Welcome Home

Is the Huntington Area Encountering the Perfect Storm in Real Estate?

2012-02-08T08:33:00.005-05:00

During the winter months of January and February the weather can be quite cold and snow is usually in the forecast. 2012 has been a year to remember thus far. Warmer temperatures and the lack of snow has made it much easier to get around over the last couple months. The current weather conditions coupled with low interest rates have assisted to create a "Perfect Storm" scenario for the local real estate market. To top off the cake, Huntington was recently named as #8 on a list from Housing Predictor for possible appreciation rates in housing compared to other areas across the country. So what does this all mean? It could possibly mean that the spring surge of real estate business might actually be surging earlier this year just like those lilies that are coming up in some of your yards thinking winter is over.

If you are considering moving this year, you might want to start getting ready a little earlier. Start spring cleaning in February and be ahead of the game. Take advantage of the low interest rates and have a great 2012!

Housing Markets In Charleston, WV and Huntington, WV Are Predicted to Head For Appreciation In 2012

2012-01-11T08:19:00.006-05:00

Positive news in the housing market is forecasted for Charleston, WV and Huntington, WV this year according to Housing Predictor. Various cities around the country are predicted to see appreciation in 2012.

There are three cities in West Virginia that are in the top 25 list for the year. Charleston, WV leads the state on the list at #3 with 4.5 percent appreciation. Then Huntington, WV is at #8 with 4 percent appreciation. Wheeling rounds out the top 25 list for cities in West Virginia at #9 and with 3.9 percent.

Here are the top cities expected to have housing appreciation in 2012 and by how much, according to HousingPredictor’s latest report:

1. Kansas City, Kan.: 5.8%

2. Topeka, Kan.: 4.7%

3. Charleston, W.V.: 4.5%

4. Oklahoma City, Okla.: 4.3%

5. Minot, N.D.: 4.2%

6. Overland Park, Kan.: 4.2%

7. Wichita, Kan.: 4.1%

8. Huntington, W.V.: 4%

9. Wheeling, W.V.: 3.9%

10. Bismarck, N.D.: 3.6%

11. Casper, Wyo.: 3.5%

12. Lake Charles, La.: 3.4%

13. Rapid City, S.D.: 3.2%

14. El Paso, Texas: 3.2%

15. Cheyenne, Wyo.: 3.2%

Source: “Best Housing Markets 2012,” HousingPredictor (January 2012)

Making A House Your Home

2012-01-03T14:29:00.016-05:00

2011 has came and gone and now we find ourselves beginning a new year. How long have you lived in your house? Has it been months? Years? When was the last time you walked through each room of your house and seen what projects that you wanted to complete since moving there have been finished?

We often times get so busy in our day to day living that we forget about how important the place we reside in gets neglected. How can you make a house your home? Below are some possible ideas to help improve your home and possibly create a better atmosphere for you and/or your family in the new year.

1. How organized are you? Are there boxes setting around? Clothes everywhere? Closets deemed disaster areas?

You can improve the appearance of your home by taking about a half hour a day for the next two weeks putting away boxes in the attic, the basement, or some other storage area. Buy some extra laundry baskets for each family member to put dirty clothing into. You can go through the closet and remove any unwanted items to donate or to have a yard sale when the weather improves. This would allow more room to go through your clothing and to become more organized. After doing some organizing of the residence, there should be more room in the house and possible decrease in stress for those living there constantly seeing the messes piling up around them.

2. Are all of the rooms in your house white?

Consider adding some color to your home. Earth tones are popular and colors such as sand and beige can provide contrast to the bright white walls that you might have now.

3. Do you have any family portraits hanging up or artwork made by a family member?

Hanging the family portrait over the fireplace and placing pictures of family in different areas of your home will help in reminding you of one of the most important parts of your life. The memories you make with your family will last a lifetime. Capturing those moments in pictures and then placing them throughout your home will help in providing a more customized look to each room. It will also help make your house become more of a home for you.

4. Have you planted any flowers or did any landscaping recently?

Consider planting some shrubs, perennial flowers, and spread mulch around the new plantings. This will definitely make your house stand out from the exterior. This will also assist in making the house into your home.

5. Have you had a dinner party or cookout recently?

Invite some friends and family over to the house and have a great time creating lasting memories. This event might provide some pictures that could be placed in certain rooms as well.

Making a house your home can be achieved in part by implementing some of the ideas listed above. A home is more than just a place to sleep at night. Make some lasting memories in 2012!

15 Benefits of Working With a Buyer's Representative

2011-10-13T10:35:00.004-04:00

The specialty of buyer’s representation not only requires knowledge of real estate markets and transactions, but insight into consumer behavior. The goal of a buyer’s representative is to find the perfect point of connection between the homes available in the market and the needs and financial capacity of the buyers. Organizations such as the NATIONAL ASSOCIATION OF REALTOR®'s Real Estate Buyer’s Agency Council, which has more than 40,000 members, offer specialized training and designations for those who work with buyers.

15 BENEFITS OF WORKING WITH A BUYER’S REPRESENTATIVE

Let your buyer-clients know how you can save them time by:

1. Locating suitable properties.
2. Previewing properties.
3. Verifying the properties’ condition.
4. Suggesting necessary inspections by experts.
5. Helping buyers determine what they can afford.
6. Helping to verify property taxes and utilities.
7. Helping to determine the value of the property.
8. Advising clients on structuring an offer.
9. Presenting the offer to the sellers’ representative.
10. Negotiating favorable contract terms for the buyer.
11. Explaining legal documents needed for closing and helping secure them. (Obtaining the current owner's deed to give to the closing attorney for the title search could help with a smoother transaction)
12. Assisting in securing financing.
13. Assisting buyers and their attorney in clarifying title, zoning, building codes, and access easements.
14. Referring them to qualified vendors.
15. Analyzing the future salability of the property.

The above suggestions were obtained from Old Colony Realtors website. For more helpful tips, email me or stay tuned for another future entry in my real estate blog.

10 Stellar Staging Tips Before An Open House or Showing

2011-07-11T09:31:00.004-04:00

Preparing your home to sell can be a challenge. The following are some tips to help your home stand out in the competitive market in our area:

Stellar Staging Tips

1. Clean out your closets and the clutter. Have a yard sale or donate unwanted household goods to charity.
2. Pack up extra toys, linens, small kitchen appliances, and the like and store them offsite or in the garage.
3. Be sure the trees are trimmed, the shrubs are pruned, and the lawn is mowed and watered regularly. Turn on the sprinklers for five minutes 30 minutes before the open house. It makes the lawn and driveway sparkle.
4. Refrain from cooking anything that leaves a distinctive odor (fish, garlic, cabbage) and from introducing any other unappealing odors into the home.
5. Have a professional service clean the home, including the carpets and the windows.
6. Set the dining room table with attractive linens, dishes, and stemware.
7. Serve cookies and coffee at an open house; people will linger longer.
8. Arrange fresh flowers throughout the home and have a fire in the fireplace in fall and winter.
9. Add extra lamps in dark rooms or dark corners, and turn on the lights when you show the home to prospective buyers.
10. Remove stacks of magazines, ashtrays, sports trophies, family photographs, and other distractions.

Landscaping Makes A Difference At Home

2011-04-19T10:09:00.003-04:00

As the weather improves, each of us will begin to do some possible updates and/or improvements to our home. If there was one particular thing done to your home this year that would make a difference, what would it be?

I have given this question some thought. Some of us may do a lot of entertaining, but a lot of people only get to see the exterior of your home. When a home is listed, buyers will typically drive by a home they might be interested in. Buyers sometimes make assumptions on the overall condition of the home based on what they see outside. If the exterior of the home looks neglected and in need of cleaning up, then does the rest of the home?

That leads me to the answer of the question in the beginning of this article. The one particular thing that I would recommend doing to your home this year is sprucing up your landscaping on the exterior of your home. Clean up any trash, old toys, old empty plant pots, etc. Weed around any existing landscaping. Clean up around the exterior, and then plant some new flowers and possibly some new shrubs, but most of all spread out new mulch.

I usually recommend using either black or red mulch since it seems to stand out from the street. Some homeowners also use other types of material around their home such as river rock, lava rock, etc. Whether your home is for sale or not, your home will stand out and look clean when someone drives by. Nobody will know whether you cleaned up the interior of the home and put away the laundry that particular day when driving by, but they will know if you have not done anything to the outside of your home in a while. There are various landscaping companies that can help you with this task if you need it.

This advice can help make a difference whether you plan on selling your home or not. Also, this type of improvement to your home can be done with little expense when compared to larger improvements, but can go a long way in making your home stand out. I hope that this tidbit helps in making a difference at your home.

Todd Nelson is a Realtor with Old Colony Realtors. For more information, call 304-634-7993 or e-mail toddandtaranelson@gmail.com.

15 Benefits Of Working With a Buyer's Representative

2011-03-04T23:29:00.001-05:00

Low Cost Spruce Ups

2011-01-25T09:56:00.003-05:00

It is hard to believe it, but next week will be the beginning of February. Spring will be here soon. In my opinion, we have seen enough snow for this winter. As the weather improves, homeowners will begin to look around the house at some possible home inprovements. Below are some low cost spruce ups that can make your home more appealing especially if you are considering to sell your home:

1. Trim bushes so they don't block windows and cut down on light.
2. Buy a new doormat.
3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.
4. Put new doorknobs on your doors.
5. Put a fresh coating on your driveway.
6. Edge the grass around walks and trees.
7. Keep your garden tools out of site.
8. Be sure kids put away their toys.
9. Buy a new mailbox.
10. Upgrade the outside lighting.
11. Use warm, incandescent light bulbs for a homey feel.
12. Polish or replace your house numbers.
13. Clean your gutters.
14. Put out potpourri or burn scented candles.
15. Buy new pillows for the sofa.
16. Buy a flowering plant and put it in a window you pass by frequently.
17. Make a centerpiece for your table with fruit or artificial flowers.
18. Replace heavy curtains with sheer ones that let in more light.
19. Buy new towels
20. Put a seasonal wreath on your door.

These items could not only make your home more appealing to a buyer, but also could make your home feel a little nicer for you if you plan on staying for many more years.

If you have any questions or an idea for a real estate related story, email me at todd@toddnelson.com.

Do you know some of the names of neighborhoods in the Huntington?

2010-12-08T09:29:00.004-05:00

As with many cities there are neighborhoods within its boundaries. Huntington has various neighborhoods within its boundaries.

One such neighborhood surrounds the Ritter Park area. It is called the Southside area. It is made up of typically older two story homes, apartment buildings, and beautiful estate type homes.

Another neighborhood surrounds St. Mary's Medical Center. It is called the Highlawn area. There is an elementary that carries the name as well, Highlawn Elementary School.

The West End area of Huntington most likely would include the Central City part of town and areas around Washington Ave, Jefferson Ave, and St. Cloud Commons.

Westmoreland is a neighborhood that actually is in Wayne County and includes the area starting around the Wayne County line to about Camden Park.

There are several other neighborhoods in Huntington. Can you name more? I purposely left some neighborhood names off to see if anyone can respond with other neighborhoods and their characteristics.

If you have a real estate or a topic that you would like covered in the Real Estate Blog. Email me at todd@toddnelson.com

Fire Safety In the Home

2010-11-18T22:21:00.001-05:00

If you haven’t taken the time to discuss fire safety with your family, then you really should. Here are some of the rules of fire safety your family needs to know.

1) Install smoke detectors on each level of your home and outside of each sleeping area.

2) Test batteries in smoke detectors and change them every six months. If you change them on July 4th and New Years, this will remind you.

3) Have an escape plan and practice it.

4) If you encounter smoke, try an alternate route and crawl on your hands and knees.

5) Don’t open a door if it feels hot. If it feels cool, brace your shoulder against it and open it slowly. If you see smoke, close the door and escape through a window or alternate route.

6) If your clothes catch on fire, STOP, DROP, and ROLL

7) Once you’re out, stay out!

Check with your local fire department or insurance company for further advice and ideas.

Can you believe the interest rates?

2010-09-28T21:15:00.003-04:00

The interest rates are incredible! A local lender was quoting a 30 year fixed interest rate at 4.125% on a conventional loan today. This lender was also quoting a 15 year fixed interest rate at 3.75% on a conventional loan. I do not remember conventional loan interest rates for home purchases being this low in the nearly 12 years that I have been in the real estate industry. With interest rates this low, it is like homes are on sale right now. It is an awesome time to buy a home. If you should have any real estate related questions, feel free to email me at todd@toddnelson.com.

Why Have A Home Inspection When Buying A Home?

2010-06-29T23:32:00.002-04:00

There are various steps in the purchasing process, but one very important step to address is a home inspection. Although not usually a requirement, I recommend that everyone get a home inspection before purchasing a home. As a Realtor, I do not know everything about the home that I am selling. I use the knowledge obtained from the seller and what visually can be seen during a visit to the home in marketing the property. Sometimes the seller does not know of issues that may need addressed on their home.

A home inspector is usually more thorough than an appraisal on the property which is more focused on the features, overall condition, and value of the home. The home inspector also is usually hired by the buyer to inspect the home. Some of the items inspected, but not limited to just these items are the structure, the heating/cooling system, electrical, plumbing, attic, crawlspace or basement, roof, and other parts of the home. The inspector will usually give the buyer a written report detailing their findings. Some inspectors identify the items as a major concern, a safety issue, or to monitor the issue. You can visit the West Virginia Association of Home Inspectors at http://www.wvahi.org/ for more information about local members and home inspections. In West Virginia, home inspectors are required to be licensed and more information on home inspector licensing can also be obtained from the above website.

A home inspection gives a buyer more knowledge about the home that the buyer plans on purchasing. This inspection should also help with informing the purchaser of possible future repair costs. Costs of home inspections vary from around $250 to $500 and possibly more depending on the size and age of the home. Ask the home inspector their costs, education background, and you can also ask other questions listed on the above website. A home inspection provides a buyer with more information on the property that the purchaser may not have known from visually viewing the home on their own. Feel free to contact me with any other questions that you might have on the subject.

Preparing For An Open House On Your Home

2010-05-24T00:18:00.006-04:00

Preparing for an Open House

1. Hire a cleaning service. A spotlessly clean home is essential; dirt will turn off a prospect faster than anything.
2. Mow your lawn, and be sure toys and yard equipment are put away.
3. Lock up your valuables, jewelry, and money. Although the real estate salesperson will be on site during the open house, it’s impossible to watch everyone all the time.
4. Turn on all the lights. Even in the daytime, incandescent lights add sparkle.
5. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them.
6. Leave. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.

Make Your Home Irresistible at an Open House

1. Put fresh or silk flowers in principal rooms for a touch of color.
2. Add a new shower curtain, fresh towels, and new guest soaps to every bath.
3. Set out potpourri or fresh baked goods for a homey smell.
4. Set the table with pretty dishes and candles.
5. Buy a fresh doormat with a clever saying.
6. Take one or two major pieces of furniture out of every room to create a sense of
spaciousness.
7. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space.
8. Depersonalize the rooms by putting away family photos, mementos, and distinctive
artwork.
9. Turn on the sprinklers for 30 minutes to make the lawn sparkle.

Feel free to contact a Realtor for more information or me at todd@toddnelson.com
The above information was obtained from an Old Colony Realtors resource.

The Clock Is Ticking Down On the First Time Home Buyer and Repeat Buyer Tax Credit!

2010-04-16T14:13:00.002-04:00

Time is running out on the federal tax credit for first time home buyers and repeat home buyers. Of course there are various requirements to be eligible for this tax credit. Visit the IRS website or federalhousingtaxcredit.com for additional information. The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit also applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

The above information was found at federalhousingtaxcredit.com. I strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

Unhealthiest Place To Live? Huntington Is Much Better Than That!

2010-03-29T08:59:00.006-04:00

In recent months the country's attention has started to move back to Huntington, West Virginia. Not for the retelling of a tragedy that has affected many in our community dealing with Marshall University, but for the way certain residents in the area take care of their health. Everyone could probably make much better decisions in the way they eat and exercise, not just residents in Huntington, West Virginia. There are so many more reasons Huntington is much better than that.

The real estate market in the Huntington area is not all gloom and doom. Did you know according to statistics obtained from the Huntington Board of Realtors that the total volume of sales for 2009 was only down about 3.5 percent when compared to 2008? As many cities in our country have dealt with double digit declines in the real estate market, Huntington has remained somewhat stable allowing residents the ability of not seeing their home's value decline drastically over a very short time. The residential market is primed to see similar results in 2010 with the extension of the tax credit to first time home buyers and the introduction of a tax credit for repeat home buyers. For additional information on these credits, visit www.federalhousingtaxcredit.com.

Educational opportunities are plentiful in Huntington which is home to the second largest university in the state of West Virginia. Our town is also home to one of only about three medical schools in the state and home to a Forensic Science Graduate Program that ranked number one in the country for its students receiving the highest overall test scores on a national assessment test in 2009.

As many cities in our country deal with layoffs that have occurred as a result of the downturn in our national economy, Huntington has not been immune to its effects. According to the Bureau of Labor Statistics for the month December 2009, the unemployment rate for Cabell County was 6.8 percent. This is higher than the same time last year, but the amount for the county is lower than the state average of 8.6 percent and the national average of 9.7 percent for the same time period respectively. The Cabell County average is much lower when compared to areas hardest hit by the recession such as Flint, Michigan which according to the Bureau of Labor Statistics preliminary numbers estimate unemployment for the same time period at 16.6 percent.

Our community is concerned with Huntington's well-being and want it to be a nice and enjoyable place to live. Such organizations as HADCO (Huntington Area Development Council), Create Huntington, Huntington Regional Chamber of Commerce, and many others work hard to promote our community. This is a town that has not given up on what can be accomplished if we work together for a common goal. Join with the many residents in our great community and help make a difference. Let's not let the country think we are the unhealthiest city in the country, but the most determined to make our city the best place it can be. Make 2010 a year to remember in Huntington, West Virginia for it being a continuation of improvement of the area and the residents who call it home.

Spring Is Near!

2010-03-16T15:37:00.003-04:00

We are only weeks away from the first day of spring. The real estate market has been in full swing this year even with the worse than normal winter. The repeat buyer and first time home buyer tax credits have helped in the prospective purchase of a home more appealing since their inception. These tax credits have pushed some buyers over the edge with their decision to buy a home and now are enjoying the benefits of home ownership. As the weather continues to improve, many homeowners will be trying to decide on what renovations or improvements to make on their home. Where is the best places to spend money when remodeling a home? I have written in the past on this very subject. What renovation ideas do you have out there? Do you have any questions on future renovations and the return you might receive when trying to sell your home? I would be glad to answer those questions and help in your decision of what to do to improve your home. Enjoy this great weather!

This blog has moved

2010-03-04T16:56:00.001-05:00

This blog is now located at http://herald-dispatchblogs10.blogspot.com/.
You will be automatically redirected in 30 seconds, or you may click here.

For feed subscribers, please update your feed subscriptions to
http://media.herald-dispatch.com/blog/welcomehome/atom.xml.

Could a Huntington City Ordnance Be Making It Harder To Find Homes For Sale?

2009-10-26T19:52:00.001-04:00

Due to the recent enforcement of a city ordnance that has been around for quite some time, real estate company signs and other business signs have been removed from city right of ways and fines have been issued. The areas in question by the ordnance are intersections, right of ways, and the area between the sidewalk and street. The defendant of this ordnance could be fined up to $500 or imprisoned for not more than 30 days or both. This could be a pretty steep penalty for such an offense.

For many years, prospective home buyers have used these type of signs to find homes for sale in area city neighborhoods. Open house signs have can be seen throughout the Tri-State area during the ever popular Sunday afternoon open houses directing prospective home buyers to the homes on showcase. Internet mapping sites have helped with finding the locations of these homes as well, but directional signs have been one of the historical ways that has been used throughout many decades of business in assisting buyers searching for a home. Some area residents do not have their own personal computer that can be used for accessing what is on the market and the locations of these homes. Some buyers drive around searching for homes for sale and with the elimination of the directional signs at intersections throughout the city, finding that new home may be more of a challenge.

With the enforcement of this ordnance in the city, there are some options for prospective home buyers in trying to locate your next home.

1. This new challenge makes it even more important for the use of a real estate agent in the search for your new home. Real estate agents can help direct prospective home buyers to home listings in the city as well as guide the home buyer throughout the home buying process.

2. After searching online for your new home, prospective home buyers can use an internet mapping site for locating these homes in the city.

3. Prospective home buyers can visit the local Chamber of Commerce and/or Convention and Visitors Bureau to get a map of the city to use in locating homes on the market for sale.

The enforcement of this city ordance has made the intersections less congested with signs and in turn made the city look a little cleaner. The question that I ponder is how will the enforcement of this ordnance effect city residents trying to sell their home in a challenging real estate market? Will it help or hurt? Is there some sort of compromise that be made for all sides involved?

For more information on the city ordnance in question, see the following link:
http://huntington.fnismls.com/Paragon/AssociatedDocs/HUNTINGTON/MLSSharedDocs/BOARD%20INFORMATION/CITY%20BUILDING%20ANDHOUSING%20CODE%20%20%20Signs.pdf

Also, for more details or questions concerning this ordnance contact your local city councilperson or another representative of the city.

Do you have a real estate related question or an idea for our Welcome Home blog? Feel free to contact me at todd@toddnelson.com

Top Fixes Recommended By Some Home Inspectors

2009-09-22T09:21:00.002-04:00

Buyers today are more educated and demanding than they were in the past. It should not be surprising to a seller that a buyer would ask for a home inspection before signing a hefty purchase agreement. Therefore, it would be wise for homeowners to look at the areas where most home inspections fail. Start by fixing those areas up in advance, before you’re ready to place your house on the market.

The most frequently found problem area is water in the crawl space or basement. Poor drainage can result in water damage that will be more than apparent to an inspector. This can be an expensive problem to fix.

Start by re-grading the soil around the foundation of the home where water seems to be entering, or invest in waterproofing. It’s also a good idea to invest in a dehumidifier to remove moisture on an ongoing basis.

There are some areas that are more prone to water in the basement than others. Most buyers know if a little water is to be expected or not.

The second most common problem found by inspectors is poor wiring. The wiring in your home should be up to code, and should have sufficient overload protection.

Sometimes the best way to be sure the wiring in your home is in good shape is to hire a home inspector, or electrical contractor to check it out for you. Even if you’re not selling your home right now, you would want to make sure your family is living in a house that is safe from fire hazards.

Another major problem found in certain areas, is termite damage. If you begin to suspect at any time that your home may have termites, it’s urgent that you call a pest control service right away. This particular problem needs to be taken care of quickly.

Other areas that should be looked at as potential problems are the heating systems of your home, structural damage, such as extensive cracks in the walls or ceiling, or leaky roofs.

When deciding what is important to fix, put yourself in the place of the buyer. If you were considering buying the home you live in now, what would you consider important that the seller fix?

Handle problems in condition or construction with estimates and repair by a reputable contractor. Sooner is better than later, especially when the demands of moving and evaluation of the buyer run high.

Anything you can do to make your home more saleable in advance may mean more money and less hassle when you’re actually ready to sell. For additional information, feel free to contact a local home inspector or contractor. If you have an idea for a future story on my blog, feel free to email me at todd@toddnelson.com

Fire Safety In the Home

2009-09-10T08:43:00.006-04:00

West Virginia Energy Star Sales Tax Holiday!

2009-08-04T11:15:00.003-04:00

Beginning on the first day of September at 12:01 a.m. and ending on November 30th at midnight 2009 there will be an exemption for consumer sales tax on purchases of energy efficient products of $5,000 or less per qualified product that carry the ENERGY STAR label. This exemption applies to purchases for noncommercial home or personal use. It does not apply to purchases of items for use in a trade or business. An ENERGY STAR qualified product is one that meets the energy efficient guidelines set by the U. S. Environmental Protection Agency and the U. S. Department of Energy. The ENERGY STAR label is now on over 50 product categories that include the following:

Clothes Washers, Dehumidifiers, DVD Products, Televisions, VCRs, Compact Fluorescent Lamps (CFL), Light Fixtures, Decorative Light Strings, Computers, Dishwashers, Refrigerators and Freezers, Air Conditioning, Boilers, Fans, Furnaces, Heat Pumps, Programmable Thermostats, Battery Charging Systems, Cordless Phones and Monitors, Printers and Scanners

While protecting the environment, energy efficient choices can save families about one-third on their energy bill without sacrificing features, style or comfort by using products that have earned the ENERGY STAR® . A complete list of these products can be found at www.energystar.gov

There is no requirement that qualifying items be new, when purchased, to qualify for the Energy Star Holiday exemption. If a used product does not have the original ENERGY STAR label on it, contact the manufacturer by telephone or website to determine if the item was originally sold as an energy efficient product.
There is no limit on the number of qualifying items that can be purchased during these sales tax holidays. An exemption certificate or other documentation is not required to receive the exemption as the holiday relates to the nature of the product sold.

This may be a good time to update some of kitchen appliances and other qualified items in your home to help spruce it up and to add value.

For more detailed information visit the following link:

http://www.state.wv.us/taxrev/taxdoc/TSDPublications/tsd426.pdf

http://www.wvtax.gov/energyStarSalesTaxHoliday.html

Have you experienced a long wait to close on your home loan recently?

2009-06-25T22:39:00.002-04:00

The real estate industry has experienced many changes in the past year. As seen on television, the real estate market has been dealt with an influx of foreclosures, not as many homes selling as in recent years, and various changes that have been made for loan programs offered by most lenders.

The changes to various loan programs is having an impact in our region. Certain little to no down payment loans have been eliminated, minimum credit scores for certain loans have been raised, and some lenders are being more critical of the home loans that are being made.

As most of us are aware, some banks have experienced major losses and some have sought help from the federal governement to help offset those losses. The federal government came to the rescue and helped many banks in need. The goal was to help free up credit to help get the economy moving again.

The result of these actions have not exactly been what was intended. Loans are still being made, but did this bailout free up credit to help the real estate industry among other industries get out of the downward movement? It may have helped some, but where is all of the bailout money gone that went to these banks? Are banks passing it on to consumers and businesses in the form of loans and credit to help spur the economy?

An issue that I have noticed that has recently developed is the time it takes to get a home loan. Various lenders in the area have experienced an increased amount of loan applications for refinances of home loans and for purchases due to the very appealing interest rates. As a result many lenders have been dealing with the need of more time to get these loans closed. Lenders have been challenged with stricter underwriting guidelines of home loans that have also slowed down the process. Some lenders continue to close home loans at about the same rate of time as in the past, but others struggle to meet deadlines for real estate contracts and leave the consumers involved wondering what is to happen next.

Have you experienced a long wait for the refinance of your home or the sale or purchase of a home? I would like to hear from you on what your experiences has been. Please do not name companies or people involved. It would be interesting to hear from what you experienced during the home loan process.

If you have any real estate related question or an idea for a story for the real estate blog, email me at todd@toddnelson.com.

Why Have A Home Inspection When Buying A Home?

2009-06-20T22:47:00.000-04:00

The First Time Home Buyer Tax Credit Is Not Only For Home Buyers Who Have Never Owned a Home

2009-05-05T10:09:00.005-04:00

Did you know that under the first time home buyer tax credit that was recently passed for home purchases in a certain time period during 2009 is not only for home buyers who have never owned a home?

As obtained from www.federalhousingtaxcredit.com the following are some common Frequently Asked Questions:

1. Who is eligible to claim the tax credit?

First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

2. What is the definition of a first-time home buyer?

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

3. How is the amount of the tax credit determined?

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

4. Are there any income limits for claiming the tax credit?

Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5. What is "modified adjusted gross income"?

Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.

6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?

Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.

7. Can you give me an example of how the partial tax credit is determined?

Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?

The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.

9. How do I claim the tax credit? Do I need to complete a form or application?

Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.

10. What types of homes will qualify for the tax credit?

Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

11. I read that the tax credit is "refundable." What does that mean?

The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?

Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?

Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?

Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.

15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?

No. You can claim only one.

16. I am not a U.S. citizen. Can I claim the tax credit?

Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

17. Is a tax credit the same as a tax deduction?

No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

18. I bought a home in 2008. Do I qualify for this credit?

No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.

19. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?

Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.

The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.

20. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?

Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

21. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?

Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

Please feel free to contact me at todd@toddnelson.com with further questions or your accountant to get more details about this great opportunity.

West Virginia Housing Fund Offering Below Market Interest Rates For Newly Constructed Homes!

2009-04-14T08:51:00.008-04:00

Have you been thinking of building your new dream home or about purchasing a new home that has nevered been lived in, before? If so, the West Virginia Development Fund is now offering a new program to save you a considerable amount of money.

The West Virginia Housing Development Fund's 3-2-1 buy-down program allows homebuyers to secure loans substantially below-market interest rates.

For example, You lock in a mortgage rate of 5 percent on your new home. Under the new program, the interest rate will be lowered to 2 percent the first year, 3 percent the next and 4 percent the final year before returning to 5 percent for the remaining years of the loan.

This program which started this month does not require a borrower to be a first-time homebuyer and there is no income or home price limits.

The main stipulation is that the borrower must have a contract to buy a new home that is being built, or one that nobody has ever occupied.

This program most likely will not last a long time. The housing board authorized $40 million in loans to be offered from participating lenders across West Virginia. This money could last possibly three months. These discounts will only be available for about 200 to 300 new homes and possibily fewer.

It is suggested that the potential home buyer first speak with a local lender about this program. Information on this program has already been provided to banks, credit unions, and mortgage brokers about the 3-2-1 program. There is a few additional documents to fill out to sign up for the program.

For more information, contact a local lender or the West Virginia Housing Development Fund office at 877-WVA-DREAM, or go to www.wvhdf.com.

Do you know some of the names of the neighborhoods in the Huntington?

2009-03-25T08:13:00.001-04:00

Maximizing Value When Remodeling Your Home

2009-02-05T08:12:00.007-05:00

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 information contact at todd@toddnelson.com or by calling (304) 733-7158.

Check out the open houses on Sunday!

2009-01-24T16:49:00.002-05:00

Readers of the Herald Dispatch on Sunday will notice a newly added item in the open house section of the newspaper. Every fourth Sunday through October some of the area real estate companies will be having open houses in certain communities of the area. Of course open houses will be held in various locations as normal, but starting Sunday January 25th, 2009 some of the area companies will participate in highlighting communities in our area. The first highlighted area is Barboursville. There will be a number of open houses in this particular area allowing for attendees less of a drive and more homes to see than possibly normal during this time. On Sunday February 22nd, there will be a highlight of the areas of South Point, Chesapeake, Proctorville, and Crown City Ohio. Stay tuned to the open house section of the Sunday newspaper for area homes to view and other communities that will be highlighted.

The Weather Outside is Frightful. Now is a Good Time To De-clutter the Inside of Your Home

2009-01-15T14:12:00.003-05:00

As the weather gets colder, staying indoors is a reality. Instead of getting bored at home, observe each room and make a list of items no longer needed. Go to your local retailer and purchase some storage containers. You can visit each room of your home and see what is no longer needed or has not been used in years. Go through your clothing and decide what you could sell or donate to a local charity. After boxing up these items, place them in the garage or a storage unit. As spring arrives, you will have more time to enjoy the great outdoors and be ready for the yearly garage sale. Perhaps you may even find that item that you have been looking for for months. Another result of your labor is that you will feel better knowing that a task has been completed and your home may even feel larger with the reduction of items.

With interest rates falling it is almost like homes are on sale!

2008-12-18T14:40:00.003-05:00

Interest rates are very appealing right now and continue to garner attention from prospective home buyers and fellow home owners looking to save money. As the interest rates fall, it is almost like homes are on sale when compared to rates earlier in the year.

For example:

If you had thought about buying a home in the summer priced at $200,000 putting 5 percent down when the interest rates for a 30 year fixed rate mortgage were around 6.25% you could expect a monthly payment with principal and interest based on good credit at $1,169.86 a month.

This week one lender had an interest rate with certain parameters at 4.625% on a 30 year fixed rate mortgage. That same house would have a monthly payment with the new interest rate of $976.87 a month.

That is a savings of $192.99 a month, $2,315.88 a year, and $69,476.40 over the 30 years of the loan!

So if you are considering buying a home, right now it is almost like everything is on sale with the lower interest rates. Call a realtor in your area or if I can be of further assistance, email me at todd@toddnelson.com with your questions.

Treasury Actions Could Save Home Buyers and Home Owners Thousands!

2008-12-04T14:02:00.002-05:00

If you are a home buyer who has been on the fence about buying a home, then your decision may have just gotten much easier with actions that may occur in the coming weeks. The treasury department may implement a plan that would have it directly engaging in the mortgage industry to dramatically force down interest rates and as a result stimulate the moribund housing market. This is based on sources familiar to the proposal.

Under the plan, the treasury department may buy securities that finance newly issued loans for home purchases, according to the sources familiar with the proposal. Mortgage lenders would have to set exceptionally low interest to a rate, for example, no more than 4.5 percent for traditional, 30-year fixed-rate loans.

According to sources who spoke on condition of anonymity because the plan has not been finalized, these securities would be purchased primarily from Fannie Mae and Freddie Mac, the financing giants that buy most mortgages from U.S. lenders.

For a home buyer wanting to finance $100,000 on a 30 year fixed rate mortgage at 4.5 percent your payment would be $506.69 a month including only principal and interest. This is a savings of $92.86 a month based on rates that were around 6 percent recently. Of course, the savings increase with a larger loan amount. This could allow home buyers to even afford more home if they want.

With the possible changes in the mist. The future of the real estate industry is beginning to look very promising for the coming year. This change could be the boost that our industry has needed. Email me with any real estate related questions at todd@toddnelson.com.

Selling Your Home During The Holidays

2008-11-22T17:13:00.004-05:00

A common question asked of realtors this time of year is the following:

"Should I keep my home on the market over the holidays?"

The answer to that question is Yes. There are several reasons why:

1. Buyers continue to look over the holidays. A lot of those buyers probably are seriously searching since during this time of year there are many other events that could be taking their time away from the search for a new home.
2. Some sellers take their home off of the market during the holidays and this allows for possibly less competition for you as a seller during this time.
3. Interest rates change daily and if the interest rates drop during this time, your home may become even more appealing especially if the interest rates are lower than usual.

Advice for decorating your home during the holidays:

1. Do not decorate too much. Same rules apply as any time of year. Do not have too much clutter. Christmas trees are common, but do not put four or five trees out. This could be a distraction for buyers who may spend more time admiring your decorations then your home.

2. Take advantage of the smells. There are some great smells that people love to take in during this time of year. Certain food smells, evergreen scents, and many other holiday odors can be used to your advantage to set the mood when your home is shown.

3. Do not have a room full of presents. Keep your presents to a minimum on display during showings. Put some gifts away in a closet or somewhere not seen during showings. Although buyers are looking to possibly buy your home, someone may have other ideas in mind after viewing a home that is loaded with gifts. It is sad, but sometimes it is true that people could be so cold-hearted to steal during the holidays.

4. You can draw attention to your home with decorating tastefully. Do not cover your home with lights from roof to foundation. Place several spotlights in your front yard and wreaths on every window. At night your home will stand out in the neighborhood without a lot of lights and work. Also, during the day, the home will not be overloaded with extension cords and the curb appeal will still be seen.

5. Have water and cookies setting out for guests. Buyers of course are not Santa, but buyers sometime look at multiple homes and they may get thirsty. Having bottled water and Christmas cookies out for guests will make your home stand out among the many homes that they may view.

6. Play Christmas music to set the mood. Having certain Christmas music playing in the background during a showing could set the mood and make your home also stand out.

7. Use centerpieces on table made out of pine cones or other wintry pieces.

8. Shovel the driveway and sidewalks before showings. This will make it safer to enter your home and less likely for a fall.

9. Remember not to have Christmas cards put up everywhere. It is exciting to get Christmas cards from loved ones and to put them up, but the less clutter the better.

10. REMEMBER TO KEEP THE FOCUS ON YOUR HOME. It is great to have the home staged, but remember whatever you do to think whether the item would enhance or distract a buyer when viewing your home.

If you should have any real estate questions, feel free to email me at todd@toddnelson.com.

History In The Making

2008-11-05T21:00:00.002-05:00

Last night after months of waiting, the future path of our country was chosen. Barack Obama will be our next President. He will be our first African American President. Everyone now can move on and prepare for the new direction our country will be taking. The real estate market has been very unpredictable this year and hopefully with his leadership things will improve.

An interesting thing happened overnight. The interest rate quoted by a local lender dropped to around 6% on a fixed rate 30 year mortgage with a borrower having a 720 or higher credit score. The interest rates have been around 6.5% to 6.875% recently. It will be very exciting if the interest rates continue to drop over the next couple of months especially if the econmony improves.

Check with your local lender to see how their interest rates are doing and hopefully they will continue to drop. Please email me at todd@toddnelson.com with an real estate related questions.

Interest Rates Starting To Creep Down

2008-10-22T08:34:00.002-04:00

The real estate market this year has been a roller coster ride along with the stock market. Over the last few days, the 30 year fixed interest rate on real estate mortgages has started to drop. A local mortgage broker was quoting a fixed interest rate on a 30 year mortgage at 6% yesterday with a buyer who had a credit score of 720 or higher among other requirements. The lower the interest rate the more home a buyer can afford or the lower the mortgage payment for a prospective buyer. Call a local lender today to see how their interest rates are doing. Email me at todd@toddnelson.com if you have any real estate questions.

Local Real Estate Market Slowing Down

2008-10-02T20:53:00.004-04:00

National headlines have been detailing for nearly a year now the slowdown in the real estate market. The local real estate market was not impacted drastically right away but is now experiencing a decrease in sales. Through the end of August, the Huntington area residential real estate market is down around 18% from last year based on numbers obtained from the Huntington Board of Realtors. Last year was a great year for the Huntington area residential real estate market.

There have been some significant changes that are having an effect on the local area as well as the nation such as the elimination of various loan programs that allowed many to purchase homes with little or no down payment. Also, consumer's credit scores are being utilized more to determine what interest rate that a purchaser will get in obtaining a home loan. There is a tier system being used by some lenders with a higher credit score being able to obtain the best interest rate. There have been other changes to different loan programs making it harder for potential buyers to get a loan.

I try to look at the glass half full versus half empty. Certain areas of our market and certain price ranges are still doing well. If you are a seller moving up to higher price range then you might end up doing well if the home that you are selling is in an area of our market that has not had a significant decline. The home you might be buying in this example that may be at a higher price may be experiencing a decline which may allow you to get a better deal.

Interest rates still remain low and there are various home choices in our market. Please feel free to contact me if you have any questions or have a story idea for my blog at todd@toddnelson.com.

Watch the interest rates this week

2008-09-15T20:44:00.002-04:00

As the stock market continues to tumble, watch the real estate mortgage interest rates this week. Last week one local lender was quoting 5.75% on a 30 year fixed rate mortgage based on certain conditions including the credit score at a particular level. As interest rates drops, buyers will be able to afford more home or get a lower payment on the price range home they are currently looking for. Call your local lender for more details. The interest rates can be different at each lender. Be sure to get a Good Faith Estimate detailing the lender's closing costs.

Historical Homes In the Huntington Area

2008-08-20T22:30:00.003-04:00

There are various historical homes surrounding our area. There may be some in your neighborhood. If you have an older home that may be over 100 years old, send me some pictures that I can post on my blog. Is your home on the National Register of Historic Homes? Let me know and we can spotlight your home.

Where do you think is the best place to live in our area?

2008-07-27T21:21:00.001-04:00

The tri-state area is an awesome place to live. From our convenient downtown neighborhoods to our beautiful countrysides, there are numerous options for each resident to choose when settling in our area. As the summer is upon us, fond memories of the area come to mind. Do you think the southside of Huntington, Salt Rock, the Martha area of Barboursville, Applewood in Proctorville, or your neighborhood is the greatest place to live? Respond to this blog and explain what area you reside in (subdivision name, town, etc.) and why you think it is the greatest place to live. Email pictures to me at todd@toddnelson.com for posting on the blog. Have a great summer!

Did you know that a lot of records from our local courthouses are online?

2008-07-06T08:23:00.001-04:00

Technology has allowed for easier access to courthouse records in our region. Searching for certain records are only a click away. You can visit the Cabell County Assessor's website at http://maps.cabellasessor.com. Various information on properties and even flood maps are online there. You can even see a satellite picture of your property there as well.

Some of Wayne County's records are also online. The website address for http://www.waynecountywv.us. Tax records, deeds, and numerous other information is available there as well. Look at the deed to your property. Records can actually be viewed on there website.

Various Lawrence County Ohio records can be viewed at two different websites. One website is for the Lawrence County recorder's office. The web address is http://www.lawrencecountyohiorecorder.org. You can view deeds there along with other documents as well. Another website for additional property information is located at http://www.lawrencecountyauditor.org. Property and tax information can be obtained there along with some other helpful information.

If you have a real estate related question please email me at todd@toddnelson.com.

Why Have A Home Inspection?

2008-06-19T08:44:00.002-04:00

There are various steps in the purchasing process, but one very important step to address is a home inspection. Although not usually a requirement, I recommend that everyone get a home inspection before purchasing a home. As a Realtor, I do not know everything about the home that I am selling. I use the knowledge obtained from the seller and what visually can be seen during a visit to the home in marketing the property. Sometimes the seller does not know of issues that may need addressed on their home.

A home inspector is usually more thorough than an appraisal on the property which is more focused on the features, overall condition, and value of the home. The home inspector also is usually hired by the buyer to inspect the home. Some of the items inspected, but not limited to just these items are the structure, the heating/cooling system, electrical, plumbing, attic, crawlspace or basement, roof, and other parts of the home. The inspector will usually give the buyer a written report detailing their findings. Some inspectors identify the items as a major concern, a safety issue, or to monitor the issue. You can visit the West Virginia Association of Home Inspectors at www.wvahi.org for more information about local members and home inspections. In West Virginia, home inspectors are required to be licensed and more information on home inspector licensing can also be obtained from the above website.

A home inspection gives a buyer more knowledge about the home that the buyer plans on purchasing. This inspection should also help with informing the purchaser of possible future repair costs. Costs of home inspections vary from around $250 to $500 and possibly more depending on the size and age of the home. Ask the home inspector their costs, education background, and you can also ask other questions listed on the above website. A home inspection provides a buyer with more information on the property that the purchaser may not have known from visually viewing the home on their own. Feel free to contact me with any other questions that you might have on the subject.

Did you know that a lot of records from our local courthouses are online?

2008-06-19T08:41:00.003-04:00

Do you have a real estate related question?

2008-06-03T14:01:00.000-04:00

Since last fall, I have been writing about various topics concerning the real estate industry and our area. For the next several weeks, I would like to answer readers questions concerning remodeling ideas, the home buying process, what is going on in the Tri-State area dealing with home sales, etc. Please respond to my blog or email me directly with a question at todd@toddnelson.com. Stay tuned for some of the readers questions and my responding answers. Have a great week!

Real Estate Mortgages Are A Changing

2008-05-18T11:24:00.002-04:00

Real Estate Mortgages have had some recent changes made that can affect home buyers when searching for a new home. 100% financing types of mortgages are beginning to be difficult to find except for certain circumstances. FHA loans are gaining popularity. Private Mortgage Insurance changes are starting to affect buyers as well.

If it has been over 60 days since you got a pre-approval letter on a real estate mortgage, you may want to contact your lender to make sure if any changes have been made that might affect the type of mortgage you intended to apply for after you find a home. Interest rates are still great. A local lender was quoting 5.875% on a 30 year fixed rate mortgage last week depending on your credit score.

If you should have any questions, please contact me at todd@toddnelson.com or contact your local lender for more details.

What are some common questions to ask your lender when searching for a loan?

2008-05-02T20:52:00.002-04:00

Trying to decide what lender to use and what program to apply for can be difficult. Be sure you find a loan that fits your needs with these comprehensive questions:

1. What are the most popular mortgage loans that you offer?

2. Which type of mortgage plan do you think would be best for us? Why?

3. Are your rates, terms, fees, and closing costs negotiable?

4. Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required? Note: Private mortage inusrance usually is required if you make less than a 20 percent downpayment, but most lenders will let you discontinue the policy when you've acquired a certain amount of equity by paying down the loan.

5. Who will service the loan?

6. What escrow requirements do you have?

7. How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?

8. How long will the loan approval process take?

9. How long will it take to close the loan?

10. Are there any charges or penalties for prepaying the loan?

There are other questions that you could also ask a lender when comparing different financial institutions. These questions were obtained from an Old Colony marketing piece dealing with questions to ask a lender. Feel free to contact a lender for more information and if you should have any other real estate related question feel to free to email me at toddandtaranelson@msn.com.

What should I do when starting to search for a new home?

2008-04-28T22:20:00.002-04:00

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.

The interest rates are beginning to be more and more unpredictable

2008-04-10T22:40:00.002-04:00

Interest rates have been all over the place in recent weeks. Most recently interest rates for mortgages have begun to fall again. This week a local mortgage broker was quoting 5.875% on a 30 year fixed interest rate mortgage. 100% financing options are beginning to be harder to find in recent weeks with lending guideline changes. Call your local lender to find out more details. If you were on the fence about buying a home, now might be the time to make a decision. Email me as well if you should have any questions on real estate at todd@toddnelson.com.

10 Stellar Staging Tips Before An Open House or Showing

2008-03-30T09:18:00.007-04:00

Preparing your home to sell can be a challenge. The following are some tips to help your home stand out in the competitive market in our area:

Stellar Staging Tips

1. Clean out your closets and the clutter. Have a yard sale or donate unwanted household goods to charity.

2. Pack up extra toys, linens, small kitchen appliances, and the like and store them offsite or in the garage.

3. Be sure the trees are trimmed, the shrubs are pruned, and the lawn is mowed and watered regularly. Turn on the sprinklers for five minutes 30 minutes before the open house. It makes the lawn and driveway sparkle.

4. Refrain from cooking anything that leaves a distinctive odor (fish, garlic, cabbage) and from introducing any other unappealing odors into the home.

5. Have a professional service clean the home, including the carpets and the windows.

6. Set the dining room table with attractive linens, dishes, and stemware.

7. Serve cookies and coffee at an open house; people will linger longer.

8. Arrange fresh flowers throughout the home and have a fire in the fireplace in fall and winter.

9. Add extra lamps in dark rooms or dark corners, and turn on the lights when you show the

home to prospective buyers.

10. Remove stacks of magazines, ashtrays, sports trophies, family photographs, and other distractions.

Three are staging consultants that can help place furniture and accessories in the best locations for making your home stand out. Contact me at todd@toddnelson.com for more information on these type of consultants.

One of Cabell County's Newest Subdivisions, The Breckenridge Subdivision!

2008-03-18T11:45:00.007-04:00

Looking for a gated community with a very convenient location right on Route 60 to build your dream home?

An upscale gated community is coming to the Ona area near Cabell Midland High School. The Breckenridge Subdivision will be located on Route 60 just across from the former Kiwana Vista Park in Ona, West Virginia. This is another quality subdivision from developer Scott Wheeler Development who developed Saddlebrooke Estates located off of Yates Crossing in the Milton area. This will be a gated community with concrete streets, underground utilities, and restricted covenants for the owners protection. There will be 25 lots with sizes ranging from a quarter acre to about a half of an acre. Homes being built in Breckenridge will most likely range from $350,000 and up. For more information on becoming one of the first residents of Breckenridge, contact Betty Sargent at Old Colony Realtors at (304) 743-1000 or myself at todd@todddnelson.com. If you are a developer or real estate agent and are currently developing a new subdivision, email me to be highlighted in an upcoming story on the Herald Dispatch Real Estate Blog at todd@toddnelson.com.

Maximizing Value When Remodeling Your Home

2008-03-09T11:44:00.003-04:00

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.

Watch the interest rates, they keep falling!

2008-03-05T08:09:00.002-05:00

Interest rates have been all over the place in recent weeks. Most recently interest rates for mortgages have begun to fall again. Last Friday a local mortgage broker was quoting 5.875% on a 30 year fixed interest rate mortgage. The West Virginia Housing Fund released $20 million to be loaned out at a 4.99% fixed interest rate on a 30 year loan. There is about $13 million left. If you are a first time home buyer who qualifies for this program, you can get this rate and even with no down payment, 100% financing. Closing costs can be financed as well up to a certain amount at a reduced rate as well. Call your local lender to find out more details. If you were on the fence about buying a home, now might be the time to make a decision. Email me as well if you should have any questions on real estate at todd@toddnelson.com.

Do you know some of the names of the neighborhoods in the Huntington?

2008-02-20T12:35:00.005-05:00

15 Benefits Of Working With a Buyer's Representative

2008-01-31T20:55:00.000-05:00

New Withholding Requirements for Sales of Real Property by Nonresidents in West Virginia Takes Effect

2008-01-24T11:54:00.000-05:00

Are you a nonresident of West Virginia who owns property in West Virginia and are about to sell your property? You may want to look into a new law that took effect January 1, 2008. It was
W Va. Code 11-21-71b which was part of Senate Bill 2009 enacted during the November 2006 special legislative session.

The following link deals with the subject matter: www.state.wv.us/taxrev/taxdoc/tsd389.pdf . Please check with an attorney for more details or contact the West Virginia Tax Commission at (304) 558-3333 or 800-982-8297. Visit them on the web at www.state.wv.us/taxdiv.

In The Process Of Moving? Some Helpful Tips To Reduce Stress!

2008-01-18T06:51:00.000-05:00

Making the last days before the closing as stress-free as possible for all parties will work to ensure a smooth closing.

Moving Checklist

The trauma of moving can be an added stress for buyers and sellers. The following is advice to make things calmer before closing.

1. Weed out items you won’t be moving; hold a garage sale or donate them to charity.
2. Get estimates from moving companies.
3. Make a list of people and organizations—credit cards, magazines, college alumni associations—that will need to be notified of the move.
4. Look at schools and day care facilities in new area. Forward school records.
5. Complete change-of-address forms.
6. Contact doctors and ask for referrals if you’re moving to a new city. Forward medical records.
7. Check homeowners’ policy to see if possessions are covered during the move.
8. Decide how you’ll move valuables.
9. Get information on driver's license, insurance policy, license plates, and auto stickers if you’re moving to a new city.
10. Contact utility companies—gas and electric—in both cities.
11. Register with an Internet service provider.
12. Contact phone service—see if your long distance, cellular, and pager carriers operate in the area.
13. Contact satellite and cable TV providers.
14. Empty and defrost refrigerator.
15. Map out driving route to new city.TIP: Pack one or two boxes of must-haves—children’s toys, toilet articles and towels, can opener, flashlight, light bulbs, paper plates and cups—and carry it with you so you can find it fast after the move.

Tips of Handling Moving Trauma

1. Recognize that regardless of the reason for a move—an exciting job transfer or a great new house—moving can elicit feelings of bereavement.
2. There are practical suggestions about reducing stress—eating and sleeping properly and using stress management techniques, such as yoga or breathing exercises.
3. Don’t use panaceas like, “There, there, everything will be fine.”

The above suggestions were obtained from Old Colony Realtors website. For more helpful tips, email me or stay tuned for another future entry in my real estate blog.

Interest Rates Have Dropped Dramatically!

2008-01-05T20:11:00.000-05:00

Have you been thinking about buying a home recently? Now might be the right time with the falling interest rates this week. The 30 year fixed interest rate for a home mortgage was at 5.75% at a local lender Friday with a small down payment. The fixed interest rates have dropped dramatically this week. The fixed interest rate had been hovering around 6.25% before the drop. What does that mean to you? For example, on a $100,000 loan financed for 30 years at a fixed interest rate of 6.25% including only the principle and interest the payment would be $615.72 a month. At the new fixed rate of 5.75% for 30 years on the same amount the payment would be $583.57 a month. This translates into a savings of $32.15 a month, $385.80 a year, and $11,574 over 30 years. Call your local realtor and lender for more details or email me at todd@toddnelson.com.

Where do you think is the best place to live in our area?

2007-12-20T20:21:00.000-05:00

The tri-state area is an awesome place to live. From our convenient downtown neighborhoods to our beautiful countrysides, there are numerous options for each resident to choose when settling in our area. As the holiday season is upon us, fond memories of the area come to mind. Do you think the southside of Huntington, Salt Rock, the Martha area of Barboursville, Applewood in Proctorville, or your neighborhood is the greatest place to live? Respond to this blog and explain what area you reside in (subdivision name, town, etc.) and why you think it is the greatest place to live. Email pictures to me at todd@toddnelson.com for posting on the blog. Have a very Merry Christmas!

How are the interest rates?

2007-12-20T20:15:00.000-05:00

Fixed interest rates continue to remain steady in recent dayds. A local mortgage broker quoted around 6.25% on a 30 year mortgage. Fixed interest rates actually dropped recently below 6% on a 30 year fixed interest rate mortgage before edging back up to around 6.25%. Check with your local lender about their interest rates and various programs for more details.

What exactly is a "patio" home?

2007-12-18T23:02:00.000-05:00

A patio home is a term that is used somewhat generically by the real estate industry. This type of home tends to imply a suburban setting and a unit of several houses attached to each, typically with shared walls between units. Maintenance and landscaping may or may not be provided in an association fee. It can be a condo if the owner does not own the land.

Although the housing bubble hasn't hit our area, won't the upcoming seizing up of the credit market still hurt housing prices?

2007-12-14T22:10:00.001-05:00

The above question was posed to me from a reader of my blog. The credit market crunch that is hitting across the nation will have some effect on our area. Buyers with questionable credit scores may find it more difficult to get a loan. Also, certain loan programs may take longer and borrowers may be scrutinized more. This could lead to less qualified buyers, but I do not think it will have a major effect on our local market. Interest rates are fluctuating daily, but still remain low. It is becoming harder and harder to predict the real estate market. With the falling dollar, turmoil in the middle east, and problems in the mortgage industry, things may get worse before getting better. The good thing about our local market is that it seems to not significantly increase or decrease yearly. It seems to remain steady. As long as our area does not experience major layoffs or a major exodus of the population in the next 12 months, we should continue to see a stable market.

Got a real estate related question?

2007-12-10T13:40:00.000-05:00

For the last few months I have been writing about various topics concerning the real estate industry and our area. For the next several weeks, I would like to answer readers questions concerning remodeling ideas, the home buying process, what is going on in the Tri-State area dealing with home sales, etc. Please respond to my blog or email me directly with a question at todd@toddnelson.com. Stay tuned for some of the readers questions and my responding answers. Have a great week!

Are you a first time homebuyer?

2007-11-30T22:45:00.001-05:00

There are many questions that a first time homebuyer may have when buying a home. Where do I start? The following information may be helpful during the purchase of your first home that was obtained from a marketing flyer from Old Colony Realtors:

First-Time Home Buyer

Top 5 Mistakes

1. They don't ask enough questions of their lender and miss out on the best deal.

2. They don't act quickly enough to make a decision and someone else buys the house.

3. They don't find the right real esate professional who is willing to help you through the homebuying process.

4. They don't do enough to make their offer look good to a seller.

5. They don't think about resale before they buy. The average first-time buyer only stays in a home for four years.

Helpful Tips

1. Be picky, but don't be unrealistic. There is no perfect home.

2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs.

4. Don't ask too many people for opinions. It will drive you crazy.

5. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that suit you best.

6. Don't let yourself be "house poor". If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance or decoration or to save money for other financial goals.

7. Don't be naive. Insist on a home inspection and, if possible, get a home warranty from the seller to cover certain defects within one year.

8. Get help. Consider hiring a Realtor as a buyer's representative. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. And often, buyer's reps are paid out of the seller's commission payment. (The buyer's rep's broker is usually compensated by the listing broker. The listing broker is usually paid by the seller.)

The information above can be used to help in purchasing your first home. There are other options for purchasing a home if you do not have a downpayment or money for closing costs. Be prepared on what those options are before making an offer on a home. For more information on the home buying process, feel free to contact me at todd@toddnelson.com.

Fox Pointe Subdivison

2007-11-22T10:29:00.000-05:00

Another subdivision that has been developed in the Tri-State area is located in Milton, West Virginia. Fox Pointe Subdivision is a restricted development located on the same road as Fox Fire Resort about 1 mile west of Milton just off of Route 60. The subdivision was developed by I.V. Cunningham. Underground utilities, concrete streets, public water, community sewer, and a beautiful entrance are some of the features of Fox Pointe. Lot prices range from $40,000 to $50,000.

There are various lot types available depending on the style home a buyer would like to build. This subdivision is listed by Old Colony Realtors and I am the listing agent. View a slideshow of Fox Pointe by clicking on the following link: http://www.realestateshows.com/show.php?mls=basic&id=228908.

For further information on Fox Pointe Subdivision, email me at todd@toddnelson.com or call me at (304) 733-7158.

Interest Rates Still Looking Good!

2007-11-17T09:29:00.001-05:00

The 30 year mortgage fixed interest rate seems to be holding around the same rate listed in my last interest rate update post in late October. The interest rates have fluctuated some in the last couple weeks, but the fixed interest rate on a 30 year mortgage with some restrictions was around 6.125% with some lenders. That is very appealing when compared to about 6.875% on the same type of loan in months 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.

What state has the highest home ownership rate?

2007-11-11T22:48:00.000-05:00

Have you ever wondered what state had the highest home ownership rate? Believe it or not, West Virginia had the highest home ownership rate in 2006 at 78.4%. In 2006, the national average was 68.8%.

West Virginia has led the country in home ownership since 2003. In 2003, the home ownership rate in West Virginia was 78.1%. In 2004, the home ownership rate was 80.3%. In 2005, the home ownership rate was an outstanding 81.3%.

In 2006, Ohio had a home ownership rate of 72.1%. Kentucky had a home ownership rate of 71.7%. Both of the neighboring states did not make the top ten in this statistic.

What state had the lowest percentage of home ownership? In 2006, New York had the lowest home ownership rate of only 55.7%. For further information on home ownership rates going as far back as 1984, you can visit the U.S. Census Bureau at the following link: http://www.census.gov/hhes/www/housing/hvs/annual06/ann06t13.html.

Positive News For the Huntington-Ashland Metropolitan Area

2007-11-02T10:58:00.000-04:00

As the housing crunch hits many areas across the country, there was some good news that could be realized from the annual Economic Outlook Conference hosted by West Virginia University on November 1st. George Hammond, a WVU professor and associate director of its Bureau for Business and Economic Research, spoke about the state of West Virginia's economy. As certain areas are seeing a decline in real estate values, Hammond mentioned our local area. According to Hammond's report, the Huntington-Ashland metropolitan area saw a slight increase in appreciation of home values between 2005-06 and 2006-07. The apprecation of home values increased from just over 4 percent to just over 6 percent.

This is very interesting news especially when you are constantly hearing about the housing meltdown or the bubble bursting. For further information on the Economic Outlook Conference, click on the following link http://www.herald-dispatch.com/homepage/x582738844.

If you have a topic of interest concerning the real estate industry or a question dealing with your home value, feel free to email me at todd@toddnelson.com .

Interest Rates Keep Falling

2007-10-30T21:15:00.000-04:00

The interest rates continue to fall. The interest rates have now fallen for a fixed interest rate on a 30 year mortgage with some restrictions to around 6.125% with some lenders. 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.

How To Improve Your Chances Of Selling Your Home In A Buyer's Market?

2007-10-25T08:31:00.000-04:00

As market conditions change, homes may become more challenging to sell in a buyer's market. What is a buyer's market? This type of market exists when there are a lot more seller's trying to sell their home than buyers looking to buy a home. A seller must be pro-active to make necessary changes to help bring about a sell. A seller can do some of the following steps to help in bringing about a sell:

1. Hire a real estate professional to market their home. You typically do not represent yourself as a lawyer or act as your own doctor. Why represent yourself in selling a home? It is a great idea to have a real estate professional represent you, especially in a buyer's market. They should be able to give you needed advice on what can be done to help sell your home. This could translate into more money in your pocket.

2. Clean and de-clutter your home. If you are a collector, please try to go ahead and remove unneeded items from your home and place into moving boxes. You will need to pack when you move anyway so why not go ahead and have some of the packing done. Place the packed boxes in the garage, an outbuilding, or rent a storage unit. If you have a lot of things, after you remove some of them, the rooms should seem larger. Also, clean well so that the home will shine for prospective buyers.

3. You might hire a home stager. There are some staging services offered by actual staging professionals in our area. Some realtors also can offer advice on what needs to be done to help stage your home. I can offer a no cost staging consultation if you have not already listed your home with another realtor. Contact me if you are interested at todd@toddnelson.com.

4. Improve the curb appeal. Make sure the flower beds are mulched and weeded. Clean off your porch and put some fresh flowers in a decorative flower pot on the front porch. Clean the windows and remove any trash from the front of the home.

5. Stay informed with current market conditions of comparable homes. Keep up to date on what comparable homes are selling for why you are trying to sell your own home. Drive by the homes that are on the market competing with your home to get an idea about your competition. You want to stand out, so see what you have to do to make your home shine.

6. Price your home competitively. The number one reason a home sells is its price. If you are overpriced, it will be harder to sell your home.

These items above are some steps that you can implement to help bring about a sale of your home. Please feel free to contact me at todd@toddnelson.com or visit my website at http://www.toddandtaranelson.com/ for more information.

New Patio Homes Minutes From Downtown!

2007-10-20T21:08:00.000-04:00

There is a newer development in Chesapeake, Ohio, just across the 6th Street Bridge called Platinum Estates. Platinum Estates is located close to the Chesapeake Post Office less than a half mile after crossing the 6th Street Bridge. This subdivision is to be made up of 44 patio home units with the possibility of more units in the future. The current developer is Jeff Hutchison. There are currently 4 units completed for sale and 2 more under construction. Each of the 4 units that are currently for sale are priced at $130,000 and offers 3 bedrooms and 2 bathrooms with approximately 1,360 square feet of living space. Some of the features that these patio homes have to offer are solid wood interior doors, hardwood flooring, ceramic tile, and copper plumbing.

Platinum Estates Patio Homes are listed by Brad Sanford of Remax Realty Consultants. In a recent discussion with Brad Sanford he stated, "Platinum Estates is high quality carefree living."

For more information on this exciting home ownership opportunity you can visit http://www.platinumestatespatiohomes.com/, contact Brad Sanford at Remax Realty Consultants, or contact me for further information. If you are a developer and would like to have your development spotlighted, contact me at todd@toddnelson.com.

Interest Rates Still Are Great!

2007-10-11T08:16:00.000-04:00

Almost daily we are bombarded with bad news in the real estate sector. I viewed a local mortgage company's website and noticed that their fixed interest rate on a 30 year mortgage with some restrictions was at 6.375%. 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.

Kenova Area Subdivision Offers Spectacular Views

2007-10-01T09:06:00.000-04:00

Finding a subdivision that has views of three states may be hard to find, but Grandview Garden does just that. Grandview Garden is located in the Kenova area with some lots offering views of the Ohio River and West Virginia, Ohio, and Kentucky. This restricted subdivision is being developed by Daron and Lisa Dean. Lot sizes range from around .44 of an acre up to around 2 acres. Prices start at $9,000 and go up to $49,000.

Grandview Garden is listed by Molly Bevins of McGuire Realty. "Not many lots have spectacular views," stated Molly Bevins during our discussion of the subdivision. "You can see Ohio and Kentucky from some of the lots."

The subdivison can be access through the town of Kenova on 15th Street up the hill where part of the motion picture "We Are Marshall" was filmed. Grandview Garden is off of Springbrook Drive.

To find out more about this sudivision contact Molly Bevins at McGuire Realty. For more information on other subdivisions or about Grandview Gardens you can also contact me as well. Stay tuned for more information on other subdivisions in the area. Also, if you are a developer and would like to have your subdivision spotlighted, please email me at todd@toddnelson.com.

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

2007-09-27T12:07:00.000-04:00

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.

New Subdivisions In the Area

2007-09-25T23:17:00.001-04:00

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

Interest Rates Still Are Good

2007-09-21T21:08:00.000-04:00

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.

Thinking Of A Major Addition On Your Home?

2007-09-15T23:25:00.000-04:00

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.

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

2007-09-12T21:21:00.001-04:00

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.

Interest Rates Keep Falling

2007-09-10T22:12:00.000-04:00

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.

The Local Real Estate Market Is Not All Gloom And Doom

2007-09-08T17:20:00.000-04:00

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.

Maximizing Value When Remodeling Your Home

2007-09-06T10:13:00.002-04:00

Welcome home!

2007-09-06T09:24:00.001-04:00

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.