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Make yourself at home in the Tri-State with local Realtor Todd Nelson. Find out current market conditions in the area, what to do to prepare your home to sell, remodeling tips to maximize value, where new subdivisions are being built, about current interest rates and more.

Thursday, September 27, 2007

New Subdivision Boasts Ohio River Views and Soon To Be Gated!

Another new subdivision with lots currently listed for sale is located near downtown Huntington with Ohio River views. The name of this subdivision is called Majestic Woods. The developer is Dean Venoy. Lot sizes range from around 3 acres to over 6 acres with additional acreage also available. Prices start around $32,000 ang go up to around $125,000. Majestic Woods can be accessed by either Guyan River Road or off of Ohio River Road.



"This subdivision offers panoramic views overlooking the Ohio River Valley", Co-Listing agent Linda Midkiff from Old Colony Realtors stated during our conversation about Majestic Woods. The other listing agent of the development is Denise Sargent.


The gates should be installed soon to the subdivision. The subdivision has protective covenants for the residents. For more details on this new subdivision, feel free to contact me or Linda Midkiff at Old Colony Realtors. Stay tuned for more information on new developments in the Huntington area.

Tuesday, September 25, 2007

New Subdivisions In the Area

Through the next couple of weeks I will be highlighting some newer subdivisions being developed in the Huntington area. Searching for a newly constructed home may be a challenge at times and finding a lot to build your dream home can be as well. Continue visiting my blog for more information on these newer subdivisions in the area.

One such subdivision that has recently been developed is located in the Milton area off of Rock Camp Road. It is called Rock Camp Ridge. There are 26 prime lots with lot sizes ranging from around .25 of an acre to 3.77 acres. Prices range from around $38,000 to around $65,000. There are three cul-de-sac streets in this subdivision. This is another subdivision developed by Boyd Meadows who also developed Woodline Subdivision among others in the Milton area. Feel free to contact me for further information on this subdivision or if you have any other questions on new subdivisions being built in the area. If you are a developer in the Huntington area and would like to have your development spotlighted, send me an email at todd@toddnelson.com

Friday, September 21, 2007

Interest Rates Still Are Good

Interest rates seem to be moving around some lately on home mortgages, but still are very appealing. A 30 year fixed rate home mortgage is around 6.375%, but rates have been fluctuating some this week. For more details contact your local lender for their rates and terms because they differ among each lender.

Saturday, September 15, 2007

Thinking Of A Major Addition On Your Home?

Have you been thinking about adding another bedroom, a gathering room, or another room that will help make your life a little easier and give the home more space?

When planning for such an addition several items should be considered. The cost of the addition, how it will effect the overall look of the home, who is going to design it, and who is going to build it are some of the many considerations to deal with when starting this venture. After deciding what space that you need, consulting an architect to help in designing such an addition is recommended. Another recommendation is also consulting with an appraiser or a Realtor with how such a room will effect the value of the property. Sometimes it is more feasible to sell the home and buy a larger one than to build an addition. This could save money and time for you. Sometimes homeowners can invest more money into remodeling or additions than they could get out of it in the end when the home is sold. We sometimes see very nice homes that are much larger than their neighbors in the area. It may be difficult to get the money invested in that home if homes around it are selling for much less. Keep this in mind when thinking about adding that much need room or extra space.

Wednesday, September 12, 2007

What Should I Do First When Starting To Search For A New Home?

Starting your search for your new home is exciting. Whether this is your first home or your fifth, there are some tasks to ponder on when beginning your search. The first step that I recommend is contacting a lender to get pre-approved for a loan. Based on the information that you give them concerning your financial situation, the lender can help inform you on the price range of home to view, the amount of closing costs that you will need to pay to purchase the home, the interest rate and terms of your prospective loan, and the estimated payment range on your next home.

I recommend this step due to several reasons.

1. It gives you an idea of what price range home to view. This reduces the chance of looking at homes that you can not afford or to inform you that you might afford more of a home than originally thought.

2. You will have an idea of what some of the costs are associated with purchasing a home. This will help if you need to ask for assistance from the seller to help pay some of the associated costs of the purchase. There are limits that a seller can contribute. Check with your lender to find out the limits, requirements, etc.

3. The lender can issue you a pre-approval letter to you that can be given to the seller when you write an offer. This may help strengthen your negotiating position especially if you are in a competitive situation against another buyer who might not have a pre-approval letter.

4. The lender could also help if you do not currently qualify for a loan to purchase a home by giving advice on how to improve your credit situation to be able to qualify in the future.

After speaking to a lender and getting pre-approved, now you can search for your new home! Please feel free to contact me with additional questions about purchasing or the home buying process in general.

Monday, September 10, 2007

Interest Rates Keep Falling

Even though you continuously hear how lenders are laying employees off and things are not very good in the real estate market, I heard today at a local mortgage broker that the fixed interest rate on a 30 year mortgage dropped again. Their rate with some restrictions was at 6.125%. That is very appealing when compared to about 6.875% on the same type of loan in weeks past. If you were on the fence about buying a home in recent days, the lower interest rate might help in making that decision a little easier. Contact your local lender or Realtor for more details on the current interest rate situation.

Saturday, September 8, 2007

The Local Real Estate Market Is Not All Gloom And Doom

Various stories across the nation illustrate gloom and doom in the real estate market. There is a misconception that it is bad everywhere. That is not true. Certain cities have enjoyed double digit appreciation, homes selling in hours, bidding wars breaking out between buyers, and many other instances that have helped make the real estate market so successful for the last several years. These kind of instances may not be as frequent now. However, there are certain considerations to keep in mind about our local area:



1. We have new subdivisions being built, but none on the scale that larger cities and suburbs have in major metropolitan areas. When you have hundreds if not thousands of new homes sitting and not selling, it will eventually have an effect on the market. I am sure most buyers in the Huntington area know or will eventually realize that there is not an abundance of new construction to view right now.



2. The available stock of homes is actually down in certain parts of the Tri-State when compared to last year. The local market is not a buyer's market overall, but certain areas are harder to find a home than others.



3. Some homebuyers in the past have used a mortgage with an adjustable interest rate to buy homes that are more expensive due to the adjustable rate maybe being lower at the beginning which causes a lower mortgage payment. The interest rates rising over the last one to two years has caused some homeowners who had adjustable interest rates to pay more in home mortgage payments. The value of their homes may have recently decreased which puts them in a bad situation. That may have happened here, but not on the scale being experienced across the nation.



4. Some metropolitan areas have experienced tremendous growth in recent years, but now may have leveled out and the shortage of housing that was created with that growth may be leveling out as well. The Huntington area has not seen a major influx of new residents in recent years, but the residential real estate market seems to have remained stable. Barring any major job loss or plant shut downs the real estate market should remain stable in our area.

The above scenarios could be some possible reasons for the Huntington area not experiencing a real estate market in major decline. Even though gloom and doom is heard at various points in the news dealing with real estate, fixed interest rates have dropped as much as a half of a point in recent weeks. If you have been considering buying a home, the lower interest rates could save you money or allow you to purchase a higher priced home. Feel free to contact me with any questions.

Thursday, September 6, 2007

Maximizing Value When Remodeling Your Home

Thinking about remodeling projects for your home?

Before beginning a significant remodeling project, think about what project investments would have a greater return if selling the home may be in the future. Some people may think that they never will sell, but later because of circumstances, decide to sell their home.

Some of the best returns of investment come from remodeling the kitchen or bath. Believe it or not, Remodeling Magazine’s 2005 Cost Versus Value Report illustrates that doing a midrange remodel of a bathroom can translate into a national average of 102.2% recoup on the initial investment.

A minor kitchen remodel consisting of such things as replacing the appliances, adding new fixtures, countertop, new flooring, painting, and changing cabinet fronts and drawers could translate into a national average of 98.5% recoup on the investment. Other ideas for remodeling and their national average recoup of investment include roofing replacement (84.7% recoup), siding replacement (95.5% recoup), window replacement (89.6% recoup), and basement remodel (90.1% recoup).

Certain remodeling projects such as additions should seriously be evaluated. The cost of additions can possibly price your home out of the market as compared to homes in your area. It may be cheaper to sell your home and buy a home that already has what you want.

According to the Cost versus Value Report a bathroom addition could translate into an 86.4% recoup, a family room addition (83% recoup), and a main bedroom suite addition (82.4% Recoup). Consulting with a Realtor or licensed appraiser before such additions are added is highly recommended.

Adding nice landscaping also can increase curb appeal and translate into more money when selling a home.

First impressions of a home are often made from the exterior upkeep of the home so improving what buyers see first can improve the outlook of selling a home. Inexpensive ways to improve the condition and appeal of a home include such items as painting, changing hardware on kitchen cabinets, replacing certain light fixtures and faucets, and an overall good cleaning of the home.

For more detailed information on Remodeling Magazine’s 2005 Cost Versus Value Report, feel free to contact me for a free copy at todd@toddnelson.com or by calling (304) 733-7158.

Welcome home!

The Tri-state area is an awesome place to live and work.

As a lifelong resident of the area and a Realtor for over eight years, I will strive to enlighten readers on the current real estate market conditions in the Tri-State area, help to prepare homeowners on how to get ready to sell their home with remodeling tips that maximize value, inform homebuyers of current mortgage options and interest rate fluctuations, and many other issues affecting homeowners today.

Continue visiting my blog frequently to see what is in store for those living in the Tri-State area.