Real Estate

This World Series time, as a Texas gal, I am rooting for the Texas Rangers.  It occurred to me that all games have rules and that this might just be a good time to talk about the rules of real estate.

If you have ever bought or sold real estate, you have undoubtedly employed the services of a real estate agent to guide and assist you through the process.  Consumers are often uncertain who regulates real estate professionals.  Most of us are subject to two set of rules.  Each jurisdicution has a governmental agency, typically referred to as the real estate commission, charged with the authority to issue licenses to real estate professionals and enjorce related state laws and regulations.  Additionally, many real estate professionals, after obtaining a license, choose to become members of a REALTOR® association, whose mission is to promote the profitability and success of its members.  Those licensees agree to abide by a strict Code of Ethics, and the local REALTOR® association is responsible for assuring that members adhere to the Code.

In 1913, the National Association of Realtors (NAR)--the largest professional real estate society in the U.S.--established its ethical code.  Since 1986, it has been updated anually.  Real estate ethics predates that of many ofther markets, which didn't adopt ethical strategies and codes until the 1990's, according to the Ethics & Compliance Officer Association.  Unlike real estate law, the NAR code isn't binding on all licensed professionals; only the 1 million-plus who belong to the association.  If the two ever conflict, the code states that 'the obligations of the law must take precedence.'

One of the main purposes of this ethical system is to protect the public--clients and non-clients alike.  Because real estate is such an expensive and long-term investment, Realtors take their obligations seriously.  In fact, the majority of the code--14 out of the 17 articles--addresses consumer concerns from fair housing compliance and loyalty to propert documentation and handling trust money.

While a certain level of competition is healthy, Realtors can't sacrifice the ideals of the code for personal benefit.  For example, they can't misrepresent competitors or solicit consumers represented by fellow Realtors.

This Code of Ethics is enforced at the local level through the local REALTOR® association.  It is the function and authority of the local REALTOR® association to:

• Conduct hearings into alleged violations of the NAR Code of Ethics
• Take disciplinary action against a REALTOR® member, which can include the ordering of fines or revocation of a real estate professional's membership in the REALTOR® association

Similar to filing a complaint with the state real estate association, members of the public can also contact their local REALTOR® association and file a complaint where they suspect a violation of the Code of Ethis has occurred.  It is important to understand, however, that a REALTOR® association does not have any authority over a real estate professional's license, as this is the exclusive jurisdiction of the respective real estate commission.  REALTOR® associations only discipline REALTOR® associations members for violations of the NAR Code of Ethics.  For all other alleged wrong doing, consumers should contact the respectvie real estate commission or consult with an attorney.  

So there you have it.  We at Julie Pogue Properties are all members of the National Association of Realtors and adhere to that higher standard of adopting their Code of Ethics.  It is the way we choose to do business and the way we live our lives.  You can count on us to represent you fairly and competently.  Keep us in mind for all of your residential real estate needs and know that you can confidently recommend us to your family friends.

Hope you all have a great week and go Texas Rangers--beat St. Louis! 

Many property owners are unsure about whether or not it is appropriate to appeal property tax value due to their lack of understanding about both the difference in values assigned to properties by the government and the property tax appeal process.  Therefore, it is important to gain a good understanding abou the process for determining the assessed value of your property, as well as the steps involved in the process of filing an appeal.  This is not rocket science! If you feel your property is currently assessed at a higher value than the prevailing market you need to start now so you are ready for the small window of opportunity available to you each year to make your appeal.

There are several ways to determine whether your residence is over-valued for property tax purposes.  The current market has dictated lower values for many properties than those that are reflected on your latest tax bill.  Let's say you just purchased your home for less than it's assessed value.  Doing the math on a home purchased for $150,000 in St. Matthews that has a current property assessment of $185,000 would mean your annual taxes are $1,855.62.  If you are successful in getting the Jefferson County PVA to move that property assessment to your purchase price you will save approximately $350 a year.  That is $3,500 over a ten year period of time.  Got something else you could use that money for? I sure would!

Under state law (KRS 133.120) property owners who wish to appeal their assessment must first hold a conference with the PVA Office during the annual Open Inspection Period (OIP).  Each year the OIP in Jefferson County begins on the first Monday in May and continues for a 13 day period, including 2 Saturdays.

This year's OIP began on May 2, 2011 an closed May 16, 2011.  The last day to submit an appeal to the PVA Office was May 16, 2011 by 4:00pm EST.  By law, the PVA Office is not authorized to accept appeals via personal visits to their office or online appeal subissions after May 16, 2011.  Next year's open inspection begins on May 7, 2012 and ends on May 21, 2012.  Call the PVA Office in mid-April at (502) 574-6224 to schedule a conference or complete their online appeal service at that time.  The Web site addrss is http://jeffersonpva.ky.gov/property-assessment/appeal-process.

 Please remember that property tax valuations are not necessarily a market value of your property, although that is the goal of the Auditor's Office to stay as current as possible.  You may be being over-taxed however, if your property is appraised at a higher value than its current market value.

Sellers, please do not be confused by the fact that by lowering your tax vaulation with the county you will be lowering the market value.  If you are being taxed on a higher than market value, it does not mean that is what you should expect to get when selling the property.  Bottom line is that the market dictates the value of your property so why pay taxes on a higher valuation? By adjusting your county tax valuation to be in line with the market, you may well be attracting additional buyers, due to having a more attractive tax bill than a property that is not in line with the market.

Finally, be aware that filing an appeal for your property tax value does not cancel out your responsibility to pay your property taxes in full and on time.  You may be charged interest or other fees on late or unpaid property taxes, even if your appeal is ultimately successful.

Make sure to mark your calendar now to make this appeal if you think you qualify.  It is well worth the small amount of time it will take.  A bit of early planning could mean extra money in your pocket that you deserve.  If you live in a county other than Jefferson County, be sure and check with those specific PVA offices for their appeals process and time frames.  They may be slightly different.

We, at Julie Pogue Properties, are always glad to assist you iin determining the current market value of your property.  Just give us a call.

Hope you all have a terrific week!

When you are ready to buy or sell a home, remember that a real estate transaction is very complicated, involving a great deal of money and risk.  A local agent is always the safest choice.

Local agents know their towns better than anyone else.  Using a local Realtor® is in your best interest because they have pledged their code of conduct/ethics to a standard set by the National Realtor Association.  They have your best interest in mind because they are committed to a long-term career in real estate and are continually upgrading their knowledge in the real estate market.

A local agent will have superior market knowledge.  A good local agent knows the inventory inside and out and will be able to more easily pick out homes that are a good fit for you.

A local agent will know the schools and quite possibly have personal experience with the school system.  This will enable them to share valuable information with you.

A local agent will be an expert on the neighborhoods.  Not only will they know all of the specific neighborhoods, but often have friends and clients in each one that can be made available to you if needed.  Hearing from people who already live in a neighborhood you are considering can prove to be very helpful when it comes time to make decisions.

A local agent will have strong relationships with other agents.  A good local agent will network with other local agents to get information you will never find online.  They will know about homes that may be coming on the market in the future or learn about a seller who has suddenly become 'highly motivated' and is open to offers.

A local agent is overall in the know.  Real estate gossip gets discussed in small circles in every community like at parent association meetings and at the local sports field.  While most agents will never learn this 'insider information,' a local agent hears these things and will share them with their clients.

A local agent will make sure you get settled in and connected with persons in your new neighborhood.  They can help you with doctors, dry cleaners, veterinarians, churches and the like.

And remember to use that agent relationship when you get ready to relocated.  They can research and find a comparable agent for you in your new market that will keep your agent in the loop as you look for your new home.  It is always advantageous to have a second pair of eyes that already knows and cares about you watching your back as you try and locate that new home in a new market.

We at Julie Pogue Properties are always committed to helping you find that perfect home and are also willing to help you find excellent agents in other markets, if and when the time comes to relocate.  Please don't hesitate to use our expertise and know that you can recommend us with confidence.

Have a terrific week!

Last week, Kentucky was visited by Old Man Winter and left with a nice, thick blanket of snow and ice.

Sure, it snows in Kentucky, but we rarely see something like we did last week.  The weather made travel difficult for many, closed schools and even closed businesses in the area.

When something like that happens, it makes us all think about location--where we live and how close or far that is from important places like school, work or church.

The location of our home plays a huge role in our days.  That's why, at Julie Pogue Properties, I've made a commitment to not only helping clients buy and sell houses, but to helping them relocate.

Relocating is more than just moving from one place to another.  Relocating is finding a location that truly fits into the homeowners' work and life plans.

For example, let's say you are very involved in your child's school.  You are an active member of the PTA and the parent of a child who participates in several before- and after-school activities.

Then you decide to move to a new town.  Moving is always a challenge, but moving to a new town is even more challenging.  Most of the time, it would be just as simple to move to a new country- you go knowing nothing about the area to which you are moving either way!

As a relocation specialist, however, my staff wants to make your move as easy as possible.  We can take your information, ask some questions and help narrow your choices down to those that fit into your lifestyle.

Since school activities are such an important part of your life, we would look for homes that are, at the very least, equally distant from school and work.  Because if you are going from home to school to work every morning, then back to school before home in the evening, it only makes sense that your school be between home and work- therefore, cutting down your drive time.  Make sense?

Maybe things like snow really bother you and the thought of driving in those conditions just horrify you.  We then would focus on trying to find you a place where your drive times would be as short as possible and where you can also use public transportation if that's more comfortable for you.

Our relocation services don't end there, though.  And they don't end once your old house is closed or your new house is purchased.