Deal of The Week

Starter Real Estate Investor Package

This weeks deal is three properties for the price of one, become a Real Estate investor with one purchase. The package includes two houses and a vacant lot for $78,000. The homes properties are in the Okolana area the first is on Ireland, its a two bedroom home and the second is on Clay, its a three bedroom home.

Click the link below for more details:

http://mikefogledealoftheweek.info/

WWW.YOURHOME.INFO

As a part of a new marketing effort I am developing a website for all of my listings. There potential buyers can view all information on the home and even calculate their mortgage payments. They can also request a showing or more information on the from me directly from the site. This is all an effort of mine to stay ahead of the technology curve in the Louisville Real Estate Market. Click the link below for an example of a website I developed for one of my current clients.

http://www.2604lindsay.info/

Deal of The Week

This weeks deal is in Spindletop walking distance away from North Oldham High Schools campus. Go to the link below for more details:

http://www.mikefogledealoftheweek.info/

New Listing!

http://lot80springhillestates.info/

$20,000 price reduction from the original price on this beautiful 1.5 acre walk out lot in an Established neighborhood in Crestwood which was voted 52ND best place to live in the Nation. Community Amenities include clubhouse, tennis court and swimming pool, just minutes from award winning schools and I-71.

Whats Wrong in the world of financing today!

There are several things that have taken place in the last few years that have made my job stressful and in my opinion have put a lot of strain on the housing market. It mostly has to do with the pressure bankers and appraisers are feeling from the Feds. The other part is simply the credit score system being the main aspect of determining if a person is able to obtain a loan or not.





My first issue is with the appraisers and the restraints that are placed on them and the overly cautious way they do their job. Its almost as if all common sense has been taken away from them and they must simply do their job based on market history only. My problem with this is if an appraiser walks into a house with new carpet, totally redone kitchen with all the bells and whistles and updated bathrooms an appraiser will ignore that and look only at the most recent properties sold in the neighborhood than place an appraisal price that's exactly the same as the highest price home that had recently sold in that subdivision. If this keeps up no one's house will ever appreciate and we will never come out of the recession.





Another issue I have with appaisers is they seem to neglect their talents out of fear and put really modest figures on homes. Time and time again I have seen a seller come way down on their asking price and give a buyer a great deal and when the appraisal comes in its exactly the sales price of the home. When everyone involved in the deal knows that the house was sold at a bargain price and way below market value but the appraiser seems to think that the purchase price was right on the nail.





I have also been on the other end of the deal when I was representing the sellers and they have had a move in condition home with all sorts of updates and priced correctly and sold in less time than the market average. But still the appraisal comes in low and the sellers has to lower their price. Again how will we ever turn this housing market around with these low ball appraisals?





My other big problem is with the entire credit score system being the main determinant on whether or not you are able to get a loan. I really think the bankers should be able to use their own talents to determine who should and shouldn't get a loan, with the credit score being just a portion of the decision making process. Right now a person with $200,000 cash, a credit score of 500, absolutely no debt and a six figure income couldn't get a loan on a $300,000 home. But on the other hand a person with student loans, $2,000 in credit card a car loan, $3,500 in a savings account and a 700 credit score can get a loan for $100,000. Which isn't bad but I would think the first person would be the better candidate to obtain a loan. In my opinion a credit score is just measure of a person ability to carry debt and make payments on time, even if they are just making minimal payments.





I am not trying to bash bankers or appraiser I appreciate all the work they do for me and my clients, I just wish the government would get their hands out of my business and allow people to use their talents to do their jobs. These government restraints have a strangle hold on the housing market and until they let up and allow people to do their jobs the housing market will struggle to rebound.

Deal Of The Week

This weeks deal isn't a short sale or a foreclosure so it comes without the hastle of dealing with a bank on negatations. It also it comes with out having to clean up and repair everything the previous owners have messed up. This home is simply the victom of the recession and is in a price range that has taken the hardest hit in the pass years. Click the link for more information!

http://www.mikefogledealoftheweek.info/

Central Kentucky Deal

This deal is in Versailles I know little to nothing about the Real Estate market in Versailles but it just came up on the Louisville MLS so I thought I would throw it out there. If any of my Central Kentucky friends are looking at houses and want to check this place out give me a ring.

http://www.mikefogledealoftheweek.info

Deal of The Week

This week's deal is a stand alone Condo off Westport Road and Murphy lane. These places usually sale for around $120,000 this one needs new carpet, paint, new flooring in the bathroom and a toliet secured to the floor. You will also need to buy new appliances but its getting a new roof, some windows and new vinyl siding all provided by the seller. Give me a call if you want to check it out! More details can be found on the link below:

http://www.mikefogledealoftheweek.info/

Nows The Time To Plant

If you want to improve your curb appeal on a budget you may want to start shopping for shrubs, trees and flowers now. You plant now for beautiful blooms and landscaped areas for next spring, nursery's don't want to risk losing their inventory over the winter so there are deep discounts to be had. Later this week I will be purchasing a 18ft tall sycamore tree for just $50.00, I will also be sowing grass seeds in some thin areas of my yard.

Deal of The Week

This deal is in Douglas Hills its a two bedroom two bath condo just off Shelbyville RD. This one is on the market for $79,800 all it needs is a little up dating and some TLC and it could be a great home, these homes have gone for as much as $110,000. It would be a great investment for some one's first place. Call if you or anyone you know might be looking to buy or sale!! Click the link below for more details:

www.mikefogledealoftheweek.info

Friday Morning Hot Links

The Wall Street Journal is Reporting that Michael Jackson's home has just been reduced by $10,000,000.

http://blogs.wsj.com/developments/2010/08/05/michael-jackson-mansion-listed-10-million-price-cut/

A great article about the 7 best investments you can make for your home when considering remodeling.

http://www.realtor.com/home-garden/remodel/remodeling-projects/top-7-roi.aspx

CNN offers some really good advice for buyers and sellers this one is a must read!

http://money.cnn.com/2010/08/25/real_estate/home_buyers_sellers.moneymag/index.htm

Deal of The Week

This week's deal is more than just one house its a handful of new construction neighborhoods. Dominion homes is doing everything they can to overcome this recession and get you into one of their homes. They have up to $9,000 in free kitchen upgrades and additional free kitchen upgrades to choose from (Celebration and Traditional series only). They also are offering a helping hands program that will allow you to work on your own home in order to receive closing cost or down payment assistance. Through helping hands you can paint your own home, plant your own landscaping or do some lot clean up work to earn your down payment money. On top of that there is a $5,000 state tax rebate for anyone who buys a new home. Click the link below to check out a few of their homes and then call me for an appointment to view one. Click on my deal of the week link for more info!

http://www.mikefogledealoftheweek.info/

The Fall Housing Market

Most Real Estate transactions are done during the summer or spring months but year in and year out some of my best months have been in the fall. I really like having a hand full or so of buyers during this time of the year. It seems like they sacrifice a little in the area of selection but their is less competition of people competing for houses. So if your thinking of waiting for Spring to hit before you enter the housing market you may want to reconsider.

Monday Morning's Deal of the Week.

I have dedicated a webpage just to list me deal of the week. I will be updating it every Monday morning so be sure to check it out at least once a week because these homes typically sale fast. This home is in Crestwood and is only $64,900 its a great buy in a great location. If any of you are buying or selling or know of anyone I would love the chance to work with them just give me a call on my cell: 502-551-9396.

The Price is Right!!

To make myself a better Realtor I have taken up the habit of doing more reading, I'm now reading through the Book Shift. Its all about how a Realtor should take action during a downward shift in the housing market. Something that I have always known from the very start of my Real Estate career is that over priced homes are extremely difficult to sale this fact is reiterated throughout an entire chapter of the book. One point that it brings up is the price reduction effect which is basically were sellers want to start off high with their price and if they have to slowly drop their prices over time. The problem with that is while the sellers are "testing the market" they are missing out on valuable buyers and waisting time on the market.

I often work with buyers and as we are shopping and looking at homes one thing that is always considered when viewing a home is how much time it has been on the market. Anytime I tell them that a home has been on the market say 100 days or more one of the two following questions is asked almost every time. 1.) Whats wrong with it? 2.) So that means they must be desperate for an offer? In the contrary if I tell a buyer that a home has been on the market for a very short amount of time they usually ask or I tell them that it may be kind of hard for us to get them off their price. The graph below is an example of how overpricing your home can cost you major dollars over the long run.

Deal of the Week

This deal has been on the market for a while now and I'm not real sure why no one has jumped on it yet, but I love the neighborhood. It as mature trees and one of the toughest golf courses around. It's in Shelby County in Persimmon Ridge which is on the border is minutes from the Oldham and Jefferson County borders. If you or anyone you know are looking in this price range I think we should go check it out.... just give me a call!! The owners are selling it for much less then they purchased it just a short time ago. Check out all the details on my new website below:

http://www.mikefogledealoftheweek.info/

Purchasing a home now may be a better time then when the tax credit was in place!

The market may have taken a small hit when the tax credit was lifted pending sales for the month of May are down 18.75% when compaired to 2009. May was the first month this year where the tax credit wasn't a factor in the inventory and it did effect the numbers but the market hasn't came to a skretching hault like everyone was expecting. So homes are still selling just not at the rate they were when the tax credit was in place. Which brings me to my point BUY A HOUSE NOW!!! If you are a potential buyer you may want to go ahead and jump in the Real Esate market for the following reasons.

Rates are ridiculously low! One could get a 30 year fixed loan today at 4.63% and a 15 year FHA loan have been floating around 3.875. I haven't seen an interest rate in the 3's ever having a rate in the 3's could really put someone in a great financial position. If you compare today's rates with the rates back in April they were at 4.875 for a 30 year and 4.5% for a 15 year. These lower rate can save you big money over the lifetime of the loan.

Scared home owners who were expecting for there homes to sale during the first time home buyers tax credit era and didn't may consider taking lower offers. Also with fewer buyers on the market you have more time to think about what house you want to select. During April houses were hitting the market and selling quickly.

I do think the FEDs are going to keep these low rates around for a while so that the market will eventually stabilize and things will get back to normal. But in the meant time take advantage of this buyers market and sellers should remember you may not be getting the high prices of 2007 but if you were to sell now you can sure get a great deal on your new purchase.

Deal of the Week.

This home is new construction and a Bank foreclosure thats ready to be finished. I really think that at this price ($79,900) if you were to finish it out you could have a great home. Plus you can hire me to subcontract it out and get a really good bargin. Its in Silver Oaks in the heart of J-town give me a call for your personal showing. Click the link below and enter mls # 1273034 for more information.

www.mikefogle.com

Deal of The Week.

A new listing just came up in the east end of Louisville its in a great family neighborhood and is for sale at a great price. It is up for sale for $250,000 even though it was last sold for $290,000 this house could make a wonderful home for someone. Click the link below and enter

mls# 1273231 for more details.

http://www.mikefogle.com

Saturday Moring Hot Links

Obama Finally pulls through and extends the tax credit closing date for first time home buyers until September 30Th. According to the national association of Realtors one third of the houses closed before April 30Th who were wanting to get the first time home buyers tax credit were new construction and would have missed out had the extension not been in place.

http://www.louisvillerealtors.com/uploads/56/File/tax_credit.htm

What sellers should expect to pay in closing cost:

http://online.wsj.com/article/SB10001424052748704629804575324612640402510.html?mod=WSJ_RealEstate_LeftTopNews

The department of Treasury releases a housing score card:

http://portal.hud.gov/portal/page/portal/HUD/documents/scorecard1.11.pdf

Tax Credit Extention

Today is the original deadline for the extension of the first time home buyers tax credit. If you are unaware of the tax credit it has been a great helper of the Real Estate market in the past months. All people who were purchasing a home and had a written contract before April 30Th are getting a 10% tax credit up to $8,000 if their home closing by June 30Th. Mortgage news daily is reporting that it finally has gone through the senate is was actually passed.

I have gotten several emails from various lenders saying that the tax credit closing date has been extended to September 30Th. I have on the other hand gotten several emails from other lenders saying it has been extended.

The national association of Realtors has reported that a third of the contracts written that are would like to be collecting the $8,000 are new construction builds and will be unable to be completed by today. Do you think they should extend the bill and add to the deficit or do you think tough luck these home buyers should have known a house couldn't be built in that short amount of time?

Deal of the Week.

This weeks deal is a foreclosure in Goshen for less than $100,000 which is unheard of. Its a four bedroom two bath fixer upper in a great neighborhood in an even better School district. For more details give me a call on my cell: 502-551-9396 or go to my website and enter in

MLS# 1275776.

http://www.mikefogle.com

The Numbers don't lie!

I have been studying the statics Louisville Board of Realtors puts out and also looking at inventory trends and have been encouraged by what I have found. So far 2010 has been the best year for Real Estate in the past three years. If you look at the units sold over the past three years we are doing much better than we did in 2009 which was a down year. But whats even more encouraging is we are even up from 2008 which is my best year of sells yet. Check out the link below and see for yourself below.





If you look at the number of units sold in the month of May from 2001 to 2010 you will see a three your trend. Take a look at the upswing between 2001 to 2003 there a gradual increase between those three years. Then things really pick up over 2004 through 2006 with a huge jump from 2005 to 2006. Probably because that's the year I got my licence and really started bringing up Louisville's sales :). But really there is a definite trend there then things hold steady in 2007 and then the bottom falls out of the economy in 2008 and sales plummet and 2009 is even worse. But in 2010 we rebound to back to the 2005 numbers and one can only hope the trend continues and 2011 and 2012. Because lets face it we all need our property values to increase and I need to put my little girl through Grad School.

Win a Rabbit and the Moon gift card!!

Stop by the 5/3rd bank location between now and May 31st and sign up to win a $25 Rabbit in The Moon gift card. All you have to do is provide a name and contact information of anyone you may know who might be looking to purchase a house. You can also check out 5/3rds great savings programs, I just opened up a goal setters program where the bank is going to match all the interest I earn on my account once I have reached my savings goal.

Lowes Realtor Program

I have teamed up with Lowe's to better service my clients and give them an upper hand against all others in the housing market. All my clients and future clients are eligible to receive discount coupons to the best home improvement store in town. Plus you will receive great ideas on how to improve your homes value by updating or upgrading its appearance. These days homes for sale must be in top notch condition in order to get top dollar. Now its a little easier on the wallet to get your house ready for the market and get a leg up on your competition.

Affordable Housing near UofL

Just a couple of weeks ago I was able to get an accepted contract on a home for a professors assistant and graduate student at UofL. The house is just a block away from campus and the mortgage on the place is going to end up being less the $400 a month. Its an incredible deal on a house that has recently been totally refinished. Plus it beats renting hands down.

ELP

I just applied to be an Endorsed Local Provider of the Dave Ramsey Show. I would really love to be associated with Dave. I think that following his simple programs can change peoples life's and I would love to be apart of that!!

3 Lake Houses for under $55,000!!

With the weather warming up my mind keeps slipping away from work to the water. I know this will not be the first post about lake houses on here but it just blows my mind how affordable they are. I was able to find three houses within a two hour drive from Louisville, the first one is only $16,900.

Click the link to view Listing Info Below Including Listing Office:

http://mikefogle.com/property-search/detail/3/1242697/

This next one seems very nice, its one Rough River Lake and has a boat dock its got a rustic cabin look to it almost like a hunting cabin. But again its really afordable and could be tons of fun!

Click the link to view listing Info below including Listing office:

http://mikefogle.com/property-search/detail/3/1136900/

The last one looks like it could be a personal full time residence. It has a big one Acre lot a two car attached garage to store your boat and an extra bedroom to have me over. This ones my favorite!

Click the Link to view listing info including listing office:

http://mikefogle.com/property-search/detail/3/1263027/

Not a Sleazy Sales Person.

Have you ever meet with a sales person and after a few minutes of dialogue one of the first questions the sales person usually ask is "what is your price range?" Then you tell them your price range and they take you to the most expensive item in your price range. Or sometimes they take you to something just a little bit higher than your price range and try to squeeze just a little more cash out of you. Its happened to me before and I hate it.

As a good highly ethical Real Estate Sales person I always try to surpass my clients needs at or below the lower end of their price range. I do this because I don't only want this piece of business they have currently entrusted me with but I want their business for life.

Recently I was working with a first time home buyer who wanted a 2 bedroom home and had a price range 0f $100,000 to $150,000. After spending some time with him in my car a learned he needed two bedrooms so that he could get a roommate to keep expenses down. So I began to search for a home that would give him half of the expenses and eliminate the need for a roommate. I was able to find him the perfect home for him for just $44,500 the home not only met his needs but it exceeded his expectations!

Financal Tip

In the summer of 2007 I made a really stupid stubborn decision and bought a brand new car. Its a Ford Fusion which is a great car but now its worth less than I owe on it after paying on it for a few years. What I should have done is what my wife did and bought a used car. The most expensive miles you put on a car are the first 20,000 had I known that I would have bought a newer used car and would have been in a lot better situation than I am now. Then I could have had the car payed off by now and can be putting the extra money down on my house payment. But I didn't and now I have an expensive lesson that I can share with all of you all and maybe you can learn from my mistakes. This mistake wont brake me by any means but I would be progressing financially a little faster if I had went with a used car.

15 Year Mortgage VS 30 Year

I have lately developed a big man crush on Dave Ramsey. If your not familiar with Dave Ramsey he's the guy that cuts up credit cards and teaches people to get out of debt. The only debt that he thinks is okay is a home mortgage and he recommends putting at least 10% down and getting a 15 year mortgage. Most of my clients get a FHA loan and only put down 3.5% although its not ideal they do get a great interest rate and are able to take advantage of the current Real Estate market and get a great deal on their very own home.

If your in this position and you have a 30 year loan that you would like to nix. I would recommend paying extra payments or pay a little extra on each payment and pay it off quickly. Just making a little extra on your payment each month will knock years off your loan. When you do this make sure that you write out a separate check and put in the memo towards principle. If you don't do this the bankers will apply it towards the interest on the loan and you would have basically wasted the money.

Selling your House quickly.

I sold the bellow listing in just 3 days and I owe it all to the owners willingness to listen to my expertise on how to get the house ready for the market and have the house priced appropriately. Before we listed the home the owner spent a month doing some very cost efficient repairs, cleaning up clutter and replacing some bad flooring. After it was all said and done the seller only had about $300 invested in the repairs and prep work and was able to get his asking price for the home and close before he started his new job and his new city!

New Listing

Just listed this place the owner is relocating to a new job in a new city. So this place is priced to sell! Cat and paste the link below for more info!

http://mikefogle.com/property-search/detail/?agentmlsid=622701&listingid=291954&mlsregionid=3&listtype=1,%202,%203,%204,%205,%206,%207

Unrepresented Buyers

I had an open house yesterday and a guy came through to look at the place who didn't have an agent and didn't want one. He was only interested in seeing the homes I had for sell and that's it. Other wise he was going to deal with the listing agent directly. I assume he is doing this because he thinks he can save some money by not having a realtor. He is wrong!

By purchasing a house without a realtor representing you as a buyer then you put your trust into a listing agent you know nothing about. Also you trust that the listing agent is going to best represent you and the seller at the same time. To me it seems like there would have to be some sort of conflict of interest here. The seller and the listing agent could be best friends from childhood for all you know and have your best interest on the back burner.

Another advantage of using a buyers agent is they have knowledge of the market they represent. They can give you information about the home, like what it has sold for in the past and how long its been listed. They can even tell you what comparable properties in the area have sold for.

But if you do decide not to have an agent represent you please purchase one of my listings. I will make double!! The listing agent almost always makes double when an unrepresented buyer purchases the house because then they become that persons buyers agent and get a double whammy on the commission.

Choosing A Mortgage Broker

Just some advice for when your choosing a mortgage broker to purchase your new place. I would strongly suggest getting a referral either from your agent (me) or a friend. I would strongly suggest not to do an online deal with a person who you have never meet and hasn't even set foot in the state your wishing to purchase a home in. I have seen people go online get approved for a loan and the broker gave them a preaproval letter with the hopes that he could actually get it done. This broker has nothing to lose if he can't follow through on his commitment to you so he just crosses his fingers and hopes for the best. You see if he is in California for instance and your here in Kentucky and he messes your deal all up its fine for him. Because he has no ties to Kentucky and you can tell everyone you know that Joe in California did a terrible job on your mortgage.

However if you choose to use someone local they depend on your referrals and have a knowledge of the local market. They know who all the good closing attorneys are (Colleen Balderson) and can even give you directions to her office. They know if they do a poor job for you then that could really hurt their business to have a local agent and a local home buyer telling all their friends about their poor performance. Not so with some stranger in an entire different time zone.

Its Warming Up!

Its no tropical heatwave outside or anything but the snow has melted and the sun has been out some and houses are starting to move! The weather is finally bearable and people are getting out and looking at houses. I have four buying clients right now that are keeping me busy and I really think that they will all be in their new homes in the next couple of months.

Traditionally summer and spring are the hot times for Real Estate but with the government issued tax credits I think late winter should be a big hit. Before we knew the tax credit would be extended we really saw a busy fall with people rushing to beat the November 31st deadline. Now that it has been extended on to April 30Th I can see another big push coming shortly. You may want to consider listing your house before you miss out on this buying frenzy!

Preferred Vender's

In the upper left hand corner I will be posting links of preferred vender's. I'm still working it out but it should be a big help to some of you clients and make the closing of your home go much smoother. Sorry about the lack of post lately but I plan to be picking up the slack soon.

Lease Option

I have an exucutive home listed in a the highlands area that is offered for $399,999 or you can lease the property for $2,300 a month. It has five bedrooms and 3,650 square feet of living space the kitchen has been refinished and its move in ready.