Central Kentucky Real Estate Blog by Ashley Whitworth, Realtor

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,...

Real Estate Lingo - CMA

Before I got into real estate, I noticed that Realtors liked to throw out a whole bunch of acronyms for everything.

  • ABR
  • DTI
  • FSBO
  • SFH
  • FHA

Anyone else getting an alphabet soup vibe? 

Well today, we're going to unjumble one of those acronyms and explain what a CMA is!

Real Estate Lingo - CMA

What is a CMA?

A CMA is also known as a Comparative Market Analysis. It's a way for us to estimate the value of a home by comparing other homes that are similar in location, size, and other factors. 

Let's break it down:

When you go to sell your home, you'll need to know what you should list it for so you can get the best price for your investment. When you purchase a home, you'll want to know that the contract price you're paying for a home matches what the home is worth. That's where a CMA comes into play.

When we complete a CMA, Realtors will look at all the properties around your home that are currently Active, Pending or have Sold, typically within the last 6 months or less. These homes are known as comps or comparables. From there, we will try and narrow down the results to try and compare LIKE HOUSES with LIKE HOUSES. If you own a home that has 4 bedrooms, 2.5 baths and 2,500 square feet, we want to find another home that has 4 bedrooms, 2.5 baths and as close to your same square footage as possible. Similarity is key so that we can compare apples to apples.

Another thing Realtors will take into considerations when completing a...

Model Home Highlight - The Oak Bluff by Ball Homes

Today's model home highlight is the Oak Bluff floorplan by Ball Homes.

Oak Bluff by Ball Homes

This two story floor plan is one of the newest model homes in the Central Kentucky area, opened in July 2020 and located at Fairview Farms in Nicholasville.

Oak Bluff by Ball Homes

This modern plan features:

  • 4 bedrooms
  • 2.5 baths
  • Over 2400 sq ft
  • Primary suite on the main floor
  • Loft upstairs

Oak Bluff by Ball Homes

Oak Bluff by Ball Homes

What I love about this plan is the open kitchen and living space. It's PERFECT for entertaining during the holidays or the summer.

Oak Bluff by Ball Homes

Oak Bluff by Ball Homes...

Real Estate Lingo - Down Payment

True or False? You need to have a 20% down payment to purchase a home?


According to the NerdWallet Home Buyer Report 2019, nearly 1 out of 3 current homeowners put down 5% or less for their current home. That means, on a $200,000 home in Lexington, KY, you'd put down approximately $10,000.

So what exactly is a down payment?

Real Estate Lingo Down Payment

A down payment is the amount of money the buyers will pay at closing to complete a home purchase. The amount is normally a percentage of the full purchase price of the home. 

A 20% down payment on a home is the typical standard for most lenders. 20% down shows lenders that you are more likely to pay back your debts because you are willing to put more money on the line to show you're a trust-worthy client. However, there are many loan programs out there that have smaller minimum down payment amounts that might be a better fit for your situation. 

Coming up with a large sum of money can be one of the most intimidating tasks in purchasing a home. In order to offset this, lenders and government programs have come up with loan programs that offer smaller minimum down payments to those that can't come up with that 20% number. For FHA loans, a 3.5% down payment is required, conventional loan requires 5% down, and VA loans require no down payment. Some lenders can even offer down payment assistance for those that qualify.

So where did this 20% number come from anyways?


Real Estate Lingo - Seller's Market

Ashley Whitworth Realtor Real Estate Lingo

Have you ever heard the term Seller's Market? Do you know what that means? Let's dig a little deeper into what that means.

A Seller's Market is a quick and easy term used to convey the conditions of the current market. When the market is considered a Sellers Market, it means that conditions are favorable to those who are selling property. Sounds very "Hunger Games"-esque, right?

A market that favors a seller will be characterized in a few different ways. First, you'll see that the amount of properties for sale (or inventory) are very low. In the month of May 2020, the inventory of active properties was 2,473. In Central Kentucky, this number has been steadily decreasing each month since this time last year. The second thing you'll notice about Seller's Markets are that the amount of buyers out searching for properties is very high.

So, the lower amount of inventory + the higher number of buyers = greater competition and demand for each property. So what does this look like in the real world? 

With lower inventory and higher demand, buyers can be at a disadvantage. Sellers potentially have the pick of the litter when it comes to offers; seeing multiple offers on their property and many times, at prices higher than what they were originally asking for on the properties.

So what can buyers do to level the playing field?

1. Be Prepared. A seller will likely have offers early on when they...

Let's Be Social

Ashley Whitworth Realtor

Are you on Facebook or Instagram? Let's connect!

Not only do I share great content on my blog, but I also share posts, articles, and little snippets of what I'm doing in my day-to-day life on my social media channels. Follow me on my business Facebook page or on my business Instagram account.

Look forward to socializing with you soon!



Real Estate Lingo - Appraisal

Real Estate is full of jargon and lingo! It can sometimes feel like you're drowning in alphabet soup (DOM, HOA, FSBO, CC, etc.)! In this #RealEstateLingo series, I'll be breaking down some of the basics of the real estate transaction and help clarify what some of these big,confusing, messy words are and how they relate to you!
Real Estate Lingo
Today, we're going to be talking about an APPRAISAL. An appraisal is required when seeking financing to assist the lender in estimating the fair market value of a property.

Let's Give This Blogging Thing a Try

Hi everybody!

Thanks for stopping by my little corner of the internet. A little about me.

I'm Ashley. I live in Lexington, Kentucky and I'm married to my high school sweetheart, Brandon, since 2008. In February 2020, after working behind-the-scenes in real estate for over 10 years, I decided to take the plunge and become a full-time Realtor.

I hope I can provide some entertainment, some knowledge, or just a little respite from your daily reality. Some of this blog will be dedicated to real estate, some of it will be about what I've learned during my time in "the business", and some of it will be talking about my favorite places in and around where I live. Thanks for taking this journey with me!