Lexington KY Real Estate Blog

Happy Monday Friends! Hope your week is off to a great start. I'm working on a new listing this week and wanted to give you a quick sneak peak before the home officially hits the Lexington KY Real Estate market later this week. My new listing at 2441 Coroneo Lane in Lexington's sought after Tuscany neighborhood is sure to please. I'm in love with this home and truly there is so much to love. If you are that buyer who is looking for something with those extra features that you are dying to have but are so hard to find in Lexington you need to call me today. 2441 Coroneo Lane packs a lot of punch and will be hard to forget. How many times have you said you would love to find a home with a 3-car garage in Lexington only to find it's like a needle in a

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Summer has come to an end and you probably are thinking you've lost the opportunity to sell, and need to wait till next summer. But that's far from the truth! Although it's not as hectic and crazy with the swarm of buyers on the market, the fall season brings out the most serious of lookers. They are the pool of buyers that waited out the summer frenzy to find their perfect home in the fall, and you don't want to miss these buyers! They are ready to make a move, today! And selling in a slower period does not equate to less money. That's a misconception that home owners have based on untrue data that floats around. With the right agent, and your home being priced correctly, you can get a great deal selling your home during the fall season. And might

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Each year, the National Association of REALTORS® surveys buyers and sellers who have purchased or sold in the previous twelve months in order to identify the process and steps taken.  It provides a lot of information for the people who will be going through the process now and in the near future.

44% of all buyers looked online for properties for sale.  This might be considered a logical first step to determine the prices of homes in certain areas and what features they offered.

17% of all buyers stated that their next step was to contact a real estate agent.  In another REALTOR study, it is reported that 87% of all buyers purchased their home through a real estate agent or broker.  Buyers identify a wide range of services the agents offer that is

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It is estimated that over 15% of the population in the U.S. are over 65 years of age.  With one of the most common fears of seniors being their money will run out early, it is understandable that downsizing may be strategy to meet their goals.

Once the kids are grown, have careers, relationships and get a place of their own, parents find they may not need their "big" home like they did before.  In other situations, their lifestyle might have changed, and the house just doesn't "fit" anymore.

The benefits of a smaller home can include the following:

  • Easier to maintain
  • Lower utilities
  • Lower property taxes
  • Lower insurance
  • More convenient location
  • Single level
  • Possibly more energy efficient
  • Possibly lower maintenance

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Saturday September 21, 2019 from 8:00 am to 2:00 p.m.- yes this coming Saturday! Mark your calendars as it is going to be a busy day! Before you hit a fall festival such as the famous Spoonbread Festival in Berea, KY, head on over to the Tuscany neighborhood in Lexington 40509. 

Tuscany, which is located right in the heart of Hamburg is located off of Sir Barton across from the horse cemetery (that is Carducci Street going into Tuscany) or located behind Lexington's Whitaker YMCA off of Sir Barton/Old Rosebud. Old Rosebud takes you right to Tuscany. There are 2 entrances off of Old Rosebud to get into Tuscany - Pascoli Place and a little further down is Villa Medici Pass that takes you right into the newest section of Tuscany. There will be residences

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The Internal Revenue Service considers four different types of real estate.  Specific types of properties have benefits based on their classification.  The determination does not depend on the property itself as much as it depends on how the property is used and what the owner's intentions are.

Principal Residence ... a principal residence is the place a person lives or expects to return if they are temporarily away from it.  It could be a single family, detached home or condominium or a duplex, tri-plex or four-unit.  The owner(s) can deduct the qualified mortgage interest and property taxes on the schedule A of their tax return.  There is a capital gains exclusion on profit of up to $250,000 for a single taxpayer and up to $500,000 for a married

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Lexington, Ky. September 12, 2019 – Lexington-based Better Homes and Gardens Real Estate® Cypress has acquired Berea Realty and expands the Better Homes and Gardens® Real Estate brand into the Berea and Richmond, Ky. areas.

The company will move forward under the leadership of Principal Broker Kenny Whalen, Career Development Manager Joseph Delos Reyes, Director of Business Operations Debbie Scanish and co-owners Nick Ratliff, Kim Soper, David Graves and Brian Lubeck.

Berea Realty Broker Mark Cox will serve as Associate Broker and Manager of the Berea location at Better Homes and Gardens Real Estate® Cypress. He and his five agents will continue to serve clients throughout Madison County and into Estill, Fayette, Clark, Jessamine, Garrard,

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Making additional principal contributions to your mortgage will save interest, build equity and shorten the term on a fixed-rate mortgage.  The concept is sound but bi-weekly may not be the best way to do it. 

One strategy is to make a payment every two weeks throughout the year in the amount of half of your required principal and interest payment.  Twenty-six half payments would equal thirteen full payments which would be one extra full payment per year applied to the principal.

The practical problem with this approach is that lenders may not accept partial payments throughout the year.  This means that you'd have to arrange a third-party company to accept your payments and forward them at a time that is acceptable to the lender.  Likely, there

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Square footage is commonly used to determine if a home will fit a buyer's needs.  The price per square foot can be used to compare the costs of different homes and even, determine the value of a property.

The challenge is what is the source of the square footage measurement and how was it done.

County records use square footage to determine assessed value for property tax purposes.  They are assumed to be reliable but there can be inaccuracies in their tax rolls.  Another source of square footage could be from the house plans but the problem there is that the builder may have made modifications, or a subsequent owner could have made additions.

Appraisers are required to measure the home to determine square footage and they generally,

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Leverage is an investment term that describes the use of borrowed funds to control an asset; sometimes referred to as using other people's money.  Borrowed funds can affect the investment in your home positively.

For instance, if you had a $100,000 rental property, collected the rents and paid the expenses and had $10,000 left, you would earn a 10% return (divide the $10,000 by the $100,000.)  With no loan on the property, there is no leverage.

If you decided to get an 80% mortgage at 8%, you would owe an additional $6,400 in expenses leaving you only $3,600 net.  However, your return would grow to 18% because your investment is now $20,000 in cash (divide the $3,600 by $20,000.)

Leverage, the use of borrowed funds, causes the return to

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