Residential Home Inventory

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If you are looking to purchase a home in the central Kentucky area, you may have noticed the lack of inventory (or available homes on the market).  It has made it considerably difficult for home buyers to find the home they love while trying to beat anyone else to it.  If you are a buyer make sure to have your ducks in a row before looking at homes, because once you come across the one you want to make an offer on you want to be ready so you don’t miss out.

While the current market may not look so great for home buyers, it is actually good for those trying to sell their home!  Now is the time to list your home for sale.  If you have a great real estate agent on your side and your home is priced right, your home may just stand out and sell quick!

Check out what’s available here.

Getting a Loan???

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If you are about to begin your search for property or even have already started casually looking and you are planning on getting a loan, stop what you are doing and go get pre-approved!

There are different ways you can go about doing this.  You can call different lenders or go to your bank you currently are with.  You definitely want to call around to check your options and see what they offer in terms of interest rates and closing costs.  See who YOU are more comfortable with.  Don’t be worried about your credit score when talking with different lenders.  They say you typically have around 45 days to “shop around” for lenders without it affecting your credit score.

If you are a first-time home buyer, different lenders may offer programs to assist you financially.  Do you think your credit is not good enough?  Well, first of all-you never know until you call and see, second of all-some lending offices offer credit repair programs.  Even if you don’t fit into these categories, lenders sometimes run different grants where they are giving you free money to help with closing costs that you DO NOT have to pay back-see if they offer these grants.

There is a difference in getting pre-qualified and pre-approved.  Pre-qualified is not an official go-ahead for a loan.  That is their quick way of saying “yeah, you should be able qualify for a loan for x amount of dollars.”  Pre-approved is what we need in order to move forward with making an offer on a home you love.  You don’t want to miss out on a home just because you waited to get pre-approved.

So, don’t wait!  Get it done ahead of time and ask the lenders anything you are concerned about.  Don’t know where to start?  Give us a call, we are happy to help and give recommendations for your property buying process.  Contact us

Remember we are not mortgage brokers and are not experts in the lending field.  Please consult a lender of your choice to ask specifics about your situation.

Zillow: Clearing the Air


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This is a short blog to help consumers become more educated during their property search.

Many of you may use Zillow for your home/property search.  What many of you are not aware of is that when you ask for more information about a property it is going to send your information to an agent and it is not usually the listing agent (the one representing the seller of the home you are interested in).

This is actually a good thing for both you as a buyer and for the agent you are being connected to.  If you were being connected directly to the agent that is representing the seller, they would be looking to do what they can for their seller-if you know what I mean.  This is why in a transaction in real estate there is usually a buyer agent and a listing agent, each representing their clients’ best interests.

I understand a lot of people assume you are going to be connected directly with the listing agent and may not know the downsides to this.  It is confusing that Zillow does not say who it is you are being directed to so I figured this would be helpful so you are prepared when inquiring about a property.

So, when another agent answers the phone or responds to your message-do not run away!  It is good for you in the long run as a buyer!

If you are already working with an agent outside of your Zillow searches, I recommend that if you find a place of interest you send the address to your agent to help you with it so you are not connected with someone new.  Still need an agent?  Contact one of our awesome REALTORS® to discuss what they can do for you!


Making an Offer to Purchase a Property


After all the time searching for the perfect property, you’ve finally found THE ONE.  Now what?

Making an offer to purchase a property is not a step in the home buying process to take lightly.  Just because you submitted an offer through your real estate agent does not necessarily mean it’s yours.  Keep in mind that the seller does not have to accept your offer if they think it’s too low or contains too many contingencies compared to other offers etc.  They can either accept, decline, or make a counteroffer.

The price listed on the home that the seller and their agent decided on is called the asking price.  This is not a set in stone number, this is when the power of negotiation comes into play.  You should decide on the price your are offering based on help from your real estate agent.  One of the great things about using a licensed agent is that they have access to previous and current home sales that you may hear be called “comparables” or “comps”.  Hopefully the listing agent used these to help the seller determine the listing/asking price and it should not be too far off.  A couple other things you should use to consider the in offer is the current condition of the home and the market conditions in the economy at the time.  If it’s a buyer’s market, you may be in luck and have more of what economists call “buying power” and more room to negotiate.

I will drop this link to a checklist of making an offer so you can see the different steps.  Make sure when you are sitting down about to make an offer on a property, that you are truly ready.  This is ultimately your decision and no one should push you to make the purchase.  This is a legally binding document and a big commitment if accepted, do this on your time!  Remember every case is not the same, and working with an licensed real estate agent will help reduce risk and help the process go over smoothly and (hopefully) successfully.

You can also head over to our page all about buying real estate here.