If you want a custom quality new home at a price below current building costs, check out 301 Reelfoot Drive, located in the new section of prestigious Briarwood. This beautiful home, presented by James Williams Custom Homes, one of E-town’s finest builders, has 2,454 sq.ft. plus a full basement. Beautiful design elements only begin the story. Energy efficient foam insulated exterior walls will save you money for years to come. Bedroom and bathroom walls are insulated for sound to make daily living better. There are 10′ ceilings in the foyer, kitchen, dining, and great room, along with gorgeous custom cabinetry and beautiful quartz countertops. You’ll love the look of the engineered wood flooring and custom tile throughout the home. This 3-bedroom, 2.5-bath home has custom-designed, walk-in closets in each bedroom. The full basement is a blank pallet with fantastic potential for growth. The covered front and back porches have wood ceilings and a gas hookup ready for your grill. All this, plus Andersen windows and top-tier GE Cafe appliances make this home truly special. Plan your tour today.

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And if you aren’t working with an agent, you may not realize that. Here’s the downside. If you’re not informed, you can’t adjust your strategy or expectations to today’s market. And that can lead to a number of costly mistakes.

Here’s a look at some of the most common ones – and how an agent will help you avoid them when you sell. 

1. Overpricing Your House

Many sellers set their asking price too high and that’s why there’s an uptick in homes with price reductions today. An unrealistic price will deter potential buyers, cause an appraisal issue, or lead to your house sitting on the market longer. An article from the National Association of Realtors (NAR) explains:

“Some sellers are pricing their homes higher than ever just because they can, but this may drive away serious buyers and result in unapproved appraisals . . .”

To avoid falling into this trap, partner with a pro. An agent uses recent sales of similar homes, the condition of your house, local market trends, and so much more to find the price that’ll attract more buyers and open the door for multiple offers and a faster sale.

2. Skipping the Small Stuff

You may try to skip important repairs, thinking you can pass the task on to your buyer. But visible issues (even if they’re small) can turn off potential buyers and result in lower offers or demands for concessions. As Money Talks News says:

“Home shoppers like to turn on lights, flush toilets and run the water. If these basic things don’t work, they may assume you’ve skipped other maintenance. Homes that appear neglected aren’t likely to fetch top price.”

If you want to get your house ready to sell, the best place to turn to for advice is your agent. They’ll be able to do a walk-through with you and point out anything you’ll need to tackle before the photographer comes in.

3. Not Looking at Things Objectively

Buyers today are feeling the pinch of high home prices and mortgage rates. With affordability that tight, they may come in with an offer that’s lower than you’d want to see – especially if you didn’t stage, price, or market the house well.

It’s important you don’t take this personally. Getting overly emotional can put the sale at risk. As an article from Ramsey Solutions says:

“Remember, a buyer’s offer is not a reflection of their opinion of your home or your housekeeping abilities. . . The sale of your home is strictly a business transaction. If they start out with a low offer, don’t take it personally and get emotional. Instead, channel that energy toward negotiating. Work with your agent and make a counteroffer.”

4. Being Unwilling To Negotiate

The supply of homes for sale has grown. That means buyers have more options, and with that comes more negotiation power. As a seller, you may see more buyers getting an inspection, requesting repairs, or asking for help with closing costs today. You need to be prepared to have those conversations. As U.S. News Real Estate explains:

“If you’ve received an offer for your house that isn’t quite what you’d hoped it would be, expect to negotiate . . . the only way to come to a successful deal is to make sure the buyer also feels like he or she benefits . . . consider offering to cover some of the buyer’s closing costs or agree to a credit for a minor repair the inspector found.”

An agent will walk you through what levers you may want to pull based on your own goals, budget, and timeframe.

5. Not Using a Real Estate Agent

Notice anything? For each of these mistakes, partnering with an agent helps prevent them from happening in the first place. That makes trying to sell your house without an agent’s help the biggest mistake of all.

Real estate agents have experience and expertise in pricing, marketing, negotiating, and more. That knowledge streamlines the selling process and usually results in drumming up more interest and ultimately can get you a higher final price.

Bottom Line

If you want to avoid making mistakes like these, let’s connect to make sure you’re set up for success.

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“How’s Real Estate?”

People are always asking me, “How’s real estate?” It doesn’t mean they’re getting ready to buy or sell a home. Many just want to know what impact the market is having on the value of their home or if it’s time to refinance or get a home equity line of credit.

Sometimes they have a friend or family member who is getting ready to buy or sell a home. If asked for advice, and people often ask for real estate advice, they want to be able to pass along information from real estate professionals who have current knowledge and past perspective.

If you want to know “how’s real estate?” you’ve come to a good place. I’ll be making regular posts about real estate news and trends. Your feedback will be important. Send me your questions and thoughts. We’ll do our best to keep it local, accurate, and interesting.

“How’s real estate?” is usually followed by “What are interest rates?” There has been little change since last week when the average for 30 year fixed rate mortgages hit a 10 week low of 3.65% (USA Today). Here are three examples that may help you understand what low rates can mean to you.

Example 1: A person is renting an apartment for $850 per month, plus utilities. To buy a home, this person could budget around $200 per month for taxes and insurance and have $650 per month left to pay the mortgage principal and interest. A $650 payment covers the principal and interest on a loan of $142,000.

Go to our #1 Search Tool and search for homes priced up to $142,000 to see how they compare to your apartment.

Example 2: A homeowner with a growing family gets a promotion and can afford a higher mortgage payment. Every extra $100 that a buyer can pay each month adds almost $22,000 to the home price the buyer can afford.

Check our mortgage calculator to find how much the payments are for different price ranges.

Example 3: If interest rates go up 0.5%, from 3.65% to 4.15%, the principal and interest payment on a $150,000 loan goes up $43 per month.

As you can see, rates are important. Right now they are really low and there are loans that require little or no down payment.

The average 30-year fixed rate mortgage fell this week from 3.72% to 3.65%, its lowest point in 10 months. (USA Today, 2-11-2016)

The general wisdom among economists last fall was that mortgage rates would gradually rise as we came to the end of 2015 and the trend would continue in early 2016. Locally, they did edge up a bit at the end of the year. Occasionally 30 year fixed rates hit 4.25%. Most days they were around 4-4.125%. Today, we saw rate sheets from local lenders quoting rates of 3.65%, which matches the national average. These are some of the lowest rates we have seen in years. With new homes coming on the market for the spring selling season and the surprisingly low rates, this may be an unusually good time to talk with a local loan officer. Getting pre-qualified is an important step in preparing to enter the home-buying market.

We want to know what you think. Send your comments or questions to Johnny Melloan — john@www.www.melloan.com — Text: 270-766-9164

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Churches in Elizabethtown KY

“The Lord will bless you in the land He is giving you” (Deuteronomy 28:8).

“Anyone who listens to my teaching and follows it is wise, like a person who builds a house on solid rock” (Matthew 7:24).

Faith Runs Deep

Faith is important to this company — and faith runs deep in our community. In Kentucky, Elizabethtown has earned a reputation for high ideals and good character: a great place to raise a family and enjoy a high quality of life. It perhaps goes without saying that Elizabethtown is home to a number of wonderful churches.

Many Great Churches

Without hesitation, we can recommend several churches in our community. Our team is represented in several local churches, including First Christian Church, Grace Heartland Church, and St. James Catholic Church.

Melloan Real Estate’s owners, Johnny and Joni Melloan, are happy to extend an invitation to be our guest at First Christian Church, where several of our team members are members. Known locally as FCC E’town, our church family’s mission is to lead people closer to Jesus Christ. We do that using a simple formula: Love God, Love People, Serve the World. We can help you connect with our church’s ministers, and we can also help you find a small group where you can build healthy friendships. We recognize this opportunity may be especially valuable to people who are relocating to Elizabethtown and wanting to develop lasting relationships and a strong foundation here.

Our role at Melloan Real Estate is to help you find a home. On top of that — because we love our community and love helping people — we enjoy helping people settle into life here — whether that means helping you find a local physician or dentist, or helping you understand your choices with regard to local schools. And again, if you have questions related to church and faith, say so. It would be our pleasure to help you in any way we can.

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Five Things Real Estate Clients Deserve

1. UNCOMPROMISING INTEGRITY

We get it. Sometimes people are skeptical when it comes to real estate agents. We are, very intentionally, a small company. Each of our agents has a long, productive background in our community. People know us. Ask around and see what they say.

2. RELIABLE SOLUTIONS

Most days someone will ask us, “How’s real estate?” The best answer is, “It’s changing.” We’ve seen plenty of ups and downs. Our ability to adapt to change, while maintaining long-term principles, is vital as we find answers to your real estate questions.

3. THE SIMPLE TRUTH

Our experience and market knowledge are only valuable to you if we tell you the truth. Sometimes that means we have to tell you things you would rather not hear. This may involve unrealistic price expectations or home staging suggestions. But the end result is far better when we have honest communication.

4. REAL-TIME INFORMATION

New listings and accepted contracts mean that the real estate market is changing by the minute. Interest rates go up and down. National websites are nice, but they’re no substitute for local information that is accurate and current.

5. PROMPT RESPONSE

Yes, sometimes we are with other clients, driving, or in a meeting. And just like you, there are also times when we’re at a movie, at church, or spending time with family and friends. But we are available. When you call, text, or email, we will get back with you as soon as we possibly can.

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Buying a Home: Our 5-step Process

It’s important to realize that you need help, not just any help, but help from qualified professionals who have the knowledge and experience to guide you through the process of buying a home.

1. TALK WITH A REALTOR

This will probably be your largest financial transaction. Developing a trusting and confident relationship with a Realtor is vital to getting through the process with more good decisions than bad and more workable solutions than insurmountable problems. Give your Realtor honest information about what you want and don’t want in a home, your financial situation, and the things that are important to your lifestyle. This includes schools, shopping, and proximity to jobs. Ask your Realtor for the names of people you can put on your home-buying team. To begin, this will include loan officers. Later it will be insurance agents, home inspectors, movers, decorators, and repairmen.

2. TALK WITH A LOAN OFFICER

There are many home loan products. It’s crucial to develop a trusting relationship with a knowledgeable person who will help you choose the right loan and lead you through the process from contract to closing. Understand the value of working with a loan officer who is local and available. Explain your situation and ask for options before focusing in on one particular type of loan. Loan products are constantly changing. Be open to suggestions that can save you a lot of money on your loan.

3. START YOUR HOME SEARCH

Your Realtor will do a property search and provide you with the homes that fit your budget and your wants. Allow time to schedule the showings and then plan adequate time to look at the homes you most want to see. While you may want to drive by a home before scheduling a showing, do not walk around the yards or look in the windows. Once you are scheduled to look at a home, look at it. You don’t have to spend a lot of time if it doesn’t suit your needs, but at least take a quick look out of courtesy to the seller who has made it ready for your tour.

4. WRITE AN OFFER

Once you decide on the home that is your top choice, your Realtor will help you complete an offer to purchase. This is usually a standardized form used by members of the local Realtor board. Understand that price is only one of the terms covered in a real estate contract. The financing plan, closing date, possession date, inspections, and many other points are covered in order to make sure that all parties have a clear knowledge of the overall agreement. Consider the advice of your Realtor. Calm advice based on the experience of writing many offers can help you avoid mistakes that can easily occur when you’re dealing with unfamiliar circumstances.

5. PREPARE FOR CLOSING

Your Realtor and loan officer will help you arrange the needed inspections, get insurance, and schedule each step that takes you from the contract to the closing.

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Selling a Home: What Melloan Real Estate Offers

Selling your home in today’s marketplace is serious business. It’s competitive. It requires knowledge of financing options. It’s a job that gets done more efficiently when you have a Realtor who combines professional business expertise with personal attention to your particular needs. We are by design a locally operated, independent real estate company with agents who work together as a team. We help each other because that is the best way that we can help you. Each agent becomes familiar with all of our listings. Very simply, we are small enough to keep close track of what is going on with our sellers. You may be asking how we can offer the resources you need to effectively market your home.

By embracing technology we maintain a large presence in the real estate market. You are experiencing a part of what we offer right now as you travel through our web site. The bottom line is that we consistently maintain an impressive share of the local market. We have a strong record of success when it comes to bringing buyers and sellers together. Here’s what we do when people contact us about selling their house:

Market Analysis

We do research to see how your home compares with similar homes that have sold as well as those that are currently on the market. This lets us show you a listing price range that is reasonable for your house. With this information you will be able to make an informed decision about the price you decide to ask.

Advertising and Marketing Plan

When you list with us, your home receives maximum exposure through our multi-phase advertising and marketing efforts, with the primary focus being our internet presence. Johnny Melloan coordinates this program. He has over 25 years experience in advertising and radio, having owned his own video production company and advertising agency for over 20 years.

Multiple Listing Service

All homes are entered into the Multiple Listing Service of the Heart of Kentucky Association of Realtors. This means that every licensed Realtor can show your home. We have a very positive relationship with other agents and companies throughout Hardin County and greater Kentucky. There are many other competent and capable real estate agents in our community and we value and appreciate their efforts in showing and selling property that we have listed. MLS is a vital tool in selling property. It is one of the most important reasons to list your property with a Realtor.

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