sellyourkyhome

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Kentucky Homebuyers Guide to Comping a House

If you are looking at buying a house in KY, you may be wondering how do I know if I'm getting a good deal or if this house is way over priced. Now you could just trust the Zillow Zestimate, or Realtor.com or Trulia estimated value, but those can be iffy at best. They are a good starting point and ok to look at in the beginning. to really understand the value of a house you need to learn how to comp a house like a true property appraiser comps a house.

Step one is to learn about your target house. Here is a list of some of the data you should get on the house you are considering buying. Find the year the house was built, the square footage of the house, Bedroom and bathroom makeup of the house, square footage of the lot the home is on, and any amenities including pool, garage, unfinished space, extra buildings, etc.

Once you have that information your going to use your favorite home selling site such as Zillow, Realtor.com, or Trulia. If you have access to the MLS this is even better if not we can make do. To start out open your app or site and click the recently sold button. Draw an area around the neighborhood your target house is in or no more than 1.5 radius around the house.

Next we start playing with the filters. Go into the filters and set the age of the home 10 years older-5 years newer than your target home. Set the square footage of the home to 750 sqft bigger and smaller. set the bedrooms and bathrooms to the same amount or less. Once you've done this if there are 5+ recently sold homes in the last 3 months your probably good if not extend the recently sold homes time to 6 months, and expand the search radius by half a mile. keep doing that until you have at least 5 houses that have sold. you should not go more than a year back max and 3 miles out.

Finally start looking at those recently sold Kentucky homes. Start with the ones closest and most recently sold to your target house. Look through the pictures and amenities and see if its about the same shape with similar amenities. The closer the features and fixings of the target house to the comp house the better. and the more recently sold the better.

Your job will be to find the 3 most similar recently sold houses to your target home and to see what they sold for if all the sale prices are similar you can take those 3 prices and average them out and that will give you a good estimate of what your target home will appraise for.

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How To Find the Best Buyer for Your House

When looking to sell your KY house, you'll probably do all the typical stuff, make all the necessary repairs, clean up the landscaping, talk with realtors, clean the interior and so much more that goes into selling a house. What most people don't think to do is one of the final steps, that comes when you start getting offers on your house. That's vetting your home buyer. Now most of us in Kentucky are trustworthy people who are looking to do the right thing with no bad intentions. but while you may not run into someone looking to harm you intentionally there are some who are more qualified, less qualified and not qualified at all to buy your house.

How do you know if you have a good buyer? you look them over and what they have to offer before you accept their offer. This will help protect your best interest and can also help them out in the long term. It all comes down to your personal home selling situation for the kind of buyer you need. If your home is a really nice home in great condition and you need the money to go buy your next house then you should find a great realtor, they will be able to help you vet your buyers. they should be looking to see if the offer includes a loan or a cash buyer, if there are contingencies and if those are standard.

the number one thing is what kind of loan is the buyer using to buy your KY home. Is it FHA, VA, Conventional, if it is the buyer should be preapproved, not just prequalified. this will make sure the bank will go through with the purchase if you choose them. Now a cash buyer would be even better but they are more difficult to find. If they don't have preapproval status or proof of funds, I wouldn't even consider there offer no matter how good it sounds.

The next most important thing is the contingencies and earnest money. If they include contingencies that are above and beyond normal that's a red flag, if they have little to no contingencies that is a much stronger offer. the earnest money, is a sign of how serious a buyer is the more earnest money a buyer puts down the more serious they are about buying your home. These first few steps are where a realtor can earn those fees and commissions you pay for using them.

Now if maybe your house isn't in the best condition or if its an asset that you're tired of managing, or maybe you just don't want to own so your going to sell and take your equity and start renting, you may be better off skipping the realtor and finding your own cash buyer or creative finance offer. These offers have tons of advantages over a typical offer including more money long term, less taxes, and quicker smoother closing without fees or commissions. You'll typically be able to find these kinds of buyers in your local Kentucky investors. Sometimes one investor will even give you multiple offers like here or connect you with trusted realtors giving you all the benefits in one stop.

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What are the Best improvements you can do to sell your home fast?

Everyone is looking for the lowest cost things that will add the most value to your home when you're looking to sell. what's going to give you the most bang for your buck? We'll cover that today and how you can do accomplish it. These strategies are nearly guaranteed to help you sell your Kentucky home faster!

The number one thing you should be doing to get your house ready to sell is make sure it's clean! I don't just mean picking up the kids toys and wiping the counters...although you should definitely be doing that. I mean make sure it's looking fresh and the number one way and perhaps the cheapest "major upgrade" you can do is paint. If you haven't painted your interior in the last 2 years it's time to paint. Or if you have a unique paintjob that matches your personal style it may be time to repaint. Go with "bold neutrals". This will make sure you can have a look that appeals to the majority of the Kentucky homebuyers.

The next thing you must look at is the kitchen. I know everyone says the kitchen is important and there is a reason they do, people looking to buy a house want to be able to imagine themselves in a space and one of the most used rooms in the house is the kitchen so that is where they will be picturing themselves the most. You don't have to have a huge budget for this, especially if you can do the work yourself which most people can with the help of a few quick online tutorials. make sure your cabinets look fresh...remember that thing i said about new paint helping and being affordable. That applies here to. if you need to refresh your cabinets but don't have the budget for brand new ones simply paint them. that along with some new simple backsplash will completely transform your kitchen. you might even wonder why you didn't do this years ago.

The last thing I'm going to touch on is, you guessed it Bathrooms. while the kitchen is one of the most used rooms in the house the bathrooms are necessary rooms to use in the house. Literally everyone will have to use them multiple times. These are great to rehab because unless you live in a mansion they're pretty small spaces, meaning it is cheaper to rehab them. the key things to look for is a sparkly clean white tub or shower, and a nice fresh looking vanity which you can also paint.

these are three "major" rehabs that you can do pretty quickly and pretty cheaply that will help your Kentucky home sell faster and for a higher price! Let me know what you think and your opinion on the best upgrades.

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When Will The Housing Market Go Back to Normal

A lot of people are wondering when the housing market is going to be normal again where an average American citizen can go out and buy a house in a decent area and actually afford the house there living in. the problem is that for years there's been one major problem after another.

First around 2008 there was the housing bubble. This was caused mostly by the banks making poor loans to people. Along with people who were ignorant trying to take advantage of these loans. 0% down loans on houses that weren't worth the amount of the loan or were (upside down) is not a good thing to have especially when there are millions and millions of them all at once sitting on your balance sheet. so when the loans were called due no one was able to make the payments from the consumer all the way up to the big banks. the government even had to bail some private banks out.

After the great housing bubble we hit a huge slump where you were lucky if you had a job and could go out and afford a house. Although housing prices were down. Most people were struggling to make it by much less thrive to the extent of looking at buying houses.

Then finally there was a little bit of a glimmer of hope for a few years where jobs were recovering but housing hadn't quite climbed to astronomical heights. People who were able to take advantage of this time were very fortunate! they likely have an extreme amount of equity if they held on to house purchased around 2013-2016.

After that time period is the time most people remember. It became very cutthroat and housing exploded to a point we've never seen before except maybe just before the bubble burst in 08. This was the time where home prices rose and rose. There were multiple above asking, no contingency offers on every property on the market. Real estate was so hot that even the big hedge funds had to get in on the action and started buying up single family homes along with any other real estate they could get their hands on. This made it difficult for the average person to find a home. every market has been affected from small town Kentucky, to Owensboro, and especially bigger cities like Louisville KY.

Now the housing market is just starting to get to the point where there are not multiple ridiculous offers on every house...unfortunately the fed is raising interest rates unbelievably fast.. they've over doubled in under 6 months. This means that the big guys can keep buying but the regular joes are going to have a hard time and will have to drastically lower their standards to buy something.

So when will the housing market get back to normal? I don't know. there may not be a normal anymore, we may just be in a constant state of flow from one problem to the next. But if you keep educating yourself and working at it there will be opportunity to buy in every cycle.