I recently was out with a home buying client and the home we were scheduled to see did not look very appealing as we drove up. Since the home was occupied, and I knew the owner had cleaned up for our showing I recommended that we go. Incredibly enough the interior of the home was fabulous, everything these buyers wanted. Only problem was, neither of them wanted to deal with the front yard. This story does have a happy ending in that we were able to negotiate to have some exterior painting and landscaping done prior to their purchase. I thought of this client again today when I read an article about landscaping in Realtor magazine which stresses the importance of the total appeal of the home. It’s not very long and I hope you find it useful.
Repair, Rehab and Remodeling Wednesday, Feb 28 2007
Louisville Investment Properties 7:27 pm
I recently decided to sell two of my rental homes. Well I won’t really be selling them, I’ll be exchanging them (via a 1031 tax exchange) for a larger single property. My reason is pure and simple: it’s time. First time homebuyer properties in really good condition are selling well so I should be able to get a good price. Conversely, there are a lot of bank owned and pre-foreclosure properties in the mid price range so I should be able to buy something that is somewhat underpriced. In order to this I’ve had to update my little rental houses. So far I have totally updated the baths with new vanities, flooring, paint, wallpaper or a thorough scrubbing of tile walls. The bathtubs were an issue, though. Old, nasty, rust stains and worn spots inside, I wouldn’t want to soak in one. Thankfully I found the magic cure. Bruce at American Refinishing (502-426-3810) is a veritable miracle worker. So far he has redone 3 bathtubs for me and each one is amazing. They are now pure, pristine white, and have a guarantee! Way, way less expensive than tearing out the old tub and replacing walls and plumbing. Redoing the bath is the 2nd most important item in a rehab. The most important thing is the kitchen, and both of these houses had really old cheap metal cabinets. One tenant had actually put forest green contact paper on all the exterior doors of the cabinets, and it wasn’t coming off. The new cabinets are good good quality wood and look great. Be sure to pick a neutral/ natural type color. Frost cabinets cam and went quickly, but natural maple and light oak seem to be here to stay. If you need a little color to make the kitchen pop- go with a cinnamon or light cherry stain. Dark cherry only works well in a large open kitchen. What a difference a new kitchen and bath make for selling the home. Another time we’ll talk carpet and paint. Have a great day, the sun is shining!
Local foreclosures Tuesday, Feb 27 2007
Louisville Investment Properties and Louisville real estate market 5:01 pm
See attached link to the CJ, I’ll follow up with how investors can take advantage of this situation soon.
http://www.courier-journal.com/apps/pbcs.dll/article?AID=2007702260420
Investment News Tuesday, Feb 27 2007
Louisville Investment Properties 2:24 pm
Found an article of interest, fortunately it’s not too long. My comments to follow. Have a great day- the sun is finally shining!
Let’s make it pretty Saturday, Feb 24 2007
Louisville real estate market 6:07 pm
I have read several articles in real estate journals lately about the importance of de-cluttering and staging your home to help “wow” a home buyer. This excerpt from Phoebe Chongchua sums things up neatly and came from a real estate sales tips journal I get via email: Think about the way model homes are packaged for display. There’s so little in them; yet they look just perfectly appealing. Of course, that’s not how any of us really live. But it’s how consumers want to see the home. The fact is, maybe we could live with a little less — at least while our home is on the market. After all, much of the clutter ends up collecting dust! And since you are moving, packing up some of your belongings before you actually move out (or even getting a tax credit for donating items to a charity) will help you when you finally sell your home and are ready to move.
As the queen of clutter I know how hard it can be to let loose of your stuff, but I can’t stress enough how much easier it is to sell a home that is neat and tidy. I’ve shown homes that were a mess, then shown the same home after the owners had moved out and the difference was amazing. Space and an open feel are critical in this market. Spring is in the air- it’s time to get rid of the clutter and make life a little simpler.
Lunch with the Mayor Wednesday, Feb 21 2007
Louisville real estate market 2:39 pm
Today I had lunch with the mayor. Well actually it was me and about 150 others, but it was still great. He talked at length about the progress we’ve made in Louisville and our national ranking for being a city with a great quality of life. Most of us already know this town is one of the best kept secrets in the Midwest. We really do have it all, ballet, theater, symphony, good health care, reasonable housing, great restaurants and local sports! I’m excited about business expansions, UPS and others. While much of the nation had flat or depreciating real estate values (even Lexington was down last year) we were up. Not much, 2.2%, but hey it beats a negative number. Stay tuned for facts and figures.
More on Beating the National Trend Tuesday, Feb 20 2007
Uncategorized 5:25 pm
Just read a great article on the National real estate trends from the Washington Post (linked here). We are still in great shape here in Louisville!
It feels like Spring! Tuesday, Feb 20 2007
Louisville real estate market 4:46 pm
Things were pretty slow in the real estate market the last 2 weeks- I think all the cold weather kept everyone but the most urgent buyers home. However yesterday and today really picked up with potential buyers wanting to make appointments. Historically March and April have been my best months for getting listings shown and sold. Relocating clients with children tend to come in for visits in March or April to coincide with Spring Break, and local buyers tend to get excited about a move as the weather warms.
Can we beat the National Trend? Saturday, Feb 17 2007
Louisville real estate market 4:47 pm
Just read an article about the national downward trend in new home construction starts and sales, and the sales of existing homes. The news was pretty bleak for many areas, but not so much for here. Yes we have a lot of inventory on the market, and much of it is not in stellar condition, but actual homes sales are staying pretty even with last year. Bank owned properties are still not selling at deep discount (I keep waiting to find a really great deal 
) , although homes in good showing condition are selling in about the same amount of time as last year. It’s the “functionally obsolete” and homes that need a lot of fix up, that are staying on the market for long periods. Functionally obsolete homes being the ”family” homes with only a tiny master bath, or half bath, multilevel homes, and homes without good storage and closets space. Starter homes, even those with only 1 bath, are staying steady as long as they are in good shape and sellers are willing to help the first time homebuyer with some closing costs. With UPS expanding, and GLI actively working to expand businesses we should continue to do well in this market. Remember, the key is good maintenance and updating so your home is in good shape to sell.
Finding foreclosures Thursday, Feb 15 2007
Louisville Investment Properties 1:17 am
For the past month, we REALTORS who work with investors have been at odds with the Multiple List System. Last month, with no notice, or any anticipation of how it would affect working REALTORS, our MSI board deleted the name category. Unfortunately this category is how we located bank owned foreclosure properties. Well, yahoo!, we got word today that this glitch is being fixed and finding good potential investment properties will again be relatively easy. This is great news because today I also learned that a property I have been bidding on for 2 months was sold to someone willing to pay more than I am. Now I’ll have to start looking for another spring rehab project. I’ve got cabin fever from all this cold, so I’m feeling the urge to knock out some cabinets or something. Stay tuned!
