Ron's Blog

Kentucky Governor Beshear announces help for first-time home buyers

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Thu, 23 Apr 2009 16:01:10 -0500

Governor Beshear announces help for first-time home buyers

Many states have set up special programs to help potential first-time home buyers overcome the obstacles in buying their first home. The Kentucky Association of REALTORS would like to inform its members of a special initiative in Kentucky, announced by Governor Steve Beshear yesterday.

On April 22, 2009 Governor Steve Beshear announced a special initiative by the Kentucky Housing Corporation to offer up to 4,500 for down payment and closing costs for first-time home buyers who obtain a KHC home loan. The program will begin on May 1, 2009 and continue through Nov. 30, 2009. To view the press release, click here or continue reading the information below.

The First Home Advantage Program provides a second mortgage with principal and interest payments deferred until July 1, 2010 for KHC-approved, first-time home buyers.

"For many first-time home buyers, the biggest barrier to home ownership is the ability to pay upfront expenses, such as the down payment and closing costs," said Gov. Beshear. "The innovative First Home Advantage Program will not only help qualified Kentucky home buyers overcome this barrier and realize their dream of owning a home, it will hopefully reinvigorate the housing market help get our economy moving in the right direction."

The First Home Advantage Program offers a 10-year loan that defers payment with a zero percent interest rate until July 1, 2010. After the initial deferment period, the loan will fully amortize over ten years at the rate of 6 percent. If the borrower pays off the loan before July 1, 2010, KHC will forgive $300 of the principal balance.

The American Recovery and Reinvestment Act of 2009, signed into law by President Barack Obama on February 17, 2009, provides first-time home buyers with an $8,000 tax credit. After purchasing their home, home buyers have the opportunity to file for the housing tax credit provided by the stimulus on their 2009 tax returns and use the tax credit for the repayment of the First Home Advantage Program loan to take full advantage of the prepayment incentive.

"We want to do everything we can to help Kentucky homeowners purchase their new homes," said Richard L. McQuady, chief executive officer of KHC. "The First Home Advantage Program allows home buyers to take advantage of every opportunity available to them in these difficult times."

In order for home buyers to qualify for this program, they must obtain a KHC first mortgage through a KHC-approved lender, be a first-time home buyer, meet KHC income and purchase price guidelines, and have a 620 minimum credit score.

To learn more about KHC's homeownership programs, visit their Web site www.kyhousing.org.

UNLICENSED TAX ASSISTANT

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Sat, 24 Jan 2009 11:30:22 -0600

Thanks to Chris Ann Cleland for the idea!

This photo is the property of Ron Spanton, Benton KY. All Rights Reserved. Any use of this photo, including reproduction, modification, distribution or republication, without the prior written consent of Ron Spanton, is strictly prohibited. Permission may be sent to me at ronspanton@remax.net. Photo is only of people, places, things or scenes in Western Kentucky.

44 ACRE HORSE FARM AT 8610 OLD MAYFIELD ROAD PADUCAH, KENTUCKY

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Thu, 22 Jan 2009 12:43:13 -0600

THIS PROPERTY HAS LOTS OF POTENTIAL FOR THE BUYER OR INVESTOR.

The bedford stone main house is over 2700 s.f. with 3 bedrooms, 2 and 1/2 baths and 3 car garage.

Well maintained with lots of updates including a remodeled kitchen with maple cabinets and slide outs, stainless dishwasher and upgraded microwave/convection oven.

New ceramic tile completes the kitchen which is open to the large family room. The open concept is great for entertaining. The gas log fireplace is thermostatically controlled for those chilly nights.

Off the family room is a sun room with a hot tub.

The 44 acres are fenced and cross fenced and includes 2000 feet of white vinyl fence.

There are 2 ponds and 2 run-in sheds.

The stable has 5 stalls and can be enlarged to 9 stalls with a tack room.

Well water makes it eccomical and convient to water and wash the horses. (The homes are on water district).

The stable is connected to a 66' x 100' indoor riding arena.

This property also includes a 3 bedroom, 2 bath manufactured home that could be used for extended family or rental income.

Of the 44 acres, 5 acres are in woods on the back of the property where there is a cabin currently rented for $550/month.

There is road access from both ends of the property which layes rectangular.

THE 44 ACRES, 3 HOMES, STABLE AND INDOOR ARENA ARE READY FOR YOU AND ONLY $585,000!

Click here for more details!

Concentrated look of a wise owl

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Wed, 21 Jan 2009 10:40:37 -0600

This photo is the courtesy of Gary Whittington, Benton KY. All Rights Reserved. Any use of this photo, including reproduction, modification, distribution or republication, without the prior written consent of Gary Whittington, is strictly prohibited. Permission may be sent through me at ronspanton@remax.net. Photo is only of people, places, things or scenes in Western Kentucky.

KENTUCKY LAKE WATERFRONT LOT - 176 CONCORD DRIVE GILBERTSVILLE, KY

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Thu, 15 Jan 2009 18:06:10 -0600

This lot has a good view of Governor's Bay and already has a covered dock with a slip in place!

Building Lot on Kentucky Lake ready for your New Home! Approved for 3 bed, 2 bath home $199,900

This lot is located in Cambridge Shores Subdivision on Kentucky Lake. Subdivision amenities include 2 boat launching ramps, sandy beach, tennis court, community building and community events. HOA fee is only $35 per year! This lot has been surveyed and the health department has approved it for a 3 bedroom 2 bath home. One of the few lots left on Kentucky Lake and it includes your private covered dock!

Click here for more details!

KENTUCKY LAKE WATER VIEW 486 MERMIE HARDIN, KENTUCKY

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Tue, 13 Jan 2009 18:55:44 -0600

There is a great view of Jonathon Creek off Kentucky Lake and talk about the sunsets!

3 Bedrooms, 2 and 1/2 Baths, 4 car attached Garage, 3100 s.f., Boat storage Outbuilding $239,900.00

This large home is all on one level and features a vaulted living room, split bedroom design, open floor plan, formal dining room with gas log fireplace and vaulted family room. The large kitchen features a pantry and for outside entertaining there is a brick patio. A 20 x 30 outbuilding is perfect for boat or RV storage.

Click here for more details!

TATER DAY........WHAT IS THAT?

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Mon, 12 Jan 2009 18:25:07 -0600

Well, here in Western Kentucky, Benton is very proud of it's tradition of celebrating Tater Day.

To celebrate Tater Day; we have a Tater Day Parade, Tater Day Flea Market, Tater Day Carnival and even a Tater Day Queen and a Junior Miss Tater!

Stop laughing!.....Come on! Your community probably has it's local celebrations as well and we'll find out about yours soon enough!

Our tradition started around 1843 when people in the community would get together to sell or trade sweet potatoes and sweet potato slips and continues to this day on the first Monday in April each year and ushers in Spring. The activities are so important to the community that our spring break for students coincides with Tater Day. No one would go to school anyway!

Now we all know there are celebrations around the United States and around the world for many different things including milk, cheese, beef, ice, pork and even nostalgia. Remember the squash festival featured in the Doc Hollywood movie? So here's the challenge, lets hear about yours!

Take note however, reportedly this is the only celebration in the United States that celebrates the sweet potato! If anyone out there can dispute this I need to hear about it.

This is how RE/MAX Real Estate Associates in Benton, Kentucky entered the Tater Day parade.

Now let's hear about your festivals!

HOME INSPECTORS - GENUINE INTEGRITY?

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Sun, 11 Jan 2009 13:00:13 -0600

I recieved a notice from ERBY CROFUTT - B4U CLOSE HOME INSPECTIONS that he would be attending a conference here in Western Kentucky on January 10, 2009 and wanted to know if we wanted to meet in person. You see, I'm a newby here at ActiveRain and my first postings were only listings. Erby was the first one to post a comment to me. He said:

"C'mon Ron. You gotta post something besides listings. Hard for me to retun comments when all you got are listings.

Tell us a good story about Benton!"

Well that was the kick in the butt I needed to try to post something about our local area, Benton, Gilbertsville and the Kentucky Lake area of Western Kentucky. I'm reading with great interest others blogs and comments to come up with ideas and in the meantime I've learned so much more about real estate and even life in general. Who would have thunk? So I think I'm beginning to understand now what it's like to be in the "Rain". This is truly a wonderful community.

Ok, so back to Erby. Erby and I met over supper at Catfish Kitchen and I was blown away by his sincerity and knowledge of the inspection process and it's relationship with the real estate industry. I could tell he takes his business very seriously and therefore conducts a very thorough investigation of the property he has been hired to inspect. But you see, the inspector is also an instructor and teacher and although most of us already know that, I could tell Erby is really good at it. He encourages the buyers to be present through the entire inspection process so nothing is missed - or misunderstood.

If you are purchasing a home in Central Kentucky and the Lexington area please consider talking with Erby.

And if you are a real estate agent or broker in his area I think you will be very pleased with his knowlege and integrity.

Wordless Wednesday - Think Spring!

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Wed, 07 Jan 2009 16:51:20 -0600

SNOW IN WESTERN KENTUCKY?

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Tue, 06 Jan 2009 14:15:01 -0600

HAVE YOU HEARD ABOUT THE SNOW IN WESTERN KENTUCKY? NO? THEN LISTEN UP!

Photo by Gary Whittington, Benton KY

Where we live in Western Kentucky near Kentucky Lake, we only average about 10 inches of snow per year! We enjoy 4 seasons (it would get boring having the same weather all the time, wouldn't it?) but the winters are mild. In the past I have lived in Northern Illinois, Northern Wisconsin and Minnesota so I really appreciate the weather here. Usually when we get some snow it only lasts a day or two. It's enough for the children to get out of school and get cold and wet playing outside.

When I tell local people about the winter activities up north such as ice fishing, skiing and especially driving vehicles on the lakes they can hardly believe me. Yes, those are fond memories that I'm glad I participated in, but I'm also glad I was much younger. I really don't think I would like it at my advanced years. Shoot, I might fall and break a hip!

For more weather information you could check out msn.com or city-data.com. City-Data also has census information which includes employment, income, and household statistics as well as average temperatures and precipitation for each month.

However, wherever you move don't rely on statistics alone. Make sure you contact a local REALTOR® who is familiar with the local climate; whether it's the weather climate or whether it's the real estate market climate, they are very well qualified to answer your questions.

KENTUCKY LAKE WATERFRONT REAL ESTATE MARKET 2004 - 2008 MARSHALL COUNTY

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Mon, 29 Dec 2008 16:24:17 -0600

The Kentucky Lake waterfront real estate market in Marshall County remained strong this year. Year to date listings sold were only 1 less than 2007 while the total and average sold prices are up. The following data is taken from our MLS:

Total sales for 2008 are up 10% over 2004.

Although total dollar sales were off in 2006 the following chart shows that the average home sale continued to rise.

Average home sales have risen 39% over the same 5 year period.

I think it's safe to say that investing in Kentucky Lake waterfront property is still a good investment even with all the negative information coming from the news media. Lenders are lending, interest rates are good and we have a good selection of properties to choose from.

This information is for Marshall County only and the data is taken from the regional Western Kentucky MLS. Information is deemed to be accurate but is not guaranteed.

MARKET REPORT - FORECLOSED PROPERTY IN WESTERN KENTUCKY

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Sat, 27 Dec 2008 11:39:37 -0600

FORECLOSURE OPPORTUNITIES
MARKET REPORT FOR WESTERN KENTUCKY

December 27, 2008

There are currently 6 foreclosed properties for sale in Marshall County, KY ranging in price from a low of $19,900 to $110,000.

Compare this to the entire MLS which includes all counties from Caldwell County west to the Mississippi river. There are currently 62 properties ranging in price from a low of $9,000 to a $274,900 waterfront home in Trigg County on Lake Barkley.

Investing in foreclosed property usually involves some of the following factors:

They are usually sold "as is, where is". The mortgage holder has never lived in the property and can't and won't warrant its condition. The purchaser must use due diligence when investigating the property prior to making an offer.

Many times they are advertised as a "fixer upper". There are a couple of reasons for this. First of all, due to the time lag from when the foreclosure notice is delivered until possession by the lender may lead to the heat and air being off for a lengthy period of time which can result in mold and mildew in the premises. Secondly, many times the soon to be displaced home owners release their frustration by removing or destroying parts of the property. And thirdly, sometimes these properties experience vandalism.

The positive side of dealing with foreclosed properties is it's a business decision by the lender. They don't have the emotions of the usual seller. So if you make a low offer that is not accepted you are welcome to make a higher one if you choose which may be accepted.

These are just a few of the concerns of investing in foreclosed properties. If you're considering investing in foreclosed properties, whether for resale or rental purposes, I would be glad to help you. Interest rates are great, the lenders are lending and there is a good selection to choose from. Also, if you so desire I can do property management on your behalf.

Ron Spanton REALTOR®, e-PRO

RE/MAX Real Estate Associates

803 Main Street

Benton, KY 42025

ronspanton@remax.net

http://www.MyKentuckyLakeHome.com

Fiery Sunset in Western Kentucky - we are so blessed!

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Fri, 26 Dec 2008 15:38:48 -0600

This photo was taken by my son's fiance near Kentucky Lake this fall 2008. One of God's miracles!

LONG DISTANCE VACATION PROPERTY SALE

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Thu, 18 Dec 2008 21:10:49 -0600

I just completed my first long distance sight-unseen sale and although I was very nervous it went through just fine.

The Buyer was here from out of state and I showed him a few properties. He made an offer on one but the Seller countered. We raised our offer but the Seller went up on his price! But that's a subject for another article. Understandably dissatisfied, my Buyer went home.

I sent him new listings by email over the next several weeks which led to previewing a couple for him. I took pictures and emailed them to him but nothing really caught his eye.

The third one led to writing an offer which I emailed to him, he printed it, signed it and faxed it back to my fax-to-email account. I then printed it and delivered it to the listing agent "contingent on his approval in person". It was accepted by the Seller.

The Buyer arrived the day before the scheduled closing (now I'm really getting nervous) and approved the purchase. He had the funds wired to the closing attorney and we closed the next day.

My how technology has changed the way we do business! A warning though, a sight unseen offer that goes until the day before closing can lead to ulcers!

ABOUT KENTUCKY LAKE

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Tue, 16 Dec 2008 19:22:34 -0600

Kentucky Lake and Lake Barkley in Western Kentucky are manmade lakes from the Tennessee and Cumberland Rivers respectively. They are also called reservoirs because of the damns on these rivers that created them. The Tennessee Valley Authority in conjunction with the Federal Government created them for generating electrical power, flood control and navigation.

The TVA along with the Corps of Engineers controls the lakes and their levels. You can find flow rates and lake levels at this TVA website.

The flow of water through the two dams' power plants creates electricity. I understand some of the lowest electric bills in the country are experienced by the southeastern part of the United States because of the inexpensive and "green" generation of electricity from the power plants.

For flood control the lakes are drawn down in the winter to 354 feet above sea level. When the watershed experiences spring rains combined with the snow melt from the north down the Mississippi and the Ohio rivers the Corps of Engineers can hold back the water flowing through the dams and allow the lakes to rise, lessening the potential for flooding downstream. Normal summer pool is 359 feet above sea level or a difference of 5 feet.

Before the dams were created navigation was treacherous. Now with the locks a great amount of product can be shipped by water. Kentucky Lake is in the process of extending their lock to handle longer barges. Currently some barges have to go through the lock in two sections taking a long amount of time and backing up traffic.

The lock project has created many local jobs and the housing market has benefited by those relocating here.

Using Outlook to track prospects with a listing

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Tue, 16 Dec 2008 15:25:11 -0600

Whether it's due to my advanced years or because I no longer carry a planner (preferring to go as paperless as I can) I've discovered a couple of ways in Outlook to keep clients and prospects connected.

This is important for the reason of communication and followup. For example keeping a prospect informed of a price reduction or a seller incentive to a buyer.

The property has been shown x times and now your seller has reduced the price. You could go back to the office and check the log and make phone calls, or if you keep it in Outlook it's already there!

I have discovered I can keep my clients and prospects connected using a couple of things in Outlook depending on your preferences and here they are.

You can connect them by clicking on "contacts" in the lower right hand corner of the contact information page and then find your client. Click OK and they are then connected. When you pull up one, you'll see the other contact.

However, I think the best scenario is to set up a Category for your client.

Here is how you do that. Create your listing client contact information "Any Name" and put them in a new category called the same as their name - "Any Name" (or property address if you prefer).

Any agent or prospect who has shown the "Any Name's" property is also put in this category. Some time later if my seller decides to change the listing price or incentive in some way, I have all the interested parties in one category. I can then shoot them an email or call them and all the information is in one place.

Hope this helps. Any other ideas or suggestions on keeping clients and prospects together?

Kentucky Lake Water View 234 Arthur Court Gilbertsville, KY

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Fri, 12 Dec 2008 15:12:17 -0600

There is a beautiful main lake view from this nearly new home overlooking Kentucky Lake!

3 bedrooms, 2 baths. Split bedroom. Open design. Large kitchen $149,000.00

This home features an open floor plan, Amish built cabinets, large maintenance free deck and is on 3 lots making plenty of room for further property improvements. Sellers are offering a 1 year home warranty.

Click here for more details!

Kentucky Lake Waterfront 164 Concord Drive Gilbertsville, KY 42044

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Thu, 11 Dec 2008 15:02:26 -0600

"Governors Paradise" is a waterfront home with a private dock on "Governors Bay"

4 bedrooms, 2 baths, private dock. YrBlt 1965. Sq Ft 1792. $293,500.00

"Governor's Paradise" is named after a former governor of the State of Kentucky who used to own this waterfront home. Located in Cambridge Shores amenities include 2 boat launching ramps, beach, community building and tennis court and HOA dues are only $40 per year!

Click here for more details!

Kentucky Lake Waterfront 770 Washburn Road Benton, KY 42025

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Thu, 11 Dec 2008 09:58:47 -0600

Custom built waterfront home with dramatic views and good water all year!

3 bedrooms, 3.5 baths, 2 car garage, dock. YrBlt 1999. SqFt 3,508 $575,000.00

This home has beautiful water views from all it's lakeside windows and the covered deck and patio. Gentle sloping lot and good water all year at your private dock. Views of Jonathon Creek as well as the main lake. Open floor plan!

Click here for more details!

Kentucky Lake Waterfront 1166 Shawnee Bay Road Benton, KY 42025

Ron Spanton - Kentucky Lake Area (RE/MAX Real Estate Associates) — Wed, 10 Dec 2008 12:59:02 -0600

Large custom built waterfront home on Kentucky Lake in a private setting.

5 Bedrooms, 3.5 Baths, 3 Car Garage. YrBlt 1987. SqFt 4,928. $549,000.00

Gated entrances and a circular drive welcome you to this custom built waterfront home on 1 acre in a private setting. Features include hardwood floors, 2 fireplaces, 2 kitchens and 3 geothermal heating and cooling units (one for each level of the house). This home is also available for rent for $1,850 per month.

Click here for more details!