Louisville Real Estate Blog

Dreaming of a White Kitchen?

2012-01-25T14:16:00.002-05:00

Cost vs. Value:
Which Remodeling Project Has Most Return in 2012?

{ Data shown from Remodeling Magazine, see link below to connect to their site & view all projects ROI }

Based on different regions of the United States, some remodeling projects add more value than others. In our region, East South Central & in the city of Louisville, two items were shown to increase the amount of money re-couped when remodeled.

Take a guess.....Major Kitchen Remodel? Master Suite Addition? Basement Remodel? Bathroom Addition?
None of those!

These two items would surprise a Realtor as the ONLY two remodeling
projects to increase the amount of return for 2011 & 2012:

1.Finishing off an attic bedroom in a midranged home
2.Replacing a garage door in a higher priced home

Now, this is not to say that doing a major kitchen remodel, or master suite addition, basement remodel, bathroom addition or any other updating is NOT going to get back part of the money you put into the project. You are likely to get 50% - 75% back with most other big impact remodeling jobs. Just knowing that you can not expect to get a return of all of your money is certainly a better mindset prior to adding all the bells & whistles especially if you plan to sell soon. As RE/MAX Associates agent know, it's a price war and a beauty contest. Get your home staged and price it competively.

Fun Fall & FREE!!

2011-10-27T14:56:00.009-04:00

Plan Something Fun & Fall-ish for the Family

{ All of the below events are FREE !! }

Jeffersontown’s “Pumpkinfest”:
Saturday, Oct 29th -----11am-2pm
Jeffersontown Farmers’ Market Pavilion-10434 Watterson Trail

Enjoy trick-or-treating, door prizes, face painting and live music. The city also plans to create a hay maze.
Norton Commons Fall Festival:
Saturday, Oct 29th -------4-6pm
9421 Norton Commons Blvd
Prospect, KY 40059
Children can dress up and trick-or-treat. Also, enjoy music, face painting, petting zoo and bounce houses, and more!
Boo Dell @ Yew Dell:
Saturday, Oct 29th-----11a-3p
6220 Old La Grange Road
Crestwood, KY

Children can trick-or-treat till 2p, then take a hayride. Also a "Book-O-Lantern" contest for the pumpkin that is decorated to look like their favorite book character.
Haunted Halls @ Beechmont Community Center:
Friday Oct 28th & Saturday Oct 29th -----6:30p-8:30p
205 West Wellington Avenue
Louisville, KY 40214

Get a real chill from a scary cemetery and vampire area if you need a thrill. Also a kid oriented area with face painting and a fortune teller.

Norton Commons

2011-10-24T14:45:00.009-04:00

A Neighborhood of Perfection

Many of you know and have visited Norton Commons sometime since the development started, but I recommend you take another trip back to see how it's changed. The Worthington Fire Department has built a station within the vicinity of the development. You are sure to take a look when driving past the community as the "old world" look to the homes grabs your attention immediately. Imagine owning a boutique and living above it. Instead of some old, worn down building like some you may find in downtown Louisville, you have a brand new loft condominium upstairs that may even take up two or three floors. Enjoy a drink on the rooftop, cook dinner in your state of the art kitchen, walk on your heated bathroom floors, or sit in your cozy family room.

This craftsman style development brings in some home features from the north, but with the charm of the south with the large wrap around porches. Let your kids walk to their school that is situated within the neighborhood while you go to yoga classes. Go on a double date with your husband to one of the numerous restaurants. Meet a girlfriend for a beer at the pub. Take the dog on a walk up to the Farmer's Market for fresh veggies or stop in on a warm afternoon and treat yourself to some Italian gelato.

Some opinions of this neighborhood were that of skepticism when it first came about, but now that more people are seeing it blossom with restaurants, boutiques, and it's neighborly atmosphere; there is more excitement and desire to find a home in Norton Commons. In fact, many of the homes are selling in a reasonable amount of time because of the attraction to this neighborhood.

For those who have ever been to Seaside, Florida this development provides that same feel. A perfect community with everything you need within it's surroundings. A safe environment where you might not have to worry if you locked the door on your way out. A place with fun activities that bring out all of the families and kids. A farmers market in the summer to get fresh fruits and veggies. When you live here, you are living not only in a home, but in a true community. People buy into this neighborhood for the lifestyle that it gives and the feelings that it imposes on them and their families.

With Homearama 2011 held at Norton Commons, many people saw the "old style, traditional neighborhood" appeal with all the new modern amenities we love in a home!

Am I saying all of these things about the community because I live there? No. I am an outsider looking in. Dreaming of living in one of few perfect communities that exists anywhere. I can imagine myself all dressed up with my cherry red heels and apron pulling an apple pie out of the oven, cooked to perfection of course.

Want to find out more?
Interested in seeing homes currently available?

Email Me:
MelissaSimms@remax.net
or
visit Norton Commons website:
Click HERE

New Proposed Park for Downtown Louisville

2011-10-24T14:14:00.005-04:00

Happy Birthday Park

Louisville council members are working with a local developer on plans to build a park that would honor the Hill sisters- two teachers that are thought to have originally written the tune to "Happy Birthday to You" in the 1880s. According to the article it would be called "Happy Birthday Park". It also states that the Hill sisters were born in Anchorage, but lived in South Louisville when they wrote the tune.

Other areas have been named around the city to honor these sisters and their local history, but this would by far be the most impressive display of their influence on not only our city, but the world.

To see a rendering & read the full article: CLICK HERE

Article Courtesy Of:
The Courier Journal

Written By:
Sheldon S. Shafer

Oktoberfest Recipe

2011-10-17T14:21:00.014-04:00

{ Photo taken in Bavaria on our recent visit to Germany }

Inspired by a recent trip to Germany, I decided to share a recipe for an Apple Cake that turned out delicious. Supposedly this is traditional for Germany, but you know how we all like to change a thing or two...

Apfelkuchen
{ Apple Cake }

2 Eggs
1 Cup vegetable oil
2 Cups white sugar
3 tsp. ground cinnamon
1/2 tsp. salt
1 tsp. vanilla extract
2 Cups all purpose flour
1 tsp. baking soda
4 1/2 Cups Granny Smith apples- peeled, cored, diced

1. Preheat oven to 350 degrees. Grease bundt pan.
2. Toss diced apples in a little cinnamon; set aside.
3. In a large bowl (or stand up mixer) beat eggs and oil till creamy.
Add the sugar & vanilla; mix well.
4. Combine flour, salt, baking soda, and ground cinnamon together in a bowl.
5. Slowly add flour mixture to oil mixture until well blended.
6. Fold in the apples. **Batter will be thick**
7. Bake at 350 for 50 minutes. Test with a toothpick.
8. When cool, sprinkle with powdered sugar or top with a glaze.

How to Remove from Bundt Pan in One Piece

Tip: Let it cool completely on the stove. After cool, take a butter knife and slide around all edges- careful not to cut into cake.
Then put in fridge overnight. Next day, take out of fridge- flip upside down on platter. Should fall out very easily!

{ Photo taken on top of a mountain in the Alps }

Just Listed & Reduced!

2011-10-17T13:30:00.008-04:00

BrownsboroRoad.com
$219,900

2833 Brownsboro Road
Louisville, Kentucky

Location, Location, Location!

Behind St. Joe's Orphanage in the much desired Reidlonn subdivision of Crescent Hill.

4 Bedrooms, 2 Full Bath Cape Cod
1863 sq ft on 1st & 2nd Floors
900 sq ft finished in Basement!
Living Room w/Fireplace & Built-In Shelves
Formal Dining Room & Kitchen
Hardwood throughout Most of Home
Appraised in Sept 2011 for $235,000

Living Room

Kitchen

Full Description of Home:
Convenient CRESCENT HILL location in Riedlonn! PRICED BELOW SEPT 2011 APPRAISAL. Charming BRICK CAPE COD home w/Covered Porch Entry. Hardwood Floors throughout 1st & 2nd floor. LIVING ROOM w/Brick Fireplace and built in's leads to FORMAL DINING Room. UPDATED KITCHEN w/newer appliances leads to a convenient side entry door. REMODELED FULL BATH off Hallway! Two BEDROOMS finish off the first floor. 2nd FLOOR stairway opens to loft area. Perfect nook for reading or small desk! Large MASTER BEDROOM w/walk in closet and built in bookcases. (Current owners use the large 1st FLOOR BEDROOM as the MASTER.) REMODELED FULL BATH on 2nd Floor w/stand up shower. FULL BASEMENT is finished into a large FAMILY ROOM which opens to a OFFICE/PLAY ROOM. LAUNDRY and storage area also in basement. Also an unfinished 3rd BATH ready for you to complete! ALL NEW PLUMBING THROUGHOUT. ALL NEW WINDOWS (except the dining room)!!! HUGE Front Yard and white picket fenced area in back for entertaining. Nice turn-around area & extra parking for guests. 1 CAR DETACHED GARAGE.
Seller providing a ONE YEAR HOME WARRANTY!

For more photos, go to:
www.BrownsboroRoad.com

or Contact:

Melissa S. Pawley
RE/MAX Associates
Louisville, Kentucky
MelissaSimms@remax.net

The listing broker does not guarantee the information describing this property. Interested parties are advised to independently verify this information through inspection or with appropriate professionals.It is not our intention to solicit properties already listed with a licensed agent.

Dreaming of Ice Cream?

2011-07-26T10:31:00.008-04:00

My Favorite Ice Cream Shops
{ Louisville, Kentucky }

If you're anything like me, you can eat ice cream after breakfast...or better yet, FOR breakfast!
Yes, I really...actually do that.

The all-time favorite tradition (& chain):
Graeter's
{ I order a waffle bowl w/scoop of chocolate }

The new shop in Westport Village & now expanding:
Comfy Cow
{ I order a waffle cone w/birthday cake ice cream}

Great Ice Cream, but hard to pass up the pies:
Homemade Ice Cream & Pie Kitchen

{ My Favorite Pies: Chocolate Meringue, Chocolate Cream }

SOLD in 24 Days!

2011-07-26T10:01:00.013-04:00

12406( Lot #5) & 12408 Pine Pointe

Louisville, Kentucky

Pine Valley Estates

3 Bedrooms & 2 Full Bath
First Floor Master Suite w/Additional Sitting Area
Updated Kitchen w/Granite Countertops & Stainless Steel Appliances
2 Story Formal Dining Room & Great Room
Full Finished Basement w/Workshop
HUGE Screened in Porch
2 Car Attached Garage
Nice Landscaping!

SOLD for 97%
of
Sellers Asking Price
in
24 TOTAL DAYS on the MARKET!

Want to find out how I can sell YOUR home?
Interested in how we MARKET to buyers in today's economy?
Call me, I'd be happy to work up a
COMPETITIVE MARKET ANAYLSIS on YOUR home.
No cost or obligation to list.

Melissa Simms Pawley
502-315-1561 (office)
or
email me:
MelissaSimms@remax.net

Need Something To Do?

2011-04-04T15:24:00.006-04:00

This time of year stinks! One warm week of weather to tease you then you're back to your winter sweaters. Before you can go to the pool or do some serious gardening, maybe you should fill your time with something new?

My idea for today:
Go visit........... The Speed Art Museum

I bet you've never been!

Did you know that Louisville has a Rembrandt?! Ever heard of Picasso or Monet? Maybe Matisse or Degas ring a bell. Know that American woman named Mary Cassatt?

Quit whining about nothing to do and go explore. There is a traveling exhibit right now on Impressionist Landscapes.

Impressionist Landscapes: Monet to Sargent

Now- May 22,2011

2035 South Third Street (on UofL campus)
Louisville, Kentucky 40208

Hours:
W.Th.Sat 10a-5p
F 10a-9p
Sun 12p-5p

Just Listed! Private, End Unit Condo

2011-03-08T15:52:00.023-05:00

Priced to Sell @ $112,500
ALREADY REDUCED to $109,900

330 Ethridge Avenue #104
Louisville, Kentucky 40223

{ Conveniently Located near Hurstbourne Lane & Shelbyville Road }

2 Bedrooms
2 Full Baths
1076 Sq ft
First Floor, End Unit
Private Patio, Treed View
Updated interior w/decorator colors
All appliances to remain
FHA/VA approved condo

Dorsey Hills Community

Want to see more?
www.DorseyLane.com

Check this one out in person!

Melissa S. Pawley
RE/MAX Associates

Pizza Restauarant in Louisville

2011-02-17T11:56:00.008-05:00

Attention ALL Fellow PIZZA Lovers.....

Try the newest & best pizza restaurant in Louisville.

DiOrio's Pizza & Pub opened their doors a few months ago in St. Matthews. During games it is packed with singles & families all wearing their favorite team shirt. On Friday night it's crawling with families eating their fix of pizza for the week. Expect to wait...but believe me, it's worth it.

Enjoy true New York style pizza with family and friends. Get pizza by the slice or make your own all the way up to a 30" (but you had better have A LOT of friends to help eat it!)

Cooked in their wood burning pizza oven, your mouth will water just waiting to eat. Make sure to order a large Coca Cola or my choice, a Falls City beer.

If you just want an appetizer & drinks....try the garlic bread sticks.
They are the best I've ever had anywhere.

If you go, just don't go on Friday night! That's when I'm there...ok?!

Location:
310 Wallace Avenue
Louisville, Kentucky 40207

Hours:
Mon-Thurs 11a-12a
Fri - Sat 11a-4a
Sat 11a-12a

I Di Orios!

Discounts We Offer

2011-01-26T11:29:00.011-05:00

If you work with a member of the
Joe Simms Group
you get ALL of these

EXCLUSIVE BENEFITS

on top of the traditional real estate work as YOUR AGENT

10% discount to Lowe's (on purchases up to $10,000!!!)
10% discount to hh Gregg
Discounts on ADT Security System's
Discounts & FREE Showtime for a Year from Insight Cable
FREE pizza the day you move from Pizza Hut
15% discount at Valvoline Instant Oil Change
FREE boxes & discounts from A Arnold Moving Van Lines
BUILDER price @ Trend Appliances

ONE YEAR
HOME WARRANTY

Buyers, just remember.......
I guarantee a ONE YEAR HOME WARRANTY on the home you purchase
(if the seller's won't pay for it, I will!)

Has Louisville hit bottom?

2011-01-20T10:07:00.008-05:00

What's going on with the Louisville market now?

First, let's take a look at Louisville's market over the past 40 years.

(click to view larger)

We have shown to have a fairly stable real estate market with having dropped in history only twice. Once, in 1982 the market dropped -5.14% but immediately came back the next year. This was due to the interest rates being at an all time high of 18%. That's right, 18%!!

The real estate market steadily appreciated over the next 20+ years.

In 2006 & 2007 homes appreciated less than 1%.
This was when the economy started to hit the breaks.

In 2008, Louisville's market fell -5.90%.
(At least we didn't drop 20% like Florida, California, Nevada, etc!!)

In 2009, the market dropped less than 1% again.

And................

........................2010......................

Louisville's market

APPRECIATED

+3.53%!!!!

That's right! Appreciated.
You won't hear that from the media.

Based on these historical numbers, that would mean that the Louisville market has started rising again. Therefore, we have already hit bottom and have started our rise back to normal.

This data was collected each year looking at all of the Single Family Homes that were listed and sold in the Louisville Board of Realtors' Multiple Listing Service.

As, Frank Sinatra would say,
Start Spreadin' the News!

Deal of the Week

2011-01-20T09:47:00.011-05:00

Commercial Potential

2013 Watterson Trail

$95,000
(Tax Assessed @ $118,750!)

3 Bedroom, 1 Full Bath home located on HIGH TRAFFIC ROAD!
Situated beside Commercial Business Park
& Surrounded by Other Large Businesses

Interested in learning more about this home?

Call me.

21C Museum Hotel Wins Best Hotel

2010-10-15T13:18:00.009-04:00

Make Your Reservations Now....

21C Museum Hotel located at 700 West Main Street in downtown Louisville, Kentucky was voted #1 Boutique Hotel by Bloomberg Businessweek. After last years win of Conde Nast Traveler's "Best Hotel in the U.S." Louisville felt proud! As compared to the many fancy hotel's in New York, LA, or Chicago; Louisvillian's are beaming for this local hotel and it's uniqueness that keeps grabbing national attention.

Check out the Boutique Hotel Bracketology for yourself!
or
Check out what Business First of Louisville said about 21C's win in 2009.

Tax Credit Deadline Extended

2010-07-06T15:57:00.006-04:00

CAN YOU STILL GET YOUR $8,000?

Washington, D.C.
July 01, 2010

The National Association of Realtors® today commended Congress for timely passage of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both bills, strongly supported by NAR, had cleared the House earlier and were passed by the Senate last night. They now head to the president for his signature.

The tax credit closing deadline and the NFIP reauthorization were extended to September 30. NAR worked closely with congressional leaders on both sides of the aisle to enact these important pieces of legislation. Extending the tax credit closing and flood insurance deadlines will help provide additional stability to real estate markets across the nation, NAR said.

“What a great way to begin celebrating our nation’s most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams through no fault of their own,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz.

“We know that up to 180,000 home buyers eligible for the tax credit are rejoicing this morning. And we all thank both houses of Congress for their work to ensure passage of both bills,” Golder said. She singled out Senate Majority Leader Harry Reid (D-Nev.), Senate Minority Leader Mitch McConnell (R-Ky.), Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.), Senator Johnny Isakson (R-Ga.), House Majority Leader Steny Hoyer (D-Md.), Congresswoman Shelley Berkley (D-Nev.) and Congressman Joe Courtney (D-Conn.) for their efforts to extend the tax credit closing deadline.

The passage of H.R. 5623, the Homebuyer Assistance and Improvement Act, applies the homebuyer tax credit closing deadline extension only to homebuyers who have ratified contracts in place as of April 30, 2010, but could not close before June 30. The legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to September 30. There will be no gap between June 30 and the date the president signs the bill into law.

Article Provided By: Realtor.org

Melissa Simms
RE/MAX Associates
MelissaSimms@remax.net

Must Read Rules if You're Buying a Home.....

2010-06-23T10:31:00.013-04:00

THE 10 COMMANDMENTS OF REAL ESTATE
When Applying For a Mortgage

Compliments Of:
Bev Leonhardt, Senior Loan Officer
American Mortgage Service Company

Thinking of buying that new refrigerator for the home you are purchasing?
Considering opening that 0% interest credit card at Best Buy?
THINK AGAIN.....otherwise you may not get that home you've written a contract on.

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (or you may be living in it)!!

3. Thou shalt not use credit cards excessively or let current accounts fall behind.

4. Thou shalt not spend money you have set aside for closing.

5. Thou shalt not omit debts or liabilities from your loan application.

6. Thou shalt not buy furniture.

7. Thou shalt not originate any inquiries into your credit.

8. Thou shalt not make large deposits without checking with your loan officer.

9. Thou shalt not change bank accounts.

10. Thou shalt not co-sign a loan for anyone.

Melissa Simms
RE/MAX Associates
Louisville, Kentucky
MelissaSimms@remax.net

Pending Home Sales Rise for 3rd Straight Month

2010-05-04T11:29:00.007-04:00

PENDING HOME SALES ON AN UPSWING

May 4, 2010----Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.”

The PHSI in the Northeast declined 3.3 percent to 75.1 in March but remains 27.2 percent higher than March 2009. In the Midwest the index increased 1.2 percent to 98.9 and is 18.5 percent above a year ago. Pending home sales in the South jumped 12.7 percent to an index of 121.2, which is 28.3 percent higher than March 2009. In the West the index rose 1.9 percent to 99.9 and is 8.8 percent above a year ago.

Written By: Walter Molony, Washington
Date: May 4, 2010
Article & Video Courtesy of: National Association of Realtors

Melissa's Favorite Derby Pie

2010-05-04T11:25:00.006-04:00

Derby Pie

You might be overstuffed of Derby pie if you live in Louisville, but for those that may have watched the Kentucky Derby on TV and still think there is no problem celebrating with a wonderful dessert, then try this recipe. You will love it!

Ingredients:
1 cup light corn syrup
1 cup white sugar
1/2 cup butter, melted
1/4 teaspoon salt
4 eggs
2 tablespoon bourbon
1 teaspoon vanilla
1/2 cup semi-sweet chocolate chips
1 cup chopped pecans
1 9" deep dish pie crust (frozen or refrigerated)

Directions:
1. Pre-heat oven to 325 degrees.
2. Lay pie crust in bottom of pie dish.
3. In a saucepan, combine sugar, corn syrup, and butter. Cook over medium heat stirring constantly until butter melts & sugar dissolves. Remove from heat.
4. In a large bowl, mix eggs, bourbon, vanilla, and salt. Mix well.
5. Slowly mix sugar mixture into egg mixture & stir constantly.
6. Stir in chocolate chips & pecans. Pour entire mixture into pie crust.
7. Cook for 50 minutes or until pie is set and a golden brown.
8. Let it cool on a wire rack.

*Hint: Put a non-stick cookie sheet under the pie to keep droppings from burning in your oven.

Serve it warm with ice cream , serve it at room temperature....

Just Enjoy!!!

341 Piatt Place #104--Listed & Sold in 2 Days!

2010-04-27T14:00:00.007-04:00

Listed & Sold in 2 Days!!

341 Piatt Place- Unit #104
$118,000
Dorsey Hills Community

First Floor Unit w/ New Carpet & New Paint!
Approx 1074 sq ft. 2 Bedroom. 2 Full Bath Unit.

Interested in a free comparative market analysis on your home or condo?
Don't worry, there's no cost or obligation to list.

Call Me!
Melissa Simms
502-315-1561
MelissaSimms@remax.net

Is Your Home Built Prior to 1978?

2010-04-22T10:04:00.011-04:00

PLANNING ON REMODELING YOUR OLDER HOME?

THIS NEW LAW WILL AFFECT YOU......

New EPA Lead Certification Rule

As of April 22, 2010 the EPA will require individuals conducting lead-based paint activities (abatement, inspection, and risk assessment) in target housing and child-occupied facilities to be trained and certified. This new rule will affect anyone that owns a home built prior to 1978. All remodeling and repairs done in homes where lead based paint is present must now be done by certified contractors.

Learn more by visiting: http://www.epa.gov/lead

Are you concerned about lead paint and how it might affect your family?

Lead from chipping or peeling paint can mix with dust and soil in and around the home making it available for young children to ingest during normal hand-to-mouth play. In addition to chipping and pealing lead paint being a hazard, a freshly remodeled home can also be a danger. In the remodeling process lead dust and lead chips can mix with dust and soil from scraping and sanding old painted surfaces.

Lead paint in home building was not regulated until 1978, so most houses built before 1978 contain some lead-based paint. The older the house the greater the risk is for having lead contamination. Lead-based paint is not dangerous if it is properly cared for.

Wouldn't You Like to Live Here?

2010-04-15T16:03:00.011-04:00

For Sale!----SOLD

10711 McMeekin Lane Unit 206
*Lowest Price in Dorsey Hills*
$115,000

NEW CARPET, NEW PAINT!
2 Bedrooms & 2 Full Bath Condo w/approx 1100 sq ft
Conveniently Located near Shelbyville Rd & Hurstbourne Ln
2nd Floor Unit features Open Floor Plan w/Vaulted Ceilings & Gas Fireplace
Relax on the Private Balcony that backs up to trees & grassy area
Kitchen features NEW dishwasher, breakfast bar, & white cabinetry that opens up to Large Great Room & Dining Area
Master Suite w/Private Bath & Huge Walk-in Closet
Maintenance Fee Includes: Trash, Sewer, Water, General Maintenance, Snow Removal, Landscaping, Clubhouse, Pool, Exercise Room, Tennis Court, Sauna
Secure Building w/Intercom System

If you are a First Time Buyer or Empty Nester, this home is perfect! Don't worry about exterior maintenance....relax at the pool....enjoy weekends without yard work...exercise in the gym....or rent the clubhouse for parties!

Contact Me Today for a Showing!

Melissa Simms
MelissaSimms@remax.net
502-386-8739

Sold! 421 Downes Lane

2010-04-15T15:16:00.013-04:00

SOLD!

421 Downes Lane
MacBrae Village
3 Bedrooms/2 Full Baths

Click Here for a Full Tour

This home is sold, but I'd love to help you find another.

Contact me....
MelissaSimms@remax.net
RE/MAX Associates

New Listing off Smyrna Rd-$146,900

2010-04-14T15:24:00.024-04:00

Just Listed!

6513 Daverman Court

$146,900

For a Virtual Tour....Click Here

Tastefully Decorated Brick Ranch Home

3 bedrooms & 1 1/2 baths

Approx 1700 finished sq ft (400 in lower level)

New Carpet & Paint Throughout

Huge Eat-In Kitchen w/White Cabinetry & Lots of Storage

Dining Area Overlooks Patio & Private Backyard as well as Common Area

Formal Living Room

Master Bedroom with Private Half Bath

Partially Finished Basement w/Huge Family Room & Recessed Lighting

Fenced Yard Overlooks Common Area

Conveniently located near Snyder Freeway

Home sits on a quiet cul-de-sac

Seller to Furnish a One Year Home Warranty

Average LG&E bill for Seller is $70/month

Want to check out this home for yourself?

Call Me!

Melissa Simms @ 502-386-8739

Melissa's Easy & Delicious Lemon Coolers

2010-04-13T10:48:00.020-04:00

LEMON COOLER COOKIES

Best quick dessert that everyone will love, if you can even get them out the door!
~Great for a memorial day cookout, bridal shower, or just to give to your favorite friends~

Ingredients:

1 package Duncan Hines Lemon Cake Mix
1 Tbsp. lemon juice
2 eggs
1/2 confectioner's sugar

Directions:
1. Preheat oven to 350 degrees.
2. Mix cake mix, eggs, oil and lemon juice in a large bowl.
3. Roll dough into teaspoon size balls & put in fridge for at least 1 hour.
4. Put 1/4 C. confectioners sugar in a ziploc bag.
5. Toss the balls in the confectioners sugar & place on parchment covered cookie sheets.
6. Cook for 8 minutes. (Bottom will be light brown, sides crispy)
7. Remove from oven and sprinkle rest of confectioners sugar on tops.

Enjoy!

2010 Derby Festival Schedule of Events

2010-04-13T10:12:00.028-04:00

2010 Derby Festival Schedule of Events

04/17/2010- Thunder Over Louisville (Air Show @ 3p- Fireworks @ 9:30p)

04/19/2010- King Southern Bank Foundation Pro-Am Golf Tournament 12p @Audubon Country Club

04/21/2010- Fifth Third Bank $1 Million Hole In One Ladies Day 10a-8p @ Water Tower

04/22/2010- Taste of Derby Festival 5:30p @ Louisville Slugger
U.S. Bank Derby Festival Great BalloonFest
Kroger's Fest-a-Ville on the Waterfront Daily

04/23/2010- U.S. Bank Derby Festival Great Balloon Rush Hour Race
U.S. Bank Derby Festival Great Balloon Glow 9p @ KY Expo Center
Dancing with the Stars: Derby Style 6:30p @ The Henry Clay

04/24/2010- Marathon/miniMarathon 7:30a @ Iroquois Manor & 3rd St
Saturday Evening Concert Featuring Uncle Kracker @ 9p

04/26/2010- Stock Yards Bank Great Bed Races

04/27/2010-- Fifth Third Bank $1 Million Hole In One Finals
Run for the Rose @ 11:30a
WineFest @ 5p-9p
Texas Hold'em Tournament 4p @ Belle of Cincinnati
RhythmFest featuring En Vogue with Midnight Star @ 8p

04/28/2010- Great Steamboat Race Presented by Turner Construction @ 6p

04/29/2010- Republic Bank Pegasus Parade 5p @ West on Broadway to 9th Street

04/30/2010-136th Running of the Kentucky Oaks!

05/01/2010- 136th Running of the Kentucky Derby!

New Listing! 10802 Linn Station Road

2010-04-07T10:09:00.017-04:00

WELCOME HOME!

10802 Linn Station Road
Louisville, Kentucky
$230,000

Take a Virtual Tour....Click Here

Conveniently located off of Shelbyville Road and Hurstbourne Lane.
Spacious 2 story home in GREAT move-in condition.
Eat-in kitchen with white cabinetry, dishwasher, spacesaver microwave, range (refrigerator is negotiable).
Formal living room, formal dining room, entry and powder room with hardwood flooring.
Family room with gas log fireplace, berber carpet. Spacious master bedroom with separate bath.
Second floor features 3 additional bedrooms and full bath.
Full unfinished basement, 2 car side entry garage. All new insulated windows, new garage door, all updated mechanicals.
Gazebo stays, but hot tub is negotiable.
Beautiful landscaped and lightscaped backyard with 6' wood privacy fence surrounding
This home is tastefully decorated and ready to move into.
Quick possession!
SELLER HAS SIGNED UP FOR ONE YEAR HOME WARRANTY FOR BUYER WITH Home Buyers Resale Corp.

Interested in a private showing?

Call Me!

Melissa Simms
Realtor @ RE/MAX Associates
Cell: 502-386-8739
MelissaSimms@remax.net

Top 10 Mistakes of First Time Buyers---Are You Guilty?

2010-04-06T12:31:00.013-04:00

What are the 10 Mistakes of First-Time Home Buyers?

1. Not knowing how much house you can afford.
Maybe you've seen the shows on HGTV with a huge eat-in kitchen, nice granite countertops, chef quality appliances, and all the bells & whistles. When you get out looking you may end up at the top of your price range, but still disappointed in what's being offered on the market. Realize that you need to know what price range you can afford and then look at what homes in that price offer. Make sure you get pre-approved prior to looking. Don't even know someone to talk to in regards to financing? Ask your Realtor. That will probably be one of their first questions anyways, "Are you pre-approved?"

2. Assuming foreclosures are great deals.
Just because the previous owner owed more on the home than what it's listed for before the bank took it over doesn't mean it's worth that much now. Have your agent check the comparable homes in the neighborhood. Check the police reports for crimes in the area, this will give you a good idea if the neighborhood is also on a downward slope.

3. Letting your true feelings show.
So, you found the home you love and you are willing to pay the asking price or more. If you are working with an agent on the buying side, then it's ok to tell them you really want this home. That way they can let the selling agent aware of interest and if other offers come in you will be made aware as well. You don't want to tell the selling agent how you feel about the home, or else you will end up paying your top dollar.

4. Failing to find a good buyer's agent.
Your agent has a fiduciary responsibility to you as their client. Rely on them for their knowledge of mortgage loan officers to help you get pre-approved. Your agent should also know loan officers in the business that specialize in they type of financing that you need.

5. Underestimating the costs of owning a home.
Make sure you set aside at least 1% of the purchase price of the home for incidental repairs that may occur over your period of ownership. Since you are a first time buyer, and will have to spend money on new items for the home, your agent should ask for a one year home warranty when writing the offer so that you know if anything major occurs in the first year, you will be covered and only have to pay a small deductible. If you want to extend the warranty, you will have to extend that with the company directly.

6. Failing to budget for property taxes.
Every homeowner has to pay them, it's just the amounts that are different. Make sure you know prior to writing an offer if the home has a Home Owners Association. If so, then you will have to pay a yearly fee to the HOA in addition to the property taxes. Instead of paying one large sum of money out for the taxes once a year, ask your mortgage lender about having the taxes included in your monthly payment.

7. Assuming your first offer will get accepted.
Just because it's a buyers market, doesn't mean you can get the home for dirt cheap. You are still buying an investment. Seller's have their home priced at what they expect to start the negotiations. If they are reasonably priced then don't give them such a low ball offer that it offends them. Maybe the home needs some major repairs; get some quotes for these and send them in with the offer. That may help the seller come down in price a bit. Just like you may not want to pay full price for the home, the sellers don't want to sell the home for an unreasonably low price.
If the sellers are priced right and it's getting a lot of activity, then consider making them a very good offer. This will make the neogiating process go a little bit faster and help you to get the home before someone else does.

8. Skipping the inspection.
Never, never, never buy a home without knowing what work it will need. Even if the home is sold as-is, have a licensed inspector check the home for major/minor issues so you know what you are facing if the deal does go through. If the home is a "regular" sale, then make the contract contingent on inspections. That way if you find a few issues that need fixing, you can send a request for repairs to the sellers asking them to fix the items on the list that are of most importance to you.

9. Doing too much too fast.
Don't overextend yourself when looking or buying a home. After you get an accepted offer, don't run out and buy lots of large appliances or open more lines of credit. This may not only overextend your current bank account, but it may also cause you to no longer get financing. When you are pre-approved, that is based on your accounts and income as of that day. The less you go splurge, the better. I have recently heard of a pre-qualified buyer that got an accepted contract on a home, went out and bought a new refridgerator, and then found out, because of that purchase he was no longer qualified to buy. Ouch!

10. Failing to include a contingency clause in the contract.
Make sure your agent puts an inspection contingency in the contract. Also, make sure that your agent protects you with a financing contingency, so that way if the interest rate shoots up overnight, you do not have to buy the home unless you are ok with the new rate.

List of 10 Mistakes From: Smart Money
By: Lisa Scherzer /Published: April 2, 2010

Explanations & Examples:
Melissa Simms @ RE/MAX Associates
Louisville, KY
MelissaSimms@remax.net

Greenspan Reports:

2010-03-26T11:36:00.002-04:00

HOUSING WILL COME BACK

March 24, 2010-----Former Federal Reserve Chair Alan Greenspan told officials in Mexico on Wednesday that he believes U.S. home prices have hit bottom. However, home owners are still unnerved by the decline in value, and until prices stabilize, the economy will remain weak.

"We will not be out of this crisis until home prices truly stabilize in the United States. They appear to have stabilized, but they are very fragile," Greenspan said in a televised interview.

"Eventually housing will come back; it can't get any lower," he added.

Source: Reuters News (03/25/2010)

More Real Estate Daily News: Realtor.org

Louisville Real Estate Inventory Report

2010-03-25T09:15:00.020-04:00

CURRENT SALES & INVENTORY HISTORY

Date Range: March 2009- February 2010

Property Type: Residential Real Estate
(Single Family Homes & Condos/Patio Homes)

Areas Included:Central Downtown District/Old Louisville/Downtown/Shively/West Louisville, Butchertown/Highlands/Germantown, Clifton/Crescent Hill/St. Matthews, Pleasure Ridge/Valley Station, Auburndale/Fairdale/Iroquois Park, Buechel/Highview/Okolona/FernCreek, Hikes Point/Jeffersontown, Douglass Hills/Hurstbourne/Middletown/Anchorage/St. Matthews, Glenview/Lyndon/Prospect, Nelson Co, Bullitt Co, Oldham Co

Note: The "Current Inventory" column(s) reflect the number of active (on market) listings on the 16th day of each month. The "Months Inventory" column(s) value(s) equal "Current Inventory" divided by "Monthly Sales". This reflects how many months it would take to sell sell out of inventory at the current month's rate of sale.

Total Months Inventory= Total Current Inventory / (Total Monthly Sales/12 Months)

From the statistics to the left, you can see that the average list price for a home in March 2009 was $158, 289 and the average sale price was $150, 464. There were approximately 5,717 homes on the market at that time.
(Click on the chart above to view larger)

For the most recent full month's statistics on February 2010, the average list price for a home was $171,093 with the average sale price being $162,742. Our inventory for the month of Feb 2010, is higher with approximately 6,867 listings. The months of inventory is 12.93 months.

What does "Months of Inventory" mean?

That if no other homes came on the market, it would take 12.93 months to sell all of the 6,867 homes currently listed.

From the data, we see that the amount of inventory has increased by almost 1,000 homes since March 2009. This increase could be due to many factors; including the $8,000 and $6,500 tax credits, a better economic forecast, increasing confidence in consumers, people getting relocated,and even some, are the weather related with the arrival of spring.

Maybe I've sparked your thoughts on what the statistics are in YOUR neighborhood, not just the entire market. Email me. I'd be happy to give you the statistics that affect your purchasing or selling decision!

Melissa Simms
RE/MAX Associates
MelissaSimms@remax.net

Top 10 Real Estate Markets in the U.S.

2010-02-26T09:21:00.013-05:00

WHO MADE THE CUT?

HINT: Louisville Made the List!

Families in the market for a house are shopping at the right time: Nationally, homes are near the most affordable they've been in 18 years. In the fourth quarter of 2009 housing was 62.4 percent more affordable than the same time a year earlier, according to the Housing Opportunity Index, published quarterly by the National Association of Home Builders and Wells Fargo.

Also looking strong is Louisville, Ky., a city whose low foreclosure rate — only 1.15 percent of homes are in foreclosure, half the national average — illuminates it as one of the cities least affected by this aspect of the dramatic housing market collapse of the past three years. Louisville had less......Read More!

Slideshow of America's Best Housing Markets

Article By: Francesca Levy/ Courtesy Of: Forbes.com

Melissa Simms
RE/MAX Associates
Louisville, Kentucky
MelissaSimms@remax.net

Melissa's Easy & Delicious Chicken Tortilla Soup

2010-01-29T16:04:00.017-05:00

Cook For Your Super Bowl Party
or on a Cold Winter's Night!

This has become one of my staple recipes. Try it, I think you will like it!
Don't let it look intimidating. Check your pantry first.

Don't have a can of salsa, but have a jar left over in the fridge? Use it!
Don't have canned chicken broth? Use 4 cups powdered chicken bouillon.
Don't have black beans, but have some white or red kidney beans? Dump it in. Still tastes great.
Don't have lime, but have a lemon? Add a bit of lemon juice. Careful, not too much!

CHICKEN TORTILLA SOUP
Serves: 6
Ready In: 1 Hour

2 boneless skinless chicken breasts, cubed OR 1 rotisserie chicken
1/2 cup herb & garlic marinade or Italian dressing
1 cup onion, diced
1 can (7 oz) salsa
1 can (14 oz) black beans, drained & rinsed
1 can (14 oz) corn, drained
2 cans (14 oz) chicken broth
1/4 cup rice
2 tsp. garlic, minced
1 Tbsp. olive oil
1 Tbsp. jarred jalapeno, minced
2 tsp. lime juice
2 tsp. chili powder
1 Tbsp. parsley
1 tsp. onion powder
1/2 packet taco seasoning
2 tsp. McCormick's Southwest Chipotle seasoning
Monterrey Jack Cheese
Sour Cream
Tortilla Chips

1. Cut chicken with kitchen shears into cubes and saute in dressing/marinade. Or cut small pieces off rotisserie chicken.
2. Saute onion and garlic in olive oil over medium heat in a large pot for 3 minutes.
3. Add cooked chicken, chicken broth, rice, salsa, corn, black beans, jalapenos, lime juice, chili powder, parsley, onion powder, taco seasoning & Southwest seasoning.
4. Bring to a boil. Reduce heat to medium-low and cover. Simmer for 20 to 30 minutes.
5. Check and stir. When rice is cooked, soup is ready.
6. Top with cheese, sour cream & tortilla chips. Yum Yum!

Melissa Simms
RE/MAX Associates
Louisville, Kentucky
MelissaSimms@remax.net

Are McMansion's Loosing There Appeal?

2010-01-28T13:58:00.018-05:00

LIVING SMALLER

Thursday, January 18, 2010

Are McMansion's loosing there appeal to the masses?

Is the small cottage with the white picket fence making a comeback?

It looks like home buyers are able to live in a smaller space and fix it up with all the bells and whistles. Many homeowners are paying attention to what buyers want and what the design shows are telling viewers; light, tranquil colors look best in smaller spaces. Homeowners are learning to work within their space to give it a modern appeal with a comfortable feel.

The average home sizes are declining. This may have to do with the current tax credit being offered, many first time home buyers are jumping into the marketplace. Someone purchasing their first home is most likely going to be buying one that is a modest price and size. Whether first time buyer, divorcee's, aging baby boomers, or just downsizing on size & mortgage payment; many are finding creative and beautiful ways of taking their smaller space to a whole new level.

LIVING BIG IN A SMALL HOME
"Although the average square footage of a new house is still double what it was in 1960, in the last year, it decreased slightly to 2,215 square feet from a high of 2,277 square feet in 2008, according to data from the U.S. Census Bureau. While the decrease doesn’t approach mid-20th century levels, it is the first drop in house size since the recession of the early 1980s." Read More.....

Article Source: Realtor Magazine
Issue: February 2010
By: Maggie Sieger

How is Louisville Divided Up?

2010-01-11T17:02:00.013-05:00

DIVISION OF LOUISVILLE METRO AREA
&
SURROUNDING COUNTIES

Monday, January 11, 2010---Whether you've tried looking for homes online or even picked up the very thin Courier Journal Real Estate Section to see what's for sale, you may have been confused on the breakdown of the Louisville Metro area and surrounding counties.

MAP KEY- Major Areas & Neighborhoods

Area 1:
Algonquin
Old Louisville
Parkland
Portland
Shivley

Area 2:
Audubon
Butchertown
Bonnycastle
Camp Taylor
Cherokee Triangle
Germantown
Highlands
Phoenix Hill

Area 3:
Brownsboro-Zorn
Clifton
Crescent Hill
Indian Hills
St. Matthews

Area 4:
Chickasaw
Shawnee

Area 5:
Auburndale
Beechmont
Cloverleaf
Iroquois Park

Area 6:
Bashford Manor
Buechel
Fern Creek
Newburg
Okolona

Area 7:
Bon Air
Hikes Point
Klondike
St. Regis Park
Jeffersontown

Area 8:
Douglas Hills
Hurstbourne
Middletown
Plainview
Lake Forest
Lyndon
Oxmoor Woods
Polo Fields

Area 9:
Anchorage
Prospect
Hunting Creek
Indian Springs
Springhurst

Additional Area Codes-
Area 11: Bullit County (Mt. Washington, Shepherdsville, Hillview, Brooks)
Area 12: Other Kentucky Counties
Area 13: Indiana
Area 14: Other States
Area 16: Hardin County
Area 20: Oldham County North of I-71
Area 21: Oldham County South of I-71
Area 30: Shelby County (Simpsonville & Shelbyville)
Area 17: Spencer County ( Fisherville & Taylorsville)
Nelson County (Cox's Creek & Bardstown)

Will There Be Snow for Christmas?

2009-12-16T10:55:00.021-05:00

DREAMING OF A WHITE CHRISTMAS?
Nicholas K. Geranios---Lexington Herald Leader---November 26, 2009

The National Climatic Data Center studies the chances of a white Christmas in various U.S. cities. For the period 1988-2005, the agency found that the probability of having an inch of snow on the ground on Dec. 25 ranged from 100 percent in Fairbanks, Alaska, to 1 percent in Phoenix.

For Lexington, the probability is 10 percent, the lowest among Kentucky's largest cities. Covington and Paducah are highest, at 17 percent, followed by London, 16 percent; Bowling Green, 14 percent; and Louisville, 13 percent. Read More

Merry Christmas!

Melissa Simms
RE/MAX Associates
MelissaSimms@remax.net

Need a Quick Appetizer or Dinner for Two?

2009-11-18T10:38:00.010-05:00

SHRIMP PESTO PIZZA

This is the best recipe to make for an appetizer or dinner for two.
It's filling, healthy, and packed with flavor.
It's quick, easy and delicious.
Impress guests with this gourmet pizza!

1/2 pkg frozen shrimp (1 lb bag)
4 oz goat cheese
1 thin crust pizza dough
1/2 jar pesto
1 tsp garlic powder
1/4 tsp garlic salt
1/4 tsp ground black pepper
1 tsp oregano
1 tsp basil
1 tsp crushed red peppers

1. Thaw shrimp in medium warm water. Let sit approx 5 minutes.
2. Pull tails off shrimp. (and de-vein if necessary)
3. In a small bowl, toss shrimp with garlic powder, garlic salt, black pepper, oregano & basil. Set aside.
4. Pre-heat oven to 400 degrees. Spray non-stick on a jelly roll pan. Open refrigerated thin crust tube and roll out onto pan.
5. Pre-cook crust for 5 -10 minutes.
6. Take crust out of the oven. Spread on pesto leaving approx 1/2 inch around the edges.
7. Spread shrimp evenly on crust & crumble goat cheese over top.
8. Sprinkle entire pizza with crushed red peppers.
9. Cook for 5 to 10 more minutes, making sure not to overcook shrimp or crust.

Check Your Pantry for Other Things to Add Like:
*Sun dried tomatoes
*Proscuitto or Canadian bacon
* Onions

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

Best Things to Do During Winter

2009-11-17T14:49:00.009-05:00

WHAT TO DO LOUISVILLE, KY IN WINTER
November 11, 2009

Go See A Christmas Carol at Actor's Theater

Check out a concert at the UofL School of Music

Watch the Cardinals play some basketball at Freedom Hall

Go see the Louisville Ballet perform The Nutcracker

Brush up on your bowling skills at Kingpin Lanes

Learn something new! Sign up for a cooking class at Campbell's Gourmet Cottage

Grab your spouse or a friend and take a ride on My Old Kentucky Home Dinner Train

Visit River Bend Winery for a tour & a tasting

Find on treasures at the Flea Market

Check out the World War II exhibit at the Frazier International History Museum

Selling During the Holidays

2009-11-12T16:06:00.003-05:00

HOW TO:
SELL YOUR HOME DURING THE HOLIDAYS
November 12, 2009

TAX CREDIT INCENTIVE
The $8,000 tax credit was extended until April 30, 2010. There is also a $6,500 tax credit being offered to current home owners who have lived in their homes for 5 consecutive years out of the last 8 years. This tax incentive will bring out SERIOUS buyers who will be shopping for houses; not shoes.

LOW INTEREST RATES
Interest rates are at record lows. They aren't going to stay this low forever. Someone getting a 30 year fixed rate mortgage could get a loan around 5%. Historically, rates were up to 18% in the 1980's. Smart buyers will be finding a place to call home so that they can lock in a mortgage at these incredibly attractive rates.

LESS COMPETITION
Some seller's will take their home off the market during the holidays so they aren't bothered with showings. If most sellers are taking their ome off the market, why would YOU want to? Don't follow the crowd; let your home stand out to buyers with fewer homes to compete against.

HOLIDAY DECORATIONS
The smell of delectable desserts, classic carols on the surround sound, trees with the glow from tiny lights, and the fireplace flickering in the family room; everyone loves to feel that peaceful, inviting atmosphere that showcases a home. Also, your home will already be in tip top shape, clean as a whistle and de-cluttered for your parties or open houses' anyways!

CURB APPEAL
Some local neighborhoods are known for their extravagant Christmas light displays. Car after car they visit neighborhoods, such as Lake Forest, to admire the beauty of these lights. No gaudy decorations (i.e inflatable snow globes); we are talking simply lit landscaping, a nice wreath on the front door and maybe some lit Christmas trees shining through the window. What's better to a buyer than pulling up to a classic, simple, elegantly lit home that just so happens to also be for sale?! It will make an irreversible impression.

MOTIVATION
People that are looking during this time of year are serious buyers. These buyers are not taking a few months off from looking for their next home. They need a home, want a home and will buy a home; whether it's yours or not. Buyers that are just "kickin' tires", will stop looking since they aren't actually planning on buying in the near future anyways.

FLEXIBLE TIMES
Maybe you go out of town every Christmas to visit family. Great! Then your home is already clean without the everyday build up of junk. With your family out of town your Realtor will also be able to work with buyers and buyer's agents on their schedules for showing times. People tend to get more days off this time of year, so they have more flexibility in their schedules. There might be days where you absolutely can not show your home. Fine! People will understand. Just try to get them in soon after while they retain interest in seeing your home.

Melissa Simms
Realtor @ RE/MAX Associates
Louisville, Kentucky
Email: MelissaSimms@remax.net

Tax Credit Extended & Expanded! 2009/2010

2009-11-09T15:02:00.000-05:00

NATIONAL REAL ESTATE NEWS:

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Find Out More!
The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.

Photo & Article Courtesy: National Association of Realtors

Louisville Real Estate Effected By New Downtown Arena

2009-11-04T10:15:00.000-05:00

LOUISVILLE REAL ESTATE NEWS:

Economic Impact Study Shows More Activity Than Expected Near Arena Site

BY: John R. Karman, III- Staff Writer
Courtesy: Business First of Louisville
Monday, October 26, 2009

The results include a finding that 30 projects either have been completed, are under construction or are scheduled to begin soon, largely because of the $238 million, 22,000-seat downtown arena. The facility’s bowl has taken shape over the summer, and its parking garage is nearing completion.

Finding Your Dream Home

2009-11-03T15:26:00.001-05:00

HOW TO:
FIND YOUR DREAM HOME

November 3, 2009---You may think that you are not picky on what you want in a home, but I bet you do have certain criteria that will determine the home you ultimately decide upon. Go ahead, be picky! After all, it is one of the largest purchases you ever make in your life. Real estate is ALWAYS a good investment if you are planning on living somewhere at least 5 years. Otherwise, you should rent.

Answer these questions:

What area(s) of town do I like best?
How much do I care about living close to work or school?
Do I need to live close to the interstate or expressways?
Do I want to live within a specific neighborhood?
Do I have a preference on construction: brick, vinyl, stucco exteriors?
How many bedrooms do I want at a minimum?
How many full bathrooms do I want at a minimum?
Do I want a newer construction home with all the amenities or a charming older home?
Do I like traditional two-story, ranch, tri-level, shotgun or contemporary style homes?
Do I need a basement?
Do I care if it is unfinished, partially finished, or fully finished? Walkout?
Will I be ok with a laundry in the basement or do I need it on the 1st floor?
Do I need a garage or will I be ok with parking on the street or in the driveway?
What type of garage? 1 car, 2 car, 3 car, attached, detached?
Do I need some yard for kids, gardening, etc. or is a condo/patio home a better choice for my lifestyle?

Now, take that list and read over your wish list. Are all of your answers possible to find in a home within the price range that you are looking to buy? Maybe you know that one of your answers is more of a "bonus" feature versus a "must-have". An in-ground pool would be nice to have for guests and kids, but it is probably not a necessity in your next home.

Pick out the features that you absolutely will not compromise on. Now send this list to your Realtor. It will help them to narrow down your search and send you the homes that best fit your wants & needs. You should still tell your Realtor what bonus features you would love to have, that way they can send you any listings that come on the market containing these dream home desires.

You may not find a home that has every single feature you originally set out to find, but you will love it all the same!

Melissa Simms
Realtor @ RE/MAX Associates
Louisville, Kentucky
Email: MelissaSimms@remax.net

Save Money This Winter!

2009-10-30T15:05:00.001-04:00

ENERGY SAVING TIPS FOR THE HOME

October 30, 2009----Fall is officially here and winter is peeking it's ugly head around the corner. According to John Belski's count of winter weather folklore, 19 of 26 weather folklore sayings are pointing to a cold and snowy winter. Now, this is not scientifically sound evidence or proof that this winter will be cold and precipitous, but we all know that the meteorologists don't always get it right. Many times, I think it is much more reliable looking at the signs from nature. A few examples from Belski's blog are:

"When spring flowers bloom again during the fall, that is a sign of a cold winter coming up. So far there has been a "second season" bloom of the crabapples, viburnum, bamboo nandina and several others. COLD"
"A warm November is usually followed by a cold winter. This November the temperatures are averaging several degrees above normal and it is expected to stay mild into Thanksgiving....COLD"
"Wooly worms- there are 4 sayings here. The main one concerns the brown band. Wooly worms are black on both ends and brown in the middle. The wider the brown band, the milder the winter. This year the brown band is wider than usual...MILD There have been an average number of wooly worms around....NORMAL If the all black wooly worms are extra furry, it will be a cold winter....COLD If the wooly worms are visible before the first frost, it will be a cold winter....COLD"
"August fogs-the foggier the August...the snowier the winter. We had 16 days with fog in August... SNOWY"

With that chilly forecast in mind, I want to give you some tips to save money on your heating bill this winter. Make sure you stay warm, but don't spend your savings account doing so. Some money saving tips you can do by changing habits, others will need to make an initial investment, but will see the pay off in the years to come.

LITTLE OR NO COST TIPS

Unplug any small appliances when not in use. (i.e. coffee pot, can opener, toaster, hair dryer, phone chargers, laptop computers, etc) Combined, these can use as much power as the refrigerator.
Wash your clothes with cold water. As much as 90% of the energy used when washing clothes goes into heating the water for a warm or hot cycle.
Clean your outside dryer vent to allow the heat to escape freely. Also, clean out your lint filter after every load.
Run your dishwasher with a full load and turn off the heated dry option. Burn some calories and hand dry or open the door and let them air dry. This saves more energy than you think!
Set your thermostat down 5 degrees when you are sleeping. You don't really need the entire house warm and toasty when your snoozing for almost 8 hours during the coldest part of the night. Warm up with an blanket on the bed. For every degree you turn down your thermostat, you will save up to 5% on heating costs.
Seal any cracks, leaks, or gaps around windows by caulking, sealing, or adding weather stripping. This can save up to 20% on home heating costs.
Turn off some lights. You don't need every light in the house on, just the lights for the room that you are in.
Set your water heater to a "normal setting" of 120 degrees. This will save you around 10% on your bills.
Replace furnace filters often and keep your furnace clean. The cheaper the filter, the more often you need to change it. Write it on your calendar in advance or else you will keep forgetting. This will save you up to 5%.
Take a shorter shower. If you cut your shower time in half, you will reduce your heating costs by about 33%.
Close some of your blinds, shades or curtains at night or when not at home. This creates a barrier and keeps more heat in your home.

INITIAL COST- LONG TERM BENEFIT TIPS

If you are planning on buying a new appliance anyways, do your homework and purchase one that uses less energy. Some energy efficient washing machines use 50% less energy than those from years past.
Wrap your water heater with insulation. (Leave the air intake vent uncovered!) This will save you up to 10% especially if you have an older water heater.
Add insulation into your ceiling, attic and/or walls. Check around locally for reliable companies that are competitively priced. Ask your Realtor if they have a contact.
Replace old, drafty windows with some that are more energy efficient.

Many of these options are free, so why would you not want to implement them? Test it out, see how much money you save, then decide which tips you want to continue and which you are willing to spend extra energy costs on.

Check out the full list of Winter Weather Folklore on Wave3. Read More!

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

How Much is My Home Worth?

2009-10-28T11:25:00.006-04:00

Appreciation of Single Family Homes in Louisville, Kentucky

October 28, 2009

The chart to the right shows what single family homes have averaged since 1971 comparing the number of sales to the total dollar volume in sales to the average home price and the average percent of change. With information taken from the Louisville Board of Realtors Multiple Listing Service, this shows how the Louisville area has changed over the past 30+ years and the stability of the market in this area.

In 1972, the average home cost $25, 144. During the 1980's the Louisville market showed double digit appreciation. In order to get inflation under control, President Reagan raised interest rates into the double digits. In 1982 homes in Louisville went down -5.14% due to these sky high interest rates. The average home price this year was $53, 092.

Through the rest of the 1980's, 1990's, and beginning of the 2000's; the area along with the country saw over 23 years of appreciation. Homes appreciated anywhere from 1.81% to 10.41% during these years. With over two decades of appreciation and just a handful of years showing depreciation; WHY wouldn't you invest in real estate?

Current Look: In 2008, the market showed a decline of -5.90%; down but not as bad as other areas of the country. Since we are at the end of 2009, this year has thus far shown a decline of -2.03%. The Louisville market has gone down more, BUT seeing as the decline was less than the year before this is telling me that we must be coming out of the economic slump. The tax credits have helped to spur the market & will continue too up until their expiration in April 2010. The market won't be down forever. Louisville's history proves that real estate is a great long term investment. Buy NOW!

Joe Simms Honored For 30 Outstanding Years

2009-10-22T11:08:00.004-04:00

LOUISVILLE REAL ESTATE NEWS:

Joe Simms
Realtor @ RE/MAX Associates

Local Realtors Honor Joe Simms for 30 Outstanding Years in a Changing Industry

BY: Mary Alan Woodward
Courtesy: The Voice Tribune
Wednesday, October 21, 2009

Hints on Showing Your Home

2009-10-19T13:44:00.001-04:00

ADVICE FOR SELLERS ON SHOWING YOUR HOME

October 19, 2009------It is very important to spruce up your home as much as possible so that when buyers visit, they are favorably impressed. Over the past years, we have found that by taking the following steps you can make your home more appealing, and increase the likelihood that it will sell quickly, and for the best possible price.

Steps to Take Now

Keep lawn neatly trimmed.
Clean all windows
Paint or clean entry porch & front door.
Replace all burned out light bulbs.
Tidy up closets. If possible, clean out your closets & store as many items as you can someplace else.
Eliminate clutter from counter tops, bookcases, and all floor areas.
If you have pets, determine if there is any area (preferably outside or in your garage) where you can confine them to when potential buyers visit.
Fix any leaky faucets or defective electrical switches.
Give your home a careful cleaning.

Steps to Take When a Buyer is About to Arrive at Your Home

Turn all the lights on, even if it's daytime.
Open all drapes.
Tidy up kitchen and bathrooms.
Freshen up any cat litter box, or hide it.
Keep the house comfortable. This may require turning the heat up to at least 68 degrees in the winter. If you have a working fireplace, light a fire.
Put money and valuables out of sight.

Steps to Take When an Agent is About to Bring a Buyer to Your Home
In addition to the above steps:

Try to leave the house during the visit. Buyers will be more comfortable if the owner isn't present.
If you can't arrange for your children to go somewhere else, keep them occupied in one room or outside on a nice day.
Let the sales associate show your house. Do not follow them around your house.
Save the business card of the sales associate who shows your house, so that you agent can follow up with them the next day.

Melissa Simms
RE/MAX Associates
Louisville, Kentucky
MelissaSimms@remax.net

Hey Louisville..Support a Local Restaurant!

2009-10-14T11:06:00.001-04:00

HUNGRY.....

TRY ONE OF THESE

LOCALLY OWNED RESTAURANTS

October 11, 2009

Café Mantra- Bardstown Road
Pro: Cheap, cheap, cheap! Serve breakfast all day long.
Con: Slow service.

Havana Rumba- St. Matthews
Pro: Lots of choices!
Con: Packed.

Louisville Pizza Co. / Cubby Ray’s- Jeffersontown
Pro: Reasonably priced. Best pizza I’ve ever had!
Con: You won’t stay on your diet.

El Tarasco- Lyndon
Pro: Cheap, cheap, cheap! Lots of food & quick. Great margaritas.
Con: Parking.

Corner Café- Lyndon
Pro: Great, original recipes. Huge menu!
Con: Atmosphere.

Corbett’s- Summit Area
Pro: AMAZING food & service! Excellent flavor & presentation.
Con: Pricey for dinner. Make reservations for lunch (cheaper!).

Sakura Blue- St. Matthews
Pro: Lots of sushi choices.
Con: Small restaurant.

Great Harvest Bread Co.- Hurstbourne Lane
Pro: Delicious bread! Great sandwiches & soups. Just the right amount.
Con: Limited seating.

Uptown Café - Bardstown Road
Pro: Nice atmosphere. Amazing food. Many unique options (i.e. duck ravioli).
Con: Parking is bad on weekends.

Wild Eggs- Breckenridge Lane & Westport Village
Pro: Fun atmosphere! Best waffles ever. Have breakfast or lunch.
Con: Packed on weekends…go early.

And For Dessert!

Homemade Ice Cream & Pie Kitchen
Pro: Lots of choices for dessert. Everything I’ve had from here was great.
Con: They run out often. Order your pie ahead!

The Louisville Housing Market vs. National Housing Market

2009-10-08T17:48:00.000-04:00

HOW DOES THE LOUISVILLE HOUSING MARKET
COMPARE TO THE NATIONAL MARKET?

October 8, 2009

This chart compares the national real estate market with the market in Louisville,KY.

X Axis= Year
Y Axis= Price of Home

Homes in Louisville did not have the extreme increase in price in the early 2000's as the national market, therefore the Louisville market did not and is not having as much of a decline in the value of our homes. This historical analysis shows us the stability of the housing market in Louisville.

Trust in your investment! After-all, it's one of the biggest investments you will ever make.

Melissa Simms
RE/MAX Associates
MelissaSimms@remax.net

Set The Stage!!

2009-10-05T14:07:00.000-04:00

STAGE YOUR HOME TO SELL

October 5, 2009-----With more and more people watching home improvement shows on HGTV and TLC, we are finding that buyers now expect for homes to be perfect upon entry. Unfortunately, we don’t all have the knack to decorate, pick the “right” colors, or even arrange furniture, but since most buyers are visual you want to make sure your home has that “wow” factor.

Here are some tips to help you stage your home prior to placing it on the market. Do you want tips specific to YOUR home? Call me and I will check out your home personally and then give you my professional opinion along with a “To Do” list specific to your home.

Clean Up the Clutter
No one wants to walk into someone else’s mess. Get plastic bins & re-organize. Make piles for stuff you want to “Keep”, “Sell”, & “Donate”. Have a yard sale, make a trip to Goodwill, and box up the rest.

Make Your Home Odorless
Don’t let your home smell like you have a dog, cat, or smoker. Open the windows & air it out. Don’t just plan on spraying Lysol or burning candles. You may need to scrub the carpets, wash or re-paint the walls, or clean the air vents to truly rid the home. Read their packages for safety & to make sure they aren’t a fire hazard. Don’t think your house has its own scent? Have a friend or neighbor come over to tell you their honest opinion if the scent is too strong, unpleasant, etc.

Eat Off the Floor
Would you eat off your floor? If not, then you need to clean your home that you could eat directly off the floor. If that thought is not too far fetched your home probably meets others standards & would be clean enough for them to see their children or selves in.

Lighten Up
Open (and clean) the blinds. Take down any dark, dreary curtains. Paint the walls a neutral color, such as tan, beige, off-white, etc. Neutral colors reflect the light better and make the home appear clean. Take down old, out-of-date wallpaper & put up a fresh coat of paint. It will work wonders.Set Your Home ApartSelling during the winter? Buy some fresh, vibrant flowers to bring joy to your home or turn on the fireplace for a warm, cozy feel. Turn on the lights before you leave. It makes the home look livable even when first entering.

Keep the Peace
Take down any items that could be controversial. Have any politically charged collectibles, hunting or fishing decor (i.e. deer head & guns), drinking related items, inappropriate art for children? It’s best to go ahead and pack these up for storage.

Does It Look Like YOU Live There?

Yes- You need to do a bit more staging to your home.
No- Your ready to go!

Melissa Simms
RE/MAX Associates
MelissaSimms@remax.net

61 Days Left!

2009-09-30T16:39:00.000-04:00

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

2009-09-22T15:36:00.000-04:00

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

2009-09-15T09:49:00.000-04:00

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

2009-09-11T10:31:00.005-04:00

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!

2009-09-08T15:28:00.000-04:00

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!

2009-09-03T14:55:00.000-04:00

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

Great Weekend Projects For Your Home

2009-08-25T08:46:00.002-04:00

GET YOUR HOME READY TO SELL

August 25, 2009---I've heard many times, "We should have done this a long time ago." Usually this is some large project that sellers have put off year after year, living with their home as it is versus updating it to what they have wanted. Maybe it's just simple projects such as faux painting a bathroom, taking down wallpaper, or even changing the hardware of cabinetry. Stop procrastinating! Go ahead and paint the bedroom & take down that 60's wallpaper, update the linoleum to tile, re-paint the kitchen cabinets, tear down that wall & make your family room larger; whatever your project is you are much better off to allocate the funds needed and complete it.

Don't just talk about how you "want to do this" and "need to do that", but never get it completed. Make the decision to do these projects within your budget. It's best to do the projects you want starting from the date you move in. Make a "To Do" list and write a due date beside it for when this project needs to be completed, so you are more likely to actually finish them.

Moving in One Year:
1. Get a market analysis on your home to see what it is worth based on all aspects of the buying public. Many agents will work up a competitive market analysis for you at no cost. *Make sure to ask!
2. See what you owe on your home.
3. Estimate or get prices for the cost of your updates. (Working on yourself or a hiring?)
4. Decide which, if not all, updates can be completed.
5. Enjoy! Love your house before you leave it.

Moving in 5-10 Years:
1. Decide which projects are best long-term and will add the most value to your home.
2. Make a timeline of the projects that are "This Year" and those "Next Year".
3. Enjoy!

Best Low Cost Home Improvements:
1. Painting
The color of a room can drastically change it's overall appearance
2. Hardware
Cabinet pulls, door knobs, etc.
3. Window Treatments
Change out the old or dark colored curtains/ new blinds
4. Wallpaper
Take it down!
5. Appliances
Order new doors or face panels from the manufacturer so they match
6. Vinyl Floor
Put easy-to-apply vinyl tile directly over old flooring
7. Light Fixtures
Change out that old brass with an up-to-date style
8. Organize
Clean out & store neatly. Go through it ALL! Have a "Keep", "Toss" & "Donate" pile. Store the "Keep" items nicely in wicker baskets & bins.
9. Garden
Clean up the landscaping. Buy some perennials that will grow year after year. Draw out your design & color scheme prior to purchasing any plants. Make sure to note areas of shade & sun!

Best Rooms to Remodel:
1. Kitchen
It can be costly, but an updated kitchen is attractive to all buyers. New cabinets, new floors, or a complete re-design are always a plus.
2. Bathroom
No one wants a teeny tiny bathroom or shower. Update the sink, mirror & lighting fixtures or even tear down the wall to make it larger. Maximize space!
3. Master Bedroom/Bathroom
Most people want their home to be a place of relaxation. A coat of paint, new carpet, new walk-in rain shower, or even added windows & lighting in the bath can make a big difference in the atmosphere. We all want to come home to a spa!

The easiest way to decide if you should remodel a certain room or not, is to think about it objectively. Ask yourself these questions:
1. Would it improve the look of my home when I sell?
2. Is it appealing to the vast majority of the public?
3. Is it too trendy to the times?
4. Does it help the home function better?
5. Does this make my home too "built up" as compared to those around me?

Feeling inspired? Go to Lowe's and sign up for weekend classes to do the work on your own, talk to friends, watch HGTV, decide what to fix up and then get it completed.

Good Luck!

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

First-Time Home Buyers Tax Credit

2009-08-13T13:50:00.000-04:00

FIRST-TIME HOME BUYERS ARE RUNNING OUT OF TIME

August 13, 2009---- Now that summer has flown by, we are at the end of August believe it or not. Before too long pools will be closed, trees will be changing colors and first-time home buyers looking to take advantage of the $8,000 tax credit will be out of luck.

The $8,000 tax credit being offered to first-time home buyers and people who have not owned a home within the last three years WILL RUN OUT. Like the saying goes, "All good things must come to an end". The end for the tax credit is December 1, 2009. Sounds like plenty of time, right? Wrong! Being at the end of August as we are now, if someone was to get out and start looking right NOW......say they find "THE HOME" in a month, put in an offer and negotiate with the sellers until acceptance, we are looking at about a month and a half. After the offer is accepted, it takes approximately 40 to 50 days to get all contingency's cleared up in the contract and give the loan officer enough time to complete the paperwork for the loan before all parties can meet at the closing table. So, with my example situation, the closing day would be mid-November.

Basic Tax Credit Facts

1. The home must be closed on PRIOR TO December 1, 2009.

2. Eligible if you have not owned a home in the past three years or are a first-time home buyer.

3. Does NOT have to be re-paid.

4. Single tax payers making $75,000 or less

5. Married tax payers making $150,000 or less

6. If taxes are owed to the IRS, that amount will be deducted from the $8,000 credit and the difference paid to you

7. Tax credit EQUAL to 10% of the homes purchase price up to $8,000

Examples:

Purchase Price: $150,000 Tax Credit Amount: $8,000

Purchase Price: $100,000 Tax Credit Amount: $8,000

Purchase Price: $95.000 Tax Credit Amount: $8,000

Purchase Price: $80,000 Tax Credit Amount: $8,000

Purchase Price: $72,000 Tax Credit Amount: $7,200

Purchase Price: $68,000 Tax Credit Amount: $6,800

For more details on the tax credit and to determine if you are eligible, check out: http://www.federalhousingtaxcredit.com/.

I can't stress enough for those that are in fact eligible and thinking of buying a house to look into this opportunity. It's never happened in our past and is not likely to happen again in our future.

Maybe I Should Still Rent......
Who really want to pay rent?! Real estate always has been and always will be a great investment over time. Instead of paying $800 in rent a month to pay off someone else's property you could be paying about the same to pay off YOUR own property.

I have shown buyers what they are paying out in rent versus the equity they could be building if they owned. I'd say all that I have shown this too are shocked at the amount of money they are putting into someone else's pocket.

Example:

RENT

$800/month with a rent increase of 2%/year

Year 5: $9,600.00+

Year 10: $49,950.00+

Year 30: $389,000.00+

OWN

Purchase Price: $135,000

Mortgage Amount: $130,000

Mortgage Rate: 6% fixed/30 years

Appreciation Rate: 2% (Louisville rates averaging around 5.5%/year)

Priciple & Interest Payment on above: $780.00

Year 5:

Mortgage paid down to $120,971

Home appreciated to around $149,051

Year 10:

Mortgage paid down to $108,791

Home appreciated to around $164,564

Year 30:

Mortgage paid off

Home appreciated to around $244,534

So.....Would you rather pay someone else $389,000+ for a roof over your head OR would you rather get paid $244,534+ to have owned a home?

Regardless of what the economy is doing in the short term, real estate is ALWAYS a great investment.

Melissa Simms
Realtor

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