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Visit a Knox County OH Pumpkin Patch!

by Sam Miller

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!

Retiring in Knox County OH with a Mortgage

by Sam Miller

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.

Buyers Beware When Investing in Foreclosures in Knox County OH

by Sam Miller

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.

How to Avoid Foreclosure in Knox County OH

by Sam Miller

If you have a mortgage on your Knox County OH home, you have probably been paying close attention to the latest interest rates and are aware of the ongoing rise in the foreclosure rate across America. 

 

What would you do if you were actually faced with the prospect of foreclosure?  Would you have the information needed to make an informed decision on your financial future?  Many homeowners think it can or will not happen to them, so they do not take the time to learn what the options are on the best way to move forward in a stressful situation such as foreclosure.

 

This article from FreddieMac.com outlines the terms associated with foreclosure and gives a good starting point with steps to take if you think you may soon be unable to pay your mortgage.  Some of the topics covered in this helpful article:

  • What to do if you can not pay your mortgage
  • What if you can no longer afford to keep your home
  • Beware of scam artists

I would like to add to the list of steps to take when facing foreclosure – contact an experienced Realtor!  Along with a reputable lender, an experienced Realtor can help explain your options and guide you through the choice that is best for you.

 

For more information about Knox County OH real estate, please call me today at 740-397-7800 or visit SamMiller.net, I would be happy to help you.  You may also begin searching the MLS here!

Displaying blog entries 1-4 of 4

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Sam Miller
RE/MAX Stars Realty
710 South Main Street
Mount Vernon OH 43050
740-397-7800
Fax: 740-399-3604