Central Kentucky Real Estate Blog by Ashley Whitworth, Realtor

Market Stats: November 2020

Same story, different month....

Market Stats: November 2020

We’ve been seeing a steady, slow decline in our MONTHS OF INVENTORY number for a while now; we’ve been below 2 months of inventory since June of this year. 

What does that mean?

There’s only enough inventory on the market right now to last us less than a month and a half. So if you’re on the fence about selling, you don’t have much competition. That could mean top dollar!  Buyers: if you’re looking for a deal, it’s going to be hard to find!

Let me help you figure out what situation is the best for you!

-A

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Real Estate Lingo - Pre-Approval Letter

If you talk to a Realtor, one of the very first questions they'll ask is "Have you been pre-approved?"

What exactly does getting pre-approved mean? Let's take a look at what goes into that process.

Real Estate Lingo - Pre-Approval Letter

A pre-approval letter is something you'll get from your lender that indicates how much you are qualified to receive for a mortgage. It shows what you can afford to spend and what your monthly payment will look like, based on the information you've given your lender, like paystubs and tax return information.

Now, you may be thinking to yourself, is a pre-approval letter really that important? Do I HAVE to have one in order to put in an offer? The answer is no, but with a caveat included!

If you want your offer to be taken seriously, especially in today's Sellers Market, then a pre-approval letter is a good piece of paper to have. It shows the seller that you are serious about your offer, and that you have taken the time to talk with a lender about what your options are for a mortgage. In a seller's eyes, your pre-approval letter shows that you are less of a risk to the deal falling through because of unforeseen financial circumstances.

Another reason why you'd want a pre-approval letter is so that you know how much home you can actually afford. There's nothing worse than looking online and finding THE ONE; the house that checks all...

Home Maintenance Tips: December 2020


I know the last thing on your mind right now are Home Maintenance Tips, so this month's tasks are quick and easy!

December 2020 Home Maintenance Tips

Easy, peasy, right?

-A

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Home Maintenance Tips: November 2020


Holidays are fast approaching, so make sure your home is in tip-top shape for those family and friend get-togethers with our November Home Maintenance Tips!

November 2020 Home Maintenance Tips

-A

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Real Estate Lingo - Home Inspection

What the heck is a home inspection and why should I get one? I'm glad you asked!

Real Estate Lingo - Home Inspection

A home inspection is done after you've gone under contract on a home. Typical costs are somewhere between $300 - $600 and are paid for at the time of ordering, or at the time of the inspection, depending on the inspector you use. It's completed by a licensed, certified inspector who does a thorough inspection of the property and all it's systems.

During the inspection, the inspector will check all of the major systems of the home, from the plumbing, to the HVAC unit, to the electrical panel and kitchen appliances. They'll do an exterior and interior inspection, and, if conditions allow, even go up on the roof or down in the crawlspace to inspect those areas. Typical inspections can last 4 hours, depending on the size of the home.

After their inspection, you'll be provided with a written report, with photos, of the major components of a home, the condition of the home, and what repairs may be needed. 

The inspector should note:

  • Whether each problem is a safety issue, major defect, or minor defect
  • Which items need replacement and which should be repaired or serviced
  • Items that are suitable for now but that should be monitored closely

An inspector isn't Superman, unfortunately, so they won't be able to see through walls or pipes or underneath the floor. They can't possibly cover everything that may be wrong with a house. For some items, they'll have to look for visual cues to assess for possible issues, like cracks in walls, or uneven door frames.

A home inspector will give you a general overview of the home. If there is something...

Home Maintenance Tips: October 2020

Those crisp fall days are on their way! Make sure you keep your home on-track with our October Home Maintenance Tips!

October 2020 Home Maintenance Tips

Prepare now for the chillier months and keep your home protected from the elements!

-A

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Market Stats: August 2020


Market stats are in!

Market Stats: August 2020

We’ve had a record-breaking month on 2 fronts. Pending Sales were up 5% on last year’s total to 1,460 in the month of August, which marks the second highest number ever on record.
On the flip side, our inventory numbers hit an all-time low at 1,993, which beats July’s record for the lowest number of inventory.

Overall, we’re still seeing the same message throughout this year — lots of buyers and not a lot of inventory!

If you’re BUYING, be prepared for potential multiple offers and make your offer as clean as possible to make it most attractive to sellers. You’ve got some stiff competition right along with you! If you’re SELLING, chances are your property is going to be heavily sought after, so make sure it’s priced correctly.

Want more details on how this all affects you and your situation? I’m here to help! 

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Home Maintenance Tips: September 2020

September's Home Maintenance Tips are here! It's time to start prepping your lawn for the transition to the fall and winter seasons.

September 2020 Home Maintenance Tips

As summer fades into spring, simple tasks now can pay off big in the months to come!

-A

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Common Home Buying Mistakes

The home buying process can be super fun and exciting! With that being said, I have seen buyers make (and learn from) mistakes along the way. Here's a few things to watch out for.

Home Buying Mistakes

1. Looking for a home before talking to MULTIPLE lenders.

Not all lenders are the same. A good lender will look at your situation and find the best possible loan that will meet your needs. The more you shop around, the better comparison you'll have to confirm that you're getting the lowest possible rate and loan package for your situation. And don't discount how the lender makes you feel. This is a major milestone in your life, so you want someone who will teach you along the way, be responsive, and make you feel completely comfortable during the whole transaction. Aim to compare rates, lender fees and loan terms with at least 3 different people.

2. Buying more home than you can really afford.

It's easy to fall in love with a home, but if you're paying way too much each month, then it can quickly become something that you resent. This is known as being "house poor". Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan, that doesn’t mean you can afford the monthly payments that come with it. 

3. Making decisions based on emotion.

Trust me, I'm guilty of this as well. Because buying a home is such a major life decision, you'll...

Market Stats: July 2020

We are seeing record breaking numbers for this month’s Market Stats!

Market Stats: July 2020

➡️ 46% decrease in Active inventory

➡️ 15% increase in Pending Sales

➡️ 12% increase in the Average Sales Price

Overall, we’re seeing less homes on the market and for those that ARE available, the price is creeping higher and higher. If you’re waiting for a sign to jump into the housing market, this is it!

-A

Give me a call to see how these stats impact your situation! 

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