Buying A Home

2020 Real Estate Preview

The real estate market is always changing. Prices rise and fall, as well as interest rates. Conditions favor buyers or sellers. Areas become popular. It is an ever-changing landscape made up of numerous factors. Let’s take a quick look at how the market is at the end of 2019 and the beginning of 2020 in Louisville and surrounding areas. 

The past few years has seen a market with a shortage of “affordable housing” available for sale. Listings at below the $200,000 mark, and even more specifically, at $150,000 and below have been in high demand. Buyers have engaged in bidding wars and many of these homes have ended up selling for more than the original listing price. The reason for this is complex and lends itself to an article all its own. What’s in store for affordable housing in 2020? Simply put, we don’t know. Recent months have seen similar numbers of listings than the previous year, however, year over year, listings under $150,000 have actually...

Title Insurance – What Is It and Do You Need It?

When closing a real estate transaction in Kentucky, you will be looking at a long two to three-page document that shows all debits and credits for both sides of the deal. This settlement statement includes descriptions of what each amount is for. In most deals, title insurance appears. If the buyer is financing their purchase, there will be a line for a lender’s policy. There will also be a line for an owner’s policy, which is optional. No other line on the statement raises eyebrows more than this one. And it’s because it’s not always discussed much. So, let’s discuss what it is and if you need it.

Title insurance protects from loss related to ownership issues of a property. The title company will research the history of the property and you will ideally receive a “clean” title. This means you own the property and no one else claims ownership or has a lien against it (a lien means someone has a legal interest in the property). An example...

Millennial Home Buyers

Millennial Home Buyers

I’m old enough to remember when Millennials “weren’t buying homes”. I guess they were wasting all their money on avocado toast or something. For five years now, millennials have passed baby boomers and Gen Xers as home buyers. This tech savvy generation is smart, and they are often looking for something that their elders are not. Specifically, that thing is value.

84% of millennials see owning a home as part of the American Dream. They see it as a great investment and historically, they couldn’t be more right. They witnessed the housing crisis of the early 2000s. While values dropped dramatically, prices have more than recovered. (If you bought right after this crisis struck, your investment has probably skyrocketed!).

Millennials are often looking for their “forever” home right out of the gate. They are patient. They have rented for longer than their...

How much home can I afford?

How Much House Can I Afford?
One of the first steps when you are thinking of buying a home is determining your budget. It’s a big let down when you look at houses in a price range way over your budget. It is generally recommended that you look at houses within your price range so that your eyes aren’t bigger than your wallet. One way to do this, is to let your agent connect you to a trusted lender. Most agents have relationships with lenders they rely on. But we get it…you may not be ready to give over W2s and have your credit run. Especially if you are just starting to look, you may just want some basic guidelines to figure out how much house you can afford.
Here are the main factors:
1. Income. While this may be obvious, your income will have a big impact on what you have the ability to purchase. One thing to consider is whether you are an employee, contract worker, or self-employed. Lenders will have different...

Rent vs Buy

The Rent VS Purchase Decision

If you are a renter, you may have often wondered, should I stay put or jump into purchasing my own home? Which is better? Well, it depends. Which costs more? Well, it depends. There are a lot of factors to consider and renting works for people in many situations. Likewise, purchasing a home can be a great decision and investment for many. Keep reading for a quick breakdown of the important factors:

When renting, your costs are generally fixed for the term of the lease. In some cases, utilities (or a portion of them) are part of the fixed costs. Often, a large portion of rent and a security deposit is required up front. In most places, when a lease ends, the landlord is free to increase rent, and, at any
time, they can sell your home!

As a homeowner, the landlord (you) cannot sell without your permission. Usually, if you require financing, your payment will be fixed...

Rising Home Prices and Affordability


Rising Home Prices Create Affordability Issues for Homebuyers

By: Dona DeZube        

Published: February 11, 2014

Tight inventory pushed home prices up in most U.S. metro areas. That’s good news for homesellers, but bad news for buyers struggling to afford a home.

Home prices rose strongly in the lion’s share of U.S. metro areas in the fourth quarter of 2013, data from the NATIONAL ASSOCIATION OF REALTORS® shows. As homes became more expensive, however, they became less affordable, particularly for Western homebuyers.

The national median existing single-family home price was $196,900 in the fourth quarter, up 10.1% from $178,900 in the fourth quarter of 2012. The median price is where half of the homes sold...

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