Madison County Real Estate and Community News

Sept. 1, 2022

Proud Supporter of the 2022 Walk to End Alzheimer's

MARCUMsold is a proud supporter of the @AlzKYIN mission to support caregivers and fund research to end Alzheimer’s. Join us on Saturday, October 8 at Rupp Arena at Central Bank Center by signing up at https://act.alz.org/lexington, and help us connect Kentucky and Indiana families to vital caregiver tools.  https://bit.ly/alzhelps.

Posted in Community News
Aug. 31, 2022

Richmond Area Weekender Guide, September

What: Movies In The Park

Where: Irvine-McDowell Park,  Richmond

When: Sept 2nd, Sept 23rd & Sept 30th

Details: Join us for a FREE Movie in the Park! We will be showing "Encanto" at dusk! Food Trucks such as Comete Alguito, Poppy's Ice Cream and Cotton & Cone will all be on site!

What: Art Club

Where: Richmond Area Arts Council

When: Sept 11th (11 weeks long)

Details: The Richmond Area Arts Council will be offering evening art classes for grades 1-5 in the fall! Classes will be taught by Wendee Combs Clark. The tuition cost includes all materials. Registration is available by calling 859-624-4242 or through the Richmond Area Arts Council's website at www.artsinrichmond.org.

What: Spoonbread Festival

Where: Berea Folk Center

When: Sept 16th-18th, 2022

Details: The Berea Chamber of Commerce invites you to join in the fun of a fabulously exciting hometown festival that has grown larger every year for more than 25+ years!

This exciting festival offers: free admission, free entertainment, a hot air balloon glow, a motorcycle show, a car show, a parade, plus tons of vendors and foods to enjoy and so much more!

Come visit the Spoonbread Festival in the beautiful foothills of the Appalachian mountains at our convenient location off I-75 at Exit 76 & 77 at Berea, KY.

What: Family Nature Day

Where: Maywood Environmental & Educational Laboratory

When: Saturday, Sept 17th, 10AM-3PM

Details: We're so excited to partner with EKU Division of Natural Areas again for the Family Nature Day at Maywoods Environmental and Educational Laboratory on Saturday, September 17th from 10am-3pm. 

This is a free event for all ages. The purpose of this event is to inspire children & families to love nature and learn about the great outdoors. There will be outdoor educational workshops and other fun activities on site. 

To learn more about the other Natural Areas that EKU has to offer visit: https://naturalareas.eku.edu/

Questions? Call 859-623-8753 or email parksandrec@richmond.ky.us

What: Tracks for Packs 5K Run/Walk "10th Year Anniversary"

Where: Richmond Centre

When: Saturday, September 17, 2022 at 7 AM – 10:30 AM

Details: Hosted by Eastside Community Church to benefit the Madison County Backpack Program.

2022 Presenting Sponsor ~ Chenault Vineyards

The annual “Tracks for Packs 5K Run/Walk” is scheduled for Saturday, September 17, 2022 at Richmond Centre in Richmond, Kentucky. This is our 10th Year Anniversary! The race is hosted by Eastside Community Church as a fundraiser for the Madison County Backpack Program which sends home backpacks filled with useful food such as ravioli, soups, fruit snacks, chips, cereal, popcorn, and other snacks for children who may be hungry over the weekend.

The Madison County School with the most participants wins $500!

Come join us as we raise funds for the Madison County Backpack Program

Sign up by CLICKING HERE

What: EKU Homecoming 2022

Where: Eastern Kentucky University

When: Oct 21 at 12 AM – Oct 22 at 11:59 PM

Details: EKU Homecoming is October 21-22! We are excited to offer a full calendar of in person, signature events throughout the week, as well as other events hosted by different departments and areas of campus.

Join us, both in person and virtually, as we gather for food, fun, laughter, and shared memories celebrating the Campus Beautiful and the Eastern family! Visit homecoming.eku.edu for a list of all our events.

What: Halloween Hoedown

Where: Downtown, 104 S Third Street, Richmond

When: Thursday, Oct 27th, 6PM-8PM

Details: Our annual Halloween Hoedown is happening in Downtown Richmond on Thursday, October 27th from 6:00 pm to 8:00 pm! We will have games, community vendors, candy, music, inflatables, a petting zoo, snack vendors and other activities!

We are currently looking for Community Vendors to set up booths at this event! Applications can be found at Richmond.ky.us/parks.

For questions, call (859) 623 - 8753 or email parksandrec@richmond.ky.us.

* To find the current calendar of events hosted by the Madison County Public Library  CLICK HERE

Posted in Community News
Aug. 29, 2022

Why You May Want To Start Your Home Search Today

If you’re thinking about buying a home, you likely have a lot of factors on your mind. You’re weighing your own needs against higher mortgage rates, today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.

So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.

What’s Causing Housing Inventory To Grow?

As new data comes out, we’re getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of Calculated Risk, explains:

“We are seeing a significant change in inventory, but no pickup in new listings. Most of the increase in inventory so far has been due to softer demand – likely because of higher mortgage rates.”

Basically, the inventory growth is primarily from homes staying on the market a bit longer (known as active listings). And that’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand.

The graph below uses data from realtor.com to show how much active listings have risen over the past five months as a result (shown in green):

Why This Growth Is Good News for You

Regardless of the source, the increase in available housing supply is good for buyers. More housing supply actively for sale means you have more options as your search for your next home. A recent article from realtor.com explains just how significant the inventory growth has been and why it’s good news for your plans to buy:

“Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than last month’s growth rate of 18.7% which was itself record-breaking. This amounted to 176,000 more homes actively for sale on a typical day in July compared to the previous year and more choice for buyers who are still looking for a new home.”

The growth this year is certainly good news for you, especially if you’ve had trouble finding a home that meets your needs. If you start your search today, those additional options should make it less difficult to find a home than it would have been over the past two years.

Bottom Line

If you’re ready to jump into the market and take advantage of the increasing supply of homes for sale, let’s connect today. The opportunity is knocking, will you answer?.

Posted in Buying a Home
Aug. 25, 2022

Buying or Selling in the Next 12 Months: What You Need to Know Today

There are many different reasons you might be thinking about selling your home. Perhaps you want to downsize (or upsize), perhaps you want to take advantage of the market, or maybe you need to move to another area of the country for your company. Regardless of the reasons, there are many things to consider before you speak with a real estate agent.

You probably already have a good grasp of how the home-buying process goes since you've done it at least once before. But if this is your first time selling a home, there’s plenty more to learn. Even if you have sold a home in the past, the market is always changing. 

If you're thinking about buying a home within the next year, or buying a home after you sell your current one there are a few things that you can get started on to make the process that much smoother when you are ready to go house hunting.

Deciding To Sell Your Home: What You Should Do First

Once you do decide you want to sell your home, there are several things you can do before you contact a real estate agent. The first is to prepare your home to be sold, and that usually means a lot of cleaning and sometimes some maintenance and repairs.

Even in a seller’s market, you’ll want to make your home look as inviting and attractive as possible in order to receive a great offer. Homebuyers who will be looking at your home are more likely to make an offer right away if your home appears desirable, as they’ll be hoping to secure a home before another prospective buyer comes along.

Declutter Your Living Space

When you were a first-time homebuyer, you probably saw several houses that still contained furniture and the occupants’ belongings. This is normal when the homeowners haven’t moved out yet. But you might also recall that some homes appeared a lot tidier and well-maintained than others. Think about that when preparing your own home for future sale.

You’ll want to spend a good amount of time getting rid of any clutter and junk you don’t need. Even old, worn furniture and décor items should be removed. (You can put them in a storage unit or your garage if you have space.) The idea is to present a neat living space to prospective buyers.

Make Necessary Repairs

Truthfully, this is up to you. In a seller’s market, you can likely get away with not making some repairs, since buyers are more desperate to secure a home. However, some first-time homebuyers might want the security of a home they know is in good shape. There’s also a difference between necessary repairs and home improvements.

For example, it might be necessary to replace the hot water heater but not to renovate the kitchen or the bathroom. If you’re unsure which things you should spend your money on, focus on the most obvious maintenance issues that a home inspector will definitely point out.

Check Out the Market

Have any homes similar to yours in the area sold recently? That might give you a good idea of what you could get for your home. The online sites providing estimates can serve as a good baseline, but they don’t always know the specifics of your local area or any specific improvements you’ve made in your home. Take this into consideration before you talk to a real estate agent.

The agent will, of course, be more familiar with the current conditions of the market and how things are selling in your area. And once the agent sees your home, they will be able to give you a better idea of what it might sell for. Just remember to price it realistically. Even in a seller’s market, pricing your home too high could mean you’ll be waiting a while to sell.

Finally, Contact an Agent

Once you’ve done all of the above, you are ready to contact an agent. Unless you already know an agent who you’d like to work with, you’ll want to interview a few different agents. You’ll be working with the agent of choice for a bit, so you want to ensure you feel comfortable with whomever you choose.

Ask each agent for a comparative market analysis, as well as the details of their plan on how they will market your home. You also want to ensure that the agent will have time for you and your home.

Deciding To Buy a Home: What You Should Do First

Once you do decide you're ready to buy a home, there are several things you can do before you contact a real estate agent. The first is to prepare your list of non-negotiables and really decide what you need from a home.

The real estate market moves quickly, so understanding the current market, interest rates, and more will be important closer to the time when you're getting ready to purchase.

Make Your List of Must-Haves

Do you need two or three bedrooms? Are you open-minded to a townhome or do you prefer a single-family residence? We'd recommend that you sit down and think deeply about what you need from a home and make your list of things you can't live without. This will make the house hunting process much easier, and you'll be able to share this information with your real estate agent when the time is right! 

Cushion Your Savings

Buying a home can bring several unexpected expenses your way, so the more that you can plan in advance the better. Of course, you'll need to pay the down payment on the home, but there are also closing costs and taxes. Once you move in, you'll likely need some furniture, and what if the HVAC system needs repair? Some experts recommend having six months of expenses set aside in your savings account, while others recommend having up to a year’s worth.

Get Pre-Approved

Securing a pre-approval from the bank is going to let your real estate agent and the sellers that currently own the home that you're serious and ready to purchase. This will also give you a sense of your purchasing power and help you understand the budget that you'll need to stay within.

Finally, Contact an Agent

Once you’ve done all of the above, you are ready to contact an agent! Unless you already know an agent who you’d like to work with, you’ll want to interview a few different agents. You’ll be working with the agent of choice for a bit, so you want to ensure you feel comfortable with whomever you choose.

Make sure to ask each agent about their local expertise, their track record in negotiating on behalf of buyers, and to take a look at their reviews. 

Posted in Home Selling Tips
Aug. 23, 2022

3 Tips for Buying a Home Today

If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers like you additional options.

But it’s important to keep in mind that while inventory is improving, it’s still a sellers’ market. And that means you need to be prepared as you set out on your home search. Here are three tips for buying the home of your dreams today.

1. Understand How Mortgage Rates Impact Your Homebuying Power

Mortgage rates have increased significantly this year, and over the past few weeks, they’ve been fluctuating quite a bit. It’s important to stay up to date on what’s happening with rates and understand how they can impact your purchasing power when you’re thinking of buying a home. The chart below can help.

Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within or below that range, while the red is a payment that exceeds it.

As the chart shows, even a small change in mortgage rates can have a big impact on your monthly payments. If rates rise, you could exceed your budget unless you pursue a lower home loan amount. If rates fall, your purchasing power may increase, which could give you additional options for your search.

2. Be Open to Exploring Different Options During Your Search

The supply of homes for sale is improving, which gives you more homes to choose from. But historically, supply is still low. That means as you search for homes, if you still don’t find something that meets your needs, it may be worth expanding your search.

A recent article from the Washington Post highlights a few things buyers can consider today. It encourages opening yourself up to more areas. For example, if there’s a location you’ve previously ruled out (like a particular town, for example) it may be worth taking another look.

And if you’re able to, opening your search up to include other housing types, like newly built homes, condominiums, or townhomes can further increase your pool of options. Even as the inventory of homes for sale improves today, finding ways to cast a wider net during your search could help you find a hidden gem.

3. Work with a Local Real Estate Professional for Expert Guidance

Ultimately, you need to be prepared when you set out to buy a home. Jeff Ostrowski, Senior Mortgage Reporter for Bankrate, explains:

“Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial outlook, if you go in well-prepared and with your eyes open.”

No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional. If you’re just starting your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to make an offer, they’ll be an expert advisor and negotiator to help yours stand out above the rest.

Bottom Line

Strategically planning your home search by understanding today’s mortgage rates, casting a wide net, and building a team of experts can be the keys to finding the home of your dreams. To make sure you have expert advice each step of the way, let’s connect.

Posted in Buying a Home
Aug. 19, 2022

Lowest Builder Confidence Since 2014

What a difference 4 months make!  In April, the National Association of Homebuilders (NAHB) recorded a Housing Market Index (aka "builder confidence") of 77.0.  While that was off the recent peak, it was still higher than anything else before the pandemic going all the way back to 1998, and the 2nd highest pre-pandemic level since record keeping began in the mid 80's. 

Homebuilding headwinds are well known at this point.  They include things like shortages of materials and labor, but those factors alone weren't enough to put much of a dent in confidence.  It wasn't until they were joined by a rapidly rising rate environment colliding with 2 years of record-setting price appreciation that confidence really began to plummet.

In and of itself, price appreciation isn't necessarily a bad thing for homebuilding.  If it's moderate and stable, it can actually contribute in a positive way.  But 2 straight years of 20% price appreciation had already taken a toll on affordability even before 2022's rate spike.  When rates jumped at one of the fastest paces on record in the first half of the year, it added up to rapid cooling of what had been an arguably unhealthy frenzy of homebuying demand.  A vast majority of builders cited the rate spike as having the biggest impact on buyer demand.

Unsurprisingly, the portion of the homebuilder confidence index tracking present-day buyer traffic is leading the way to long-term lows.  Whereas the overall headline (which includes things like the 6 month outlook and present level of home sales) is still more than 4 points above 2014's lows, the buyer traffic component is only 1 point higher--effectively back to 2012's levels.

Posted in Buying a Home
Aug. 18, 2022

6 Things Sellers Need to Know Today that Weren't True Last Year

The housing market has been a seller's market throughout the pandemic, but is this still the case? The current trends are pointing towards an end to the real estate market conditions that created a bonanza for sellers. Many issues created a high-pressure market environment severely skewed in favor of sellers. From sky-high home prices, intense competition between buyers, and tactical play from sellers waiting for the right moment to put their homes for sale. 

It's worth saying outright: things are changing, and there are things home sellers need to be aware of today that weren't true last year. Here's what they are:

1. Home prices growth is returning to pre-pandemic levels

This is not the same as saying home prices are declining; they're not. Prices are still growing and won't begin falling in the foreseeable future. It's the rate at which they're increasing that's changing. All the signs point to a return to pre-pandemic levels of growth. So, instead of the unprecedented near-20% year increases, we're now seeing the more modest 7-8% year-over-year growth, according to the Zillow Home Value Forecast. The number of home sales expected to go through in 2022 is 5.46 million,10.8 percent down from 2021. 

This means that the waiting game is over for sellers in practice. You might have been thinking about selling your home but were waiting for home prices to reach their peak to maximize their returns on the sale. But the peak has already passed. It is doubtful that we'll see any more of the skyrocketing levels of home price increases any time soon. So, if you're unsure whether you should be putting your home up for sale right now, the answer is yes.

2. Popular relocation hotspots have the highest home prices

The way local home prices behave is always different from national averages. An area that's extremely popular with homebuyers will have different housing market conditions from one that homebuyers are keen to leave. In many cases of post-pandemic migration patterns, these local conditions have a marked effect on home values. If you are in a popular neighborhood, you are in luck. You can command a higher home price even if the overall trend is for slower growth. Redfin calls these "migration hotspots" and reports that they have the highest inflation rates. 

If you're not in one of those areas, you can still sell at a reasonable price if you know who your potential buyers are. An excellent real estate agent with local knowledge of your area can help find these buyers.

3. More affordable areas are in demand

The overall trend among homebuyers right now is downsizing and saving on housing as much as possible. Moving patterns indicate a strong preference for more affordable areas. People are moving from the biggest and most expensive cities to smaller urban and suburban areas. These smaller communities offer good amenities and schooling but don't cost as much as the traditional vast metropolitan areas. Home sellers need to be aware of this.

This doesn't mean you won't be able to sell if you are a home seller living in a metropolitan area. There is always movement both ways, and a general pattern away from a city doesn't equal an exodus. You need to market your home to the right buyer.

4. Homebuyer competition is still incredibly high

As a home seller, you will see headlines like "homebuyer competition drops to the lowest levels in two years" and think you'll struggle to sell. This is not the case. Homebuyer competition pre-pandemic was already very high, with record numbers of millennial homebuyers entering the housing market in search of their first home. This is a generational trend, and it won't go away any time soon. Indeed, you may not sell your home within days of it going on the market, as was so often the case during the pandemic. But you will still sell within weeks in many places.

5. You may not get your first buyer

One of the most prominent features of the pandemic-era housing market conditions was that many homebuyers were willing to waive contingencies to secure a home. There is evidence that this is no longer the case. As Redfin deputy chief economist Taylor Marr says: "buyers are increasingly keeping rather than waiving inspection and appraisal contingencies. That gives them the flexibility to call the deal off if issues arise during the home buying process".

Some buyers may call off a deal after finding a cheaper home. Others may be forced to backtrack after a mortgage application falls through. While inconvenient, this is a common occurrence and something you must prepare for by giving yourself more time to sell this year than last year.

6. An experienced real estate agent is more important than ever

Housing market conditions are a little trickier for home sellers this year than last year. It is even more critical this year than last year to get a real estate agent with solid experience and expertise in selling your type of home in your area. This will maximize your return on the sale and minimize the potential for delays and a deal falling through.

Posted in Home Selling Tips
Aug. 16, 2022

Richmond Area Weekender Guide, August 2022

Richmond Area Weekender Guide

Here are some of the MARCUMsold Team's favorite things to do in-and-around Richmond, KY!

What: Movies In The Park

Where: Irvine-McDowell Park,  Richmond

When: Sept 2nd, Sept 23rd & Sept 30th

Details: Join us for a FREE Movie in the Park! We will be showing "Encanto" at dusk! Food Trucks such as Comete Alguito, Poppy's Ice Cream and Cotton & Cone will all be on site!

What: Daniel Boone Pioneer Festival

Where: Downtown Winchester, KY

When: Sept 3rd-4th, 2022

Details: Mark your calendar's for the 43rd Annual Daniel Boone Pioneer Festival September 3rd and 4th in historic Downtown Winchester! Enjoy arts, crafts, music, and more, plus the added bonus of our countless downtown shops and restaurants.

What: Trivia Night at Elmwood Mansion

Where: Historic Elmwood Estate

When: Thursday Sept 8th, 2022 AT 5 PM – 9 PM

Details: Put your wits to the test with fellow Alumni and Friends at our annual EKU Trivia Night! Enjoy a summer evening on the Elmwood lawn where you can tour the estate, compete to win prizes, and connect with your Colonel family, all while enjoying delicious food and live music. The event will be hosted on Thursday, September 8th from 5:00pm - 9:00pm.

🚶 Tour the Estate 🎶

Tours of the historic home will be available starting at 5:00pm and last until 6:00pm. If you would like to tour the home but don't wish to join us for trivia there is no need to register a trivia team. You are also welcome to explore the Elmwood grounds while listing to live music. Our featured artist this year is Lauren Mink, who was on seasons 11 and 12 of American Idol, accompanied by Dale Adams.

🍴 Come Hungry 🍔

You are welcome to bring a picnic blanket, lawn chairs, and a meal of your choice. In case creating the perfect team name is the only prep you want to do - tables and chairs will be provided and food trucks will be available to purchase dinner and drinks! Vendors include Comete Alguito, Kyle’s Kitchen, The Chuck Wagon, Poppy’s Ice Cream, Dreaming Creek Brewery, and Chenault Vineyards.

💡 Test Your Knowledge 🧠

The trivia game will begin promptly at 6:30pm and last roughly 2 hours. It will consist of 6 rounds containing 3 questions each, as well as a final question. Questions will be general knowledge, with a few EKU related questions thrown in. We will be using standard team trivia rules and point wagers, which will be explained at the beginning of the game for those that are unfamiliar. Pre-registration is encouraged but not required - maximum of 8 players per team. Parking will be available in both lots to the right and left of Elmwood off of Lancaster Ave.

🔗 Registration: CLICK HERE

What: Kayak Fun Float

Where: Lake Reba Kayak Launch

When: Sept 10th, 

Details: Come check out Kayak Fun Float on Saturday, September 10th from 10am-12pm at the Lake Reba Kayak Launch. This is a laid back float, all experience levels and all ages. Excel Health, LLC will be on site to give kayaking tips if needed!

Bring your own kayak or rentals will be available through Lake Reba Adventure. Lifejackets are required!

Questions? Call (859) 623-8753 or email parksandrec@richmond.ky.us

What: Spoonbread Festival

Where: Berea Folk Center

When: Sept 16th-18th, 2022

Details: The Berea Chamber of Commerce invites you to join in the fun of a fabulously exciting hometown festival that has grown larger every year for more than 25+ years!

This exciting festival offers: free admission, free entertainment, a hot air balloon glow, a motorcycle show, a car show, a parade, plus tons of vendors and foods to enjoy and so much more!

Come visit the Spoonbread Festival in the beautiful foothills of the Appalachian mountains at our convenient location off I-75 at Exit 76 & 77 at Berea, KY.

* To find the current calendar of events hosted by the Madison County Public Library  CLICK HERE

Posted in Community News
Aug. 16, 2022

Selling Sunset.... Not quite the same as selling in Kentucky!

☀️ Selling Sunset.... Not quite the same as selling in Kentucky!

I have just starting watching Selling Sunset on Netflix. I am not one to watch real estate shows, but this ones houses are pretty enough and the clothing/fashion keeps me really really interested! It is just so interesting how different real estate sales are depending on location. For example the fact that listing agent attends showings, that is something I definitely do not recommend. It is super fabulous to watch but I want to make sure people really know that real estate in Kentucky is nothing like it is on that show!

#SellingSunset #MARCUMsold #BHHSFosterRealtors #Fashion #RichmondKY #MyRichmond #BereaKY #HomeSellers #HomeBuyers #KentuckyRealEstate


Catch up on our past episodes of The #MARCUMsold Show!

Posted in MARCUMsold Shows
Aug. 12, 2022

Madison County Market Update - July 2022

If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Madison County market.

Knowing the most important data such as the average sales price, number of homes sold, and days on market will better prepare you to sell your home.

Our market report showcases everything you need to know about local real estate trends.

131

New Listings

 

199

Active Listings

 

134

Under Contract

 

132

Closed Sales

 

Homes Sold

99%

Sale-to-List Price

 

$271,000

Average Sales Price

 

1.5

Months of Supply

 

29

Average Days on Market

 

$142

Average Price per Square Foot

Posted in Market Updates