November 20, 2008

Are you crazy? Are you so flush with money that you don’t mind giving away $20,000 or $30,000 of your equity? I almost said “hard-earned” equity – but for most of us who’ve bought in the last 10 years, we didn’t have to do much other than sit back and watch our home appreciate. But however we’ve earned the equity, it doesn’t seem on the surface to be a good idea to sell right now.

But what if I told you that by giving away $20,000 I’ll give you back $30,000? You’ve now netted $10,000. Sounds a bit better now, doesn’t it? You’re continuing to earn equity the “easy” way – even in this different market.

Let’s say that you own a house that a few years ago was valued at $200,000 – up 30% from when you bought in 1999. Unfortunately prices have dropped in your area so now your home is only worth $180,000 – down $20,000 from 3 years ago. Ouch! It’s no good wishing you’d sold then – that window of opportunity has already passed. But if you have a stable job in an industry that appears to be weathering the economic downturn fairly well, then you might want to consider taking advantage of lower prices on larger homes. If you’ve had to drop your price 10%, then larger, more expensive homes will have to drop their price also. A home that would have cost $300,000 two years ago may now be listed for $270,000.

Then add in the monthly savings of an incredibly low interest rate (I just spoke to a Mortgage rep and he told me as of December 30, 30 year mortgage rates are holding at between the high 4% and mid 5% range. Fifteen year rates are slightly lower at 4.75%.) So what does this mean to your bottom line? For many, the cost is only a couple of hundred dollars more a month for a much bigger comfortable home. Only you can do your calculate what the cost of moving into a more spacious home would be. If I were looking to move up, and my long-term employment seemed secure, I’d definitely be looking now!

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Local Information for Hopkinsville, KY

Latitude: 36.854712 -- Longitude: -87.488872

ZIP Codes for Hopkinsville, Kentucky	42240 42241
Area Code for Hopkinsville, Kentucky	270
Time zone for Hopkinsville, Kentucky	CST

Other Area Cities: Hopkinsville, KY Clarksville, TN Oak Grove, KY

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Hopkinsville was settled in 1796 by Bartholomew and Martha Ann Wood, a couple from Jonesborough, Tennessee. The Wood family established a permanent settlement in the vicinity of present-day West Seventh and Bethel Streets, near what would become known as the Old Rock Spring. Wood staked a claim, based on his service in the Revolutionary War, on 1,200 acres of land. He built a second cabin on what is now the northeast corner of Ninth and Virginia streets and a few years later built a home southeast of Fourteenth and Campbell streets, where he died in 1827. Wood's settlement soon attracted other settlers, and a pioneer village emerged. Wood donated five acres of land and a half interest in his spring for the county seat. The following year a log courthouse, jail, and "stray pen" were built on the public square facing Main Street. The plat for the town, first called Christian Court House, was surveyed by John Campbell and Samuel Means in 1799. -- Source: Wikipedia.com

Kentucky 2000 Census Population Profile Map

	Hopkinsville	Kentucky	United States
Population	30,089	4,041,769	281,421,906
Median age	35.1	35.9	35.3
Median age for Male	32.7	34.6	34
Median age for Female	36.9	37.1	36.5
Households	12,174	1,590,647	105,480,101
Household population	29,090	3,926,965	273,643,273
Average household size	2.39	2.47	2.59
Families	8,125	1,104,398	71,787,347
Average family size	2.95	2.97	3.14
Housing units	13,260	1,750,927	115,904,641
Occupied units	12,174	1,590,647	105,480,101
Vacant units	1,086	160,280	10,424,540

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November 20, 2008

Local Information for Hopkinsville, KY

Latitude: 36.854712 -- Longitude: -87.488872

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