Checklist – Preparing You Home For The Market
March 22nd, 2012 § Leave a Comment
The spring real estate market is looking better than what we experienced in 2011. Not that the Northern Kentucky market has remarkably bounced back but the signs of stabilization are growing stronger. It is still a highly competitive buyers market in almost every neighborhood in Northern Kentucky. If your considering selling here is my list of “Must Do’s” to complete before your home is listed.
1. As inconvenient as it might be you must de-clutter and remove all of your personal pictures and items. You want the buyer to see the rooms as something they could be comfortable in. Too many personal items crowded in a space makes that a challenge for buyers and clutter is a big detraction away from the features of your home.
2. New neutral, good quality rugs. Even if your not normally a “rug” person, rugs are very warm and inviting.
3. Re-painting rooms into neutral colors, if needed. Seriously, neutral colors, not some color combination you liked on HGTV. Your not trying to make a decorating statement here, you want any and every buyer that comes through your door to think ” I can live with this”.
4. Replacing and updating lighting fixtures. Lighting fixtures can easily become “dated”. What was popular 10 years ago is not popular today. For a few hundred dollars lighting fixtures can make all the difference in the world. And, replace any of those “custom” light switch covers while your at it.
5. Make any small repairs (or big ones if needed). This a critical in this real estate market. If roof is missing some shingles you can be sure a buyer will deduct twice as much as a new roof would cost should they decide to make an offer.
6. Purchase matching appliances in the kitchen for a finished look. I’ve been amazed many times how new appliances influence many buyers.
7. Update major furniture and/or, put several pieces of your furniture into storage.
8. Rearrange furniture to show the rooms to their best advantage. See number 7 above. It may not be comfortable for you to move that lazy-boy to an angle from the TV that you don’t care for but remember that your staging for the best overall look of the room.
9. Stage your bathrooms with hand towels and counter-top decor.
10. I didn’t say selling was going to be convenient, unless of course your willing to take a few thousand dollars less.
Check out these before and after photos below of a very well staged home.
Photo Credit: Southern Charm Home Staging on PicasaWeb . CC Licensed.
March 2012 Market Update
March 21st, 2012 § Leave a Comment
MARKET ACTIVITY UP 16.5% over same time last year. Wow, this past weekend was incredibly busy with market activity. Buyers were out in full force visiting open houses and looking at properties all over Northern Kentucky. I had some buyers out myself and ran into at least three other agents looking at properties who had doubled up on showings.
Market Statistics March 2012 Northern Kentucky
Northern Kentucky Household Hazardous Waste Collection 11/5/11
November 1st, 2011 § Leave a Comment
Event: Household Waste Collection Event
Time: 9:00 AM-2:00 PM
Date: Saturday, November 05, 2011
Location: Turfway Park, 7500 Turfway Rd. Florence, KY 41042
Description: The Northern Kentucky Solid Waste Management Area and the Northern Kentucky Household Hazardous Waste Action Coalition are joining forces to help you properly dispose of unwanted items. Residents of Boone, Campbell and Kenton Counties can drop off select items on Saturday, November 5th from 9:00 a.m. – 2:00 p.m. at Turfway Park in Florence, KY.
Collection details and restrictions are as follows:
Aerosol Cans – all aerosol cans will be accepted – excluding spray paint
Antifreeze – antifreeze only, no mixtures will be accepted
Batteries – all batteries will be accepted, including: Alkaline, Ni Cad, Lithium, Lead Acid, etc.
Bulbs – CFL bulbs, 4 ft. tubes and 8 ft. tubes will be accepted
Corrosives/Flammables – no ammunition, gun powder explosives or radioactive items will be accepted; fuel and kerosene will be accepted
Electronics – computers, TVs, laptops, cables, cameras, VCRs, monitors, keyboards, printers, cell phones, etc.
Ink Cartridges/Toner – any ink or toner cartridge that comes out of a printer, copier or fax machine will be accepted
Oil – used motor oil, hydraulic fluid, transmission fluid and brake fluid will be accepted
Paint – all types of paint will be accepted
Paper – documents to be shredded
Pesticides – 2 gallon/2 lbs. limit
Propane Tanks – only 20 lbs. tanks will be accepted
Appliances, fertilizer, mercury containing devices or tires will NOT be accepted.
All residents who plan to drop of items must complete a registration form and bring it on the day of the event. This completed form will help with the flow of traffic and will reduce your waiting time. To download a copy of the event flyer and registration form, please click here. This event will take place rain or shine.
Up to $22,500 in free money, Or even HALF PRICE on a fully rehabbed house. City of Covington, Ky
July 22nd, 2011 § 1 Comment
The City of Covington Community Development Department has issued new home buyer assistance program guidelines for the period of July 2001 – June 2012.
118 E 15th St Covington, Ky
Buyer’s who are borrowing money in the designated areas in Latonia can receive up to $12,500 to be used to cover the lender required downpayment and closing cost or ossible principle reduction if needed to help the borrower qualify for the loan. Borrowers must not earn more than $39,450 (single person) or $56,300 (4 person household), must have a credit score of 620 or higher and must attend HUD approved home buyer classes.
Maximum of $5000 for the designated areas in Latonia
Maximun of $10,000 for the designated areas in Covington
An additional $2. 500 could be allowed if the building facade is in need of repairs.
INTEREST RATE 0%, TERM 15 YEARS, NO MONTHLY PAYMENTS. if the property is sold in the first 10 years the loan must be repaid in full, in year 10, 2/3 of the loan is forgiven, from years 10-15 the loan balance is prorated. If you live in the property for 15 years the loan will be totally forgiven with no repayment.
This grant applies to properties that do not need major repairs or for properties that need repairs and the borrower is using an FHA 203K rehab loan. For rehab properties an additional $10,000 may be granted and applied to principle reduction if the property has been vacant for at least 12 months.
Not sure if your adding or not but that’s a potential $22,500 for purchasing a rehab property in the designated areas in Covington.
In an additional program through the Northern Kentucky HOME Consortium there are targeted funds for purchasers in Ludlow, Newport, Bellevue and Dayton. Up to $6,000 grant money. This program has the same purchaser qualifying guidelines as above however the home must not need repairs (Meet minimum local housing standards) You must occupy the property for 15 years and the loan is totally forgiven.
Fully rehabbed houses for HALF PRICE, Covington is currently redeveloping several properties that they have purchased from banks, etc. All of these properties will be fully rehabbed and move-in ready. You cannot earn more than $59,150 for a single person, $84,500 for a person household and a minimum credit score of 620. In this case the city will provide assistance that can cover up to 50% of the lender required down payment and 100% of the closing cost. Buyer will be required to cover at least 50% of the downpayment. Additional principle reduction may be available to make the purchase affordable. Total amount of assistance is capped at 50% of the purchase price.
Here is a list of the rehab properties available
Mao for Covington’s Central Core Target Area
Map for the Latonia Target Area
For more specific information just call us and we can help you through the red tape at no charge to you.
CENTURY 21 Garner Properties 859-363-9900
Title Insurance Protects Your Home Investment
June 22nd, 2011 § Leave a Comment
A home is usually your largest single investment. When you purchase a home, you purchase homeowner’s or hazard insurance to protect against loss from fire, theft or wind damage.
Title insurance protects against hidden title hazards that may threaten your financial investment in your home. You see, when purchasing a home, you are really purchasing the title to the property – the right to occupy and use the land and improvements.
Other types of insurance focus on possible future events and charge an annual premium. Title insurance is purchased with a one-time premium and safeguards against loss from hazards and defects that already exist in the title.
There are two basic kinds of title insurance: lender or mortgagee protection, and owner’s coverage. Most lenders require mortgagee title insurance as security for their investment in real estate.
Owner’s title insurance lasts as long as you, the policyholder – or your heirs – has an interest in the insured property. Depending on local practices and state law where the property is located, you may pay an additional premium for an owner’s policy or you may pay a simultaneous issue charge for the separate lenders coverage.
Title search and examination is the first step
Insuring a home’s title begins with a search of public land records affecting the property. The title agent or attorney working on behalf of the title underwriter examines pertinent documents to determine whether the property is insurable.
Those documents (among others) include deeds, wills, trusts, outstanding mortgages and judgments, property liens, highway or utility line easements, pending legal actions and notary acknowledgements.
When title problems are disclosed during the search process, they are corrected whenever possible to avoid future claims. According to surveys done by the American Land Title Association (ALTA), title problems consistently arise in 36 percent, or one out of threereal estate transactions.
The process of performing title searches and curing title problems does not come cheap. Industry studies find that title insurers spend an average of 92 cents out of every premium dollar as their cost of doing business.
What if a problem is hidden or missed?
After all this searching and examination, title problems may still be hidden or missed. A signature can be forged on a deed; an unknown heir can step forward to claim ownership of the property; a power of attorney used during a property transfer could have expired or been forged; a public record may be incorrect.
In each of these cases and many more, when there is the appropriate title insurance coverage, a policy will offer financial protection (subject to the terms and conditions of the policy). The title insurer defends the title and either “perfects” the title or pays valid claims.
In 2005, title insurers paid approximately $916.4 million in claims, up from $699.1 million the year before.
With title insurance, you have financial protection against covered title hazards. Your home is your most important investment – protect it with an owner’s title insurance policy.
Steve Glacken
Business Development Officer
Stewart Title
2116 Chamber Center Drive
Fort Mitchell, KY 41017
859-547-1153 Office
859-547-5158 Fax
859-240-1532 Mobile
sglacken@stewart.com
