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Kent Dailey

Broker/Owner

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building permits

9/18/2015

2015 NORTHERN KENTUCKY BUILDING PERMITS

The Northern Kentucky building industry is experiencing extreme growth for the first six months of 2015 in almost every category year to date compared to 2014. The report covers Boone, Campbell, Kenton and Grant Counties. The only areas of decline were condos and number of Multi Family permits but the dollar amount of both of those categories was up significantly.

 

Category                                  2014                            2015                     CHANGE

 

Residential permits                   348                                     474                         + 36%

Residential $ Volume           $54,750,494                   $ 86,50,531                   + 58%

Condo permits                            25                                       19                            - 24%

Condo $ Volume                   $3,836,206                     $7,759,508                   + 102%

Commercial permits                   18                                      98                           + 444%

Commercial $ Volume             $36,085,240                  $53,734,170              + 49%

Commercial remodeling

Permits                                           272                                      332                       + 20%

 

Commercial Remodeling

$ Volume                                 $68,086,898                   $144,414,019               +112%

 

Residential remodeling

Permits                                           538                                   862                           +60%

 

Residential remodeling

$ Volume                                 $12,638,889                   $15,972,577                 +26%  

 

Multi Family permits                     25                                      19                             -31%

 

Multi Family $ Volume           $3,836,206                     $7,759,508                   +102%

7 Reasons You Should Use a Realtor

9/15/2015

7 Reasons Why You Should Use a REALTOR to Sell Your Home
Thursday, August 27, 2015 4:00 PM
RealtorSelling your home can seem a daunting task. When you close that deal, you want to make sure that your home goes to the best buyer for the best price. It may seem cheaper to sell your home yourself, and many do; however, there are a lot of details to work through.

"Selling your home through a REALTOR can help you make sure you get the best value overall," says Kimberly Nicole, a REALTOR based in The Woodlands/Houston, Texas metro area who caters to luxury homes and their clientele.

Nicole offers seven reasons why you should use a REALTOR instead of selling your home yourself:

1. REALTORS Know How to Navigate the Process A REALTOR is the manager of your home buying process. Nicole explains that you and your REALTOR will begin with extensive discussions to head off any road blocks later on. Your REALTOR is aware of your concerns, needs and priorities. They are there from the beginning to end, navigating each step of the way with you. Selling real estate can be a tricky business, full of regulations and involved steps. Your REALTOR works for you, staying on top of the latest regulations and helping you meet them.

2. REALTORS Know How to Professionally List the Property In the age of web 2.0, it's not enough to upload your phone photos to a few random sites. Buyers expect professional photos, videos and flawless online presentation. To get the most exposure, you also need to manage your listing across multiple channels. REALTORS will do all this for you, including coordinating with photographers and videographers to make sure your listing is top-notch. "Hitting the right emotional and responsive chords with buyers is the goal," says Nicole. "Determine who the likely audience is, and market directly to that audience."

3. REALTORS Know How to Prepare Sellers Before you sell, your home must be in the best condition possible. Your REALTOR can advise you on what repairs need to be done, and they frequently know good contractors. You may have to have inspections done before you sell, and will probably have to do repairs. A REALTOR can set up any required inspections and instruct you on how to prepare. Sometimes homeowners will take out a loan against the house to finance costly repairs, but this can't be done while the house is on the market. A REALTOR may help assess the situation, and then wait to list it until the repairs are completed.

4. REALTORS Can Help Sellers Prepare for Showings "Staging is extremely important," says Nicole. "That first impression is vital." Not only do all of the repairs need to be done, but if you still live there, the place must be kept clean and staged. This means everything from maintaining curbside appeal to the little details, like placing out a plate of cookies or laying out your best dishes in a table setting. She advises that a home must be open and inviting, and that smells, pets and lighting must all be taken into consideration. "We don't want a home not selling because a buyer can't see their own furniture in the home." Your REALTOR may also advise you to de-clutter certain closets and rearrange rooms. They may explain which personal touches add a "homey" look and which things detract from a potential buyer envisioning their own decor.

5. REALTORS Can Help Get Buyers through the Doors REALTORS not only get the traffic in, they know how to manage it. They can arrange and hold open houses in a way that gets as many visitors as possible. They also work with buyers so that showings are more convenient for you. This is especially important if you still live in the house. REALTORS may also help weed through potential candidates so that you don't waste your time with no-shows or non-serious buyers. "If a person needs to sell a house before buying another, the seller needs to know this," says Nicole. This all factors in to final decisions and net proceeds.

6. REALTORS Know How to Objectively Negotiate You may think preparing and showing your home may be stressful, but receiving offers can be difficult. "The goal is to get the most money as the seller, and as the buyer the goal is to look at market value and if it's priced appropriately. You don't want to present an offer that's an insult to the seller," says Nicole. A REALTOR can help you stay reasonable, without letting you take a lowball offer either. They will also be there to navigate a multi-bid and renegotiations. "Renegotiations fall apart all the time, and deals frequently don't come through," she says. "Each side has different concerns, and each party needs to know where the other stands." Closing can be a confusing process, and there is a lot of paperwork to sign. Your REALTOR has been through this many times and can explain everything you are signing and why. If you have any questions on anything, your REALTOR is right there.

7. REALTORS Know the Area "The key to a good agent is knowing the area," says Nicole. They know what the property values are, and have a good idea of future market fluctuations. They also know where and how to list your property for best results. Having a home listed on MLS is not enough. A good REALTOR that is knowledgeable of the area is essential to getting the best deal on your home.

Home Sales Ride Out Stock Market Roller Coaster

8/28/2015

Home sales ride out stock market roller coaster

NAR’s Pending Home Sales Index about to hit 12 months of consecutive increases

Amy Swinderman, Inman News Contributor Aug 28, 2015

Takeaways:

  • Home sales are holding steady, according to the National Association of Realtors’ Pending Home Sales Index for July.
  • The index marginally increased 0.5 percent to 110.9 in July from an upwardly revised 110.4 in June and is now 7.4 percent above July 2014, NAR said.
  • This marks the 11th consecutive month that the index has increased year over year and is this year’s third-highest reading, NAR noted.

Despite the recent volatility of the stock market, the U.S. economy is growing and the job market continues to improve, and home sales are holding steady, according to the National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) for July.

The PHSI, a forward-looking indicator based on contract signings, marginally increased 0.5 percent to 110.9 in July from an upwardly revised 110.4 in June and is now 7.4 percent above July 2014, NAR said.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5 million to 5.5 million, which is considered normal for the current U.S. population.

Iriana Shiyan_Shutterstock.com

This marks the 11th consecutive month that the index has increased year over year and is this year’s third-highest reading, NAR noted.

The PHSI saw solid gains in the Northeast in particular last month, NAR said. The Northeast index increased 4 percent to 98.8 in July, and is now 12.1 percent above a year ago. In the Midwest, the index remained unchanged at 107.8 in July and is now 5.7 percent above July 2014.

Contract activity is likely to hold steady as summer comes to an end.

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Contract activity is likely to hold steady as summer comes to an end, said Lawrence Yun, NAR’s chief economist, but he warned that inventory shortages may persist into the fall, and median existing-home prices may continue to increase.

Yun said he expects the national median existing-home price to increase 6.3 percent in 2015 to $221,400, and total existing-home sales this year may increase 7.1 percent to around 5.29 million, about 25 percent below the prior peak set in 2005.

“In light of the recent volatility in the stock market, it’s possible some prospective buyers may err on the side of caution and delay decisions, while others may view real estate as a more stable asset in the current environment,” Yun said.

“Overall, the prospects for ongoing strength in the housing market remain intact for now. “While demand and sales continue to be stronger than earlier this year, Realtors have reported since the spring that available listings in affordable price ranges remain elusive for some buyers trying to reach the market and are likely holding back sales from being more robust. ”

Millenials

4/1/2015

According to a new survey from the National Association of REALTORS®(NAR), the so-called millennial generation – depending who you ask, it’s defined as those born between the early 1980s and late 1990s – comprised the biggest segment of homebuyers across the country last year, making it the second year in a row to hold this key market-driving status. The survey found that these 18 to 34 year olds made up 32 percent of the market the previous year. As rental housing prices continue to climb, more millennials are looking to buy their first home.

There are more millennials than there were Baby Boomers. So, if they want to own homes, they will be a significant force and boom to the real estate market.

But this generation of homebuyer is unlike other generations we have dealt with. They typically come to brokers with most of their research already done through Internet searches and online searching tools. They typically know what they want by the time they seek out a broker, Cummins says. They are definitely technology driven, they do their own research, but surprisingly they rely more on agents than any other buyers. They want to use a Realtor.

Lending policies are beginning to be adjusted to allow for easier qualifying and down payment requirements. All of this is pointing to an extended healthy real estate market.

Northern Kentucky Economic Snapshot

11/11/2014

Kent Dailey

Blog

November 11, 2014

                                            Northern Kentucky Economic Snapshot

On this Veteran’s Day, let me start by thanking all of our veterans who have made extreme sacrifices for all of us so that we can enjoy the life that we have.

The following economic indicators tell the tale of our Northern Kentucky economy.

 

As of July, 2014

 

UNEMPLOYMENT RATE

Northern Kentucky                   6.1 %   (down 1.1% over 2013)

Boone County                             5.8%   (down 1.1% over 2013)

Campbell County                     6.3%   (down 1.1% over 2013)

Kenton County                         6.2%   (down1.0% over 2013)

EMPLOYED RESIDENTS

Northern Kentucky                   186,414 (down 0.9% from 2103)

Boone County                             63,118 (down 0.9% from 2013)

Campbell County                         43,207 (down 0.9% from 2013)

Kenton County                           80,089 (down 0.9% from 2103)

CONSUMER PRICE INDEX

USA                                              237.9 up 2% from 2013

Northern Kentucky                   223.7 up 1.1% from 2013

Northern Kentucky New Home Market

7/25/2014

July 24, 2014

 

Kent Dailey

Broker/Owner

RE/MAX Affiliates

 

Northern Kentucky New Home Market

Builders in Northern Kentucky are reporting new  home starts for 2014 at a pace similar to 2013.

Month by month fluctuations exist but year to date is very similar across the region.

 

APRIL COMPARISON

County                           Single Family Permits                        Dollar Volume Permits

                                               2013/2014                                               2013/2014

Kenton County                        18/33                                                    2.8 mil/6.4 mil

Campbell County                     9/5                                                        1.6 mil/.64 mil

Boone County                         36/34                                                     6.0 mil/ 4.8 mil

 

YEAR TO DATE COMPARISON

All 3 counties                     221/219                                                   36.9 mil/35.2 mil                

cash purchases on the rise

7/22/2014

July 21, 2014

 

Cash Purchases On The Rise

 

The latest Confidence Index, published by the National Association of REALTORS® (NAR), found that more home buyers are paying cash – 33 percent in the first quarter of 2014. Usually when that number goes up, it’s because the number of distressed home sales has gone up. But in this case, the number of distressed home sales has actually gone down, a fact that has economists puzzled.

“Distressed home sales, most popular with investors who pay cash, have declined notably in the past two years, yet the share of all-cash purchases has risen,” said Lawrence Yun, NAR chief economist. “At the same time, investors have declined as a market share, indicating other changes have been under way.”

A number of factors could explain the increase in cash purchases:

                Mortgage lending regulations.

                The baby-boom generation, and its accumulated equity, is retiring and trading down.

                Individual investors and purchasers of second or vacation homes usually pay in cash.

                Foreign buyers typically pay in cash.

update

4/23/2014

Blog   April

Kent Dailey

Broker/Owner

RE/MAX Affiliates

 

The real estate market has shown recent signs of cooling a bit after the higher volume of 2013.

March closed sales were down 8% nationally according to the National Association of Realtors.

Locally, sales were off as well. Both the Northern Kentucky Association of Realtors and the Cincinnati Area Board of Realtors reported a decrease in sales in March compared to March 2013.

Inventory issues and a lack of first time buyers still seem to be what is driving this slow down.

The good news however is that the number of SHOWINGS is up over last year. It seems that the harsh winter had an effect on buyers. It could be that we have compressed the early spring market into a shorter period.

Sale prices continue to be stable and some areas are showing some moderate increases.

 

3/5/2014

Market Update  

New Construction 

The early indicators point to a good year for Greater Cincinnati homebuilders. 

After years of below market production, Northern Kentucky homebuilders are  reporting a significant increase in the number of building permits issued. 

The larger homebuilders are in position to benefit the most in this upturn due to the fact that they generally have an abundant supply of buildable lots. The medium and smaller sized builders are reliant upon developers to produce new available lots. Many of the developers who developed the homesites in the 2000's are no longer in business. Those that are still in business are finding that financing for these projects is extremely hard to get. The lenders are not yet looking favorably at subdivision development loans. The lack of homesites will restrict the smaller builders. Further hampering the smaller builders will be the challenge of finding construction financing for their homes. 

 In general though, there will be demand for new homes driven in part by the lack of available homes on the resale market. 

 Boone County, specifically Union, Richwood, and Hebron should experience the greatest growth. 

Campbell County will see an uptick in new homes in the Alexandria area. Drees and Fisher Homes have begun their joint venture development that was on hold during the downturn. 

Kenton County will experience increased activity in the Independence area. 

1/28/2014

Blog: Jan 28, 2014

Kent Dailey,

Broker/Owner RE/MAX Affiliates

 

Recap of 2013.

 

2013 finished almost exactly where we had been predicting. Closed sales were up considerably over 2013.

RE/MAX Affiliates experienced the highest number of sales since the crash of the mid 2000’s.

Let’s take a look at the numbers for our company.

 

                                                     2012                                           2013

 

Total closed units                     1,666                                          1,937                     + 16.2%

 

Total Closed Volume               244,980,393                               299,606,583         + 22%

 

Another indicator of strength of market comes from reviewing the number of showings of homes that we have For Sale. In 2012 we set up 17,531 showings. In 2013, we set up 19,536 showings. That was an increase of 11.5%.

 

The challenge that we have to deal with is that the listing inventory is not keeping pace with the demand for housing. We are beginning to experience a shortage of quality listings in good locations. The weather certainly is not helping that situation either. Hopefully, the inventory issue will not have a serious impact on the Spring market. There is still plenty of demand out there.

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