• 📉 50% Increase of Sellers Quitting the Market

• 💸 Daviess County Property Tax Drop?

• 💰 Southern Star Giving Grants to Local NonProfits

• 🐕‍🦺 It Takes A Village - Donations For Yard Sale

• 🤔 I Went On A Little Realtor Rant In This Vid

• 🩷 Client Feature

• 💭 Final Thoughts

📉 Study Showed a Nearly 50% Increase of Home Sellers Who Are Quitting the Market

According to a realtor.com article, the number of home sellers taking their home off the market surged 47% nationally. They said that this number shows that a greater number of home sellers would rather wait than negotiate.

These stats are looking at the housing market on a national level overall. So let’s talk about what’s going on in the Owensboro area of Kentucky.

Here are some things that are true locally:

• There are many more homes on the market right now than there were 2 years ago.

• We are seeing a lot of price reductions on listed homes.

• Interest rates are higher than we all wished they were, which is causing affordability for buyers to be harder and harder; especially first time buyers with little to no money to put down.

• Most homeowners have a lot of equity in their homes thanks to the rise in market values of homes.

• Many homeowners have a low (3-4%) interest rate which is allowing them to be very picky (a great thing!) when considering making a move.

As a member of the general public, when you see “price reduced” and “new, improved price” in a home’s marketing online, it’s easy to think that the house prices are falling. But here’s the truth…

The home was priced too high to begin with. Many sellers are acting as though it’s the 2021 market and putting a price on their home that the comps don’t support. It’s a gut-punch to those sellers when their home hits the market and doesn’t get the attention they think it’s going to get.

It’s incredibly important to study the market and price appropriately. What you don’t want to do is price so high that your home sits on the market for months. You’ll end up doing multiple price reductions and by the time it finally gets to the price it should’ve been listed at in the first place, now the house has been on the market for a few months and is considered “tainted” by buyers. They can see how long it’s been on the market. When offers do come in, they’re going to be low.

That’s just how the market works.

If you’re considering selling, it’s NOT a bad time to sell. I just listed a home a couple weeks ago that ended up with multiple offers. Multiple offers are still happening on many homes in Owensboro. But the only way that’s going to happen is if your home:

• Is priced appropriately

• Shows well

• Is well maintained (no deferred maintenance)

• Is clean and smells good (matters more than most realize)

• Is easy to show (seller has it ready to show with short notice)

There are a lot of homes right now for buyers to choose from. Your home needs to be marketed extremely well. Your home needs to be marketed with professional photos (I can’t believe some agents are still using their phone to take photos of someone’s home to market), home tour videos, professionally printed brochures for buyers to take with them after they tour so they don’t forget how great your home is & so much more.

The agent you choose to represent the sale of your home matters. It’s always amazing to me how hard it is to get information from some agents when I’m representing buyers. If your agent doesn’t respond quickly to your texts or doesn’t answer when you call them…chances are, other agents are having a hard time getting information from them about your home.

Who you hire to represent your largest asset is a really big deal. I encourage you to interview multiple real estate agents when it comes time to sell. Your equity is important; protect it. You need an agent who’s going to do more than take photos, put a sign in the yard, throw it haphazardly on a facebook page and put it in the MLS. That MIGHT get your home sold, but I promise you…it won’t get your home sold for the most money and best terms. And THAT is what is important.

⚠️ Are Home Warranties A Scam?

This may trigger you. (Fair warning)

Some homeowners have had a home warranty that have really helped them and was a WONDERFUL help.

Many homeowners, however, have numerous stories of having a home warranty and the warranty company did not help at all.

The image here might be a LITTLE over-the-top to grab your attention (because I don't think all home warranties are a scam), but I do want to share something with you.

There's something that happens during a negotiation after making an offer on a home that I feel the responsibility to share because I think a lot of people think they are protected...and they are absolutely not.

Sometimes this happens at the time of offer negotiation.
But many times, it happens at the time of inspection repair negotiations.

Many sellers will offer the buyer a home warranty in lieu of repairs.

While that may sound great because a home warranty covers a multitude of items in a home, it may not be as great as it sounds. Let me give some examples. 👇

🛑 The furnace is 25+ years old. Buyer is nervous because they don't have the funds to replace it when it goes out.
✅ Seller offers to pay for a $500-600 home warranty for the buyer to help ease his mind.
❌ If your furnace is that old, it is considered to be at the end of its life expectancy. The warranty company is NOT going to replace your unit since it is outside of the industry standard life expectancy.

🛑 During the home inspection, the inspector finds that the AC unit is only 8 years old, but the sellers' male dog has been urinating on it for the last 5 years and the condensor coils are disintegrated.
✅ Seller offers to pay for a $500-600 home warranty for the buyer to help ease his mind.
❌ Home warranty companies cover "normal wear and tear". If there is added damage outside of that scope, the AC unit will NOT be covered by the home warranty.

🛑 The roof is VERY old and it's surprising that there are no leaks yet.
✅ Seller and their agent market that the seller will pay for a home warranty for the buyer in lieu of the older roof.
❌ Your typical home warranty companies do NOT cover the replacement of a roof.

--------------------------------------------

Do NOT get bamboozled into thinking the seller is doing you a favor by purchasing a $500-600 home warranty in lieu of repairing/replacing an item that will cost $1,000+.

As a buyer, it is your job to understand what the home warranty will cover and what it will not. Lean on your agent to help guide you, but ASK QUESTIONS and ask for proof of coverage before agreeing to it.

Always looking out for you. 🤜🤛

💸 Daviess County Property Tax Drop?

I know this is a heavy subject, but it’s something every real estate property owner needs to keep their pulse on.

For 8 years, the property tax rate was 13.6 cents for every $100 in assessed value. Then in 2016, it was lowered to 13.5 cents. In 2020, it dropped to 13.4 cents. In 2024, it was 12.9 cents. The new proposed tax rate is 12.2 cents per $100 in assessed value. If approved, this would be the lowest tax rate in 17 years.

Typically when you hear that any tax rate is being reduced, it’s a cause for cheering from the citizens impacted. However, there doesn’t seem to be too much celebration from this news. Why not?

The assessed values have increased at such a rate that this new proposed tax rate is going to bring in just about the same amount in 2025 as the 2024 tax rate did. (Actually, it’s going to bring in a hair more.)

If this proposed reduction is approved, don’t get too excited about a lower property tax bill. Chances are, your property taxes are going to be similar.

Did you know that you can create a free account on the Daviess County PVA’s website (many counties charge you to create an account, but not Daviess), then go to the Tax Estimator tab and figure up what your property tax amount will be? You can!

SIDE NOTE - Did you know that the city of Whitesvile has its own property tax rates unrelated to what Daviess County does with its property tax rates? It’s true!

Whitesville is considering a real property tax rate of $0.0690 per $100 in assessed value vs 2024’s rate of $0.0740. Another decrease in the tax rate, but just like Daviess County property taxes, the new rate will still bring in a little more money to the city of Whitesville.

They are holding a public hearing at 6pm on August 19th at City Hall in the Commission Room. If you are interested in making your voice heard, be sure to attend!

💰 Southern Star Giving Grants to Local NonProfits

Did you know that Southern Star Central Gas Pipeline has a team-led nonprofit call Southern Star Cares whose sole mission is to support local nonprofits that serve Daviess County?!

Southern Star Cares is granting $50,000 very soon, to local nonprofit organizations. Nonprofits must apply for it. Applications are NOW open. You can apply here. Local 501c3 organizations have through September 8th to apply. But don’t wait until the last minute…you know how deadlines can sneak up on us!

Grant finalists will be announced the week of November 10th. Grant recipients will be announced the week of December 16th.

Good luck to all of you who are so selflessly serving our community! And THANK YOU to all of the businesses/corporations who give so much back to our community by supporting the local nonprofits. #teamwork

🐕‍🦺 It Takes A Village - Donations For Yard Sale

You know I’m a huge animal lover so when I saw this, I knew I needed to help spread the word.

We all have “junk” at our homes that we don’t need anymore and it’s just sitting around collecting dust and taking up space. Why not donate it to It Takes A Village here in Daviess County for their yard sale to raise funds for our shelter?!

Check out the information below. 👇 Please donate if you’re able!

🤔 I Went On A Little Realtor Rant In This Vid

Click here to watch the video so what I wrote below will make more sense.

If the real estate industry wants a better reputation, the real estate agents need to level up. It's ridiculous how hard some agents make it for the general public to get information on listings, among other things.

This guy called "8 or 9" agents before he called me. There are A LOT of agents who shout on social media how great they are....and so many of them are the ones who you have to remind repeatedly that you need information from them. It's insane. So many times, I've told myself, "If their client knew how little they care and how hard they are making to sell their home, they would fire them right now."

There are A LOT of REALLY, REALLY great agents locally. Choose wisely. If you ever have a hard time getting ahold of your agent, chances are, it's MUCH MUCH harder for other agents to get ahold of them or to get info from them. When it's time to sell your home, choose a smart, knowledgeable, resourceful AND responsive agent who has the energy to give to you and your home. It's more important than you know.

I guess I was due for a rant. 😉

🩷 Client Feature

I really do think I’m the luckiest real estate agent on this side of the Ohio River! So I decided to give a shoutout to one of my recent clients. It’s so hard to pick just one to feature because every single person I get to work help ends up being a great blessing to me in one way or another.

You know...there are A LOT more kind, incredible, amazing people in Owensboro than I thought. And I already thought there were a lot! But I keep meeting more and more.

And this seller (and her sweet, sweet family) is at the top of that list. I don't think I've ever met a more soft-spoken, honest, kind, beautiful soul in a single human being. I'm telling you...God has introduced some of the most amazing people to me.

She lived in and loved this home for 29 years. TWENTY-NINE. It's so obvious, upon first walking in, that this home has been loved. So many times when a homeowner is selling, their memories & emotions are so strongly attached to the beams and walls. This wasn't just a house to her. This was her home...for such a big portion of her life.

When you are trusted not only with someone's large financial asset, but also something so sentimental, it's a huge honor.

Steve and I are so thankful for you, Karen. Thank you. Thank you for the trust. But most importantly, thank you for the friendship.🩷

💭 Final Thoughts

I feel so fortunate to get to help people buy and sell real estate in the Owensboro area. No matter what the real estate market is doing nationally, it’s always doing at least a little bit better here locally. Or at least that’s been the case in the 10 years I’ve been in the business.

Steve and I have been taking the time to ride bicycles in Daviess and Hancock Counties in the last several weeks. And I just gotta say…our area is absolutely beautiful. The gently (and not-so-gently 🤣) rolling hills of Hancock County…the massive amount of trees…the wildlife…the farmground…the scenery is just so beautiful. If you’ve not taken time to just “be” out in nature, I highly recommend.

If there’s ever anything my husband or I could do for you, please don’t ever hesitate to reach out. Talk soon!

❤️ Sam

“OBKY News” is brought to you by Sam Ray’s real estate team Vega Group proudly brokered by Real Broker.

We would be honored to be your chosen real estate expert when you are ready to make a move. ❤️ 

We know that it can be fun to tour homes even if you’re not ready to make a move. So we’ve put together a list of the upcoming Open Houses just in case you’d like to tour them. 👇

** This is a “live” link which means it’ll update as Open Houses are added or removed. Be sure to check back closer to the weekend!