Louisville KY Market Stats

Low Inventory in Louisville Housing

Now is the BEST time to sell!

By Mike Hall, Broker/Agent/Owner

Kitchen

Louisville’s housing shortage continues

Demand for houses in Louisville continues to increase without a corresponding increase in available houses. Some estimates show that while there should be around 5,000 houses for sale in Louisville, there are only about 500.

Often, buyers with high credit scores and solid down-payments are still needing to make cash offers well above listed prices and waive all inspections.

Some potential buyers are choosing to wait, save more money, and hope that the market evens out in the future. These buyers might not have the financial means to pay the difference between their offering and the house’s appraisal, or they might not want to risk potential costly issues that would have been found with an inspection. Others are engaging as competitively as they can, with perseverance as their motto.

For sellers, it’s highly likely that a good home with a solid price could sell very quickly at a much higher price than they could have gotten for it even a few years ago. Some houses have increased by $70,000-100,000 just in the last year.

Whether you’re navigating this seemingly cutthroat...

What to Expect in 2022

What are the housing predictions for this year?

By Mike Hall, Broker/Agent/Owner

Happy couple hugging in home

What can home buyers and sellers expect in 2022?

In 2021, the housing market across the nation saw low inventory, high demand, low interest rates, and dramatic price increases. It was a great year for sellers and a problematic year for home buyers, especially those who were hoping to buy their first house. What will 2022 hold?

Experts predict a similar situation this year, with some gentle adjustments.

One predicted change is that the record-low mortgage rates will go back up slightly, meaning there will be fewer homebuyers taking advantage of incredible rates. That should mean a slight decrease in demand for homes, giving those on the search fewer offers to compete against.

Despite a slight shift in demand, the available inventory will probably remain tight. One forecast predicts that inventory will only increase by 0.03% in 2022.

While 2021 brought dramatic price increases for houses across the nation, houses in 2022 will rise at a more moderate pace. There is an expectation that the market and economy in general will stabilize as local, state, and federal policies tackle...

Louisville Housing Market Remains Fast and Furious

Houses will likely continue to sell quickly in Louisville

By Mike Hall, Broker/Agent/Owner

House for sale

It’s still an ideal time to sell your house!

With the Greater Louisville Association of Realtors reporting that sales are up 13% from this time last year, it doesn’t look like the current housing market is slowing down anytime soon.

The situation is largely due to the lack of inventory. Fewer houses are for sale, so each available house is getting more attention. The inventory of houses for sale is down 38% from this time last year. Typically, houses are still on the market fewer days and going for higher prices than before, but there might be a slight decrease in how many offers each house is getting.

The decrease could be due to a slight increase in houses available, plus some overconfident sellers are asking more than what new buyers might be willing to pay. As buyers decide they can wait, fewer bids are coming in for each house, though the demand still far outpaces the supply.

Finding a trusted Realtor can help you price your house just right and navigate the viewings, offers, and short turnaround times. Talk to an agent today about selling your house in this ideal time!

[Source: WDRB.com]...

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]

...

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 price in...

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 an agent...

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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