I just wanted to take a quick moment to share a recent experience with a client who was buying a home built in the late 50's that had not been occupied by the owner for 4 to 6 months. We had the normal home inspection done that he paid $250 to have done. There were a number of "issues" typical to an older home, but one that really caused me some concern was slow drainage of the plumbing system. Understanding the contract states buyer is responsible for cost of all inspections and that the home inspector recommended further evaluation by a plumber, I advised and buyer agreed to have plumber run camera through the line to determine potential cause of slow drainage. It cost the buyer an additional $250 to have this done, but ended up revealing that the sewer line needed replaced due to age, tree roots and deterioration. Total cost $7400. We renegotiated the price down an additional $8750 to allow for the buyer to have this and some electrical work performed after closing.

When buying an older home, be particularly diligent in inspection of the plumbing system. 

The $8000 tax credit is good for first time buyers who buy a home between now and December 1. A first time buyer is anyone who has never owned a home or who has not owned a primary residence in the last 36 months. First time buyers are getting some great deals and with interest rates hovering in the low 5's on a 30YR note, don't delay.

On Meet The Press this morning there was mention that for the first time quite a number of months economic indicators had went from all negative to mixed indicators from the various sectors of the economy. Have housing market prices hit bottom? Wish I had that crystal ball to say with 100% certainty. What I do know is there has never been a better time in recent history to buy a home. Have one you need to sell? No problem as long as you understand you are most likely not going to get what you want for it and understand going in the objective will be to make it up on the home you buy.

In an attempt to fulfill my responsibilities as a REALTOR, consumer advocate and just a generally concerned citizen; I'm making my first - long overdue - blog posting. I'm fed up with and disgusted by the fearmongering of the national media. Sadly, it seems the best source for truth these days is The Daily Show with Jon Stewart. In the interests of doing the right thing and instead of me complaining about all the negativity, time to add a dose of the reality and truth from an optimistic point of view.

Especially if you are a first time home buyer, now is the time to buy a home. I have a page on my website www.BartMedlock.com that gives first time buyers an overview of the home buying process.

Simple economics says buy low and sell high. The real estate market is low so buy now - my wife and I did. The market is so good for buyers right now that my wife and I rolled the dice 12 months ago and bought a move up home for ourselves. We bought a foreclosure home in a neighborhood I did not think we'd be able to afford for several more years. The price on the house got so low it was worth the risk of taking on two mortgage payments until we sold our old house. The banks I have listed REO - Real Estate Owned - foreclosure properties with do not consider contingency offers for selling your current home first so that wasn't an option. If you are a first time home buyer, you don't have that worry of selling a home which is why its an especially attractive time for you to buy a home.

Find an experienced REALTOR you are comfortable working with who has your best interests at heart and do your part to not only to help counter the negativity, but - more importantly - to lay the foundation for a strong equity position in the future. The idea works like this. Buy a home now while the market is low. In my area of greater Louisville, Kentucky and southern Indiana you can buy a home for either the same price it was selling 36 months ago or 5% to 10% under it's previous market value depending on the home, it's condition and its precise location in the greater Louisville area. In my opinion the market will come back around in the next 18 to 48 months and when it does, my wife and I believe we'll be in great shape with the investment we made in the home we bought. I want to share that experience with as many clients as I can and this is why now is the time to buy a home.

Bart Medlock is a real estate broker with REMAX Advantage and is licensed to help people buy and sell homes in Indiana and Kentucky. He serves the following cities/towns as well as the immediate surrounding areas: Louisville, Jeffersonville, New Albany, Clarksville, Sellersburg, Floyds Knobs, LaGrange, Prospect, Crestwood, Pee Wee Valley, Georgetown, Greenville, Charlestown and Corydon. You can learn more about Bart Medlock by visiting his website www.BartMedlock.com or calling/texting him at 812-987-6387.