Knox County Ohio Real Estate Information Archive

Happy new year, Knox County!  I hope that everybody enjoyed a very happy holiday season, and that 2008 is off to a great start for you.  If you have been putting off making a resolution for this new year, why not make a few real estate resolutions now?  Here are some ideas to get you started:

• Know your credit!  Make a resolution to stay on top of your credit in 2008.  Begin by getting a detailed credit report so that you know where you stand as the year begins.  Check again at the end of the year to see how much your credit has improved!
• Keep a budget.  This can be a difficult one to stick to.  Many people start the year with an idealistic budget, but soon let it go out the window – oftentimes, along with any hopes of saving for real estate investment!  Begin with a goal of either setting aside a certain amount for a down payment on a real estate investment or putting away enough to make one extra mortgage payment in 2008.
• Research real estate web sites.  Be a snoop in 2008!  Use web sites like mine to keep tabs on what homes in your neighborhood are selling for, where the foreclosures near you are, and what the general market is like in your area.  When you are ready to make a real estate investment, you will already have a good feel for the local market.
• Out with the old!  Even if you are not planning to move in 2008, it never hurts to clean out your closets, garage, or attic and donate to charity.  You’ll make your home more appealing to prospective buyers if you are selling, and you’ll feel more organized if you are staying put.

Best wishes for a very happy and prosperous 2008!

For more information about Knox County OH real estate, please visit SamMiller.net or call me at 740-397-7800.  To begin searching for Knox County OH homes, please use my complimentary MLS search!

Attention, home sellers!  Even in an uncertain real estate market, there may be good news for you – depending on where you live.  The National Association of REALTORS® has published the results of its quarterly sales survey and found that the median home price continues to rise in most metropolitan areas.  The median is a typical market price – meaning half of all homes sold for more, and half of all homes sold for less.

Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local.  “Some metro areas are hot, while others are experiencing localized problems,” he said.

As we move into a new year, we will keep a close eye on the Knox County area market trends to see how prices affect sales volume.  Since the market changes month to month and neighborhood to area, please contact me at 740-397-7800 or visit SamMiller.net to get the latest information on Knox County OH real estate.  To receive a complimentary home value analysis, please click here.

Happy new year - see you in 2008!

Many homeowners have heard of a “1031 Exchange,” but few understand the basics of what an exchange actually entails.  Today I want to cover just a few of the basics of the process, as it can be an invaluable method of homeownership for investment homeowners.

What is a 1031 Exchange?

Put simply, it is the sale of one property in exchange for the purchase another property of similar value without the required payment of capital gains tax, all performed within a specific time frame.  An example of when you might use a 1031 Exchange, as opposed to selling a home and purchasing a new one outright:  you want to sell your current vacation home and purchase a new, similar one that has a few better features.  You have not yet owned your current vacation home for two years, so you are subject to substantial capital gains taxes when you sell it.  If you were to use a 1031 Exchange, you could “exchange” your current home for a new one and be relieved of the capital gains requirement.  It is this difference between "exchanging" and not simply buying and selling which, in the end, allows you, the taxpayer, to qualify for a deferred gain treatment. In a nutshell: sales are taxable with the IRS and 1031 exchanges are not. US CODE: Title 26, §1031. Exchange of Property Held for Productive Use or Investment

Important Rules of 1031 Exchange

1.   The total purchase price of the replacement "like kind" property must be equal to, or greater than the total net sales price of the relinquished, real estate, property.

2.   All the equity received from the sale, of the relinquished real estate property, must be used to acquire the replacement, "like kind" property.

1031 Timelines and Rules

Identification period – the seller has exactly 45 days from the sale of the original property to identify other replacement property(s) that he proposes or wishes to buy. 

Exchange period – the period during which the seller of the relinquished property must receive the replacement property.  This period ends exactly 180 days after the date on which the person transfers the property relinquished or the due date for the person's tax return for that taxable year in which the transfer of the relinquished property has occurred, whichever situation is earlier.

If you want to learn more about strategies for buying and selling investment properties, or are interested in Knox County OH real estate, please call me at 740-397-7800 or visit SamMiller.net.  To get started searching for Knox County OH real estate, please use my complimentary MLS search.

Best wishes for a safe and happy holiday season!

“Going green” has been one of the biggest trends of 2007, with homeowners seeking to make more environmentally-friendly choices on everything from cleaning products to flooring.  So it only makes sense that this concern for the environment should carry over into our holiday decorating this year.  Even if you have already “decked your halls,” it’s not too late to add some green décor to your display:

·        Use LED lights – using LED lights to decorate the inside and outside of your home will bring you many benefits.  The lights last a whopping 50,000 hours – that means you could actually pass these lights down to your grandchildren some day!  Adding to their cost effectiveness is the fact that you will be using 90% less energy with LED bulbs – Clark Griswald would be jealous.  LED lights are also safer – they don’t produce as much heat and considerably reduce the risk of fire, always a concern during the holiday season.

·        Use solar-powered decorations – the “new kid on the block” when it comes to holiday décor, these lights not only save you money on energy – they don’t use any energy at all!  Place the solar panels where they can collect light during the day, and the lights will automatically light up when it gets dark and shine for about 8 hours. 

·        Use mother nature’s decorations – forget going out to shop for decorations.  Some of the best décor can be found right in your own backyard!  Use a real Christmas tree rather than a manufactured, non-biodegradable one.  Even better, buy a young tree with roots and re-plant it after the holiday season!  A basket of pinecones make a beautiful and rustic centerpiece, and fresh pine straw can be made into a lovely and fragrant wreath to display.

Happy tree-trimming!

To learn more about Knox County OH real estate, please visit SamMiller.net or call me at 740-397-7800.  To receive a complimentary home value analysis, please click here.

Although the real estate market is still down in many areas, you may find yourself in a situation such as a job relocation that will force you to sell your home or purchase a new one.

This article from CNNMoney.com offers helpful information on how you can still make a smart move in this unpredictable real estate market.  Here is a summary of the tips:

• Sell smart – if you are trying to sell your home, you must set a realistic price based on the current market.  You should also discuss with your Realtor the current average “days on market” that most properties are taking to sell.  This will help you better plan for your move.  If you are not willing to list for the current market value, and you do not want your house to be on the market for long, consider waiting out this down market as it is likely to turn around soon.
• Spend wisely – try to follow the rule of thumb of spending no more than 20% of your home’s value on renovations.  At a time when your home may be worth less than it was this time last year, this is not the time to be sinking money into it.
• Foreclosures are still your problem – remember that, even though you are not facing foreclosure, the other properties in your neighborhood that are foreclosed upon will decrease your home’s value.  As a general rule, for every home that goes into foreclosure in your neighborhood, your property value drops about 1%.  That value will stay depressed for about two years.  To find out where the foreclosures are in your area, go to realtytrak.com or foreclosurenet.net and type in your zip code.
• Recheck your mortgage – many homeowners do not know what kind of mortgage they have.  If you are one of them, pull out your old closing documents and find out how often you're rate will increase and what caps there are to how much that increase can be.  This information should be on the Adjustable Rate Rider, among the first few pages in your documents.

Remember, the Knox County real estate market is always changing from month to month and neighborhood to neighborhood.  To find out what your home is worth, click here for a complimentary market analysis.  You may also visit SamMiller.net to learn more about Knox County OH real estate, or call me at 740-397-7800.

Recently we learned that the Fed had cut its federal funds rate once again to 4.5%.  What followed in the news was a flood of technical financial jargon, which just confuses many people rather than helping them understand how the change affects them.

Luckily for those who did not major in finance, BankRate.com has put together a handy “What The Fed Said” translator of the Fed’s news release!  Check it out here and remember that an experienced Realtor can always refer you to a reputable lender, who can help you decide the best way to finance your home purchase.

To learn more about Knox County OH real estate, please call me at 740-397-7800 or visit SamMiller.net.  To begin searching for Knox County OH homes please use my complimentary MLS search.

May your Thanksgiving be blessed with the bounty of the season and the love of family and friends!
 

We’ll be back next week with more of the latest Knox County OH real estate news and information!  In the meantime, please feel free to contact me at 740-397-7800 or visit SamMiller.net.

We’ve all rolled our clocks back an hour and are beginning to adjust to the earlier onset of evening.  In the winter months our homes can seem darker than usual, but there are ways to use the natural light that is available in your home to brighten things up.  Money Magazine has published a list of “Do’s” and “Don’ts” for adding light to any home – among the topics covered are:

• Skylights (pick ones that open and choose carefully where to put them)
• Big windows (install them to showcase your best views, but don’t forget to add small windows above or below them that open)
• Window height (put windows high on the wall, but not tight to the ceiling)
• Window grouping (group several windows together, but don’t separate them with fat supports)
• Window shades (install shades in windows that face east, west, and south; avoid using UV-inhibiting coating)

Following these tips for adding light to your home will help to increase your home’s value.  To receive a complimentary comparative home value analysis, click here.  For more information about Knox County OH real estate, please visit SamMiller.net or call me at 740-397-7800. 

With the recent news coverage of the devastating fires in California, home fire safety is a most timely topic.  Although we may not be at great risk for wildfires here in Ohio, an important part of responsible homeownership is being prepared to both prevent a fire in your home and to rescue yourself and your family should there be a fire in your home.

This printable Fire Safety Checklist, provided by FireSafety.gov, is a great resource for determining what fire hazards may lurk in your home, how to make them less hazardous, and what to do in the event of a fire.  The Today Show also provided some useful tips to ensure you would know what to do if you had to evacuate your home in the event of fire.  These tips include:

Make copies of your documents.  Either put them in a waterproof and fire-proof safe, or give the copies to a trusted friend or relative.  Make electronic copies, as well.  Remember that valuables left in a safe deposit box at a bank could also be destroyed in the case of a widespread natural disaster.

Get your insurance information in order.  If disaster strikes, make your claim right away, and be sure to take pictures of the damage.

Prepare an emergency kit.  Don’t wait until it’s too late.  Gather essential items such as a battery operated radio, bottled water, food, medication, blanket, first-aid kit, etc.

Come up with a family plan.  Again, do it now!  Make sure everyone knows where the important documents are, and agree on a meeting place in case you become separated.

Many of these items are tips we hear over and over again, but they never really seem useful until a disaster strikes close to home.  By the time that happens, of course, it is generally too late to put the tips to use.  Preparedness now can save time and, possibly, lives later.

If you are thinking of becoming a homeowner in Knox County OH, please call me today at 740-397-7800 or visit SamMiller.net.  You may also begin searching Knox County OH real estate here!

Many potential first-time homebuyers put off the purchase of their first home because they simply think they won’t be able to qualify for a loan.  However, applying for a mortgage is very different than it was 10 or 20 years ago – thanks to all sorts of creative financing offers that are available today, many people who are still giving their money to a landlord could be purchasing their own home.  FreddieMac.com has put together a great list of “myths” about becoming a homeowner, and it shows just how feasible homeownership can be for most people.  Here are just a few of the Many Myths About Homeownership:

Myth: You need great credit to become a homeowner.
Fact: You may still be able to buy a home with less-than-perfect credit. And remember, you can improve your credit over time.

Myth: You need to put 20% down to buy a home.
Fact: There are many types of mortgage products and programs that allow low and no down payments. But remember to factor in other costs such as closing costs, property taxes, moving

Myth: Lenders share your personal financial information with other companies.
Fact: By law, banks and other financial institutions are restricted in their uses and disclosures of information about you. In some situations, you may choose to restrict the disclosure of your information if you don't want it to be shared.

Myth: You can't get a mortgage if you've changed jobs several times in the last few years.
Fact: Not true. You can change jobs several times and still get a loan to buy a home. Lenders understand that people change jobs. The important thing is to show that you've had a stable income.

If you are ready to get on the path to homeownership in Knox County OH , please call me today at 740-397-7800 or visit SamMiller.net.  You may also begin searching Knox County OH real estate here!