61 Days Left!

WILL THE TAX CREDIT BE EXTENDED?

September 30, 2009-----Will you still be in the group defined to receive this credit? What's the chance it will be extended? Will they offer the same amount?

Here's the latest on the possibility of the $8,000 tax credit being extended:

http://tinyurl.com/yd2cna3

If you want to take advantage of the tax credit before the December 1, 2009 expiration date, you had better act NOW! Time is running out....only 61 days left to find a home, get an accepted contract and get it closed. If you are ready to take the next step, call me!

Melissa Simms
RE/MAX Associates
MelissaSimms@remax.net

502.386.8739

Behind the Scenes

REALTORS WORKING TO EXTEND THE TAX CREDIT

September 22, 2009----Some people are unsure of what the job description of a Realtor entails. Maybe we just show homes to buyers and hold open houses every other weekend or so. Maybe we just stick the sign in the yard and go home to eat bon-bons until someone calls. I can assure you, both of these are not the case.

As a Realtor, we are constantly working with the local, state and national governments to make sure policies are not implimented that will harm those who own real estate. Afterall, do you still want to write off the interest from your home on taxes? Well, guess what, it has come up time and time again where this benefit of owning real estate has been "on the fence". We, as Realtors, want to keep every benefit, safeguard and option open to current homeowners or future buyers. Real estate is the #1 generator of wealth for Americans.

Check out these articles on how Realtors are working RIGHT NOW to extend the $8,000 First Time Home Buyers Tax Credit.

Money Watch: Realtors Issue Call to Action

NAR: Realtors Urge Congress to Act Now


Melissa Simms

Realtor

RE/MAX Associates-Louisville, KY
MelissaSimms@remax.net

Protect Your Investment

SURVEYS: DO I REALLY NEED TO PURCHASE ONE?

September 15, 2009----So you’ve found a home that is perfect. You’re ready to write an offer up on the home with your real estate agent. Some agents have different opinions on this, but it has come through my learning that you should always reserve the right to have a survey completed on the property when writing up the offer.

Now, ask yourself these questions:
1. Are you planning on building a fence?
2. Are you planning on making additions to the home sometime during your period of ownership?
3. Is there already a fence on the property?
4. Have the owners built anything on the property after they bought it (i.e. swimming pool, storage shed)?


If you can answer any of these with a definite yes or even a maybe, you want to get a survey. It is best to spend the $400.00 or so expense upfront so that if any issues arise with the property lines then you can still get out of the contract and move on to a different home. You don’t want to pay for the mistakes of a previous owner.

PLEASE, don’t assume that the owner at the time had a survey on the property prior to making their addition. After all, you don’t want your neighbors swimming in your in-ground pool whenever they like just because it’s 12 inches on their property.

Something to Note: Ask your agent to write in the contract for seller’s to provide a recent survey if one has been completed. Make sure that there have been no additions to the home and lot after this survey was completed.


Melissa Simms
RE/MAX Associates
MelissaSimms@remax.net

Best Things to Do in the Fall

THE BEST THINGS TO DO IN LOUISVILLE, KY DURING FALL
September 11, 2009

• Go see Dracula at Actor’s Theatre
  
  
• Go hiking at Bernheim Forest
  
  
• Visit a local farmers market (Bardstown Rd, J-Town, Beechmont, etc.)
  
  
• Take a picnic lunch to Waterfront Park
  
  
• Visit St. James Art Show for unique items from local & traveling artists
  
  
• Take a ride on the Frankfort Ave Trolley Hop
  
  
• Drive to Bardstown, Kentucky & Stay in a haunted Bed & Breakfast
  (Try The Talbott Inn or The Jailers Inn)
  
  
• Pick your own pumpkin at Huber’s Orchard & Winery in Southern Indiana
  
  
• Buy tickets for the famous high school rivalry game: St. Xavier vs. Trinity
  
  
• Visit “The Largest Halloween Party” at the Louisville Zoo
  
  
• Go to Caufield’s and pick out your Halloween costume
  
  
• Take the historical tour of the haunted Waverly Hills Sanatorium
  
  

I Want to Buy at the Bottom of the Market!

STOP PROCRASTINATING

September 8, 2009----Stock traders say it, books are written about it, consumers think it, and everyone hopes for it. What is it? Buying when the market it at the bottom. How do you know? Is there some big flashing light that you might have missed all these years? Maybe it's that 20 year old kid who wrote about making millions in Las Vegas. Stop dreaming, stop procrastinating!

It's easy to figure out when to buy. Real estate is, in a normal market, an appreciating investment. Louisville, Kentucky has shown us over the years it is a very stable area. But, if you are looking to buy, you should greatly consider buying now, or soon. We know that our market is down, yes, but do we know if it's on the upswing yet?

Question:
When do you know what the bottom of the market is?
Answer:
When it is on it's way up.

It doesn't make much difference then, if you are planning on living in the home for 5 years+, to buy the home on the way down or on the way up if it is at, or near, the bottom. These two points in time are the exact same.

Look at the image below. Would it not benefit you the same to purchase the home at point B as it is to purchase it at point Y?

Melissa Simms
Realtor
RE/MAX Associates- Louisville, KY
MelissaSimms@remax.net

Let's Move!

REASONS TO BUY A HOME THIS YEAR

September 3, 2009

1. Large Inventory of Homes
The news continuously puts fear in consumers with their gloom and doom stories, many times on a national level. This year has brought out more sellers than normal with people loosing their job, thus loosing their home due to improper guidence from day 1.

Compare 2008 to 2009
(Single Family Residential, Area 7 & Area 8, $120,000 to $160,000, 3 bedrooms, 2 baths)
With 124 homes for sale on the market, on average from September 2008 through August 2009, there is a good selection of homes to choose from that fit your specific wants and desires.

2. Mortgage Rates Are At a 30 Year Low

As you can see from the chart above, interest rates were at their peak in the 1980's ranging anywhere from 13% to 17%. Why? High interest rates were needed to counteract the rapid rise in inflation. In the current market, we are seeing interest rates around 6% for a 30 year fixed mortgage.

3. Home Are More Affordable Than Ever

According to the National Association of Realtors chief economist, Lawrence Yun, “Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit.”

Full Article from NAR: Pending Home Sales on a Record Roll

Melissa Simms
Realtor
RE/MAX Associates- Louisville, KY
MelissaSimms@remax.net