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What's New in the Louisville Food Scene with Ivor Chodkowski

The Kentucky Select team got a great update recently on the farm-to-table and Community Supported Agriculture (CSA) scenes from one of Louisville's most celebrated farmers, Ivor Chodkowski.  Ivor is the owner/operator of Field Day Family Farm and a founding owner of Harvest Restaurant in NuLu. In addition to the mechanics of helping our clients buy and sell real estate, Kentucky Select agents see themselves as ambassadors for our beloved Louisville. We're always up for learning about cool things going on in our city!

Ivor Chodkowski

 

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Guide To Residential Home Styles

From RealtorMag: Every house has a style. Sometimes it has two or more; because of renovations and new, eclectic mixes, fitting a home into one specific category can be daunting or even impossible. Thankfully, there’s no need to memorize complicated architectural terminology. REALTOR® Magazine has compiled a convenient compendium of common styles. See styles.

Home Styles

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Neighborhood Features That Drag Down Your Property Value

From Realtor.com: When it comes to real estate clichés, “Location, location, location” has all other contenders (including “Not a drive-by!”; “Cash is king!”; “Is that your checkbook or are you just glad to see me?”; and “Worst house, best street”) beat by a mile. Not only has it been in use since at least 1926 (according to the New York Times), but it’s utterly and inarguably true. More than any other single factor, when you buy a home in a good location, it’s usually a solid long-term investment. Read more.

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Why Finding A Starter Home Is Harder Than Ever

From Markewatch.com:  Millennials and others looking to buy a first — or “starter” — home are struggling to find ones they can afford, a new research report says. There are fewer affordable starter homes in 95 of the 100 largest U.S. markets now compared with 2012, according to the San Francisco-based real estate research company Trulia.com. Trulia defines a starter as a home that is in the lower third of a market’s valuation and affordable to those making the median income in that market. Read more.

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The Best Old Fashioned in Louisville

From HighlandsHomePlace.com: Kentucky is serious about bourbon. If you order an Old Fashioned in Kentucky, there’s not much question about what you will get. There are a few rules when it comes to bourbon production, as well as some unwritten rules that come with how you drink it. We’ve all heard the self-proclaimed bourbon connoisseur at the restaurant who orders a “Woodford and Coke”. Read more.

Old Fashioned

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10 Things Real Estate Appraisers Won't Tell You

From Marketwatch.com: There are about 80,000 real estate appraisers in the U.S. and they play a key role in most home sales: Until they weigh in with a determination of a property’s value, the buyer typically can’t finalize a mortgage. (Appraisers also play roles in property-tax appeals and home-equity lending, among other transactions.) Read more.

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Kentucky Housing Sales Show Strong Market in 2015

From C-J.com: The housing market in Kentucky had a record-setting year in 2015. The Kentucky Association of Realtors reports that total home sales in 2015 statewide reached a record 48,488, a 4.2 percent increase over the 46,553 homes sold in 2014. The previous record for home sales came in 2006, when 47,312 homes were sold. Read more.

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Sneak Peek at Homearama 2016 in Norton Commons

It's never too early to start planning for the latest installment of Homearama! This year's version will be held at the new urbanist neighborhood of Norton Commons in Prospect, KY. Click here for more info including previews of some of the featured home models.

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Home Design and Architectural Trends for 2016

By Barbara Ballinger via Realtor Magazine. 

Design changes, as does architecture. Trends don’t emerge as rapidly here as they do in say, food or fashion, but the economy, the environment, and demographics all spur shifts in the choices of materials, designs, layouts, and construction methods for single- and multifamily dwellings.

Design Trends 2016

These 12 trends reflect ways to cope with environmental challenges, incorporate new building materials and methods, and alter the looks and functionality of our homes. Hear top designers and architects explain why these emerging trends are important and how they’ll influence real estate choices in the near future. Read more.

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Rick Pitino Re-Lists Miami Home for $25.9 Million

From WSJ.com: Rick Pitino, head men’s basketball coach at the University of Louisville, has relisted his newly renovated Miami-area mansion for $25.9 million. Located in affluent Indian Creek Village, the home has gone on and off the market several times over the years, and was last listed in 2013 for $13.9 million. Listing agent Ralph Arias of ONE Sotheby’s International Realty noted that the home has since been renovated, and added that home prices in Indian Creek have increased dramatically in the last few years. Read more.

Pitino Home in Miami

Image source: WSJ.com/CAD Studio Architecture, Inc.

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Louisville Home Sales Up, Days On Market Down

From Courier-Journal.com: The sale of single-family homes and condominiums in Jefferson, Bullitt and Oldham counties rose 12 percent in 2015, the Greater Louisville Association of Realtors reported Monday. Last year, 16,279 homes and condos were sold in Louisville-area counties compared to 14,540 in 2014. Sales in the three counties were also up 12.5 percent in December 2015 versus December 2014. The median price for single-family homes and condos in all areas in 2015 increased 5.8 percent compared to 2014. The average price for a single-family home or condo also increased 6.2%. Read more.

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Why You Might Retire To A Tiny House

From Marketwatch.com: Last year, 66-year-old Lauren Knoblauch sold or donated nearly everything she owned, from her two-bedroom home on a suburban Seattle lake to her furniture and many of her clothes. She moved everything else, two small carloads’ worth, into her new home: a downtown apartment that, at less than 150 sq. ft., is smaller than the average U.S. master bedroom. Read more.

Tiny House

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What To Expect From The Louisville Housing Market in 2016

Economist John Kenneth Galbraith once quipped, “There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.” Keeping this in mind, it is with a sufficient dose of humility that we offer a few thoughts on factors that may impact the Louisville residential housing market next year.

  • Because of an ongoing lack of inventory it will likely continue to be a seller’s market in 2016. Absorption rate measures the rate at which available homes are sold in a specific real estate market during a given time period (calculated by dividing the total # of homes by the number of sales per month). A balanced market – one that favors neither buyers nor sellers – has an absorption rate of 6 months. According to a December 22 post from Louisville Homes Blog, November Louisville’s absorption rate was an eye-opening 3.68 months. Additionally, there has been nearly a 20% decline in the number of active listings since November 2014.

 "There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know." - John Kenneth Galbraith

  • Basic economics tells us that with lower supply one can expect higher prices. But even with a lack of inventory there may be a ceiling on home appreciation for the next few years. The S&P/Case-Shiller Housing Index estimates that nationally home prices will rise 3% in 2016 and 2017. This contrasts with an annualized growth rate of 9.5% since the end of 2011, when the Index declared the housing market had hit bottom after the recession.
  • The recent decision by the Federal Reserve to raise the federal funds rate likely signals the beginning of the end for historically rock bottom mortgage rates. This is not...

In An Industry Faced With Constant Change Some Fundamental Real Estate Truths Remain

What Sells A House?

When I got my real estate license nearly 22 years ago the MLS came out once a week in a telephone-sized book, there were a handful of personal computers in our office and the only thing smart about my immobile phone was that it had buttons instead of a rotary dial.

When I tell our new twenty-something real estate agents things like this they look at me with the same incredulous expression one might expect if you tried to explain other historical oddities from the B.Z. Era (Before Zillow), such as printed street maps or having to amortize a loan using a calculator.

The same is true for property-obsessed consumers who now expect to see houses on multiple websites and their smart phones in a matter of minutes from when they get loaded on the MLS.

Thanks to ubiquitous real estate websites and publicly available tax assessments, clients now sidle up to agents at the grocery store to debate price-per-square-foot trends in their neighborhoods.

The Web has most certainly democratized data in the real estate business. 20 years ago brokers maintained almost complete control over listing information. I think the shift in the balance of power has been a good thing. Well informed consumers can be a handful during the sales process (How can they be asking $450,000 for this, the tax record says they only paid $425,000 two years ago!). But I’d argue there has never been more interest in residential real estate than there is today and better educated...

6 Tips For Lowering Your Heating Bill This Winter

First winter in your new home? Feeling all comfy and cozy? If you’re budgeting this winter, your wallet may be feeling the heat: As temperatures drop, heating bills rise.

You’re not helpless, though. Even if you’re new to this whole home-ownership thing, you can take steps to reduce heating costs. Some of the suggestions are amazingly simple, and none require serious DIY skills or a large monetary payout.

1.    The Heat Is On - Piggyback off heat you’re generating for other purposes. When you’re done baking those famous Christmas cookies in the oven, leave the door open to let heat flow into the room. Don’t close the door when you’re taking a hot shower –- or at least leave it open when you’re done. Allow that steamy goodness to seep into other areas.

Winter Streets

2. Going Down, Down, Down - You may not want to hear this, but it’s a tried-and-true method to reduce energy costs: Turn down your thermostat. Don’t crank it any higher than 68 degrees when you’re home. If you’re cold, do what your dad used to tell you and put on a sweater. Also, make sure your feet are covered with thick socks or slippers. Cold feet lead to a cold body. Don’t stop there. When you’re not at home –- if you’re at work or out of town –- drop that thermostat another 10 to 15 degrees. Just make sure that you keep it at 60 degrees...

Brand Experience Checklist for Brokers

Broker Brand ChecklistOne thing I can’t emphasize enough with our agents is that almost everything we do in our real estate role has the potential to affect people’s perceptions of our brand, both as a company and as individual agents.

Getting into a brand management mindset requires first understanding all the different ways in which you interact with key stakeholders at different points in a real estate transaction. I think checklists are a great way to make sure you’re aware of and addressing all the potential ways your brand may be experienced.

Some of the examples below are more relevant to listing brokers and others to brokers working on behalf of buyers, but most real estate professionals will have had some type of experience with all or most of these. The four primary stakeholders or audience for these brand experiences are:

  • Real Estate Consumers (Sellers and Buyers)
  • Other Real Estate Professionals (Most Importantly the Cooperating Brokers You Encounter on a Regular Basis in Your Market)
  • Vendors  (The Key Service Providers – Bankers to Plumbers – Who Help Your Clients and In So Doing Enable You to Provide a Positive Brand Experience)
  • The General Public (Folks Who May Not Be Actively Engaged Home Buyers or Sellers But Have Some Awareness of Your Brand. These People are Potential Referral Sources or Future Clients)

Where do these four key audiences most often experience your brand? (And where do you have the opportunity to enhance or diminish it)?

Point of Sale

  • For Sale signs
  • Sign riders
  • ...

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