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.

140

New Listings

116

Active Listings

84

Under Contract

133

Closed Sales

Homes Sold

99.7%

Sale-to-List Price

$284,780

Average Sales Price

1.3

Months of Supply

15

Average Days on Market

$133

Average Price per Square Foot

Changing demographics, principles, and values are breaking the rules of real estate. As the global shift towards digital disrupts the real estate industry and every sector surrounding it, it's not surprising that traditions that were once "rules of thumb" are becoming less the norm and more frequently the exception. It's not just digital influence, either. Here are five examples that show major changes are happening.

New Rule #1: Strategize on pricing and market timing.

Want to sell your house fast, in any market, for no less than what it's worth? There are several different pricing strategies that we use depending on the home and market conditions. The trick isn't always to price it at its evaluation point. Instead, one strategy agents are getting in the habit of is coming onto the market anywhere from 15 to 20 percent below the home's value. The result is a flock of buyers, often creating a bidding war where the seller can walk away with even more than the home's value.

In this market, we see that bidding wars ensue regardless. We're here to help price your home appropriately and strategize on how to enter the market depending on your home, your neighborhood, and local real estate trends.

You're not obligated to take an offer if it's not as much as you want, but weighing the pros and cons of this approach is important. Think about your market, timeline, and agent's input before proceeding.

New Rule #2: Avoid "over-upgrading" before listing.

Far too often, buyers are told that investing in upgrades will help their homes sell faster, but putting money into the wrong areas can mean that you won't get your money back, and it may not even have a big impact on how buyers perceive your home. Instead of throwing money anywhere, focus on many small improvements--old doorknobs, dingy light switches, disagreeable paint colors, and so on.

Looking at comparable homes in your neighborhood is a good place to start if you have extra money to invest in your home before listing. Focus on raising your home to meet the standards of others on the market, like replacing windows if they all feature energy-efficient ones or replacing linoleum flooring with sleek tile.

New Rule #3: Cater to buyer's second-biggest caveat.

Everyone knows that selling real estate is all about "location, location, location." That's something you can't change, but you can control the next thing on some buyer's lists: Lighting. Creating a bright and cheery home may not even require a fresh coat of paint--simply remove the drapes, wash the windows, change out lampshades, and replace light bulbs with new LED "daylight" bulbs.

If your home tends to be dark, go as far as trying other "tricks" to brighten it up, too. Bright paint colors are a start, but so is re-positioning furniture to maximize window views. Place lamps in dark corners and consider adding ceiling fixtures if rooms lack them altogether, especially in living rooms, which tend to be the darkest areas.

New Rule #4: Invest in the kitchen before all else.

Many agents will go so far as to say that, in order to sell your home, you must sell its kitchen. If you have money to invest in an extensive project, this is where that money should go. New appliances should be at the top of your list if yours are showing their age. Next, you should paint or replacing cabinetry, followed by upgrading the sink and replacing countertops.

With that said, a kitchen that's fully functional, clean, and not horribly out-of-date may not need upgrades, especially if you don't have a lot of money to put in. Instead, make simple improvements, like tidying up cabinets to show off storage space and staging any bar seating or breakfast nook with new chairs before showings.

New Rule #5: Show your home anytime you can.

Open houses are convenient and can lead to a lot of foot traffic, so they're worth doing if it's the right time of year. However, that doesn't mean you can rely on one to sell your house. Keeping your home "show-ready" all the time is a hassle, but one that will pay off. You must work around the buyer's schedule, so prepare to keep the sinks clean, the closets tidy, and the windows sparkling so you can show your house whenever a potential buyer wants to see it.

Accommodating buyers is an important part of selling real estate these days, so the other half of that equation is being certain to partner with an agent who will work with you to be responsive. An agent that's dedicated to selling your home will work quickly and diligently, jumping on opportunities as they come along and actively seeking them out on your behalf.

Selling your home without a real estate agent sounds like an appealing option to some people. Why hire an agent when you can just sell the house on your own?

Before you spend money on a "for sale by owner" sign, however, make sure you take time to learn the pros and cons of selling your home without a real estate agent. Most homeowners decide to use a real estate agent after they learn about the challenges of selling a home without a professional's help.

Pro: You Avoid Paying the Real Estate Agent's Commission

Agents get paid by taking a commission from your home's sale price. Most agents tend to charge about 6%, which gets split up between fees, marketing, and more.

It makes sense that you want to avoid paying someone 6% of your home's sale price. Let's say you own a home, where the median home value is approximately $350,000. Assuming that you sell your house for $350,000, you will pay your agent $21,000. You may be able to think of better ways to spend $21,000, but if you decide to sell your home without a real estate agent, it may be harder to get the full sales price of your home.

Con: You Probably Don't Know the True Value of Your Property

You immediately encounter a problem when you try selling your home without an agent. You think that you will save money by avoiding commission — but do you really know the true value of your property?

At best, you can make a guess based on what homes in your area have sold for recently. Unique features in your home and surrounding property, however, could significantly increase the amount of money buyers will pay.

What if your home has features that make it worth $400,000? Hiring a real estate agent who recognizes the higher value could mean that you sell your house for $400,000 instead of $350,000. After a 6% commission to the agent, you get $376,000 from the buyer.

Trying to save money isn't always the right move. In this case, you lose $26,000 because you thought you could do an agent's job. You can actually get paid more by hiring and paying a real estate agent.

Pro: You Get to Make All the Decisions

There's something to be said for having control over your home. Selling your home without a real estate agent means you can take your personal approach to the process. If you don't like someone who wants to buy the property, you can simply refuse the sale. With no one there to encourage you to sell, you get to make the call.

For example, if you overhear a potential buyer saying they want to tear down the treehouse in your backyard, you might decide to pass on their offer. That treehouse has sentimental value. Maybe no amount of money can make you feel good about knowing it will get ripped down and sent to the dump.

Con: You Have to Do All the Work!

The flip side of "getting to make all of the decisions" is that you "have to do all of the work." Do you want to spend time advertising your property, fielding phone calls from potential buyers, scheduling meeting times, and setting up open houses?

It will likely take a lot of effort for you to sell your home without a real estate agent. Most people change their minds and decide to hire a professional when they realize how much time and energy it will take to sell property independently.

Con: You Miss Out on the Expertise an Agent Brings to Your Side

The job of a real estate agent might look pretty easy when you have an outsider's perspective. In truth, hiring an agent means that you get an expert on your team who has diverse talents and skills.

Why would you need a real estate agent? Some of the things they do include:

Negotiating with buyers to settle on prices and property improvements that will help the property sell quickly at a price that makes you happy.

Bringing in experienced inspectors who can give you objective reports of your property and recommend improvements that will help you fetch more money.

Accessing proprietary real estate information to determine the value of your home.

Staging your home to make it more appealing to buyers.

Marketing your property to get the maximum value as soon as possible.

Walking you through each step of the selling process to keep everything legal and easy for you.

The chances are that you don't know all of the behind-the-scenes work your real estate agent does. You'll find out when you try selling your home without a real estate agent. Or maybe you won't find out, in which case you might lose money and find that it will take a long time to sell your property.

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.

Each season represents opportunities and challenges for selling homes. During the dog days of summer, you benefit from longer daylight hours and buyers with vacation time. Then again, plenty of people despise confronting the heat and humidity of summer’s roughest months.

Home sales tend to slow a bit during summer, although that's not necessarily accurate this year. Try these tips to sell your home to make the browsing and buying experience more enjoyable. Taking the right approach could make your home seem like the best option on the market.

Pay Close Attention to Your Home’s Exterior Areas

Unfortunately, weeds seem to love the heat and humidity of summer. It can seem impossible to keep them under control. You don’t have much of a choice, though, because potential home-buyers do not want to see lawns and gardens overrun with weeds. The sight will just remind them that buying the home means they will inherit the same chores.

If you don’t have the time or stamina to keep your exterior perfect, hire a professional to do the job. Sure, it will cost some money, but it could also help you sell your house sooner, at a higher price. Lawn and garden care might even pay for itself.

Turn On Your Air Conditioner to Keep Your House Comfortable

When it’s 90+ degrees outside, people can get sweaty walking from their vehicles to your front door. Offer an immediate blast of refreshingly cool air by keeping your air conditioner on.

What temperature should you choose? You don’t want to freeze people, so anything under 65 degrees is probably too cold. You want to keep visitors comfortable, though, so you don’t want to go too high above 70 degrees. If you stay within that range, most people will feel relaxed and cool.

Keep in mind that body heat will make crowded open houses warmer than normal. If you have a lot of people in your home, consider turning your thermostat down a couple of degrees.

Get Your HVAC System Inspected Before You Put Your House on the Market

You need an HVAC system that works extremely well during the dog days of summer. Don’t run the risk that your air conditioner will die during a week when you know several people will visit your property.

Stay ahead of problems by getting your HVAC system inspected before you put your house on the market. A professional can inspect levels, replace aging parts, and improve efficiency. Good news - knowing that your home's HVAC system has been serviced recently can double as a benefit to potential buyers.

Extra tip to sell your home: hire a smart real estate agent!

A smart agent will know how to talk about the beneficial aspects of your home. 

For instance, when they walk in the door, they might turn to the potential buyer and say: "Wow, it’s hot out there! It’s a good thing the current owner just got the AC inspected. It feels so good in here!"

Emphasize Outdoor Areas People Can Use During Summer

Does your home have an attractive patio, swimming pool, or shaded pergola? This is the perfect time to spruce up those areas so buyers can imagine themselves enjoying the spots.

Some things to put on your to-do list include:

Cleaning your outdoor furniture (or buying new furniture).

Replacing any broken bricks or pavers that mar your patio’s appearance.

Hiring someone to keep your pool clean and pH levels perfect (any hint of algae will turn off buyers).

Serve Refreshing Beverages and Foods

Make people feel relaxed and at home by serving them refreshing beverages and foods. Some great drinks include:

• Lemonade
• Sparkling water
• Cucumber water
• Mango juice

Some light foods to serve include:

• Benedictine sandwiches
• Guacamole with tortilla chips
• Fresh fruit and veggies (extra points if any of it comes from your garden!)

Eliminate Any Pest Problems

Do you have standing water in your backyard that mosquitoes use as a breeding ground? Itchy bites do not make a good impression.

Do you have an army of ants sneaking into your kitchen to steal food? No one wants to buy that problem.

If you have any pest problems, hire a professional exterminator to eliminate the bugs. Then, get a remediator to fix any aspects of your property that attract pests (such as improving drainage to prevent standing water).

#MARCUMsold Show: Season 3: Episode 10

🔑🏡  🏡 On this week's #MARCUMsold Show, Amanda interviews Scott Turner, our newest team member!   

#MARCUMsoldShow #MARCUMsoldTeam #BHHSFosterRealtors #RichmondKY #BereaKY #NewEpisode 

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

#MARCUMsold Show: Season 3: Episode 9

 📦🏡 On this week's #MARCUMsold Show, Amanda interviews Cristy Sharp, owner of LadyCat Packing & Organizing. Call Cristy to make your appointment 859-948-3397 or check out her website at www.ladycatorganizing.com

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

If you're house hunting, this blog post is for you! 

We’ve all been there - the excitement of finding a house that we think might be perfect, only to find out that it needs an expensive new roof or features a less-than-ideal layout. With so many decisions to make during the home buying process, it's easy to get overwhelmed and just settle on the first decent house you see. But don't worry! We're here with some hard-earned advice from our experts who can help you decide what trade-offs are worth making when searching for your next home.

Budget

When it comes to getting all of the features you want in your dream house, you may have to spend more than you anticipated. This is one of the more common compromises people face when shopping for a home. It can be tempting to spend outside of your comfort zone to get all the amenities you want. 

You have a specific location in mind. You also have a minimum square footage requirement and a number of bedrooms and bathrooms in mind. But these three factors don’t always align with the budget that you have. The important thing is that you don’t take on a mortgage loan that is too big. It is okay to stretch your budget a bit if you have the resources to do so. If you don’t leave yourself some breathing room when it comes to your budget, you are setting yourself up for a possibly rocky future. At best, you’ll be “house poor” with a lowered quality of life.

Location

There are many factors to consider when choosing the location of your new home. These factors can be a school district, proximity to work, nearby amenities such as grocery stores, restaurants, and gyms. These factors can improve your quality of life and support your property value. 

Locations with these factors typically become more desirable and expensive. So you may find you need to compromise with the location of your home. It ultimately comes down to your priorities. If you are most concerned about location but less with the size of your home, you may be able to compromise on square footage.

Fixer Upper vs Turn-Key

Be careful when and where to play the DIY card during your home selection process. By no means does your next home need to be complete “turn-key” from the start, but consider how much and for how long each project will take you. There are differences between a small-based project such as cosmetic lighting and total renovations such as new kitchen cabinets and counters. Minor changes are the way to go when deciding between the two. 

If you are in a position where getting your hands dirty and taking your time to make major changes is in your best interest, and ultimately your budget, then taking the sale price discount may be the better choice upfront. 

Something to consider, the four most expensive home projects are typically the installation of an in-ground pool, total kitchen remodels, bathroom renovations (especially the main bathroom), and the replacement of your roof. 

Floorplan and Size

If your buying budget and desired location are more important to you, you may have to compromise on the square footage or the number of beds and baths when selecting. 

That being said, you also have to consider the lifespan of your time in this home. Are you planning on expanding your family, or is this a home you will only spend a few years in? If this home is something you will only live in a few years, you may have more wiggle room as far as size is concerned. On the contrary, if you have long-term plans to stay in your next home, you may need to consider purchasing a home you can comfortably grow into. 

More than anything, extra space is not easily changeable without a substantial amount of money on expansion efforts. If you know you need at least 4 bedrooms to accommodate your living situation, don’t settle for a smaller floor plan. This is the kind of compromise that could cause a great deal of stress later down the road. 

The Battle of Richmond Visitors Center and museum is located at 101 Battlefield Memorial Highway, it gives not only Civil War buffs but even the casual visitor an excellent overview and learning experience about the important American Civil War Battle of Richmond, Kentucky!! Find more information by CLICKING HERE! 

Battle of Richmond, Kentucky, fought on August 29 & 30, 1862.

Tons of history and an amazing laser guided topographical map that gives guests a bird’s eye view of the battlefield, showing troops' movements, important buildings and homes of the period. 

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.