What does the new FICO model mean for Home Buyers?

FICO Model Home Buyers, Bruce Moore, Louisville Realtor

The new FICO scoring model goes into affect this fall and it’s good news for home buyers looking for a mortgage!

According to this article by NYTimes.com:

One big change is that FICO will no longer weigh Medical Debt as importantly as before. So, if your credit is mostly good with a few dings due to unpaid medical bills, your score will likely go up by quite a few points! If the increased score is good enough, it could mean the difference in qualifying for a mortgage or not. It’s also likely that your higher FICO can qualify you for a better interest rate.

FICO Model Home Buyers, Bruce Moore, Louisville Realtor

Why the Change?

“We found that for someone where medical collections is their only derogatory, it is not as negative as a regular unpaid collection would be,” said Anthony Sprauve, a FICO spokesman. “So we adjusted the algorithm.”

Also, many times “medical bills ended up in the hands of collectors because of a billing error or some other confusion about what should have been paid by health insurance.” This unfairly dings your credit score.

What’s the Catch?

Mortgage Lenders tend to drag their feet when it comes to adopting new FICO models. Sometimes it takes years for them to actually apply the new rules.

The Bottom Line?

It’s definitely a step in the right direction.

What do you think about the new rules?

Bruce Moore, Realtor
RE/MAX Connections
Louisville, Kentucky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

(Image courtesy of Stuart Miles / FreeDigitalPhotos.net)

Louisville is More than just the Weather

 I admit it, I am not a big fan of Winter.   It has not always been like this for me.  I grew up and spent most of my life in San Diego, California. The weather is not as much of a factor there and we were always outdoors unless we were sleeping or eating.

Winter in Louisville, Bruce Moore, Louisville Realtor

Louisville, Kentucky can be quite a bit more challenging to stay outside.  With temperatures plummeting and still quite a few weeks left of winter, it is a struggle to get out!

However, Louisville is so much more than the weather. We have lots of beautiful parks, the many great restaurants, art, music. We all know this is not a boring city.   It is one of the best cities in the Midwest and has so much to offer.

Louisville Realtor, Bruce Moore

And from a real estate perspective, people are still moving, buying and selling houses! Looking forward to 2014, I can see this year is going to be the busiest ‘buyers’ year in quite awhile.  And … have you seen house prices in other cities?   They just do not compete with our prices here.

The low cost of living (Expatistan) puts Louisville on the forefront of places to live as being affordable, fun, and usually NOT that cold.

So, next time you are out in another city, try telling other people about Louisville.  They might shrug about it unless they have been here.  Because everyone loves it!

Get outside and enjoy our wonderful Louisville!

Bruce Moore, Realtor
RE/MAX First
Louisville, Kentucky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

 

Hey Louisville, where do you get your Christmas trees?

Hey Louisville, where do you get your Christmas trees?

This is the perfect opportunity to SHOP LOCAL! I don’t know where the ‘Big Box Stores’ get their supply of Christmas trees but I know for sure that when you buy from a local Kentucky farm, it is sure to be LOCAL. What better way to support our small Kentucky businesses than buying directly from the farmer?

Here’s a list of Kentucky Christmas Tree Farms:

Kentucky Christmas Tree Farms

Baldwin Farm
1113 Tates Creek Rd Richmond, KY 40475

Barker’s Christmas Tree Farm
1470 Deer Haven Ln Lexington, KY 40509

Cathole Bend Plantation Christmas Tree Farm
Cathole Bend Rd  Lancaster, KY 40444

Christmas Memories Tree Farm
4890 Keene Rd  Lexington, KY 40513

Evergreen Junction Tree Farm
10340 Shaw Hess Rd  Alexandria, KY 41001

Hartman Tree Farm
870 Old Tram Rd  Bowling Green, KY 42101

Hawn Gap Tree Farm
Hawn Branch Rd Bimble, KY 40915

Hilltop Tree Farm
8023 Mt Zion Church Rd  Philpot, KY 42366

Hutton-Loyd Tree Farm
Big Run Rd  Wallingford, KY 41093

Kovalic’s Christmas Tree Farms
487 Ecton Rd  Winchester, KY 40391

Meyer Christmas Trees
24619 Tom Evans Rd  Borden, IN 47106

Leota Christmas Tree Farm
1903 S Finley Firehouse Rd  Scottsburg, IN 47170

Pine Ridge Tree Farm
3701 Valley Creek Dr  Pendleton, KY 40055

Sundance Farm
700 Parvin Rd Irvine, KY 40336

Yuletide Tree Farm
3925 Old Boonesboro Rd  Winchester, KY 40391

Werkmeister’s Christmas Tree Farm
966 Clarks Ln  Shepherdsville, KY 40165

Nieman’s Tree Farm
Thomas Nieman 5100 Sulphur Lane Lexington, KY 40509

This list is courtesy of kychristmastreefarms.com.

Time to go find my perfect Christmas tree!
Have a great Wednesday!

Bruce Moore, Realtor
RE/MAX 100
Louisville, Kentucky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

Prepare your house for winter!

Like it or not, winter is coming. Is your house ready?  There are some simple things you can do to prepare for a more comfortable and affordable cold season.

Have your chimney cleaned – Very important! A dirty chimney is not only inefficient, it can be a major fire hazard.

Prepare your house for winter, Bruce Moore Realtor

Check the furnace – All furnaces should be cleaned and inspected once a year by a professional. A clean furnace is more efficient not to mention safe.

Seal the windows and doors –  Keep the cold air out by sealing all doors and windows with weatherstripping.

Use your blinds – They’re not just for decoration, you know. When the sun shines on your windows, raise the blinds. Lower them after dark to keep the warmer air in.

Reverse your ceiling fans – Warm air rises so setting your blades to push the air down will make a room feel more comfortable.

Just a few things you can do to save money and be more comfortable in your home this year.

Ready to buy your perfect house? Call me, I can help.

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

 

15 Ways to Prepare Your House for Winter

How to Prepare you House for Winter

What does all that real estate jargon really mean??

We’ve all seen the yard signs. “Waterfront Property!” ….. “Charming” … “Convenient Location”. But does it really mean what you think it does? Waterfront property… a lovely lake right outside your wrap-around porch? Or maybe it means the backyard floods.

We all take some liberties and embellish, don’t we? That fish was how big? And yes, we Realtors are sometimes guilty of the same. Hey, we have to sell all kinds of houses, right? The good, the bad and the ugly. But, this list is just for fun… so please don’t take it as gospel!

“Diamond in the rough” … Needs way too much work

“I’m beautiful inside” …. Butt-ugly on the outside

 “Don’t curb appraise” … See #2

“Perfect for a walk-out basement” … Goat property

“Endless possibilities” …. Needs a bottomless checkbook

“Cozy” … Tiny!

“Charming” … Tiny!

“Great Starter Home” … 4 walls and a roof but not much else

“Low maintenance Yard” … Dirt

“Unique” … More butt-ugly

“Move in ready” … Very outdated, shag carpet anyone?

“Convenient location” … Backs up to I-65

Again, just for fun. Ready to go out and find your own “Diamond in the Rough”? Call me, I’ll find the perfect house for YOU!

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861
ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

True story…

Bruce Moore’s assistant, Annette here.

Years ago we bought a great home in the country. Closed the deal, moved in, all was great. Until about a month later. It’s early November and the temp had dipped enough to turn on the furnace. Heard it kicking on and it just ran and ran but it never actually started blowing. We looked at the furnace – didn’t really know what we were looking at but you know, go kick the tires and see if that helps.

Finally, I hand my husband the flashlight and send him in the yard to check out the propane tank. I see the light bouncing around in the bushes and finally he comes back out and says ‘Where’s the tank? I thought it was over there.’  I go in and look, sure enough, no propane tank.

Turns out that neither Realtor in our transaction had much experience with propane. (No, Bruce was not one of them). Our Realtor thought the gas went with the house, the listing agent assumed it belonged to the Sellers. The Sellers canceled their account with the gas company and there went our tank and our heat.

Moral of the story….. don’t assume anything! And keep electric heaters (and a flashlight) on standby.

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

5 Low and No Cost Ways Homeowners Can Save Money Now

There are lots of tips and tricks for homeowners to save money. Here are a few that cost you little to no money and you don’t need any special skills!

1.  Lower the temperature on your water heater. It doesn’t need to be any higher than about 120 degrees for the average household.

5 Low and No Cost Ways Homeowners Can Save Money Now

2. Seal your doors and windows. Air leaks around your doors and windows are the equivalent of money flying out the window.

3. Lower the blinds. Is the sun shining in your windows in the summertime? Lower the blinds to keep the heat out. In the winter, raise them to let the sun help warm your home.

4. Use your ceiling fans. Most of us have ceiling fans that we don’t use. In the warmer months, turn your fan on low with the airflow directed down. In the cooler months, change the blade direction so the air blows up.

5. Hang up your laundry instead of using the dryer. Clothes dryers take a lot of energy. Cut costs by installing a laundry line or using a drying rack in the laundry room.
Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

Meanwhile back at the RE/MAX office….

The office phone rings… the man on the line is interested in viewing a house he found on the internet. You’re thinking..yay! That’s what we Realtors live for, right? Well, it turns out he found this house on Google Earth. Yup, GOOGLE EARTH!

The street view showed one of our RE/MAX signs with the office phone. How long ago was that taken? Now I know the internet is the way to search for houses these days, but try to stick with ReMax.com, ok??  Or better yet, call me!

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist