Knox County Ohio Real Estate Information Archive

Knox County Ohio residents got a big surprise this past weekend when 16 inches of snow fell within a 24 hour period.  This was the largest single day snow storm for Ohio that was recorded in more than 50 years.  On Friday March 7th the county was declared a level 2 snow emergency which means motorists were advised to say home.  On March 8th they raised the snow emergency to a level 3 which means only emergency vehilces are allowed to be on the roads.  When I woke up Sunday morning the roads were amazingly clean and it was very obvious that the city, the townships and the county had all worked around the clock and their efforts paid off in a big way.  Mount Vernon Schools were open Monday morning and the drive to work was smooth with no issues.   Traveling the roads in Mount Vernon, Fredericktown, Howard, Gambier, Centerburg and Apple Valley should be back to business as usual and in record time.

The National Association of Realtors has published its predictions for the 2008 housing market, and the data looks positive so far.  Most noteworthy is the trend toward improving existing home sales. 

Lawrence Yun, senior NAR economist, said “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.” 

Existing home sales are expected to rise to $5.7 million in 2008 – making it the fifth highest year on record.  Existing home prices, which declined 1.9% to a median of $217,600 in 2007, are expected to go back up about .3% in 2008.  As Yun noted late in 2007 “even with a modest decline in the national aggregate price this year, it’s important to keep in mind that nearly two-thirds of the metro areas in the US are showing price increases … the apparent disparity results from fewer sales in high-cost areas, so a change in the mix is dragging down the national median home price.”

To find out the latest trends in Knox County OH real estate, please call me at 740-397-7800 or visit SamMiller.net.  To begin searching for Knox County OH homes, please use my complimentary MLS search.

Attention, home sellers!  Even in an uncertain real estate market, there may be good news for you – depending on where you live.  The National Association of REALTORS® has published the results of its quarterly sales survey and found that the median home price continues to rise in most metropolitan areas.  The median is a typical market price – meaning half of all homes sold for more, and half of all homes sold for less.

Lawrence Yun, NAR chief economist, said the data underscores the fact that all real estate is local.  “Some metro areas are hot, while others are experiencing localized problems,” he said.

As we move into a new year, we will keep a close eye on the Knox County area market trends to see how prices affect sales volume.  Since the market changes month to month and neighborhood to area, please contact me at 740-397-7800 or visit SamMiller.net to get the latest information on Knox County OH real estate.  To receive a complimentary home value analysis, please click here.

Happy new year - see you in 2008!

May your Thanksgiving be blessed with the bounty of the season and the love of family and friends!
 

We’ll be back next week with more of the latest Knox County OH real estate news and information!  In the meantime, please feel free to contact me at 740-397-7800 or visit SamMiller.net.

We’ve all rolled our clocks back an hour and are beginning to adjust to the earlier onset of evening.  In the winter months our homes can seem darker than usual, but there are ways to use the natural light that is available in your home to brighten things up.  Money Magazine has published a list of “Do’s” and “Don’ts” for adding light to any home – among the topics covered are:

• Skylights (pick ones that open and choose carefully where to put them)
• Big windows (install them to showcase your best views, but don’t forget to add small windows above or below them that open)
• Window height (put windows high on the wall, but not tight to the ceiling)
• Window grouping (group several windows together, but don’t separate them with fat supports)
• Window shades (install shades in windows that face east, west, and south; avoid using UV-inhibiting coating)

Following these tips for adding light to your home will help to increase your home’s value.  To receive a complimentary comparative home value analysis, click here.  For more information about Knox County OH real estate, please visit SamMiller.net or call me at 740-397-7800. 

The temperature is dropping, the leaves are beginning to change, and autumn is officially in full swing in Ohio.  Halloween is just around the corner, and if you haven’t done so already, this weekend will be the perfect time to pick up your family’s Jack-o-Lantern!

A great way to spruce up your home’s curbside appeal during this season is to decorate with a few locally-grown pumpkins – maybe even add some hay and a scarecrow to really get festive!  Visiting a local pumpkin patch is also a fantastic way to enjoy the fall weather with your family and get some of those always-cute snapshots of the kids picking out their pumpkins.  Why not start a new tradition this year and visit one of these local pumpkin patches?

To learn more about living here and Knox County OH real estate, please visit SamMiller.net or call me at 740-397-7800.  You can begin searching for Knox County OH homes here!

It's an increasingly common dilemma.  You want to retire — but you haven't yet retired your mortgage.

According to the Federal Reserve, among households headed by someone age 65 to 74, over 32% had a mortgage on their primary residence in 2004, up from less than 19% in 1992.

Are you heading into retirement and still carrying a mortgage?  Here are some tips on how to do it:

-  If you have a heap of savings and a modest mortgage, go for the loan payoff.  You might consider trading down to a smaller home or, work part-time until you're rid of the mortgage.

-  If you have cash sitting in, for example, a money-market fund held in a regular taxable account, also consider using these savings to reduce your loan balance.  Sure, your mortgage may be costing you just 6% and the interest might be tax-deductible. But your money-market fund is likely yielding only 5% — and you have to pay tax on that income.

If your mortgage is so large that paying it off will seriously impact your retirement, you might as well get the mortgage payment down as low as possible.

Better still, trade down.  After paying a 5% or 6% real-estate commission and paying off your current mortgage, in most cases, you could put down cash on your new home, leaving you with a smaller mortgage.  If you financed that over 30 years at 6.5%, your monthly payment would be lower.

You might even consider refinancing later in retirement, further shrinking your monthly payment by again extending the loan over 30 years.  Even in today's tight credit environment, you shouldn't have a problem qualifying for a new loan, as long as you have a reasonable amount of retirement income.

Thinking of retiring to Knox County OH?  Visit KnoxCountyMLS.com to receive automated emails of listings that meet your criteria.  Or, for more personalized service, please call me at 740-397-7800 or visit SamMiller.net to learn more about Knox County OH real estate.

We’ve been covering the unprecedented rise in foreclosures across America a lot lately, because it is such a hot topic in the real estate world.

On the opposite side of homeowners who are struggling to meet their mortgage payments are those who are eager to capitalize on the trend by investing in foreclosures and – they hope – selling them for a hefty profit.

While this seems like an easy enough idea on the surface, potential investors should take care to investigate what they are getting into before heading to an auction or purchasing any property sight-unseen.

As this article on RealEstateJournal.com details, there are caveats to investing in foreclosures.  If you are investing in a property with the hopes of flipping it for a quick re-sale, you should consult an experienced Realtor first to get a clear picture of the current real estate market in your area.  If homes are not moving off the market quickly, you could end up with a property that won’t sell simply because there aren’t enough buyers in your area.  Also, some homes may come with major structural damage, hidden liens, or utility bills that need to be paid.  Since these properties generally cannot be inspected prior to purchase, it is important to weigh out how much you are willing to invest in improvements over and above the actual price of the property.

If you are thinking of investing in Knox County OH real estate, please visit SamMiller.net or call me at 740-397-7800.  You can also begin searching the MLS here. I would be happy to help you invest in your future in Knox County OH.

Did you know that many moving expenses, including house-hunting trips, are tax deductible?  This is why it is of the utmost importance to keep detailed records of all moving expenses if your move is job-related. 

If your move is 35 miles or more from your home, you can deduct your family’s travel expenses, including meals and lodging; the cost of transporting furniture, other household goods, and personal belongings; food and hotel bills for up to 30 days in the new city if you have to wait to move into your new home; and the costs associated with selling your old home or leasing your new home.

Please note that there is a ceiling on deductions which is outlined in detail in the IRS’s Publication 521, “Tax Information on Moving Expenses,” available free from the IRS offices.

Thinking about moving to Knox County OH?  Start by signing up to receive free automated listings by email; you may also visit SamMiller.net or call me at 800-282-9096 for all of your Knox County OH real estate needs!