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RE/MAX of Tennessee – March 2014 Market Trend Report

With the unseasonal weather behind us for the most part, we are now seeing momentum building for spring and continue through summer. Overall, median home prices are below those of last year by 10.1%, but are 24.6% above last month. The median price was 8.8% higher than that of March 2012 and Months Supply of inventory fell to 4.1.

 

According to CEO of RE/MAX, LLC, Margaret Kelly, “Clearly, unexpected winter storms resulted in a slow start for housing this year, but the strong rebound in March sales could build momentum for spring and summer. Many potential homebuyers who weren’t able to get out and tour homes in January and February may still enter the market and impact sales in the next few months.”

 

For more information about your market check out the full Market Trend reports based on local MLS data:

 

 

Every market is local! Contact a local RE/MAX of Tennessee real estate agent for details on your neighborhood.

 

The National Housing Report by RE/MAX, LLC reports on 52 major markets and generalizes the nation’s housing industry.  

 
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RE/MAX of Southern Ohio – March 2014 Market Trend Report

With the unseasonal weather behind us for the most part, we are now seeing momentum building for spring and continue through summer. Overall, median home prices are below those of last year by 10.1%, but are 24.6% above last month. The median price was 8.8% higher than that of March 2012 and Months Supply of inventory fell to 4.1.

 

According to CEO of RE/MAX, LLC, Margaret Kelly, “Clearly, unexpected winter storms resulted in a slow start for housing this year, but the strong rebound in March sales could build momentum for spring and summer. Many potential homebuyers who weren’t able to get out and tour homes in January and February may still enter the market and impact sales in the next few months.”

 

For more information about your market check out the full Market Trend reports based on local MLS data:

 

 

Every market is local! Contact a local RE/MAX of Southern Ohio  real estate agent for details on your neighborhood.

 

The National Housing Report by RE/MAX, LLC reports on 52 major markets and generalizes the nation’s housing industry.  

 
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RE/MAX of Kentucky – March 2014 Market Trend Report

With the unseasonal weather behind us for the most part, we are now seeing momentum building for spring and continue through summer. Overall, median home prices are below those of last year by 10.1%, but are 24.6% above last month. The median price was 8.8% higher than that of March 2012 and Months Supply of inventory fell to 4.1.

 

According to CEO of RE/MAX, LLC, Margaret Kelly, “Clearly, unexpected winter storms resulted in a slow start for housing this year, but the strong rebound in March sales could build momentum for spring and summer. Many potential homebuyers who weren’t able to get out and tour homes in January and February may still enter the market and impact sales in the next few months.”

 

For more information about your market check out the full Market Trend reports based on local MLS data:

 

Every market is local! Contact a local RE/MAX of Kentucky real estate agent for details on your neighborhood.

 

The National Housing Report by RE/MAX, LLC reports on 52 major markets and generalizes the nation’s housing industry.  

 
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RE/MAX of Georgia- March 2014 Market Trend Report

With the unseasonal weather behind us for the most part, we are now seeing momentum building for spring and continue through summer. Overall, median home prices are below those of last year by 10.1%, but are 24.6% above last month. The median price was 8.8% higher than that of March 2012 and Months Supply of inventory fell to 4.1.

 

According to CEO of RE/MAX, LLC, Margaret Kelly, “Clearly, unexpected winter storms resulted in a slow start for housing this year, but the strong rebound in March sales could build momentum for spring and summer. Many potential homebuyers who weren’t able to get out and tour homes in January and February may still enter the market and impact sales in the next few months.”

 

For more information about your market check out the full Market Trend reports based on local MLS data:

 

Every market is local! Contact a local RE/MAX of Georgia real estate agent for details on your neighborhood.

 

The National Housing Report by RE/MAX, LLC reports on 52 major markets and generalizes the nation’s housing industry.  

 
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Molly McGrory of RE/MAX Town & Country Is Number Nine Producer in Georgia

At a recent statewide award ceremony, RE/MAX of Georgia recognized Molly McGrory, Broker/Owner of RE/MAX Town & Country as number nine producer overall in Georgia for real estate transactions in 2013. Her independently owned real estate company has offices in Canton, Woodstock, Ellijay, Blue Ridge and Blairsville.

 

McGrory has been working in the real estate industry for more than 20 years and has extensive experience in many different areas, including 30+ years of negotiating experience, Accredited Buyers Agent – ABR, Certified Residential Relocation Specialist – CRRS, CNHS Certified New Home Specialist, CRS – Certified Residential Specialist, CLHMS – Certified Luxury Home Marketing Specialist, CDPE – Certified Distressed Property Expert, SFR – Short Sale Foreclosure Representative, e-Pro – Internet Marketing Professional, SRES – Senior Real Estate Specialist. 30+ years of negotiating experience, Accredited Buyers Agent – ABR, Certified Residential Relocation Specialist – CRRS, CNHS Certified New Home Specialist, CRS – Certified Residential Specialist, CLHMS – Certified Luxury Home Marketing Specialist, CDPE – Certified Distressed Property Expert, SFR – Short Sale Foreclosure Representative, e-Pro – Internet Marketing Professional, SRES – Senior Real Estate Specialist and has accomplished her Lifetime Achievement with REMAX.

 

In addition to excelling in the real estate industry, McGrory actively supports Member of WCR-Woman’s Council of Realtors, and is a member of multiple Chambers of Commerce.

 

“Molly is an incredible producer,” notes Bob Zumbrunn, Senior Regional Manager, RE/MAX Regional Services. “She is an inspiration to us all. Her energy, outstanding follow-up and great leadership skills have placed her in the top ten among more than 1,200 RE/MAX of Georgia associates.”

 

RE/MAX is the most productive real estate network with its Associates averaging more sales than other real estate agents. Remax.com is one of the most visited real estate franchise websites (Source: Experian Marketing Services Hitwise data, full-year 2013. ‘Real Estate Franchise websites’ identified by RE/MAX.). RE/MAX is in over 90 countries, more than any of its competitors.

 
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Celebrities with Exquisite Taste in Tennessee Real Estate

When the Cumberland River overflowed its banks in 2010, the Grand Ole Opry House was the flood’s most high-profile victim. As country music’s oldest and most enduring hall of fame, the restoration of that Nashville landmark was championed by many performers, not least among them 2010 Entertainer of the Year Brad Paisley.

Nashville, of course, has long been referred to as The Home of Country Music, and after marrying in 2003, Paisley moved just off North Berrys Chapel Road onto approximately 100 acres, near Franklin, just 15 miles south of Nashville.

Mr. and Mrs. Paisley aren’t alone when it comes to investing in some of the luxurious properties Tennessee has to offer. Numerous other celebrities with exquisite taste in real estate have, or used to boast, Tennessee zip codes.

Pickler’s Pad

Kellie Pickler arrived on the scene as the sixth-place winner of American Idol’s season five, and has since gone on to win CMT’s Female Video of the Year award several times for her hit, “I Wonder.”

In early 2010, then-24-year-old Pickler paid $1,435,000 for a 4,865-square-foot, four-bedroom new-build in Nashville’s upscale Green Hills neighborhood. With its curving driveway, barrel-vaulted formal dining area and slate floors, the stone-faced residence — crowning a leafy .46-acre lot — seems like an unlikely achievement for the naïve, unsophisticated small-town girl who needed Rod Stewart to tell her “lyrics” and “the words” were the same thing.

Coe’s Cavern

Outlaw singer-songwriter David Allan Coe, never a stranger to strangeness, hands-down wins our unofficial Wildest Address competition. Following the IRS seizure of his Key West home in the mid-80’s, Coe began living in a Tennessee cave. Just 35 minutes west of downtown Nashville — located at 855 Highway 46 South, Dickson — Ruskin Cave eventually became the nucleus of a compound which also housed, among other delights, an Olympic-length swimming pool and a concert stage. Coe eventually moved on, as must we, but he remains an interesting tenant in one of the most unique and unconventional Tennessee dwellings.

House of Cash

Johnny and June Carter Cash spent most of their 35-year marriage at a home fronting Old Hickory Lake, in Hendersonville. Figures for Cash’s lake front property are easy to recite — 13,880 square feet; four 35-foot round rooms, seven bedrooms — but the property’s spiritual significance is less easy to pin down. For three decades it was the hub of a cultural universe, cementing the Carter/Cash clan’s importance by hosting the likes of Brooks & Dunn, Bob Dylan, Joni Mitchell, Graham Nash, Carl Perkins and Shel Silverstein. Legend has it that this was the first place Kris Kristofferson sang Me and Bobby McGee, and images of the home appear in Cash’s redemptive Hurt video.

Sadly, the house no longer exists. After the deaths of Johnny and June, their son sold the property to singer Barry Gibbs; it burned to the ground, in 2007, during a subsequent remodel. Cash’s final residence does still exist, however. In his later years, when navigating the massive lakefront property became too difficult for the wheel-chair-bound veteran, Cash moved across the road, literally.

The King’s Crib

The most iconic home of all, of course, belonged to the most iconic celebrity, The King himself. Elvis Presley reinvented the world of music and did much of this while living in Tennessee.

Presley’s mansion, the well-renowned Graceland, sits atop a gentle rise at 3764 Elvis Presley Boulevard in Memphis. Crowning an almost 14-acre estate, the white-columned façade and famous front gate — shaped like sheet music, with a silhouette of the star — operates as both shrine and museum, welcoming some 600,000 visitors a year. It was listed in the National Register of Historic Places in 1991, then declared a National Historic Landmark in 2006.

The lesson to be learned from the Presley place, at least as far as home-buyers are concerned, is that there really is the perfect home out there for everyone. Originally, The King bought Graceland with his mother in mind, but it ended up being his residence for the rest of his life.

Reaching for Your Star

Not everyone can afford to live like Faith Hill and Tim McGraw, whose 753-acre, four-residence estate may still be available at a mere $20 million. We do advise against asking for a cave, however!

Happily for those of us with marginally more modest means, the skilled realtors who make up RE/MAX of Tennessee’s network of local experts are on hand. With more than sixty offices across the state, our experienced realtors will share everything you’ll need to know about the local markets and available homes in price ranges that meet your budget.

 
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Things to Consider When Buying Land in Ohio

Buying land in Ohio is a lot like buying a home or property almost anywhere else. You need to know what you want, have a clear vision of how much you are willing to pay and find out if the plot you are thinking about buying is right for you and your needs now as well as in the future. The following is some basic information that should answer most of your questions.

Find the Right Plot

Not every plot of land is created equally. Before you sign anything binding, have the soil tested for pollutants and talk to the neighbors. They will tell you if there have been any problems with a plot you are thinking about buying. Calling up a soil inspector to come visit and test the property is imperative if you have plans to build on the land in the future. The soil tests will determine what type of foundations you’ll be laying and how suitable the ground is for a septic system if you install one. The size of the lots you want to purchase is one thing, but the quality of it is another crucial factor as well.

Negotiating Prices

Price negotiation is a constant in most any kind of real estate transaction. Just like with homes, you can certainly negotiate prices with owners and talk things over. If you are seeking to use the lot for farming of any sorts, you may be able to use the Current Agricultural Use Value Assessment in Ohio (CAUV) to negotiate a lower price, as the change from farmland usage to residential usage may impact the value. This is particularly true if you are splitting up a large existing tract into your own parcel and the CAUV program is recognized in 88 Ohio counties.

Tax Differences

The CAUV mentioned above applies to agricultural uses, and you may need to deal with that when you first acquire your land. You would also be wise to carefully peruse Ohio tax laws to see if you qualify for any special tax reductions. Land purchases aren’t the cheapest investments, so it’s never going to hurt to find savings in the buying process wherever you can. Often, land’s taxable value and the property taxes associated with it can be negotiated more easily than negotiations over improved property.

Getting Loans

Just like with any property purchasing process, a loan is most often a necessary step. In the case of buying land, it’s needed for both acquiring and developing the land. Fortunately, you can negotiate loans for both of these processes, and sometimes you can even combine the two in a consolidation. Getting a loan to purchase land can even be combined with the amount to build your home through a construction loan for lots, which simplifies the process somewhat. In some cases you can even use the land itself as a portion of your down payment.

It is extremely important that you shop around for the best loan for your needs. Going to your bank is a solid first step, but what they offer may not be the best possibility that is available to you. The process of shopping around should include local credit unions, national lenders and every bank you can find.

Many people worry about the borrowing process and comparing with multiple lenders because each bank will take a hard pull of your credit. While this is true, what many people do not know is that this counts by date instead of by the number of times when it comes to these types of property loans. If you have your credit pulled several times within a short period of time, the credit bureaus will understand that you are simply shopping around instead of desperately seeking a loan after multiple rejections.

Clearing the Lot

Once you’ve got a set number on the budget you’re working with for the purchase of the land, you have to add in whatever you’re willing to pay for clearing and prepping the lot for whatever you have planned. If a fresh empty lot is in your plans, clearing the space will involve several factors, and speaking to a soil scientist or civil engineer is generally a wise first step even before buying the space as we stated earlier. If removing trees and brush from the land will not result in a significant increase in erosion risk, you can often sell the timber for a fair price. You may be able to make a net profit after tree removal at this stage. If this is not an option, clearing prices are easy to check by zip code.

It is important to note that contacting the local government of the lot you are buying is necessary. While there may be no danger involved in clearing the land, often drainage ordinances require that you acquire a permit before you remove anything. Contacting the local government is a worthwhile extra step to avoid costly fees later in the process.

Buying land in Ohio can be a great way to start your dream home and live well. It’s just imperative that you make sure that you understand the process first. Along with various types of homes, your realtors at RE/MAX are well informed of the vacant land properties available for sale in Ohio as well. You can filter your search based on the property type and view available lots and we’ll help you through the entire process.

 
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Inspections You’ll Need Before Buying in This Spring

Springtime is a great time to go house hunting. You can really get a feel for how a home looks – both inside and out – in the bright sunshine of the season. So it’s no wonder that spring is the busiest season for home buying in the US. Still, a superficial look is just not going to cut it for the prudent home buyer. Instead, you should consider having all the appropriate inspections done before finalizing and settling into what you plan to be your new home. Here are some suggestions:

The Standard Home Inspections

While the majority of home sellers will consider a standard home inspection a mere formality – after all, they have taken exceptional care of their home – buyers should certainly be more skeptical for certain homes. Even the best maintained house can suffer from wear and tear and can have some significant but less than visible problems. A thorough home inspection will investigate everything inside and out and should include examining the following:

- Electrical & Plumbing

- Appliances

- Roof

- Foundation

- HVAC

- Sewer & Septic System

A Pest Inspection

While a standard inspection will check the roof and the foundation, it generally will not look for any infiltration by vermin. Instead, a pest specialist should be used especially in the warmer climates like Kentucky where pests are more rampant. Your inspector should check the structure for infestation by termites or carpenters ants, the attic and basement for signs of larger animals like mice, squirrels and birds as well as the more usual suspects such as cockroaches, bedbugs and fleas. Throwing down for a pest inspection before moving your family into a home or finalizing a housing agreement could save you thousands of dollars in damages and repairs in the long run.

A Pool or Spa Inspection

For homes with an in-ground pool or a substantial “spa” area, a homebuyer should consider bringing in a specialist for this kind of inspections since these structures have a whole subset of issues applicable only to them. This inspection is best done in the spring or summer when the pool is in actual use as opposed to the winter when only a cursory inspection can be made. At the same time, checking the foundations of a pool or spa when drained will give the inspector ease with finding any cracks or areas of concern before moving forward with filling it again.

A Landscape Inspection

While not usually considered by the average homeowner, any property with a substantial collection of plants, shrubs and trees should be inspected by an expert. They can tell you how much maintenance will be required as well as the costs associated with process. In addition, they can apprise the owner of any of the flora that is damaged or in ill health. On a similar note, a home that is not connected to the traditional utilities should have their well and septic system inspected by a qualified technician to ensure that there are no problems.

A Final Note on Older Homes

While a thorough home inspection will get into every physical nook and cranny, it cannot conduct a chemical analysis of everything found in the house. Unfortunately, older homes can contain a variety of substances from molds through lead paints to asbestos that are downright dangerous and must be disposed of in the proper manner. Finding any of these materials, generally means an expensive remediation project that can cost thousands of dollars for even relatively simple projects. It is important not to be caught unaware of this fact after you have bought the house.

Home inspections are a must when buying a home and our experts at Remax-Kentucky suggest buyers to get a quality home inspection if you want a successful home buying experience. We understand that paying a couple hundred dollars for a thorough inspection on the right house can save you thousands in the future and gives everyone a little extra peace of mind.

 
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Handling Appraisals and the Questions to Ask

There are times you may want to know how much your property is really worth. This information will help you decide if you want to sell your property, renovate it, refinance, get an equity loan or keep it.

You may want to start with an informal appraisal performed by a local real estate agent who will compare prices of homes that have recently sold in your area. The agent will also go through your home and note things that need updating or repair in order to improve the amount of the final formal appraisal.

Formal appraisals are performed by professional property appraisers and are generally conducted when:

You are selling your home: The informal appraisal by your real estate professional will help you decide on a listing price for your home based on comparable sales in the area for homes of a similar size in a similar physical condition as yours.

You are buying a home: Lenders will require a formal appraisal in order to be sure that the home you are buying is worth the amount you have agreed to pay for it.

You want to refinance your existing mortgage: Just as when you are buying a new home, lenders require a formal appraisal to be sure the home could sell for the total amount of the refinanced loan.

You want a home equity loan: An appraisal is determined to compare the market value of the home with the amount of your mortgage. The difference is the amount of equity you have in your home.

The Appraisal Process

In order to perform a professional appraisal, Georgia real estate appraisers have state qualifications they must meet. This includes some work they do behind the scenes that you will never see. They check county records for past appraisals and evaluate prices of homes that have recently sold in your geographical area.

What you do see is when they come to your home. They measure the perimeter of your home to determine the square footage. They will also take photos. You need to be sure your home is in its best condition as though you were having an open house to sell it.

Appraisers will need access to the inside of your home including your attic, basement and garage. They evaluate how well the home has been constructed and its current condition. They make sure your home has the number of rooms you claim it has. If there have been additions made, they check to see if the proper permits were obtained. They make notes of refurbishing such as new windows and doors, as well as major appliances and items such as the furnace and air conditioning.

Questions to Ask

If the appraisal is low and you are hoping to sell your home, ask the reasons for the low appraisal. Find out if there is anything you can do to bring up the value of your home. Ask if there are structural defects you can fix.

What Next?

If the appraisal is lower than your current mortgage, you may be able to use the information to lower your property taxes. If you want to sell the property, the appraisal may help you get the bank to agree to a short sale, which means you can sell the property for less than you owe without having to pay a penalty.

If the appraisal is for more than you owe, you can take the opportunity for refinancing, getting an equity loan or selling your property at a profit. A REMAX professional realtor can help you make that decision and list your home so that you can obtain the maximum price. When your appraisal comes out higher than what you bought the property for, the opportunities are practically endless moving forward. Even if the appraisal turns out to be lower than the current mortgage, you can still find the benefits of at least knowing the actual value of your home in the current market and that can give you a good idea on where to go next.

 

 
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Louisville Realtor Honored as Top RE/MAX Seller

Louisville-based real estate agent Bob Sokoler placed in the top 100 Realtors worldwide by sales volume at the recent RE/MAX national convention in Las Vegas on March 5. At a March 20 award ceremony in Kentucky, his team also placed No. 1 for home sales in Kentucky based on commissions and No. 2 in the state based on closed transactions.

 

Sokoler was honored for leading his team, The Sokoler Medley Team, to be ranked the No. 41 Real Estate team in the country and the No. 70 Real Estate team worldwide. The Sokoler Medley Team, which is comprised of 10 agents, sold 327 homes in 2013.

 

“This award exemplifies how important it is to work with a realtor and team who are knowledgeable about your area,” Sokoler said. “Our team has been successful because we combine the specialized knowledge of each agent with our overall goal of making our clients very happy.”

 

These awards add to the growing list of real estate titles awarded to Sokoler and his team. For the past three years, Sokoler’s team ranked as one of the top seven Louisville real estate teams, among a field of 3,500 plus agents.

 

“We are incredibly proud of Bob for being recognized on a national level with this prestigious award,” said John Crimmins, Senior Vice President of Operations of RE/MAX Regional Services. “Bob, his team, and their success provide the perfect example of why it’s so important for buyers and sellers to work with a team of experienced Realtors to achieve their real estate goals.”

 
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