KentuckyHomesByJudy-Blog

Homeownership has long been considered one of the most effective ways to build wealth, and for good reason. According to data from the Federal Reserve Economic Data (FRED), homes have appreciated at an average rate of 5.56% over the past 60 years, consistently outpacing inflation, which has averaged 3.7% over the same period. This significant difference is one of the key reasons owning a home is a powerful wealth-building tool. When combined with mortgage amortization, homeownership not only increases your net worth over time but also provides the added benefit of an asset that you can live in and enjoy with your family and friends. Real Estate's Proven Track Record of Appreciation One of the most compelling aspects of real estate is its historical trend of appreciation. As noted, homes have appreciated at an average rate of 5.56% over the past six decades. This means that even in the face of economic downturns or short-term market volatility, real estate generally ...

Pricing your home correctly is crucial when you're ready to sell, but it's not always easy to determine the right asking price. While you want to maximize your return, overpricing can lead to a stagnant listing and potentially less money in your pocket. As a homeowner, it's important to recognize the signs that your property might be priced too high for the current market. Let's explore several key indicators that suggest your home may be overpriced, helping you make informed decisions and adjust your strategy if necessary. By understanding these signs, you can ensure your home is competitively priced to attract potential buyers and secure a timely sale. The home is priced significantly higher than comparable properties in the neighborhood. The home's upgrades or unique features don't justify the price difference from comparable properties. There have been few or no showings despite being listed for several weeks. Open houses have very low attenda...

Finding your dream home is exciting, but securing the right mortgage is equally crucial for long-term homeownership. This is where a mortgage lender becomes your financial ally. They'll help you navigate your options and determine how much you can borrow. Now, who exactly is a lender? They're the financial wizards who provide the funds for your mortgage. Think of them as a key player on your homebuying team, helping you find the right loan, guiding you through the application process, and ensuring you have all your ducks in a row paperwork-wise. You've got four main types of lenders to choose from: Banks: The traditional option, offering loans along with other banking services. Credit unions: Member-owned institutions, often serving specific groups or communities. Mortgage brokers: Independent pros who shop around different lenders for you. Non-bank lenders: Companies that offer mortgages but aren't traditional banks. Your real estate agent can be a fant...

Buying a home is just the beginning of homeownership and it's important to have good resources for all the different things that it involves.   That is why you're going to want to keep the communication channels open between you and your agent. Follow your real estate professional on social media. Give your agent a review on Google or Facebook to share the great service you received. Mark email on your "safe sender's list" so you won't miss newsletters, market stats, and other important information about maintaining a home and general market conditions. When you need an answer about anything having to do with real estate or homeownership, who do you call?   Consider your agent your Real Estate Directory Assistance Service.   If your agent doesn't have the answer, they can point you in the right direction. Feel confident to recommend your friends and relatives to your agent.   They'll appreciate working with a professional you trust,...

In today's challenging real estate market, obtaining mortgage pre-approval is a fundamental step for homebuyers, offering a clear picture of their purchasing power. By first choosing a knowledgeable agent to work with, buyers can benefit from expert guidance in selecting the right lender and mortgage officer, ensuring they secure the best mortgage for their unique situation. Pre-approval involves a lender conducting a thorough review and verification of a buyer's financial situation, including credit history, income, assets, and debts. Upon completion, the lender issues a written commitment stating the maximum loan amount they're willing to offer, subject to certain conditions. It is our policy to work with your lender to get a property specific pre-approval letter without a maximum loan amount but only stating that you are approved for an amount sufficient for you to purchase this home according to the terms of the offer.   This letter will accompany the of...

Single-family rentals (SFRs) are established as a compelling investment opportunity in the real estate market, offering a unique blend of stability and growth potential. These standalone residential properties, rented out to tenants, provide investors with a tangible asset that generates steady income while potentially appreciating in value over time. As the demand for single-family homes continues to rise among renters seeking more space and privacy, SFRs have become an increasingly attractive option for both individual and institutional investors looking to diversify their portfolios. The acronym IDEAL encapsulates the primary benefits that make SFRs an attractive investment vehicle: Income - SFRs provide a steady stream of rental income, offering investors a reliable cash flow. Unlike some other real estate investments, single-family homes tend to attract long-term tenants, resulting in more stable and consistent rental income. This regular cash flow can help offset ...