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Kentucky REALTOR® News

"Get REALTOR" consumer ad campaign launched by NAR
February 8, 2016

Buying a home isn’t as easy as clicking a few buttons and magically getting the home of your dreams, as the current real estate advertising landscape leads many to believe. The reality is that real estate transactions can be stressful and there are often challenges and obstacles along the way.

To communicate Realtor® value in helping consumers succeed in all things real estate, the National Association of Realtors® has launched a new advertising campaign, “Get Realtor®.” The campaign targets hyper-connected and emerging generations of home buyers, sellers, owners and investors. Read More

 

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REALTORS® Applaud House Passage of "Housing Opportunity Through Modernization Act" - Copy
February 5, 2016

The U.S. House of Representatives voted today to advance legislation that will expand opportunities for homeownership. H.R. 3700, the "Housing Opportunity Through Modernization Act," includes a number of initiatives that have strong support from the National Association of REALTORS®, who hailed the vote as important progress for home buyers and sellers.

"This legislation will put homeownership in reach for more families, and we applaud Congress's work to take us there," said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. "We look forward to seeing it advance through the legislative process and to the President's desk, so it can be signed into law."

NAR testified last year in support of H.R. 3700 before the U.S. House Financial Services Subcommittee on Housing and Insurance. In particular, NAR championed the inclusion of reforms to current Federal Housing Administration restrictions on condominium financing.

Condominiums are among the most affordable homeownership options for first-time homebuyers, as well as lower income borrowers, but barriers to safe, affordable mortgage credit for condos still exist. H.R. 3700 takes a number of steps to address those concerns.

These include efforts to make FHA's recertification process "substantially less burdensome," improving a process that is often costly and which condo developments must repeat every 24 months. H.R. 3700 also lowers FHA's current owner-occupancy requirement from 50 percent to 35 percent and requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency.

Additionally, the "Housing Opportunity Through Modernization Act" streamlines the process for exemptions to FHA's rule requiring that condominium projects have no more than 25 percent of the space dedicated to commercial use. This effort is in line with the Department of Housing and Urban Development's initiative to promote neighborhoods with a mix of residential housing, businesses and access to public transportation.

Finally, H.R. 3700 includes further support for rural housing loans and multifamily housing initiatives.

The National Association of REALTORS®, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

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Gov. Bevin to study possibility of tax reform
February 5, 2016

Gov. Matt Bevin and his top policy officials will study the possibility of reforming Kentucky’s tax code after this year’s legislative session, state budget director John Chilton said Thursday.

“He has said it needs to happen,” Chilton said. “All different things will be considered.”

Chilton said he attended nearly all the meetings of Gov. Steve Beshear’s Blue Ribbon Tax Commission, which presented a plan in 2012 that members said would modernize Kentucky’s antiquated tax code and eventually produce at least $690 million a year. Read More

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Yun insight into housing and stocks
February 4, 2016

The stock market woke up on the wrong side of bed this year, suffering a 10% correction. But home prices, another important asset for many families, look to be reaccelerating. The national median home price increased 7.6% over the past 12 months to December 2015. Other home price data show similar strengthening in their respective measures to either the fastest rise of the year or nearly so: the CoreLogic home price index increased by 6.3% in December while the less timely home price data from the Federal Housing Finance Agency rose 5.9%, and the Case-Shiller index rose by 5.8% to November. Read More

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7 tech game changers for your business
February 3, 2016

One of the technology industry’s hottest shows wrapped up last week in Las Vegas, where we got a peak at some items that have the potential to drastically change the way real estate professionals do business. From virtual reality headsets to driverless cars, CES 2016 offered plenty of insights into how staying connected and marketing listings may evolve.

 

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DIY renovations: which are and aren't
February 3, 2016

Your buyers like the house — mostly — but the closets could be reconfigured and the bathroom tile has to go. Are those DIY projects, or are they "DIFM" (do it for me)? In a new survey from the Home Projects Council, home owners reviewed a range of home improvements. Most said they would feel comfortable doing some projects, but it's best to have professional referrals ready for some. Read More

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LRC posts legislative updates through YouTube
January 19, 2016

The Legislative Research Commission in Frankfort offers a weekly wrap up of the activities of the 2016 Kentucky General Assembly. The videos cover everything from issues legislators see as most important in the coming session - from the biennial state budget to Second Amendment issues - as well as educational videos on how legislation moves through the system.

 

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zipLogix is new member benefit in 2016
January 19, 2016

In 2016, NAR will be providing zipForm® Plus real estate forms software and zipTMS™ transaction management solution as a member benefit nationwide with the goal of providing REALTORS® access to the forms they want, when and where they need them. REALTORS® will benefit from zipLogix’ state of-the art technology, which ensures data integrity, security and disaster recovery and a standardized technology platform designed to create efficiencies and streamline processes.

This new NAR member benefit includes zipLogix’ robust transaction management system, an exclusive NAR national forms library, and state and local forms libraries provided the forms are licensed by the association or board to which the member belongs. With this step toward a comprehensive transaction platform, NAR is committed to making sure REALTORS® have the tools they need to succeed in today's dynamic real estate environment and remain at the center of the real estate transaction. Read More

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2016 forecast: home sale increase expected
January 19, 2016

Following the housing market's best year in nearly a decade, existing-home sales are forecasted to expand in 2016 at a more moderate pace as pent-up buyer demand combats affordability pressures and meager economic growth, according to National Association of Realtors® Chief Economist Lawrence Yun in a newly-released video on his 2016 housing market expectations.

 

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Kentucky jobless rates down in 109 counties
January 5, 2016

Unemployment rates fell in 109 Kentucky counties between October 2014 and October 2015, rose in seven counties and remained the same in four, according to the Kentucky Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet.

Woodford County recorded the lowest jobless rate in the Commonwealth at 2.8 percent. It was followed by Fayette County, 3.1 percent; Oldham, Scott and Spencer counties, 3.2 percent each; Owen and Shelby counties, 3.3 percent each; and Boone, Campbell and Madison counties, 3.4 percent each. Read More

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