I have to agree! I decided to sell my home myself without hiring an agent.
Friend: Are you sure that was the wisest thing to do?
Mr. Seller: Heck yes- I put the sign in the yard and it sold in 2 days! I saved that seller’s commission and got full price! Well- that deal fell through because the buyer wasn’t qualified for the loan, but we got another offer right away- we just had to pay buyers closing costs and do about $3000. in repairs, but we did that all by ourselves- without an agent!
Friend: Really? Congratulations??

 

Conversation 2
Agent 1- I’ve noticed that the housing inventory is pretty low now, making it pretty hard to get listings, but also making the transactions a little more complicated, don’t you think?
Agent 2- I represented a buyer in a sale from a FSBO (for sale by owner). It went pretty smooth on my end.- I had a good qualified buyer thanks to some preliminary work we did to get all credit issues cleaned up and financing prequalified. Unfortunately for the seller, when we got to the closing, the seller found out that his property appraised for several thousand more than he sold it for. I guess he might have benefitted from some expert advice.
Conversation 3
REALTOR®- Now Mr. and Mrs. Smith, I want you to understand that getting offers will be easy with your home. We have it staged to sell, all repairs and maintenance addressed and home warranty offered. But you need to be aware that I will be checking to make sure that all offers will be pre-qualified (We don’t want to tie your property up with offers that can’t close); and the marketing gets out to everyone right away so that we can get the best offers early on in the listing and that we’ll have a good strategy on handling offers/multiple offers.
Mrs. Smith- Multiple offers? You mean we don’t have to accept the first offer we get?
REALTOR®- Not necessarily. Each situation is different and your options in dealing with each will vary based on lots of details. When you get into this kind of fast moving market- details matter, so we’ll carefully examine each thing as it happens- to come up with the best final contract we can for you!
Mr. Smith- I must admit- I didn’t agree with Mrs. Smith about hiring a REALTOR® since I was pretty sure I could handle selling this house myself, but after hearing about pricing it right, marketing it immediately and in the right ways, double-checking the buyers, handling objections and requests and analyzing and managing multiple offer situations- I realize that hiring you could end up costing me a lot less than doing it myself! Mrs. Smith is usually right….
The point of these conversations is this- you may not know how much you don’t know about what could go wrong in a real estate transaction until you find yourself in a pickle and don’t know how to undo what has been done by an amateur-you! You don’t want to spend money that you shouldn’t, you don’t want to leave money on the table, and you don’t want to miss out on opportunities that a pro might see that you don’t! Hire a professional- hire a REALTOR® You don’t want to save a dime- just to lose a quarter!
Peggy R. Smith is the Association Executive for the Old KY Home Board of REALTORS®. The Old Kentucky Home Board of REALTORS® owns and operates the MLS for the Nelson, Washington, Marion, Larue and Hart Counties in Kentucky and has over 50 years serving our local area.
Member of Kentucky Association of REALTORS® and National Association of REALTORS®.

Should I Stay or Should I Go?

You have made up your mind- you’re going to sell your house.  After all- all signals say it’s the perfect time, with the low inventory and high demand.  It should sell right away at a premium. But wait a minute… where will you go?  Are there any homes to move to?  You’ll have the money you need to get that dream home- but where will you find it?

Here’s the reality home sellers have to face right now with this brisk house market.  The challenges could either be a road block to getting into a home you really love and having to settle for something that misses the mark; or (if you handle it right) could set you up to be the victor in a multiple offer situation.

Here are some things you’ll want to be PREPARED for in order to come out on top when the battle is on for the limited properties available:

*Hire a good REALTOR® you don’t want to go into a championship game without a coach!  Having a game plan includes more than know how to dribble and shoot.  There are strategies that include marketing, sale, pricing, closing , possession, transition negotiating, … Even one of those elements can throw the whole game and once the game starts , it’s hard to get the game plan together.

*Know your home’s true value   Your REALTOR has access to tools that will give you real facts on what has sold, what is for sale, and what may be adjusted in terms of finishes and condition and location to get your property value at its maximum level.

*Make sure your agent is clear about what you are looking for.   Locations, school district, size, number of bedrooms/ baths, amenities you can’t live without, things you are flexible on.  The more your agent  know about your needs the better they can be at hunting up the right properties to zero in on and maybe catch the early drift on properties  suitable for you.

*Allow your REALTOR to do some “bird-dogging “ on your behalf if there are no properties that match your needs.  He/she can do some research and let homeowners of qualified homes that he is working with buyers who are ready to make an offer on a home like theirs.  This practice, if done in a professional manner could open some doors that might not be already open at the time.

*Negotiate timelines. One of the most important and frustrating parts of selling and buying at the same time is getting the timing right.  And since you may not know when you negotiate the selling of your home, what the terms will be on the buying of your home – you’ll need great skill and flexibility and the willingness adjust your expectations if necessary to accommodate other parties, while leaving room for adjusting for the purchase contract that you haven’t made yet.

*Avoid contingencies when making offers.  Because of the scarcity of properties- you may be in competition with your offer to buy.  Because of that- you should go into any offer situation with contingencies and demands at a minimum.  You may miss the chance to drop those demands if you are competing with another offer with no demands.

*Be fast out of the gate.  If you have talked over all your needs with your REALTOR and she knows what you need, when you find it- be ready to make an offer right away.  If you’ve had these discussions with your REALTOR, then you know how he will prepare your offer and how aggressive you want to be.  Always remember that sometimes while a buyer is sleeping on whether to offer, another buyer is buying!

Peggy R. Smith is the Association Executive for the Old KY Home Board of REALTORS®. The Old Kentucky Home Board of REALTORS® owns and operates the MLS for the Nelson, Washington,

Marion, Larue and Hart Counties in Kentucky and has over 50 years serving our local area. Member of Kentucky REALTORS® and National Association of REALTORS®.

 

Now IS the Time to List!

Well, here it is- February 2020. Christmas and New Years have come and gone; decorations have been taken down and safely stowed out of the way and not a minute too soon! Time to make your 2020 plans.
Have you given any thought over the past couple of years about selling your home and either going for that dream home that you have been working for all these years? Or would you like to let go of all the unused space in the “empty nest” and moving into something a little smaller and easier to take care of? Or do you just have a wandering heart – looking for something just a little different? If any of these thoughts are going through your mind- now is the time to get it together and put into action what your mind and heart have been telling you.
Don’t wait until spring; don’t wait until you get everything “perfect” in your house. Because, frankly, everything will never be perfect! But right now- the timing is perfect to achieve optimal results from the sale of your home!
Why now? The inventory of homes for sale in the local area is at an all-time low. New construction is clipping up- but not yet at the levels from years past when there were dozens of new homes waiting to be bought and hundreds of building lots waiting for builders to start the next one. The average days on market (DOM) is below 100 for the first time since I’ve been keeping watch- 25 years!
At the same time- I can say that in my conversations with REALTORS®, I am hearing that buyers are out there in abundance- looking for homes. It’s as simple as that- supply and demand! Buyers plus low inventory equals high returns on sale of homes. How long can this last? It’s hard to say- but smart money will probably try to fill the gap with a return to more development and new construction in the next year.
One last thing- interest rates are starting to move up at a slow pace, but there is no guarantee that the market will remain so favorable for both buyers and sellers at the same time. All we can count on in an unpredictable market is today… and today- if you have a home you’d like to sell- SEIZE THE DAY!!!
I trust and believe in the old proverb; “Strike while the iron is hot”! You should too! Call your REALTOR® today and get a market analysis to determine your price; create a marketing plan for you and begin to work for you in an organized and detailed way that only the real professionals can do!