Louisville Home Buyers

Higher Interest Rates May Be Good News for Buyers

There’s more to buying a house in Louisville than locking in a low interest rate.

by Mike Hall

Soaring upwarding

Homebuyers: Rates may be on the upward swing but there are plenty of opportunities for you!

During a frenzied market, buyers often found themselves in bidding wars, skipping home inspections, or spending big bucks on pre-offer home inspections.

All those situations could and did lead to an expensive process for home buyers and possibly a little burnout too. What many people forget – there’s more to buying a home than the interest rate.

Higher rates can balance out the market and somewhat level the playing field for buyers. There should be less competition, a slower increase in the price of homes, and possibly more inventory. Also, sellers will be more willing to accept non-traditional loans and more contingencies.

If you are in the market to buy a home, whether you’re facing increasing rent, needing a larger home, or other household changes, there are ways to navigate a higher interest rate:

  1. Be open to another location
  2. Tweak your monthly budget
  3. Search a wider circle
  4. Revisit properties that linger on the market
  5. Look for new construction...

To Rent or Buy in 2022?

With rates on the rise, first time home buyers are asking themselves this question. Luckily, a little math can solve it for you.

By Mike Hall, Broker/Agent/Owner

two doors

Question: Did you feel pressured to buy a home when the rates were historically low? Don’t worry! You didn’t miss out!

“Just because interest rates are low doesn't mean it is a good time to buy and higher interest rates doesn't mean it is a bad time to buy a home,” explains Jay Abolofia, a certified financial planner with Lyon Financial.

Instead, consider these three questions to help you decide … to rent or buy?

1.     Where do you want to live in Louisville?

Rent can vary widely depending on the area of Louisville and the number of bedrooms. Try to compare the cost of renting versus the monthly payment on a starter home in that same area. 

2.     Are you financially fit?

What does your savings look like after a down payment is taken out? What is your credit score? Do you qualify for a mortgage? Can you make the monthly payments? Also keep in mind your debt-to-income ratio. Try to keep your mortgage payment less than 40%...

What to Expect on Closing Day

Here’s everything you need to know for a smooth finish

By Mike Hall, Broker/Agent/Ownerclosing table

Closing day clarity for buyers

With houses being bought and sold in record times in Louisville as well as across the nation right now, first-time home buyers might find themselves at a closing day table sooner than they expected.

Our agents are here to help you feel comfortable and prepared for the big day, and we’ll walk you through each step of the process. Talk to an agent today about what to expect and how to prepare, but you can also find help from this overview!

  1. Expect a Long Experience – The whole signing process could take more than 2 hours! It’s often shorter than that, but you should block off plenty of time in your day for reading and signing papers.
  2. Who’s Coming? — Depending on the situation, you might see a whole crowd or just a couple other people on your closing day. The seller and his or her team might be there, or it might just be you, your agent, and the mortgage representatives. In some cases, an attorney might be present, too.
  3. Plan Ahead! — Your agent will remind you exactly what...

3 Tips for Coping with Home-Buying Stress

Your Anxiety is Normal – and Avoidable!

By Mike Hall, Broker/Agent/Owner

woman stressed looking at computer

You don’t have to be worried!

Home buying was already one of the most stressful activities you could do, especially for first-time buyers.

But throw in a mad market along with COVID fears and restrictions, and it can be downright terrifying. It’s normal to have heightened anxiety, a rollercoaster of emotions, and a smorgasbord of feelings. But when the home-buying tension has you wound tight, first – let your agent talk with you and calm your fears. Second, consider these three tips for fighting your home-buying anxiety.

  1. This is new for you, but not your broker! Each home buying venture is unique, but your broker has seen it all. Instead of getting nervous about each delay, change, paper, and question, trust the process and the team you’ve assembled around you to help.
  2. Everybody feels cold feet. Choosing a home is a big choice, and there are always going to be more houses, more factors, and competing must-haves. It’s normal to worry that the house you picked isn’t actually the one you want. Instead of waffling...

Tips for Buying a House in a Seller’s Market

You can still find your next home!

By Mike Hall, Broker/Agent/Owner

Louisville home

Buy your home with confidence, even in a seller’s market!

There’s no denying that Louisville is a seller’s market these days. Lots of buyers plus limited available properties is not ideal for potential home buyers. But you don’t have to delay or despair! Talk with an agent today to explore your options and strategies. While you search, consider these handy tips for buying your next house in a seller’s market!

  1. Qualify for a low mortgage rate: You’re going to need every advantage, so take some time to improve your credit score by paying down debts, settling accounts, and checking for errors.
  2. Get Pre-Approved before you search: In this fast market, you’ll want to be able to make an immediate offer with confidence, knowing that the funding is already secure.
  3. Work with an experienced agent: You don’t spend your whole day studying the ins and outs of the real estate world, and you’ll benefit from the help of someone who does! They’ll have all kinds of insider information that will help you land your dream home.
  4. Consider...

600 Properties in Louisville

Landbank Authority lists more than 600 vacant properties for sale

By Mike Hall, Broker/Agent/Owner


Maybe one of Louisville’s vacant properties is right for you.

Louisville’s Landbank Authority has listed more than 600 properties for sale. Some are vacant lots and others are homes that have been abandoned or foreclosed. The city buys the locations and sells them below market value with the goal of getting homeowners into Louisville’s houses. Proper funding and know-how might be a requirement in instances of extreme renovation or building.

Especially if you’re looking to buy a home in the west or south sides of Louisville, this might be a good option for you. Lots range in price from $1 to a few thousand dollars. Most purchases are renovated to be rentals, single-family homes, or extended lawns.

If you’re interested in taking on a fixer-upper home, talk to an agent today about how we can get you remodeling your dream home right away!

[Source: WDRB.com]


Louisville Neighborhoods that Glow!

Where can you go to see some colorful Christmas lights from your car?

By Mike Hall, Broker/Agent/Owner

Lights glowing

You have to see Louisville all lit up!

One of the best ways to explore Louisville neighborhoods is to drive through and see how communities decorate for the holidays. The lights and sights around Christmas are a true delight and provide insight into each area’s spirit and generosity. Here is a list of areas in and around Louisville that you might want to visit, many from the safety of your car.

Of course, if you’re ready to do more than look at the lights on beautiful houses, talk to an agent today to learn more about owning your own home in your favorite area!

Enjoy these beautiful holiday illuminations, in both neighborhoods and attractions!

  • Louisville Mega Cavern’s Lights Under Louisville
  • Christmas Express
  • Holiday Laser Dome
  • Hillcrest Avenue neighborhood
  • Light Up Saint Matthews
  • Lake Forest neighborhood
  • Christmas in Charlestown


[Source: do502.com]


Five Things to Keep in Mind When Flipping Houses

Can you make a quick profit, or are you headed for a fast flop?  

By Mike Hall

house demo

It’s important to know which potential “flippers” are worth your time and effort

You’ve seen the TV shows: Intrepid couples buy a run-down house and give it a stunning makeover for a tidy profit. Fantasy or fact?  Well, in 2019, 6.2 percent of all house sales in the U.S. were flipped homes: properties that needed some TLC to give them a new life and a higher sale price. It takes a lot of work and time to flip a house. Is it worth the effort?

There are a few key things to keep in mind if you’d like to make money by renovating properties: budget, time, skills, knowledge and patience. 

Budget and time. If you’re not a flipping pro, you may underestimate the time it takes or money you’ll need to spend to produce a sale-able property. Finding the right property is key. You’ll want to pay no more than 70 percent of the after-repair value for your fixer upper minus your repairs.  And as time ticks away, so does your profit. Each day the house doesn’t sell costs you money in mortgage, utilities, property taxes, insurance...

When to Walk Away from a House

Not Every Home is THE Home

By Mike Hall, Broker/Agent/Owner

Man in distress

Sometimes you have to walk away and keep looking!

In today’s housing market, it’s hard to let go of a home if you think you’ve found the right one, but there are often solid reasons to step back from closing. Any of our Red Edge agents can help you navigate these common issues and anything else that might come up as your search for your dream home.

  • Issues discovered during inspection – From faulty foundations to expensive cover-ups, the inspection can reveal a lot about the issues you’ll face if you buy that house.
  • Low appraisals – If an appraisal comes in too low, your bank will probably balk.
  • Paperwork problems – The house-buying process has a lot of paperwork, and even small issues could cause big delays or cancelations in the end.
  • Change in financial circumstances – A change in jobs, loss of income, unexpected expenses, divorce, and other issues can change your budget and housing plan.
  • Contingent plans fall through – One of the most common issues is when a close is contingent on the selling of another house and it simply doesn’t happen in time....

Buying a House Virtually

How to shop for your next Louisville house without going inside.

By Mike Hall, Broker/Agent/Owner

Person with masking on computer

The COVID-19 Pandemic has changed the game!

When COVID-19 shut down the usual methods for buying and selling houses, everyone had to get more creative. Houses were still for sale in the Louisville area and buyers were still looking for their next dream home, so the process continued in a whole new way. Though some regulations have eased, and many things have become easier, a virtual buying experience is still a common request.

If you’re looking to buy your next home, but desire a contact-free experience, we’d love to connect you with a Red Edge agent who knows exactly how to help you find your future house.

Here are some things to help make your virtual experience better:

  • Know what’s being said — and what’s not — on the listing. Photos can show just what the seller wants you to see, so watch for what’s not being shown. Ask yourself some important questions: Are there more images of the exterior than the interior? Are closed curtains hiding an unpleasant view? Are the images skewed to make a room look bigger?
  • Make the most...
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