Lexington KY Real Estate Blog

This weekend, most of us will be turning our clocks an hour ahead as we ‘spring forward.’ We may be losing an hour of sleep, but that doesn't mean you should lose hope on finding a home you love. If you’ve been thinking about buying a home but haven’t seen anything on the market that checks off the list of everything you've been looking for, this spring might just be when your dream home hits the market. At the end of every year, we see a major drop in the housing inventory. Homeowners are less likely to sell in the winter months, and most closings happen before it gets too cold. The good news for you is that this encourages sellers to put their homes on the market after the new year when both the weather and the market start to warm up again! 


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Fear of the unknown is common among all ages.  Kids, at night, imagine monsters in their closets or under their beds and adults are unsure of what the future might bring.

It may be natural for first-time buyers to be unsure of the process because they haven't been through it before but even repeat buyers need to know changes that have taken place since the financial housing crisis.

The steps in the home buying process are very predictable and generally follow the same pattern every time.  It certainly makes the move stay on schedule when you know all the different things that must be done to get to the closing.

  • In the initial interview with your real estate professional, you share the things you want and need in a home, discuss available
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Twenty Nineteen is all business when it comes to Lexington real estate market. Even though the calendar says February and it's still winter, the real estate buyers are in full force in Lexington. So if you are a buyer, call your agent this week and schedule a showing for my new listing at 449 Wellington Gardens Drive Lexington, KY 40503. This gorgeous home is being offered for the first time since construction. And you know many times when the original owner is finally parting with the home, it is usually in great condition and the pride of ownership shows all throughout. 449 Wellington Gardens Drive is certainly that way. This beautiful 3 bedroom, 2.5 bath home with 1,915 finished square feet has been well loved. Many updates include engineered wood

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Most parents don't put a lot of credence in the statements "Everyone is doing it" and "No one does that anymore."  They'll dig a little deeper and get the facts of the situation.  Interestingly, when it comes to buying a home, similar common myths continue to prevail surrounding what it takes to buy a home.

One of the most common myths is that it takes 20% down payment to get into a home.  Certainly, an 80% mortgage might have the most favorable interest rate. It won't require mortgage insurance and qualifying requirements might be a little less but there are alternatives.

"88% of all buyers financed their homes last year and consistent with previous years, younger buyers were more likely to finance their home purchase.  In 2018, the median down

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Here's the scenario: you have a project and need to borrow some money, but you want to do it in the most economic manner.  You've got a low rate on your existing first mortgage and don't want to do a cash-out refinance and pay a higher rate.  Is a home equity loan an option?

Prior to 2018, homeowners could have up to $100,000 of home equity debt and deduct the interest on their personal tax return.  The Tax Cuts and Jobs Act of 2017 eliminated the home equity deduction unless the money is used for capital improvements.

Regardless of the deductibility, lenders will still loan money to owners who have equity in their home and good credit.  The most common reasons people borrow against their home equity are:

  • Consolidate debt with higher interest
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Generally speaking, when you need an inventory of your personal belongings, it is too late to make one.  Sure, you can reconstruct it but undoubtedly, you'll forget things and that can cost you money when filing your insurance claim.

Most homeowner's policies have a certain amount of coverage for personal items that can be 40-60% of the value of the home.

Homeowners who have a loss are usually asked by the insurance company for proof of purchase which can come in the form of a receipt or current inventory of their personal belongings.

The most organized people might find it difficult, if not impossible, to find receipts for the valuable things in their home.  Think about when you're rummaging around a drawer or closet looking for something

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The Tax Cuts and Jobs Act of 2017 increased the standard deduction to $24,000 for married couples.  There will be some instances that homeowners may be better off taking the standard deduction than itemizing their deductions.  In the past, homeowners would most likely be better off itemizing but the $10,000 limit of state and local taxes (SALT) adds one more issue to consider.

Let's look at a hypothetical homeowner to see how a strategy that has been around for years could benefit them now even though they haven't used it in the past.  The strategy is called bunching; by timing the payments in a tax year so that they can be combined to make a larger deduction.

Let's say that the married couple filing jointly has a $285,000 mortgage at 5% for 30

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I'm so excited to bring to the Winchester real estate market this beautiful new listing in Winchester, KY located at 306 Foxglove Lane. I am waiting on the photographer to finish up the pictures and will have them today but It's not everyday you find a well maintained ranch home on the market. Especially one that is clean, smoke free and truly move-in-ready! First, let's talk location. 306 Foxglove Lane is located in popular McClure Manor which is in the heart of Winchester, KY. 

If you are not familiar with Winchester, this area is located off the bypass. The easiest way to find this neighborhood is look for the Walgreens and Kentucky Bank on the bypass and nestled right between those is a road called Colby Rd. Take Colby Road and as soon as

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Mortgage insurance premium can add almost $200 to the payment on a $265,000 FHA mortgage.  The decision to get an FHA loan may have been the lower down payment requirement or the lower credit score levels, but now that you have the loan, is it possible to eliminate it?

Mortgage Insurance Premium protects lenders in case of a borrower's default and is required on FHA loans.  The Up-Front MIP is currently 1.75% of the base loan amount and paid at the time of closing.  Annual MIP for loans with greater than 95% loan-to-value is .85% per year. 

For loans with FHA case numbers assigned before June 3, 2013, when the loan is paid down to 78% of the original loan amount, the MIP can be cancelled.  The borrower may need to contact the current servicer.

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The 2019 real estate market in Lexington, KY has been busier than the last 15 other Januaries since I have been selling real estate. The first 2-3 weeks of January are normally steady but not as busy as other months. Maybe it is the mild winter weather, maybe it's the low interest rates to date. The market seems to feel more like spring. Or what I really think it is - buyers are seeing the writing on the wall. We already know the Feds have stated they will raise interest rates 2-3 times in 2019 and buyers know, it is better to make the move and buy now vs. being hit with higher interest rates thus meaning higher monthly payments or not being able to qualify for a home at all. 

With that said, many sellers are already getting their homes "show ready" as

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