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MOVING DAY!
Moving Day! by John Rice April 21, 2021. It’s finally here. Moving day. Well, almost. It is this weekend. The day I have been looking forward to for the past 5 months. I had no idea something I was so excited about could be so stressful. I spent a lot of time daydreaming about what it is going to be like living in my new home. SOLD FOR 25% OVER LIST PRICE!! Sold for 25% OVER list price!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties have all been listed for about $160k. HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer’s all rush to see it when it is a new listing, regardless of the market conditions. They are afraid of losing the house if they like it. You want that sense of urgency.MEADOWTHORPE
Most of the houses are ranches and cape cods from the late late 40s to the 50s. Those newer ones on Pelican were built after 2000. Most that I have seen have basements. Prices seem to be from about $150k to close to $300k. Most are in the $180-225k range. WHAT AMOUNT SHOULD YOU PUT ON THE PREAPPROVAL LETTER All decent realtors know that your preapproval amount is based on your debt to income ratio. You make an offer of $200k and produce a preapproval letter for $200k, the listing agent either knows you’re bluffing OR $200k is going to use all your debt to income ratio and the loan has more risk of not making it through underwriting. Youproduce
YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT To a buyer, a list price of $185k means expect to pay $190-195k or more. The best strategy today is to price the house in line with the most recent comps and create a multiple offer situation. The only way to take advantage of the buyer frenzy is to have two WHAT HAPPENS WHEN WE DO SEE MORE HOUSES FOR SALE? I read a lot of news about real estate. It is always a little funny to me to see what people who are not realtors have to say about the market. There are two things that I have read this week that have me rolling my eyes. The first one is the headlines about how THE MARKET IS CRAZY BUT BEING A REALTOR ISN’T Everybody knows how crazy the real estate market is right now. Everybody I meet wants to talk about it. Everybody assumes every realtor is crazy busy right now. We are not. The reason is because you need houses to be on the market in order to sell one. It's super easy being the listing realtor A PLEASANT SURPRISE THIS MORNING A pleasant surprise this morning. by John Rice April 16, 2021. Like always, I woke up, made a cup of coffee and checked out the new listings. I saw what prices got reduced, then viewed the pending and sold listings. Pretty routine. Lately it takes about 30 MARCH 2021 – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT A buddy of mine is a realtor in Oklahoma. He posted something on facebook about the market there. Somebody made a comment. He replied to their comment basically saying that a lot of sellers think it is easy to sell their house right now without a realtor, but they need realtors now more than ever to sort through the chaos of getting somany offers.
MOVING DAY!
Moving Day! by John Rice April 21, 2021. It’s finally here. Moving day. Well, almost. It is this weekend. The day I have been looking forward to for the past 5 months. I had no idea something I was so excited about could be so stressful. I spent a lot of time daydreaming about what it is going to be like living in my new home. SOLD FOR 25% OVER LIST PRICE!! Sold for 25% OVER list price!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties have all been listed for about $160k. HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer’s all rush to see it when it is a new listing, regardless of the market conditions. They are afraid of losing the house if they like it. You want that sense of urgency.MEADOWTHORPE
Most of the houses are ranches and cape cods from the late late 40s to the 50s. Those newer ones on Pelican were built after 2000. Most that I have seen have basements. Prices seem to be from about $150k to close to $300k. Most are in the $180-225k range. WHAT AMOUNT SHOULD YOU PUT ON THE PREAPPROVAL LETTER All decent realtors know that your preapproval amount is based on your debt to income ratio. You make an offer of $200k and produce a preapproval letter for $200k, the listing agent either knows you’re bluffing OR $200k is going to use all your debt to income ratio and the loan has more risk of not making it through underwriting. Youproduce
ABOUT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I am living my career dream. All my life I have wanted to be in real estate! This blog is dedicated to my wife. All the stuff I will be writing in here, she has listened to me mumble on and on about for the past 27 years. I have been in Lexington since 1986. INOVEMBER 2020
Every four years I get this question. I am probably going to disappoint a lot of readers, but it just doesn’t work like that in real estate. It sure can affect the stock market in the short term, but the real estate market is a lot different. MAY 2020 – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT 2 posts published by John Rice during May 2020. It’s been an interesting spring market. I won’t get into why it has since the reason is all over the news and on all of our minds. CONTACT ME – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT Contact me. Call/text/email me..it all goes to the same phone. 859.227.4333 or john@thelexpert.com. Like this: HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer’s all rush to see it when it is a new listing, regardless of the market conditions. They are afraid of losing the house if they like it. You want that sense of urgency. 2 WRONG WAYS AND 1 RIGHT WAY TO WIN IN MULTIPLE OFFERS Wrong way #1. I got an offer from somebody who had lost in multiple offers the first time it was on the market. It was the exact same offer with just the dates changed. The buyer’s realtor seemed a little upset that I didn’t take it the first time and was a little snarky in letting me know that I should have accepted it then. Here isthe thing.
NOVEMBER 2019
3 posts published by John Rice during November 2019. The prep work to become a realtor is sort of crazy. Take classes. Take a test.JANUARY 2017
It’s the mid 1960s. You’re out shopping for a brand new house. You’ve got a nice budget. You like the new booming southwest side of town, maybe because you want to be close to one of those new shopping things called a mall.SEPTEMBER 2018
4 posts published by John Rice during September 2018. Every once in a while, especially when I am bored, I like to see what terms or phrases people google and end up on this blog. JULY 2017 – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I listed this little cabin in the woods last week. I normally don’t go this far out of Lexington, but it was for a past client. Then I got to thinking that this client, who has used me before, came from another past client, who came from another past client, who YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT To a buyer, a list price of $185k means expect to pay $190-195k or more. The best strategy today is to price the house in line with the most recent comps and create a multiple offer situation. The only way to take advantage of the buyer frenzy is to have two THE MARKET IS CRAZY BUT BEING A REALTOR ISN’T Everybody knows how crazy the real estate market is right now. Everybody I meet wants to talk about it. Everybody assumes every realtor is crazy busy right now. We are not. The reason is because you need houses to be on the market in order to sell one. It's super easy being the listing realtor ABOUT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I am living my career dream. All my life I have wanted to be in real estate! This blog is dedicated to my wife. All the stuff I will be writing in here, she has listened to me mumble on and on about for the past 27 years. I have been in Lexington since 1986. I A PLEASANT SURPRISE THIS MORNING A pleasant surprise this morning. by John Rice April 16, 2021. Like always, I woke up, made a cup of coffee and checked out the new listings. I saw what prices got reduced, then viewed the pending and sold listings. Pretty routine. Lately it takes about 30FEBRUARY 2021
4 posts published by John Rice during February 2021 HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer’s all rush to see it when it is a new listing, regardless of the market conditions. They are afraid of losing the house if they like it. You want that sense of urgency. SOLD FOR 25% OVER LIST PRICE!! Sold for 25% OVER list price!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties have all been listed for about $160k.MOVING DAY!
Moving Day! by John Rice April 21, 2021. It’s finally here. Moving day. Well, almost. It is this weekend. The day I have been looking forward to for the past 5 months. I had no idea something I was so excited about could be so stressful. I spent a lot of time daydreaming about what it is going to be like living in my new home. 2 WRONG WAYS AND 1 RIGHT WAY TO WIN IN MULTIPLE OFFERS Wrong way #1. I got an offer from somebody who had lost in multiple offers the first time it was on the market. It was the exact same offer with just the dates changed. The buyer’s realtor seemed a little upset that I didn’t take it the first time and was a little snarky in letting me know that I should have accepted it then. Here isthe thing.
WHAT AMOUNT SHOULD YOU PUT ON THE PREAPPROVAL LETTER All decent realtors know that your preapproval amount is based on your debt to income ratio. You make an offer of $200k and produce a preapproval letter for $200k, the listing agent either knows you’re bluffing OR $200k is going to use all your debt to income ratio and the loan has more risk of not making it through underwriting. Youproduce
YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT To a buyer, a list price of $185k means expect to pay $190-195k or more. The best strategy today is to price the house in line with the most recent comps and create a multiple offer situation. The only way to take advantage of the buyer frenzy is to have two THE MARKET IS CRAZY BUT BEING A REALTOR ISN’T Everybody knows how crazy the real estate market is right now. Everybody I meet wants to talk about it. Everybody assumes every realtor is crazy busy right now. We are not. The reason is because you need houses to be on the market in order to sell one. It's super easy being the listing realtor ABOUT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I am living my career dream. All my life I have wanted to be in real estate! This blog is dedicated to my wife. All the stuff I will be writing in here, she has listened to me mumble on and on about for the past 27 years. I have been in Lexington since 1986. I A PLEASANT SURPRISE THIS MORNING A pleasant surprise this morning. by John Rice April 16, 2021. Like always, I woke up, made a cup of coffee and checked out the new listings. I saw what prices got reduced, then viewed the pending and sold listings. Pretty routine. Lately it takes about 30FEBRUARY 2021
4 posts published by John Rice during February 2021 HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer’s all rush to see it when it is a new listing, regardless of the market conditions. They are afraid of losing the house if they like it. You want that sense of urgency. SOLD FOR 25% OVER LIST PRICE!! Sold for 25% OVER list price!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties have all been listed for about $160k.MOVING DAY!
Moving Day! by John Rice April 21, 2021. It’s finally here. Moving day. Well, almost. It is this weekend. The day I have been looking forward to for the past 5 months. I had no idea something I was so excited about could be so stressful. I spent a lot of time daydreaming about what it is going to be like living in my new home. 2 WRONG WAYS AND 1 RIGHT WAY TO WIN IN MULTIPLE OFFERS Wrong way #1. I got an offer from somebody who had lost in multiple offers the first time it was on the market. It was the exact same offer with just the dates changed. The buyer’s realtor seemed a little upset that I didn’t take it the first time and was a little snarky in letting me know that I should have accepted it then. Here isthe thing.
WHAT AMOUNT SHOULD YOU PUT ON THE PREAPPROVAL LETTER All decent realtors know that your preapproval amount is based on your debt to income ratio. You make an offer of $200k and produce a preapproval letter for $200k, the listing agent either knows you’re bluffing OR $200k is going to use all your debt to income ratio and the loan has more risk of not making it through underwriting. Youproduce
FEBRUARY 2021
4 posts published by John Rice during February 2021 MARCH 2021 – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT A buddy of mine is a realtor in Oklahoma. He posted something on facebook about the market there. Somebody made a comment. He replied to their comment basically saying that a lot of sellers think it is easy to sell their house right now without a realtor, but they need realtors now more than ever to sort through the chaos of getting somany offers.
HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer’s all rush to see it when it is a new listing, regardless of the market conditions. They are afraid of losing the house if they like it. You want that sense of urgency. THEY NEED US NOW MORE THAN EVER A buddy of mine is a realtor in Oklahoma. He posted something on facebook about the market there. Somebody made a comment. He replied to their comment basically saying that a lot of sellers think it is easy to sell their house right now without a realtor, but they need realtors now more than ever to sort through the chaos of getting somany offers.
CONTACT ME – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT Contact me. Call/text/email me..it all goes to the same phone. 859.227.4333 or john@thelexpert.com. Like this: MY SUPERPOWER IS…… I really wish it was something like mind reading, predicting the future or the ability to move slow drivers out of the left lane, but it isn't any of those. Yesterday, I showed a massive house in Beaumont to a family. Well over 6200 square feet with the unfinished basement.As
REAL ESTATE PREDICTIONS After one year, they owe about $293,500. After five years, they owe around $266k. Okay, now it’s time to remember I said real estate values, when they drop, don’t drop fast. It took about 5 years for values in the Lexington area to drop about 15% from the 2005 peak values. Some houses didn’t even loose that much. WHEN IT SEEMS LIKE IT WAS MEANT TO BE When it seems like it was meant to be. by John Rice March 3, 2021. I sold a house this week that I wanted to tell you about. The buyer is a first time buyer who NEVER THOUGHT I WOULD SEE THIS I woke up Monday morning with not really much to do. That is how a lot of days go in real estate with so little on the market for buyers to view. Also like a lot of days, things can suddenly change. As I was standing in an isle at Lowe's, two new listing had JUNE 2017 – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT June 22, 2017. Many people seem to think realtors are going to be replaced with a bunch of apps on a phone. I don’t see it happening, but changes are bound to come. I can see a day when, instead of touring several houses in person, buyers use virtual reality to narrow down the ones they want to see. YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT To a buyer, a list price of $185k means expect to pay $190-195k or more. The best strategy today is to price the house in line with the most recent comps and create a multiple offer situation. The only way to take advantage of the buyer frenzy is to have two THE MARKET IS CRAZY BUT BEING A REALTOR ISN’T Everybody knows how crazy the real estate market is right now. Everybody I meet wants to talk about it. Everybody assumes every realtor is crazy busy right now. We are not. The reason is because you need houses to be on the market in order to sell one. It's super easy being the listing realtor ABOUT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I am living my career dream. All my life I have wanted to be in real estate! This blog is dedicated to my wife. All the stuff I will be writing in here, she has listened to me mumble on and on about for the past 27 years. I have been in Lexington since 1986. I A PLEASANT SURPRISE THIS MORNING A pleasant surprise this morning. by John Rice April 16, 2021. Like always, I woke up, made a cup of coffee and checked out the new listings. I saw what prices got reduced, then viewed the pending and sold listings. Pretty routine. Lately it takes about 30FEBRUARY 2021
4 posts published by John Rice during February 2021 HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer’s all rush to see it when it is a new listing, regardless of the market conditions. They are afraid of losing the house if they like it. You want that sense of urgency. SOLD FOR 25% OVER LIST PRICE!! Sold for 25% OVER list price!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties have all been listed for about $160k.MOVING DAY!
Moving Day! by John Rice April 21, 2021. It’s finally here. Moving day. Well, almost. It is this weekend. The day I have been looking forward to for the past 5 months. I had no idea something I was so excited about could be so stressful. I spent a lot of time daydreaming about what it is going to be like living in my new home. 2 WRONG WAYS AND 1 RIGHT WAY TO WIN IN MULTIPLE OFFERS Wrong way #1. I got an offer from somebody who had lost in multiple offers the first time it was on the market. It was the exact same offer with just the dates changed. The buyer’s realtor seemed a little upset that I didn’t take it the first time and was a little snarky in letting me know that I should have accepted it then. Here isthe thing.
WHAT AMOUNT SHOULD YOU PUT ON THE PREAPPROVAL LETTER All decent realtors know that your preapproval amount is based on your debt to income ratio. You make an offer of $200k and produce a preapproval letter for $200k, the listing agent either knows you’re bluffing OR $200k is going to use all your debt to income ratio and the loan has more risk of not making it through underwriting. Youproduce
YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT To a buyer, a list price of $185k means expect to pay $190-195k or more. The best strategy today is to price the house in line with the most recent comps and create a multiple offer situation. The only way to take advantage of the buyer frenzy is to have two THE MARKET IS CRAZY BUT BEING A REALTOR ISN’T Everybody knows how crazy the real estate market is right now. Everybody I meet wants to talk about it. Everybody assumes every realtor is crazy busy right now. We are not. The reason is because you need houses to be on the market in order to sell one. It's super easy being the listing realtor ABOUT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I am living my career dream. All my life I have wanted to be in real estate! This blog is dedicated to my wife. All the stuff I will be writing in here, she has listened to me mumble on and on about for the past 27 years. I have been in Lexington since 1986. I A PLEASANT SURPRISE THIS MORNING A pleasant surprise this morning. by John Rice April 16, 2021. Like always, I woke up, made a cup of coffee and checked out the new listings. I saw what prices got reduced, then viewed the pending and sold listings. Pretty routine. Lately it takes about 30FEBRUARY 2021
4 posts published by John Rice during February 2021 HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer’s all rush to see it when it is a new listing, regardless of the market conditions. They are afraid of losing the house if they like it. You want that sense of urgency. SOLD FOR 25% OVER LIST PRICE!! Sold for 25% OVER list price!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties have all been listed for about $160k.MOVING DAY!
Moving Day! by John Rice April 21, 2021. It’s finally here. Moving day. Well, almost. It is this weekend. The day I have been looking forward to for the past 5 months. I had no idea something I was so excited about could be so stressful. I spent a lot of time daydreaming about what it is going to be like living in my new home. 2 WRONG WAYS AND 1 RIGHT WAY TO WIN IN MULTIPLE OFFERS Wrong way #1. I got an offer from somebody who had lost in multiple offers the first time it was on the market. It was the exact same offer with just the dates changed. The buyer’s realtor seemed a little upset that I didn’t take it the first time and was a little snarky in letting me know that I should have accepted it then. Here isthe thing.
WHAT AMOUNT SHOULD YOU PUT ON THE PREAPPROVAL LETTER All decent realtors know that your preapproval amount is based on your debt to income ratio. You make an offer of $200k and produce a preapproval letter for $200k, the listing agent either knows you’re bluffing OR $200k is going to use all your debt to income ratio and the loan has more risk of not making it through underwriting. Youproduce
FEBRUARY 2021
4 posts published by John Rice during February 2021 MARCH 2021 – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT A buddy of mine is a realtor in Oklahoma. He posted something on facebook about the market there. Somebody made a comment. He replied to their comment basically saying that a lot of sellers think it is easy to sell their house right now without a realtor, but they need realtors now more than ever to sort through the chaos of getting somany offers.
HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer’s all rush to see it when it is a new listing, regardless of the market conditions. They are afraid of losing the house if they like it. You want that sense of urgency. THEY NEED US NOW MORE THAN EVER A buddy of mine is a realtor in Oklahoma. He posted something on facebook about the market there. Somebody made a comment. He replied to their comment basically saying that a lot of sellers think it is easy to sell their house right now without a realtor, but they need realtors now more than ever to sort through the chaos of getting somany offers.
CONTACT ME – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT Contact me. Call/text/email me..it all goes to the same phone. 859.227.4333 or john@thelexpert.com. Like this: MY SUPERPOWER IS…… I really wish it was something like mind reading, predicting the future or the ability to move slow drivers out of the left lane, but it isn't any of those. Yesterday, I showed a massive house in Beaumont to a family. Well over 6200 square feet with the unfinished basement.As
REAL ESTATE PREDICTIONS After one year, they owe about $293,500. After five years, they owe around $266k. Okay, now it’s time to remember I said real estate values, when they drop, don’t drop fast. It took about 5 years for values in the Lexington area to drop about 15% from the 2005 peak values. Some houses didn’t even loose that much. WHEN IT SEEMS LIKE IT WAS MEANT TO BE When it seems like it was meant to be. by John Rice March 3, 2021. I sold a house this week that I wanted to tell you about. The buyer is a first time buyer who NEVER THOUGHT I WOULD SEE THIS I woke up Monday morning with not really much to do. That is how a lot of days go in real estate with so little on the market for buyers to view. Also like a lot of days, things can suddenly change. As I was standing in an isle at Lowe's, two new listing had JUNE 2017 – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT June 22, 2017. Many people seem to think realtors are going to be replaced with a bunch of apps on a phone. I don’t see it happening, but changes are bound to come. I can see a day when, instead of touring several houses in person, buyers use virtual reality to narrow down the ones they want to see. YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT To a buyer, a list price of $185k means expect to pay $190-195k or more. The best strategy today is to price the house in line with the most recent comps and create a multiple offer situation. The only way to take advantage of the buyer frenzy is to have two THE MARKET IS CRAZY BUT BEING A REALTOR ISN’T Everybody knows how crazy the real estate market is right now. Everybody I meet wants to talk about it. Everybody assumes every realtor is crazy busy right now. We are not. The reason is because you need houses to be on the market in order to sell one. It's super easy being the listing realtor ABOUT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I am living my career dream. All my life I have wanted to be in real estate! This blog is dedicated to my wife. All the stuff I will be writing in here, she has listened to me mumble on and on about for the past 27 years. I have been in Lexington since 1986. I A PLEASANT SURPRISE THIS MORNING A pleasant surprise this morning. by John Rice April 16, 2021. Like always, I woke up, made a cup of coffee and checked out the new listings. I saw what prices got reduced, then viewed the pending and sold listings. Pretty routine. Lately it takes about 30 MARCH 2021 – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT A buddy of mine is a realtor in Oklahoma. He posted something on facebook about the market there. Somebody made a comment. He replied to their comment basically saying that a lot of sellers think it is easy to sell their house right now without a realtor, but they need realtors now more than ever to sort through the chaos of getting somany offers.
MOVING DAY!
Moving Day! by John Rice April 21, 2021. It’s finally here. Moving day. Well, almost. It is this weekend. The day I have been looking forward to for the past 5 months. I had no idea something I was so excited about could be so stressful. I spent a lot of time daydreaming about what it is going to be like living in my new home. SOLD FOR 25% OVER LIST PRICE!! Sold for 25% OVER list price!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties have all been listed for about $160k.MEADOWTHORPE
Most of the houses are ranches and cape cods from the late late 40s to the 50s. Those newer ones on Pelican were built after 2000. Most that I have seen have basements. Prices seem to be from about $150k to close to $300k. Most are in the $180-225k range. SOME OF MY FAVORITE MARKETING REMARKS FOR LISTINGS One of my favorite things about getting a new listing is writing the marketing remarks. My sellers often ask me what I am going to say about their house. I tell them I don't know yet. What I like to do is sit down with a cup of coffee and look through all the pictures WHAT AMOUNT SHOULD YOU PUT ON THE PREAPPROVAL LETTER All decent realtors know that your preapproval amount is based on your debt to income ratio. You make an offer of $200k and produce a preapproval letter for $200k, the listing agent either knows you’re bluffing OR $200k is going to use all your debt to income ratio and the loan has more risk of not making it through underwriting. Youproduce
YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT To a buyer, a list price of $185k means expect to pay $190-195k or more. The best strategy today is to price the house in line with the most recent comps and create a multiple offer situation. The only way to take advantage of the buyer frenzy is to have two THE MARKET IS CRAZY BUT BEING A REALTOR ISN’T Everybody knows how crazy the real estate market is right now. Everybody I meet wants to talk about it. Everybody assumes every realtor is crazy busy right now. We are not. The reason is because you need houses to be on the market in order to sell one. It's super easy being the listing realtor ABOUT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I am living my career dream. All my life I have wanted to be in real estate! This blog is dedicated to my wife. All the stuff I will be writing in here, she has listened to me mumble on and on about for the past 27 years. I have been in Lexington since 1986. I A PLEASANT SURPRISE THIS MORNING A pleasant surprise this morning. by John Rice April 16, 2021. Like always, I woke up, made a cup of coffee and checked out the new listings. I saw what prices got reduced, then viewed the pending and sold listings. Pretty routine. Lately it takes about 30 MARCH 2021 – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT A buddy of mine is a realtor in Oklahoma. He posted something on facebook about the market there. Somebody made a comment. He replied to their comment basically saying that a lot of sellers think it is easy to sell their house right now without a realtor, but they need realtors now more than ever to sort through the chaos of getting somany offers.
MOVING DAY!
Moving Day! by John Rice April 21, 2021. It’s finally here. Moving day. Well, almost. It is this weekend. The day I have been looking forward to for the past 5 months. I had no idea something I was so excited about could be so stressful. I spent a lot of time daydreaming about what it is going to be like living in my new home. SOLD FOR 25% OVER LIST PRICE!! Sold for 25% OVER list price!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties have all been listed for about $160k.MEADOWTHORPE
Most of the houses are ranches and cape cods from the late late 40s to the 50s. Those newer ones on Pelican were built after 2000. Most that I have seen have basements. Prices seem to be from about $150k to close to $300k. Most are in the $180-225k range. SOME OF MY FAVORITE MARKETING REMARKS FOR LISTINGS One of my favorite things about getting a new listing is writing the marketing remarks. My sellers often ask me what I am going to say about their house. I tell them I don't know yet. What I like to do is sit down with a cup of coffee and look through all the pictures WHAT AMOUNT SHOULD YOU PUT ON THE PREAPPROVAL LETTER All decent realtors know that your preapproval amount is based on your debt to income ratio. You make an offer of $200k and produce a preapproval letter for $200k, the listing agent either knows you’re bluffing OR $200k is going to use all your debt to income ratio and the loan has more risk of not making it through underwriting. Youproduce
ABOUT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I am living my career dream. All my life I have wanted to be in real estate! This blog is dedicated to my wife. All the stuff I will be writing in here, she has listened to me mumble on and on about for the past 27 years. I have been in Lexington since 1986. IFEBRUARY 2021
4 posts published by John Rice during February 2021 CONTACT ME – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT Call/text/email me..it all goes to the same phone. 859.227.4333 orjohn@thelexpert.com
NOVEMBER 2020
Every four years I get this question. I am probably going to disappoint a lot of readers, but it just doesn’t work like that in real estate. It sure can affect the stock market in the short term, but the real estate market is a lot different. HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer’s all rush to see it when it is a new listing, regardless of the market conditions. They are afraid of losing the house if they like it. You want that sense of urgency.HOUSES FOR SALE
Think of it this way: If there are 1000 houses for sale and 1100 buyers, it is really the same as having 100 houses for sale and 110 buyers. Supply and demand are the same. As long as there are more buyers than sellers, prices will stay stable. If you are a Buyer: Don’t be afraid to buy.JANUARY 2021
3 posts published by John Rice during January 2021. We all know the market is hot. Who hasn’t heard about houses selling for over the asking price, buyers waiving the chance to inspect a home. HOW A SELLER CAN PROTECT THEMSELVES IN A SELLER’S MARKET What? It's their market. Why would they need to do anything? Aren't they the ones holding all the cards? Yes, they are. However just because it is their time right now doesn't mean they don't need to do things to ensure they got the best terms possible and had a smooth transaction. So here we RICHMOND – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I’ve always been a number person. When I was a kid, my dad gave me a calculator. I would make pretend budgets, figure out things like compound interest, and do things like type 77345 and flip the calculator upside down to see that I spelled ShELL. THEY NEED US NOW MORE THAN EVER A buddy of mine is a realtor in Oklahoma. He posted something on facebook about the market there. Somebody made a comment. He replied to their comment basically saying that a lot of sellers think it is easy to sell their house right now without a realtor, but they need realtors now more than ever to sort through the chaos of getting somany offers.
YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT To a buyer, a list price of $185k means expect to pay $190-195k or more. The best strategy today is to price the house in line with the most recent comps and create a multiple offer situation. The only way to take advantage of the buyer frenzy is to have two THE MARKET IS CRAZY BUT BEING A REALTOR ISN’T Everybody knows how crazy the real estate market is right now. Everybody I meet wants to talk about it. Everybody assumes every realtor is crazy busy right now. We are not. The reason is because you need houses to be on the market in order to sell one. It's super easy being the listing realtor ABOUT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I am living my career dream. All my life I have wanted to be in real estate! This blog is dedicated to my wife. All the stuff I will be writing in here, she has listened to me mumble on and on about for the past 27 years. I have been in Lexington since 1986. I A PLEASANT SURPRISE THIS MORNING A pleasant surprise this morning. by John Rice April 16, 2021. Like always, I woke up, made a cup of coffee and checked out the new listings. I saw what prices got reduced, then viewed the pending and sold listings. Pretty routine. Lately it takes about 30 CONTACT ME – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT Call/text/email me..it all goes to the same phone. 859.227.4333 orjohn@thelexpert.com
MOVING DAY!
Moving Day! by John Rice April 21, 2021. It’s finally here. Moving day. Well, almost. It is this weekend. The day I have been looking forward to for the past 5 months. I had no idea something I was so excited about could be so stressful. I spent a lot of time daydreaming about what it is going to be like living in my new home. SOLD FOR 25% OVER LIST PRICE!! Sold for 25% OVER list price!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties have all been listed for about $160k. SOME OF MY FAVORITE MARKETING REMARKS FOR LISTINGS One of my favorite things about getting a new listing is writing the marketing remarks. My sellers often ask me what I am going to say about their house. I tell them I don't know yet. What I like to do is sit down with a cup of coffee and look through all the picturesMEADOWTHORPE
Most of the houses are ranches and cape cods from the late late 40s to the 50s. Those newer ones on Pelican were built after 2000. Most that I have seen have basements. Prices seem to be from about $150k to close to $300k. Most are in the $180-225k range. WHAT AMOUNT SHOULD YOU PUT ON THE PREAPPROVAL LETTER All decent realtors know that your preapproval amount is based on your debt to income ratio. You make an offer of $200k and produce a preapproval letter for $200k, the listing agent either knows you’re bluffing OR $200k is going to use all your debt to income ratio and the loan has more risk of not making it through underwriting. Youproduce
YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT Everybody knows that it is the craziest seller’s market ever. Everybody knows houses are selling for over the list price. What a seller does with this information is often all wrong. THE MARKET IS CRAZY BUT BEING A REALTOR ISN’T Everybody knows how crazy the real estate market is right now. Everybody I meet wants to talk about it. Everybody assumes every realtor is crazy busy right now. We are not. The reason is because you need houses to be on the market in order to sell one. It's super easy being the listing realtor ABOUT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT I am living my career dream. All my life I have wanted to be in real estate! This blog is dedicated to my wife. All the stuff I will be writing in here, she has listened to me mumble on and on about for the past 27 years. I have been in Lexington since 1986. I A PLEASANT SURPRISE THIS MORNING Like always, I woke up, made a cup of coffee and checked out the new listings. I saw what prices got reduced, then viewed the pending and sold listings. Pretty routine. Lately it takes about 30 seconds to go through the 15-25 new listings every morning. Today I woke up to morenew listings than
CONTACT ME – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT Call/text/email me..it all goes to the same phone. 859.227.4333 orjohn@thelexpert.com
MOVING DAY!
It's finally here. Moving day. Well, almost. It is this weekend. The day I have been looking forward to for the past 5 months. I had no idea something I was so excited about could be so stressful. I spent a lot of time daydreaming about what it is going to be like living in SOLD FOR 25% OVER LIST PRICE!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties have SOME OF MY FAVORITE MARKETING REMARKS FOR LISTINGS One of my favorite things about getting a new listing is writing the marketing remarks. My sellers often ask me what I am going to say about their house. I tell them I don't know yet. What I like to do is sit down with a cup of coffee and look through all the picturesMEADOWTHORPE
Posts about Meadowthorpe written by John Rice. A friend of mine lives in a neighborhood she thought I should review. When this neighborhoodwas
WHAT AMOUNT SHOULD YOU PUT ON THE PREAPPROVAL LETTER I was cutting edge back in the day. I remember telling buyers and their loan officers why I wanted the preapproval letter to be made out for just the offer amount. The logic back then was that it comes across better to appear like you "Can't" go any higher than what you offered verses "Won't" PROPERTIES – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT 10,000 trees. That is how many I planted in what is now known as The Enclave at Chilesburg. It was the mid 90s. Back then Andover Hills was a fairly new neighborhood. MARCH 2021 – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT A buddy of mine is a realtor in Oklahoma. He posted something on facebook about the market there. Somebody made a comment. He replied to their comment basically saying that a lot of sellers think it is easy to sell their house right now without a realtor, but they need realtors now more than ever to sort through the chaos of getting somany offers.
NOVEMBER 2020
Every four years I get this question. I am probably going to disappoint a lot of readers, but it just doesn’t work like that in real estate. It sure can affect the stock market in the short term, but the real estate market is a lot different. SOLD FOR 25% OVER LIST PRICE!! I listed a manufactured home in a tiny town in northern Scott County on 15 acres last week. I have had it in my pipeline for close to a year so I have been watching the market in the area for a while. Prices have gone up quite a bit, but lately similar properties haveHOUSES FOR SALE
I showed a house a couple of weeks ago. It was a great house in a desirable location. The price was sort of low for the neighborhood due to it being a bit outdated and having some expensive deferredmaintenance items.
HOW TO PRICE YOUR HOUSE IN A SELLER’S MARKET I have always said a house is gonna sell for what it is worth. I said it when it was a Buyer's Market. I'm saying it now. Overpricing your house is the surest way to make the process take longer and likely sell for less than it could have. Price it right and buyer's all MY SUPERPOWER IS…… I really wish it was something like mind reading, predicting the future or the ability to move slow drivers out of the left lane, but it isn't any of those. Yesterday, I showed a massive house in Beaumont to a family. Well over 6200 square feet with the unfinished basement.As
THEY NEED US NOW MORE THAN EVER A buddy of mine is a realtor in Oklahoma. He posted something on facebook about the market there. Somebody made a comment. He replied to their comment basically saying that a lot of sellers think it is easy to sell their house right now without a realtor, but they need realtors now more than ever to sort through the chaos of getting somany offers.
LEXPERT – YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT This is a question I get asked a lot these days. People are worried about a housing crash and they dread the process of finding a home. It is not a fun time to be a buyer for sure!AUGUST 2008
1 post published by John Rice during August 2008. I always hate it when I get asked a BIG question like that, and I just did it tomyself!
Skip to content Skip to navigation YOUR LEXINGTON KENTUCKY NEIGHBORHOOD EXPERT ADVICE AS WE DIG OUT OF A HOUSING SHORTAGEby John Rice August
7, 2019August 7, 2019 I’m starting to see an interesting thing happen. We all know that due to the lack of new construction for many years, we have a shortage of houses for sale. Many people have said the way to solve this is to build our way out ofit.
I am starting to see this happen. In Nicholasville between $200k and $250k, 17 of the 30 houses for sale are new. In Lexington’s 40509 zip code, there are 104 houses for sale between $300k and $500k. 48 of them are new. That’s an incredible amount of houses for sale in the Hamburg part of Lexington. No wonder sales are slowing way down in that price range and I am seeing $10k price reductions left and right. So what does this do to sales of existing houses? Most people who buy a new house are only looking at new or newer houses. If you live in an older existing neighborhood, you are probably in good shape. Few buyers will seriously consider a 20+ year old house on a bigger lot with mature trees AND a brand new one on a smaller lot with trees shorter than they are. If you have a house that is less than about 10 years old in this price range, well, you may have a hard time competing with brand new houses. Any time I have a buyer wanting a newer house in an area with a lot of new construction around them, I always tell them that it might be hard to sell and/or might not appreciate that much until the last new house has sold. The longer they plan to be there, the better. If they tell me they may only be there for 2-3 years, I tell them it might be wise to pick another house. If you are buying in an area with lots of new homes around you, try to pick one that has some unique feature or has a super good lot. In a neighborhood where most homes aren’t too much different from each other, these small things are the difference between your house selling and always being a buyer’s second choice house.SHARE THIS:
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WHAT IS MARKET VALUE? by John Rice July 25,2019
Pretty simple. It is what a ready, willing and able buyer is willingto pay.
READY.
WILLING.
ABLE.
It has to be all 3. Not 1 out of 3, not 2 out of 3. All 3. Too many times when I have gone to list a house, a seller tells me how they have or had an offer from somebody they know or a friend of a friend that is waaaaay over what the house is worth. I start asking questions. Most of them end with replies like: “They had to sell their old house first.” “They had to get preapproved.” “They have to wait to file their tax returns.” “They haven’t returned my call from last week yet…..” It always breaks my heart to tell these sellers that their Buyer is not ready, is not willing, and is not able to buy their house. These people are not buyers. I call them Dreamers. It is easy to make a high offer if you’re never going to buy the place. Another thing on market value. It’s what most ready, willing and able buyers will pay. Out of 100 buyers, probably something like 98 will all think a property is worth the same. Those last two buyers are the oddballs. There is always one person who thinks eveeeeeeeeeerything is overpriced. And then there is that one buyer who will pay too much. This of course is the one ever seller wants, but in 14 and a half years of being a realtor, I have only come across a few of these buyers. LOL, they are usually the ones who go way over the list price or make a full price offer on an overpriced listing…..making me look bad to my client. A house I was going to flip is a perfect example of this. I put this place on the market for, I think, something like $138,500 because that was what the recent sales showed. I got 7 offers. One was for $122k. One was for $143k. The others were a little over the list price because there was nothing for sale in that price range at the time and they all knew there were other offers. The 5 offers were all within $500 apart. That was probably market value since 5 buyers independently came up with pretty much the same value.SHARE THIS:
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HOW TO PICK YOUR FIRST RENTAL HOUSE by John Rice July 18,2019
The first thing to know is that you want an exit plan. You want to buy something that will be fairly easy to sell when that time comes. That is why I usually suggest a single family home in a decent neighborhood. When you sell it, your buyer pool will be owner-occupant buyers who will happily pay a full retail price. The second thing to know is that you pick your tenants through them picking your house. You have a crappy worn out rental, guess what type of tenant is going to be willing to live there? You make your house one of the nicest ones in it’s price range and you will attract the best qualified tenants out there. Also, if you have one of the best houses they could ever afford, why would they move? Here are some things that I think make a house a good pick: 1. A ranch house. Who doesn’t like one? They are suitable for buyers/tenants in all stages of life. They are easier to paint by yourself since there is no staircase. You can clean out gutters with a step ladder. They are just easier to work on period. 2. A house on a slab. When the wax ring around the toilet fails and when water gets splashed out of the tub, there is no wood to rot. Also there is no water to collect under the house and growmold.
3. A smaller house. Fewer people can live in a smaller house. That means less wear and tear. While a 2 bedroom house has a little more limited market when you sell, tenants usually don’t care if a house is 2 or 3 bedrooms. 4. A simple roof line with not much of a pitch. The fewer ridges and valleys the better. Not only are they cheaper to replace, there are fewer places to get a leak. Here are some things I try to avoid: * Basements. They all have the potential to leak. * Sheds. They are just one more thing to maintain and tenants usually leave you stuff they don’t want when they move out. * Huge yards. When they get out of control, it takes a lot of timeto bring them back.
* Big garages. I’m talking more than a regular two car garage. Usually tenants who are attracted to a huge garage have a lot of stuff to store or hobbies that need the space. Either one means you might need a dumpster when they move out. * Fireplaces. Do you really want somebody starting a fire in yourhouse?
Now a lot of this is based on paying retail. If you get a great deal on a house with a huge lot or a basement, take it. A good deal can make up for potential future headaches. My ideal house would be a smaller ranch on a slab built after 1960. It would be 2-3 bedroom and have 1-2 baths. A normal sized, flatter yard for good drainage. On the lower end, no garage is okay. If the house is worth more than about $150k, I would want a garage more for resale than to make a tenant happy.SHARE THIS:
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HOW THE MARKET REALLY WORKS by John Rice July 13,2019
Let’s say there are 10 houses for sale and 10 buyers, which would bea balanced market.
What happens with the #1 house? It gets multiple offers and sellsimmediately.
What happens to the #2 house? It is now thrust in the #1 position and gets multiple offers and sells. Why does all this happen? Because everybody wants the nicest housethey can get.
This process continues down the line UNLESS new listings come on the market. You can have the #1 house sell and the #2 house still be the second best one IF a fantastic new listing hits the market and assumesthe #1 spot.
What about that #10 house? Unless there are far more buyers than sellers, the #10 house will sit there for a longtime. Every buyer has seen it and decided to wait for a better house to hit the market. Sometimes this #10 house can become something like a #2 or #3 house with a price reduction. Price is everything in real estate. I’ll put this into some real world things you may have seen. A house you have been following has been on the market for a while. Every other house in it’s price range sold the first day on the market. You wonder why it hasn’t sold. Then all the sudden it gets multiple offers. That is because the houses that were better have sold and now it is the best available house in its price range. A house you have been following has sat on the market all summer and fall. It’s a house nobody wanted. Much to your surprise, it sells in January. This happened because there are far fewer new listing that time of year and now this house appears to be one of the best. If this house doesn’t sell in the winter, it will sit on the market during the spring/summer/fall again because there will always be a new listing that is better. The market is all relative to what else is available and it changes daily. As a seller, you want to get your house to be one of the best ones available in it’s price range.SHARE THIS:
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WILL T-REX & UNI GET THIS HOUSE SOLD? by John Rice July 3,2019
We all know this house, right? It’s been shared all over on social media. It’s made the news. Heck, I was even scrolling through the news on my phone and it turned up on a website for San Franciscoreal estate.
It’s been on the market with the current pictures for 16 days and isstill available.
Kudos to this creative seller who is also a realtor. This was clearly a neat idea. I think it is going to greatly help her career. I have looked through the pictures and it is a beautiful house in a very popular neighborhood. I wish her the best and hope she finds a great buyer soon. When I first saw this house, it made me think about something I have always said, which is that exposure is never a problem in real estatethese days.
There is a common misconception among the public that when a house doesn’t sell, you need to increase the marketing. This was true before the internet. Back a long time ago, a realtor had to get the house in front of potential buyers. There was print advertising like newspapers and those free home books with one tiny black and white picture, there were open houses and really anything to draw attention to the fact that a house was for sale. Today, everybody goes online to see houses. All a realtor has to do is list a house and it gets fed to a bazillion websites. The chances of there being a buyer for a particular house and that buyer not knowing their ideal house is for sale are about the same as winningthe Powerball.
This house is still waiting on a buyer after practically breaking the internet. It just goes to show that all the marketing in the world doesn’t make a house sell. There are 4 factors that get a house sold: Price, condition, location and presentation. Get all 4 aligned and any house will sell. Get one or more out of whack, andit doesn’t.
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