Louisville KY Market Stats

Micro Mortgage Loans Could Lead to Greater Home Buyer Possibilities

Lower and middle-income families have more options!

By Mike Hall, Broker/Agent/Owner

money jar for home

New program could help first-time home buyers!

Many lower- and middle-income families would like the privilege of buying their own home. They could build equity, enhance their security, and mortgage payments are often lower than renting a similar property. One barrier has been the absence of mortgage loans available for houses less than $100,000. A new program is aiming to address that inequality.

The MircoMortgage Marketplace will write mortgages for less than $100,000, and will also help simplify the process for families who qualify. This program hopes to give potential home-buyers a fair chance against cash-buyers, which should help serve the families who want to help build their credit and equity. It’s good for the neighborhoods and for the home buyers.

If you’re ready to look into that leap of buying your very first home, call an agent today!

[Source: Louisville Business First]

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Louisville’s Seller’s Market Continues this Summer

It’s a Great Time to Sell – If You’re Ready to Move Right Away!

By Mike Hall, Broker/Agent/Owner

Louisville home

The Louisville housing market is still largely favoring the sellers this summer. As inventory in the $100,000-$4000,000 range continues to be thin, and while thousands of buyers are trying to find their perfect home, houses are selling within days – if not hours – of their listing. Often, those sellers are getting more than their asking price, as potential home owners find themselves bidding against one another.

Many buyers are rushing to avoid an increase in interest rates that are predicted for later this year. Those looking in the lower ranges are finding those houses disappear from the market faster than they can keep up!

If you are thinking about selling your home, now is a great time – especially if you already have a plan for if your house sells within days and closes in a month. Your family needs to know what they’ll do in the time between when your sale closes and you find another home.

If you’re trying to buy a house in this competitive market, don’t give up! We have agents who will consider it a personal accomplishment to find you just the right house at the right...

Realtor.com Releases its Predictions for 2018 (Part 2: Millennial Shoppers)

The chief economist for Realtor.com sees hope for young first-time buyers

By Mike Hall, Broker/Agent/Owner

millenial home shoppers

Millennial buyers will make up a greater portion of the market in 2018.

While things are still looking rough for those in their 20s and 30s who are balancing overwhelming student debt with tough job markets, Realtor.com’s chief economist Danielle Hale predicts that there is a reason for milleninnial home buyers to celebrate in 2018. Many of these individuals and families are finding their financial footing with better jobs, saving strategies, and a slightly improved housing market.

As millennial buyers are starting families and pursuing more rooted futures, many banks are approving mortgage their mortgage loans. And with a slight ease to the market predicted for 2018, especially later in the year, Millennials could make up 43% of home buyers taking out a mortgage by the end of the year. This is up 3% from 2017, and that increase could result in hundreds of thousands of homes purchased.

If they’re considering buying this year, millennial shoppers should act soon! The mortgage rates are expected to reach 5% by the end of the year. Talk with...

Realtor.com Releases its Predictions for 2018 (Part 1: Demand, Meet Supply)

The chief economist for Realtor.com suspects the supply of houses will finally increase

By Mike Hall, Broker/Agent/Owner

 new home construction

New constructions might bring relief to the tight housing market in 2018.

Anyone who has been looking to buy a house lately has probably noticed a shortage – there seem to be a lot more people wanting to buy a house than there are houses available for sale. But that might finally change, predicts Realtor.com’s chief economist, Danielle Hale.

Hale suspects the shortage will stay pretty tight in the first quarter, but believes that there will be more houses ready beginning in the fall, mostly due to new constructions. She expects the houses to first be available to those in the $350k or higher range, and eventually trickle down into the lower-cost markets as well.

There is also the speculation that as the tension in the market eases, the price growth will also slow, though not for awhile.

But you don’t have to wait for market changes. We’d love to start your search with you any time you’re ready! Contact an agent today to discuss the options and opportunities in the Louisville area.

[Source: Realtor.com]...

Louisville Real Estate Market Defies Odds and Trends

White hot market

by MIKE HALL, Owner/Broker/Agent

Unless you have been living under a rock you are probably aware that the Louisville real estate market has been white hot for several consecutive months.

Experts from around the country have been awed by the continuous growth. In the area dubbed “The Golden Triangle,” population growth has outpaced available housing units. As industry continues to grow and new workers continue to flood in, the few houses that are for sale are snatched up quickly for record prices.

Good for who?

If you are selling your home, this news is fantastic. Values and demand continue to rise – placing more money in your pocket. If you are a homeowner, equity is building every week – helping you to accumulate wealth.

Stats

The Greater Louisville Association of Realtors reported sales up 2.86 percent year-to-date for 2017. Sales in September 2017 were 1,565 versus 1,671 last September. The average price YTD was up 5.39 percent and the median price was up 5.46 percent.

As a home buyer, you need an experienced agent to navigate you in this market and through the home buying process. Once you find the home of your dreams and purchase it, you’ll join the leagues of Louisvillians...

Real Estate is Going Green to Save Homeowners' Green

Greening the MLS makes it easier to find "green" homes

by MIKE HALL, Owner/Agent/Broker

Green tech

As homebuyers become increasingly savvy about the availability of green technology, it seems that an epiphany is taking place in the real estate industry.

Marketing homes according to environmental impact might be a good idea. Especially since green technology often translates into lower monthly bills for homeowners.

“Greening the MLS” is an initiative heralded by real estate agents to make it easier for buyers to search the MLS for properties that use green technology. These properties will often save homebuyers money by reducing the cost of utilities. Currently, the traditional MLS listing does not make it possible for potential buyers to search using green options as a filter. “Greening the MLS” solves that issue by enabling this type of search.

In addition to providing that tangible tool that leads to savings for homeowners, “Greening the MLS” also encourages agents to promote and explain these features to buyers. This, in turn, educates more of the population on the benefits of green technology. Reach out to your Red Edge agent today for information on green properties in your target area.

Source: greenthemls.org

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Louisville real estate defies the laws of gravity

What Goes Up, Must Come Down

Unless You Live in Louisville…

by MIKE HALL Owner/Agent/Broker

Money

The Louisville housing market has hit historic highs since overcoming the recession. Prices have continued to rise and rise with no end in sight.

The second half of 2017 is proving to be no different than the first half, with July’s sales matching those of July 2016 — an extraordinarily high month for sales in the Metro. In 2016, there were 12,253 properties sold. That's phenomenal considering the relatively small size of the city and the low inventory of available housing. July 2017 almost matched that of 2016 coming in just 11 sales fewer, a difference of less than 1 percent.

As a result of the low inventory and high number of sales, bidding wars are now commonplace and are driving the sale prices to new highs. Typically Louisville homes appreciate around 4% in a year; but from last year to this one, homes have appreciated 7.71%. Being a homeowner in Louisville right now is a boon. Be sure to call your Red Edge agent to get your foot into this growing market.

Source: Louisville Insider

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Louisville Home Sales Still on the Money

Now is the Time to Sell

by MIKE HALL, Owner/Broker/Agent

Home Construction For Sale Bea Metts

It’s no secret that Louisville has a booming housing market. Record sales in 2016 have continued into this year.

Many experts had anticipated a downturn or correction in the market due to low inventory but, surprisingly, numbers have stayed about the same while prices have increased due to demand. Since this time last year, the price for a new home have gone up approximately 4.8 percent. While this is not a huge increase, it is evidence that the demand for new housing is still present. Many homeowners are reluctant to sell their home at this time because finding a new home that meets their requirements and budget is so difficult in this climate. It truly is a seller’s market.

However, there are new construction projects on the horizon, and there are real estate agents that can help with finding your dream home and getting an offer in before someone else does. If you are a homeowner that wants to sell but worries about finding a new home, contact Red Edge for assistance. Our agents will be able to help you with buying and selling. If you’re a first-time buyer, we will be able to help you into your first home by connecting you with sellers...

Hot Louisville Market: Increased Property Value and Taxes

Why higher taxes equal more money in your pocket

by MIKE HALL, Owner/Broker/Agent

calculating

If you are looking to buy in Louisville you’ve probably already noticed that the housing market is booming. Houses can list and sell within 24 hours causing bidding wars and creating a seller’s market.

However, you shouldn’t let that keep you from buying as this increased demand creates nearly immediate equity in most homes. The Louisville PVA recognized the demand in the Louisville market and has recently increased property value and, subsequently, tax rates for 100,000 properties including 70,000 residential homes.

The average hike in taxes is 7.5 percent and properties are typically assessed every three to four years. This means that you can buy now and have the opportunity to build equity before the next assessment occurs. If demand and value continue on the same trajectory, property values will continue to rise thereby making Louisville homes an excellent investment for the future.

Only certain areas of the city have recently been assessed. Consulting with a real estate agent at Red Edge to find a home in an area where property value is increasing is essential to making a wise investment. Areas of the city with less growth potential are still on an upward swing.

A Red Edge...

Boost in Louisville sales for March

Louisville currently a seller’s market

by MIKE HALL Owner/Agent/Broker

Home with sold sign

Louisville’s real estate market had a boost in sales last month. An increase of 14 percent was reported for this March, compared to last March. The market is hot right now, and homes are going, going gone as there are fewer homes for sale.

People are realizing all that Louisville has to offer, and many are choosing to make Louisville their home, while many continue to keep Louisville their home. It continues to be a seller’s market. If wanting to make a move, take advantage of these statistics, and get your house ready to go.

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