Perry and Lynn Thomas

Mortgage News Update

Perry Thomas (Keller Williams) — Mon, 08 Jun 2009 11:00:33 -0500

Fannie Mae changed the rules for condo purchases. 70% of new projects (new construction) must be sold in order to qualify the unit as a Fannie Mae project. In the past, 51% of the units had to be under contract. Fannie Mae has tightened the guidelines in order to prevent further loss of revenue from these projects. If 70% of the new projects are not sold, financing has to come from other sources.

Warehouse lending has become more difficult. In 2003, at the height of the mortgage industry, more than 50% of the Mortgage business was originated by Mortgage Brokers. Now, only about 16% of teh business comes from Mortgage Brokers. A huge amount of Mortgage just got out of the business. It has become more difficult for them to be in business due largely to government regualtions.

Mortgage Brokers still in business are more qualified and have to work harder to stay qualified. Also, it is a challenge to stay tuned with the constant changing of the rules. Mortgage Banking is another option for originating a loan. In those cases, the loans come from the bank. So, the client buying the home still has choices. it is just the view on the inside of the industry that looks very different.

The good news is: home buying affordability is way up! When one considers the price of homes being very low, interest rates historically low, and the $8,000 first time home buyers tax credit make it an incredible time to buy a home. What an incredible opportunity!

In terms of what is going on in the Mortgage Industrym the pendulum has definitely shifted from the philosophy of everyone should be getting a loan to people must be qualified to buy a house.

The Median Home Price in Louisville Dropped

Perry Thomas (Keller Williams) — Tue, 26 May 2009 17:14:42 -0500

The median home price for April 2009 was $124,000. "The median" is a term describing the half way price point. So, half of the homes sold in April were below $124,000 and half sold were above that amount. It's actually a pretty good measurement to determine how overall home prices are doing relative to another time in history.

For example, the median home price fell 6% from a year ago. That means the home values generally dropped. Although, this seems like tough news, The National Association of Realtors said that it fell 13.8% nationally.

It is also interesting that the amount of homes sold in April was also down 22%. What that means to those of us selling our homes, is that we have to become even more aggressive on our price if we want our house to sell.

The Incredible Tax Benefits of Home Ownership

Perry Thomas (Keller Williams) — Tue, 05 May 2009 14:58:25 -0500

A stunning revelation of the advantages of home ownership was published by Robert D. Dietz, Ph.D. in an article he published March 27th entitled The Tax Benefits of Home ownership.

Dr. Dietz ran the numbers and discovered that, "a household with $80,000 in annual income who obtains $200,000 mortgage will save on average $1,765 in the first year of home ownership. By the end of the fifth year of homeownership, the household will save on average $8,607 on taxes, and this amount grows to $19,488 by the end of the average period of ownership - twelve years. This stylized homeowner can expect to save $21,650 in capital gains taxation, yielding a total benefit of $41,138 over the expected period of homeownership."

He also "provides variants of these calculations if the analysis allows the homeowner's income to increase with their age and labor market experience. For example, the five-year taxx savings for this homeowner increases to $9,723."

His findings go on to calculate, "how the numbers are increased by the existence of the temporary $8,000 first-time homebuyer tax credit. In the case illustrated above, the five year tax savings estimate increases 82% from $9,723 to $17,723."

The tax advantages for home owners are staggering. The deductibility of mortgage interest, deductibility of real estate taxes and capital gains exclusions for principle residences create unreal tax savings. Homes are and will continue to be a strong vehicle for helping us create wealth in our lives.

This paper has been made courtesy of www.HousingEconomics.com

Perry and Lynn took 340 Students to Bible and Beach in Panama City Beach, Florida

Perry Thomas (Keller Williams) — Wed, 15 Apr 2009 12:35:06 -0500

Perry and Lynn arrived in Panama City Beach, Florida on Friday March 27th. They were there to set up for the arrival of 340 High School students to Bible and Beach 2009. The students came from Southeast Christian Church in Louisville, Kentucky.

Once the students arrived, the stage was set for some amazing biblical teaching from Mark Moore of Ozark Christian College. Matt Bayless from Northside Christian Church led some incredible times of worship. During the week, everyone studied the book of Exodus.

Fun was a major component of the week. The students participated in volleyball tournaments, flag football games, sandcastle building, square dancing and a talent show. Pictures of the event can be found on www.bibleandbeach.com

It truly was an amazing time to see what God was doing with his High School students. A dozen students were baptized in the ocean; two rededicated their lives to the Lord. Over forty students made a decision to make a 180 degree turn to get their lives back on track.

Nearly every student that went to Florida made a dramatic commitment to radically change something in their life and their community to bring Glory to God. Perry and Lynn really are grateful for the opportunity to be apart of it as it happened. Given the opportunity, they would go to Bible and Beach all over again.

Keller Williams Louisville East Is The 10th Largest Real Estate Company In Louisville Kentucky

Perry Thomas (Keller Williams) — Thu, 26 Mar 2009 13:09:56 -0500

In the March issue of Business First Magazine, all of the real estate firms in Louisville were ranked according to how many sales each office made in 2008. Here is that ranking:

Semonin Realtors
Remax Properties East
Century 21 Realty Group Cos.
Re/Max Associates
Coldwell Banker McMahan Co.
Schuler Bauer Real Estate Services
Re/Max 100 Inc.
Re/Max Alliance
ERA Kepple Kenne Realtors
Keller Williams Realty Louisville East

It is absolutely amazing to consider a real estate office opening in an exteremly competitive marketplace wand within one year taking the number ten sport in that marketplace. Especially, since it did not open until March of 2008.

The phenomenal growth is due in large part to the culture of the office. The marketcenter is agent centric. One of the primary focuses is on educating and equipping the individual agents to exceed to the highest levels in their businesses. Uniquely, the agents train each other. It's not a staff person assigned to training agents. A spirit of collaboration is formed when agents share what they know and grow stronger as a result.

It is reflected in an abundance philosophy that is shared among the agents. The feeling is there is enough real estate business for everyone, even during times of scarcity. That atmosphere creates an energy that helps the agents succeed even more. It becomes infectious and causes the office to grow both in the amount of agents in the office and their individual production.

Home Sales In the United States Are Up This Year By 6.5%!

Perry Thomas (Keller Williams) — Tue, 17 Mar 2009 13:05:55 -0500

There is a 6.5% national rise in home sales since November in 2008. This increase is driven largely by 4 states that experienced some of the biggest price declines in 2008. Home sales in California are up 84.7%, Nevada is up 133.7%, Arizona is up 42.6% and Florida is up 12.5%. The biggest reason for most of this new activity is because of distressed home sales, foreclosures and short sales.

It would appear that lower interest rates and lower home prices are attracting home buyers to Markets like California, Florida, Arizona and Nevada. Could it be the states that brought us into the market downturn could be the ones who lead us out of it?

Comparing home prices in 2008 to 2007, according to the National Assosiation of Realtors, California was down 26.9%, Nevada was down 22.8%, Arizona was down 19% and Florida was down 18.2%.

The states with the biggest price drops in 2008 are the same states that saw the biggest increases in home sales this year. With home sales on the rise .5% nationally, home prices low and mortgage rates at a low not seen since 1969, now is an incredible time to buy a home.

What The 2009 Tax Credit Is and How It Works

Perry Thomas (Keller Williams) — Wed, 11 Mar 2009 14:23:43 -0500

In February 2009, Congress expanded the first-time homebuyer tax credit (as modified in the American Recovery and Reinvestment Act) to provide a tax credit of up to $8,000 for first time home buyers that no longer has to be paid back to the government. It's called the First Time Home Buyer Tax Credit and this is fundamentally what it is:

The Tax Credit is for first time home buyers only.
The Tax Credit does not have to be repaid.
The Tax Credit is equal to 10% of the home's purchase price, up to a maximum of $8,000.
The Tax Credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
The Tax Credit is available for single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000.

That is essentially it. If you have more questions about the plan, just visit the website where most of this information came from. It's www.federalhousingtaxcredit.com

This is an amazing time for the first time homeowner to purchase their first home. The price of most real estate is at a record low. Most everything is on sale. Interest rates are also low. 5% to 6% make already low priced real estate even more affordable. Now Congress has offered us $8,000 cash back on our taxes if we buy our first home in 2009. As the first-time homebuyer considers their first purchase, now is an incredible time to buy that first home.

Lynn and Perry went to Orlando last week and attended the annual Keller Williams Conference called Family Reunion

Perry Thomas (Keller Williams) — Fri, 06 Mar 2009 12:12:01 -0600

Thousands of Keller Williams Agents from all over the Country and Canada filled up the Orange County Convention center in Orlando, Florida. Perry and Lynn met with old friends from all over the country and went to so many training classes. Perry said, "It's like trying to drink water from a fire hydrant; there is so much great information!"

Clint Swindall was the keynote speaker who explained when asking how someone is, rather than asking, "Hey how are you?" and getting an answer you way not want, try asking, "Tell me somethin' good!"

An incredible announcement was made during the state of the company event that Keller Williams bumped RE/MAX for the number 3 position in agent count in the United States. The current count is as follows: #1 Coldwell Banker 101,170 agents #2 Century 21 98,390 agents #3 Keller Williams 72,794 agents #4 RE/MAX 69,108 agents #5 Prudential 62,000 agents.

During a time when most real estate franchises are cutting back benefits for the agents, Keller Williams is adding more free training to everyone and unbelievably, affordable health care for their agents.

Perry and Lynn stayed two additional days in Orlando, Florida so Perry could swim in hte ocean at Coco Beach and go see Peter Pan and Tinkerbell at the Magic Kingdom.

On their drive home, Perry and Lynn were so inspired by the conference they couldn't wait to get home and omplement these phenomenal elements into their business. They feel challenged to give more time and energy to their staff and clients than they ever have before. The are off to not just survive, but to thrive in this current Louisville Real Estate Market.

How The Ice Storm in Louisville Kentucky made Perry and Lynn Thomas' House Look From The Street

Perry Thomas (Keller Williams) — Sat, 14 Feb 2009 09:24:06 -0600

Well We are beginning to dig ourselves out of the ice storm of 2009. We're cutting up trees and making piles. The sun is out. We have our gas and electricity. We feel like humans living in the 21st century again. The picture to the right is how our House looked from the street. Those Dogwoods don't usually touch the ground. Fortunately, it looks as iff our trees will all be saved. Perry climbed them all and cut away the broken branches.

Whats going on with the new Stimulus Package as it pertains to the Real Estate Market?

Perry Thomas (Keller Williams) — Fri, 13 Feb 2009 14:08:59 -0600

February 13, 2008

Whats going on with the new Stimulus Package as it pertains to the Real Estate Market?

The senate is discussing a portion of the stimulus package called fix housing. There are two primary compents under discussion. The first on is the $15,000 Homebuyer tax credit.

Many of us know that current credit of $7,500 exists to those first time homeowners that purchase a house this year. The plan will expand that number to $15,000 and open it up to everyone not just to first time homeowners. Under debate is, will we have to pay it back? If so, how much? A tax credit is a powerful idea. That will certainly put money back in the hands of tax payers. For example, if you owe Uncle Sam $1,000, instead of writing a check for that amount, you will get a $14,000 check. That's dramatic. Not only will that put cash in peoples hands, it will cause more people to want to buy real estate. More buyers in the market place causes more demand. As demand increases, prices rise.

The other portion of fix housing talks about getting mortgage rates between 4.0 and 4.5%. It's complicated how they plan to achieve such a plan. One idea under discussion, is banks will issue these mortgages, then Fannie Mae and Freddie Mac will purchase these newly originated loans. That is not just new home purchases, but also refinancing of a current home. They are discussing an end date of these loans being the end of 2010.

They want to cap the program at $300 billion dollars. That seems to say, "If we hit $300 billion dollars in November of 09, that's it gang, no more loans." Estimates of the cost of the tax credit program comes in at about $20 billion. I don't hear language about a cap here, but the time period will be between January 1st (it will be retroactive for uswho already purchased) and December 2009. The minimum cost of both these programs will be $320 billion dollars. That comes to a little more that a third of the total stimulus package going toward fixing the housing problem.

It's day 9 without power in Louisville Kentucky

Perry Thomas (Keller Williams) — Thu, 05 Feb 2009 06:41:49 -0600

Well, it's been 9 days since we've had electricity, so I've decided that we should become a bit more traditional in our approach to surviving this cold season in Louisville Kentucky. I've polished off my old musket while Lynn filled up the kettle down at the creek. I haven't worn these woolens for some time. I'll be sure to let you all know how it goes. Thank you kindly for all of your prayers.

We're Snowed In

Perry Thomas (Keller Williams) — Wed, 28 Jan 2009 15:48:49 -0600

It's snowing like crazy outside. We want to be out and about. We've got property to see and bids to make... Our power is out and we can't get online. The fact that We've made this blog happen is a miracle:)

So Lynn shoveled the driveway. Fortunately, I had the camera with me to capture everything. It was amazing to hear a "crack" then turn to see the top of a tree go crashing into the road.

I must say. Our front yard is a winter wonderland. It's absolutely beautiful.

The street out front of our house after most of the trees have cleared is driveable now. Two streets down, trees are laying across the road.

Perry and Lynn Thomas are Going to Flip Houses This Year

Perry Thomas (Keller Williams) — Tue, 27 Jan 2009 20:53:06 -0600

Lynn Thomas and I spent the holidays figuring out how to more income in the current market. Lynn is an expert in pricing homes in the Louisville Kentucky real estate market. So, we're going to flip 25 homes this year. that's the goal. We haven't done it before. So, it's stretching us up to get good quick. So far, we have one home on the market,one home under construction, and two contracts out there. We are thrilled with the opportunity.

White Blossom is True to it's Name

Perry Thomas (Keller Williams) — Fri, 16 May 2008 17:38:08 -0500

White Blossom is a Subdivision in Louisville Kentucky. This spring it truely lived up to it's name. Street after Street had trees exploding in these white blossoms that just gives one goose bumps. It overwhelms the senses to drive through it. I was so moved I had to pull over and take some pictures.

I was in a hurry to put a sold ryder on our listing in this subdivision. But, as I pulled in and started driving around I got this feeling that I needed to slow down and look around. I needed to pay attention to what was going on around me. So, I pulled over, rolled down the windows breathed in deep and started to smile.

People were out walking around pushing baby strollers, smiling and chatting with their neighbors. The smell was intoxicating with every tree in bloom.

I grabbed my camera, stepped out into the street and took some pictures.

I'm glad I did. The blossoms turned to green leaves, our listing sold. We have other listings and no one can see why this subdivision is called white blossom. With the pictures, the blossoms can last just a little longer.

Lynn Thomas Real Estate Team sells 12303 Brookgreen Dr in 2 days!

Perry Thomas (Keller Williams) — Wed, 14 May 2008 21:47:39 -0500

The Lynn Thomas Real Estate Team sold 12303 Brookgreen Dr. in Louisville Kentucky in just two days! The home was listed for $148,500 March 7 2008 and went under contract March 9th 2008 just two days later. The owners were thrilled. They were moving out of the city of Louisville. They couldn't believe it sold so quickly. Well done Lynn and the Lynn Thomas Real Estate Team!

Another Home Under Contract!

Perry Thomas (Keller Williams) — Wed, 07 May 2008 22:16:22 -0500

8103 Bentbrook Place located in Peewee Valley Kentucky just went under contract February 27th 2008.

The house hit the real estate market on January 23rd 2008 at a list price of $399,900.

The owners are thrilled they sold this beautiful 5 bedroom 4 bath house that sits on an unbelieveably georgeous lot.

It's another amazing job well done for Lynn Thomas and the Lynn Thomas Real Estate Team. This listing makes the seventh home sold for the team in February. Way to go team!

Beautiful Condo Under Contract!

Perry Thomas (Keller Williams) — Wed, 07 May 2008 21:06:14 -0500

10402 Southern Meadows Drive #302 Louisville Kentucky 40241 went under contract March 3rd 2008.

This condo is an absolute doll with 2 bedrooms and 2 baths at 1083 square feet. This 3rd floor condo has vaulted ceilings and a fireplace in the Great Room.

The condo went on the Real Estate Market February 21st. The property sold in less than two weeks. The seller was shocked with 15 other listings in Worthington Glen at comparative prices that theirs sold so quickly.

Once again, the Lynn Thomas Real Estate team working out of Keller Williams Louisville East in Louisville Kentucky sold another home in Kentucky bringing the most amount of money for the Seller in the least amount of time. Way to go team!

Home Under Contract!

Perry Thomas (Keller Williams) — Sat, 22 Mar 2008 07:49:19 -0500

14604 Dominick Michael Drive Located in Louisville Kentucky went on the Real Estate Market January 30th 2008.

Less than 30 days later on February 27th 2008 Dominick Michael went under contract.

This is unusual for a home in Louisville Kentucky listed for $975,000.00 to sell so quickly. But, due to the skill and expertise of Lynn Thomas and her highly motivated team of Realtors, it happened to the delight of both the team, the sellers and the buyers. The sellers are grateful to be moving on with their lives so quickly. The buyers are thrilled with the home and can't wait to move in.

It really is another win-win situation for everyone working with the Lynn Thomas Real Estate Team and the Keller Williams Louisville East office on 1230 South Hurstbourne Pkwy suite 100 in Louisville Kentucky 40222.

Neither Snow nor Sleet will Keep Lynn Thomas Off Her Feet

Perry Thomas (Keller Williams) — Sat, 08 Mar 2008 10:42:54 -0600

Right in the middle of Louisville Kentucky getting blanketed with over 8" of snow, Lynn Thomas is getting this house on the market no matter what the cost.

Her heroics tickle me to the core. She just listed 4115 Bolling Brook Dr in Louisville Kentucky today in the most strenuous of circumstances.

Schools are closed. Church is cancelled. Banks aren't open. But, The Lynn Thomas Real Estate Team is still listing property in Louisville Kentucky boy howdy! Go Team! Go Louisville Real Estate!

Keller Williams Family Reunion Red Bash

Perry Thomas (Keller Williams) — Sat, 08 Mar 2008 10:17:51 -0600

The party started innocently enough. We put on our tshirts, stood in line with 7600 other Keller Williams agents to go into the Red Bash. Agents from Virginia dressed in colonial garb. Agents from Oregon were dressed as super heros. We were horses off to the races. Anyone could tell because of the horse signs we held that Scott put together and handed out. Then Angie gave is whistles and all heck broke loose. We steamed thru security, went up the spiral staircase, went up to the front of the stage and waved our signs. When you looked at the tv screens all you could see in every shot were our signs. We danced and hollered it was so much fun. We are in business with the greatest people in the world.

Fun for the Holidays

Perry Thomas (Keller Williams) — Thu, 27 Dec 2007 15:27:18 -0600

It seemed innocent enough. Seven Friends opening a board game called Diplomacy. We took the game seriously, seeking to win at all costs. The only way to win the game is to adapt, engage, betray (only at the right time),ally and do what ever it takes to conquere the world. We know we are not really like these alter egos we have created; Perry the loud and two faced, Steven the manipulator, Arron the innocent, Ben the trusted (for the next 10 turns), Ethan the slow to trust, Sean the ultimate betrayer (who by the way won the game), and Alex the betrayed. As of today, Alex still hasn't recovered from the depth of Sean's betrayal. This was the fifth annual get together of this group. For a very sick, deep reason, we want to continue this tradition. Todd taught Perry and Sean how to do it online. Since everyone is spread out from Kansas City, Nashville, Colorado, and Louisville, we want to play online during the year.

Our Mayor Speaks from the Mayors conference about real estate

Perry Thomas (Keller Williams) — Tue, 27 Nov 2007 21:19:09 -0600

I was listening to Market watch on NPR public radio as I am wont to do on a Tuesday night right before my bible study starts and lo and behold I find our illustrious mayor Abramson who is out of town on a mayor conference speaking about how this year, in 2007, with a population of 700,000 we have 3500 recorded bank foreclosures up from 2000 last year. Of course, this looks like nothing short of opportunity for my customers and me. The banks 30 year fixed rate today is 6.20% ! Now is the time to purchase property. When we buy our cloths at the mall we purchase when the price is down or when things are on sale. We should do the same with our real estate purchases. We will be kicking ourselves in 2 years we are back in a sellers market when our homes are worth a premium and we wished we had an extra house to sell. By the way, here is our latest listing.

How can I reply to a comment?

Perry Thomas (Keller Williams) — Mon, 17 Sep 2007 21:15:30 -0500

I wrote a blog and got 5 comments. They are asking me questions, but when I click their name to reply, It throws me to their website. Is there a way to reply to the comment? or must I go to their website, find the contact page, e-mail...

How do I respond to people who comment on my Blog?

Perry Thomas (Keller Williams) — Mon, 17 Sep 2007 21:08:25 -0500

I wrote a couple of blogs and now have 5 peoples' comments. They left questions and would like feedback, but when I click on their name, it slams me to their website and I'm lost. Is there a way to comment back directly, or do I just have to hit their website, look for an e-mail address...

Perry

Our New Keller Williams Office in Louisville

Perry Thomas (Keller Williams) — Fri, 14 Sep 2007 21:29:23 -0500

Here it is. Our beautiful market center has been open a year and a half. We are profit sharing. We are in the top 7 offices in production in Louisville. I was so excited I jumped on Janis' cooler scooter to blow off some energy.

It was a wonderful warm sun shining day.