HAVE YOU HEARD ABOUT THE SNOW IN WESTERN KENTUCKY? NO? THEN LISTEN UP!

Where we live in Western Kentucky near Kentucky Lake, we only average about 10 inches of snow per year! We enjoy 4 seasons (it would get boring having the same weather all the time, wouldn't it?) but the winters are mild. In the past I have lived in Northern Illinois, Northern Wisconsin and Minnesota so I really appreciate the weather here. Usually when we get some snow it only lasts a day or two. It's enough for the children to get out of school and get cold and wet playing outside.

When I tell local people about the winter activities up north such as ice fishing, skiing and especially driving vehicles on the lakes they can hardly believe me. Yes, those are fond memories that I'm glad I participated in, but I'm also glad I was much younger. I really don't think I would like it at my advanced years. Shoot, I might fall and break a hip!

For more weather information you could check out msn.com or city-data.com. City-Data also has census information which includes employment, income, and household statistics as well as average temperatures and precipitation for each month.

However, wherever you move don't rely on statistics alone. Make sure you contact a local REALTOR® who is familiar with the local climate; whether it's the weather climate or whether it's the real estate market climate, they are very well qualified to answer your questions.

The Kentucky Lake waterfront real estate market in Marshall County remained strong this year. Year to date listings sold were only 1 less than 2007 while the total and average sold prices are up. The following data is taken from our MLS:

Total sales for 2008 are up 10% over 2004.

Although total dollar sales were off in 2006 the following chart shows that the average home sale continued to rise.

Average home sales have risen 39% over the same 5 year period.

I think it's safe to say that investing in Kentucky Lake waterfront property is still a good investment even with all the negative information coming from the news media. Lenders are lending, interest rates are good and we have a good selection of properties to choose from.

This information is for Marshall County only and the data is taken from the regional Western Kentucky MLS. Information is deemed to be accurate but is not guaranteed.

FORECLOSURE OPPORTUNITIES

MARKET REPORT FOR WESTERN KENTUCKY

December 27, 2008

There are currently 6 foreclosed properties for sale in Marshall County, KY ranging in price from a low of $19,900 to $110,000.

Compare this to the entire MLS which includes all counties from Caldwell County west to the Mississippi river. There are currently 62 properties ranging in price from a low of $9,000 to a $274,900 waterfront home in Trigg County on Lake Barkley.

Investing in foreclosed property usually involves some of the following factors:

• They are usually sold "as is, where is". The mortgage holder has never lived in the property and can't and won't warrant its condition. The purchaser must use due diligence when investigating the property prior to making an offer.
• Many times they are advertised as a "fixer upper". There are a couple of reasons for this. First of all, due to the time lag from when the foreclosure notice is delivered until possession by the lender may lead to the heat and air being off for a lengthy period of time which can result in mold and mildew in the premises. Secondly, many times the soon to be displaced home owners release their frustration by removing or destroying parts of the property. And thirdly, sometimes these properties experience vandalism.
• The positive side of dealing with foreclosed properties is it's a business decision by the lender. They don't have the emotions of the usual seller. So if you make a low offer that is not accepted you are welcome to make a higher one if you choose which may be accepted.

These are just a few of the concerns of investing in foreclosed properties. If you're considering investing in foreclosed properties, whether for resale or rental purposes, I would be glad to help you. Interest rates are great, the lenders are lending and there is a good selection to choose from. Also, if you so desire I can do property management on your behalf.

Ron Spanton REALTOR®, e-PRO

RE/MAX Real Estate Associates

803 Main Street

Benton, KY 42025

ronspanton@remax.net

http://www.MyKentuckyLakeHome.com

This photo was taken by my son's fiance near Kentucky Lake this fall 2008. One of God's miracles!

I just completed my first long distance sight-unseen sale and although I was very nervous it went through just fine.

The Buyer was here from out of state and I showed him a few properties. He made an offer on one but the Seller countered. We raised our offer but the Seller went up on his price! But that's a subject for another article. Understandably dissatisfied, my Buyer went home.

I sent him new listings by email over the next several weeks which led to previewing a couple for him. I took pictures and emailed them to him but nothing really caught his eye.

The third one led to writing an offer which I emailed to him, he printed it, signed it and faxed it back to my fax-to-email account. I then printed it and delivered it to the listing agent "contingent on his approval in person". It was accepted by the Seller.

The Buyer arrived the day before the scheduled closing (now I'm really getting nervous) and approved the purchase. He had the funds wired to the closing attorney and we closed the next day.

My how technology has changed the way we do business! A warning though, a sight unseen offer that goes until the day before closing can lead to ulcers!