The new Louisville numbers are out for January 2016 home sales and though sales are up the real story is the lack of home inventory. Looking at the numbers first, the number of homes sold in January 2016 were up 2.3% over the year before. The number of homes going under contract were up 12.6% over the same time period the year before.
But if you look at the new homes coming on the market in the month of January you'll see the number was down 13.2% from the year before. That's why Louisville Buyers are desperately looking for their next home and there are very few to be found.
We measure the buyer activity with the term called “absorption rate”. If we turned off the faucet and no other homes came onto the market as of right now, how long would it take existing buyers in the marketplace to purchase or “absorb” the current supply of homes. The nationally accepted scale is as follows: six month supply or more is a buyers market, a 5 to 6 month supply of homes is a neutral market anything under of five months supply is said to be a sellers market. The current absorption rate for the Louisville area is a 3.36 month supply, a firm sellers market! In fact just a year ago we were talking about a firm sellers market and the absorption rate was a 4.82 month supply of homes.
What does this mean to you? Let's start with sellers, if you are considering putting your home on the market this year now is the time to do it. Typically you'll get more money and sell faster if you're on the market sooner than later this year. Naturally you have to be concerned about finding your...
2015 Was an Amazing year for the Sokoler Medley Team. We were able to help more than 380 families sell or buy a new home in the Louisville Kentucky and Southern Indiana areas!
We look forward to helping you and your family in 2016 and the years to come.
You certainly don't want to give away your home when selling nor do you want to pay the highest price when buying. Good negotiation skills can take years to develop and tips and strategies come from highly qualified buyers agents and listing agents. But there are ways you can negotiate for the right terms and price in your next real estate deal.
Here are 10 tips that all buyers and sellers should know when it comes to real estate negotiations.
#1. Be an effective communicator.
Before you can negotiate anything you need to be an effective communicator. If you don't how to communicate properly, appropriately or accurately, your needs and desires are simply not going to get across. You need to listen, clarify, understand the opposite parties expectations and understand your expectations as well.
#2. Know the market.
If you have no idea what an accurate price is for a particular piece of property you are negotiating in the dark. The other party might be laughing at you because you simply don't understand the current market trends and strategies. Understand if it's a buyers market or a sellers market or if the market is balanced. There's no points to request a lower price on a home if the seller has three backup offers over list price. You have to understand what you're dealing with, the current market and how to really get what you want.
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Two New Home Communities in Louisville
Brookfield – Pulte Homes
Pulte residents who call Kentucky home, love to take advantage of all that Pulte and the Bluegrass State have to offer, from rich history set inhttp://www.weselllouisville.com/ beautiful cityscapes...
Thinking of selling your home? Don’t wait until 2016, buyers are out there right now looking for the perfect home. Consider the fact Louisville area real estate continues to outpace last year. According to the latest numbers from the Greater Louisville Association of Realtors, homes going under contract increased a whopping 12.4% October 2015 compared to October 2014. The number of Louisville area homes closing in October 2015, up 1.3% over 2014. The absorption rate sits at a 4.4-month supply (a strong sellers market).
The numbers could be even better if there were more homes on the market. There were 17.5% fewer homes on the market last month compared to October 2014. In fact the number of homes coming on the market last month was down 2.5% compared to October last year.
So what does this all mean? The real estate market in the Louisville area continues to improve month over month. We’re seeing a number of homes that went under contract the month before not closing for a variety of reasons:
1) Appraisers found the sales contract price was higher than what comps in the area had sold for. This has been a problem but it escalated at the beginning of this year when the government instituted a random computer check of appraisals. If the computer felt the appraisal was too high it would kick it back to the appraiser to be reworked. The appraiser doesn't get more money to do the extra work so they are more conservative in the beginning. That's why we're finding more appraisals coming in low. If the buyer is unwilling to come up with cash out of pocket...
Is selling your home after school starts a good idea?
Spring is well known as the real estate market busy season all around the nation and there are reasons why this is so. For instance in Spring the weather is milder for moving, people are motivated to start fresh/make big overhauls in their lives, and the budding nature helps boost curb appeal to show homes in their best light. What about fall though? Is it still a good idea to put a home on the market in the fall especially if you are trying to sell your home quickly?
Fact is the real estate market is active all year long. Homes are indeed bought and sold in every season of the year. Some seasons are of course more active in the real estate world than others but it is not impossible to get a home sold at any time of the year as long as you have the right marketing. Play to the strengths of your home and use the season you put your home up for sale to your advantage. For instance in fall do a little seasonal decorating to entice buyers to want to come inside and take a closer look.
Related post: How to Stage and Sell in the Fall
Traditionally the market is a bit slower in fall than in spring but the market does not take a huge plummeting drop in the fall. There are parents who prefer to search for a home in the fall when their kids are back in school giving them time to look for homes without needing to bring the kids along or find childcare.There are also buyers who need to relocate now and buyers who prefer to shop when the competition between other buyers...
New Louisville Home sales numbers for September 2015 are out and home owners can celebrate. Louisville made significant gains in a number of areas including average price, days on the market, Home sales and pending sales.
Meanwhile a new national association of realtors report for August 2015 says nationwide wide averages were down 4.8% in August 2015.
Louisville home sales have been gaining steadily for much of 2015, the latest numbers show the average sales price in many areas of Louisville are up more than 8.5% from the same time a year ago. The average sale price increased from $183,500 to $199,355. That’s a significant gain for any town!
There’s more good news for Louisville sellers and concerning news for Louisville area buyers. The days on market have decreased for the average home dramatically. Homes in hot areas of town (priced correctly and in good condition) were on the market 69 days in September 2015 84 days in September 2014 for a reduction of 17.86%.
The good news continues for the number of homes that sold in Louisville during September 2014 up 12.9% over the year before and the number of homes going under contract increased 17.9% over September 2014. The concern is the lack of homes...
Staging Your Home for a Fall Showing
Selling your home in Louisville during Autumn can be wonderful. There's less competition on the market and the season gives you the opportunity to show case your home as a great place to cozy up for the winter. Follow the step below to stage your home for a fall showing and you'll be closing before the holidays.
1. Lighten Up
As the seasons change, the days get shorter and the nights getting longer. This is good for sellers. Why? Because not only do well-lit rooms look bigger, but they're also more inviting. Before a showing, make sure to turn on all your lights, especially ones you can see from the street. Buyers will feel that glowing welcome as soon as they arrive.
2. Start a Fire
Close your eyes and envision yourself in a warm, cozy room. Do you see yourself relaxing in front of a bright fire? Yeah, the buyers do too. Few things say “welcome home” like an inviting fire in the fireplace and some well-placed candles, so take advantage of the season and help buyers see themselves at home during your open house.
3. Use Seasonal Scents
A general rule when showing a home is to stick to unscented candles, since you never want to alienate a potential buyer who has an aversion to a certain scent. However, if you’re showing your home in the fall, it's your chance to break that rule and light a few apple cinnamon or pumpkin pie candles. The reason being is smell is so intricately tied to emotion and harnessing the aroma of fall will evoke memories of apple picking, pumpkin carving, leaf raking and other family-friendly activities. So, call your friend who...
The Two Reasons NOT to Have an Open House when Selling Your Louisville Home
It's an Open Invite to Criminals
Not only do open houses displace sellers and cause them inconvenience (cleaning, pet care and other preparation), but they put sellers and their belongings, as well as their Louisville Realtor at huge risk. Although there are no Realtor sponsored studies on how robberies, burglaries and other violent crimes are linked to open houses, Realtors are always and forever being reminded by NAR about how dangerous they can be for both their clients and themselves. Open houses are an excellent resource for criminals. Not only can any criminal just walk in to an open house and case it, they're invited to do so! There is no screening process to determine if they can afford the house or if they have a criminal record.
Criminals going through an open house are open to many opportunities depending upon the type of crime they intend to commit. As decoys or other visitors distract the Realtor, the criminal often has access to the entire house and can often view calendars identifying when the sellers will be gone, pictures of children and other vulnerable family members, location of valuables and....the list goes on. In addition, the Realtor herself may be in danger of a violent crime if there are no other visitors and she is alone. Open houses are an awful and very real security risk.
Related: 3 Things to Know When Selling On Your Own
Homes With Pools in Louisville
Thinking of buying a home in Louisville with a pre existing pool or hot tub? If so, there are some things you need to know to ensure they continue to run smoothly.
First, get an inspection. Your local pool professional should be able to send someone out to your home to check the integrity of the structure of your pool and hot tub and let you know how much "life it has left" in it.
Next, as the new owner of a hot tub, you want a fresh start so that it's YOUR hot tub. Start by cleaning the plumbing, changing the filter and draining the water (be sure to turn the power to the hot tub off before you drain it). Once it's empty, wipe down the walls and seats with a hot tub cleaning product. After the filter has been replaced and the tub has been cleaned, you can refill the tub back up to the skimmer level.
Now, that your hot tub is clean and brand new to you, you'll want the water to stay clean and healthy. This means having the right balance of chemicals in the water.
Bring a sample of the water, as well as any chemicals the previous homeowners left behind, to your local pool professional. They can analyze the water and how to use the chemicals to keep the water in balance. You must use a proper sanitizer, chlorine or bromine, to kill the bacteria in the water (water treatment systems will not kill the bacteria). They will help to keep the ph, alkalinity and hardness levels balanced as well. Make certain to only use chemicals, cleaning products and scents that are specifically approved for hot tub use.
If you've become the new owner of a pool, YIPEE!...
Any concern Louisville's home sales market was stalling out was quashed in June 2015. After several months of good, but not overwhelming home sales, The Greater Louisville Association of Realtors (just released numbers), shows June home sales skyrocketed last month. The number of homes going under contract in June 2015 was up 22.3% over the same month year before. The number of homes closing last month was up 16.9% over June 2014. By any measure, Louisville home sales are on track to reach new records this year.
Here are the numbers that impress even the skeptics:
- The average days on market down 6.82% from a year before.
- The average sales price up 1.47% from June 2014.
- The number of homes sold, year to date, as of the end of June 2015 compared to last year at the same time were up 11.5%.
The only concern is the number of active listings on the market. As of the end of June 2015 the number was down 17.2%. That's a concern because if buyers don't have options when it comes to choosing a home, home sales could stall in July and August.
The number of new listings that came onto the market in June 2015 was down only .9%. It's an indication that sellers were waiting until summer hit to put their home on the market, hoping for the best price and fast sale. Still, with buyer’s sales up and the number of homes on the market (compared to the same time a year ago) down we have a firm sellers market.
We measure home sales with something called an “absorption rate”. The...
Summer Events in Louisville
Check out these great summer events in Louisville, Kentucky!
Kentucky Shakespeare in Central Park - Experience the 55th season of FREE Shakespeare in Central Park running from June 3rd to August 9th. You can enjoy not only Shakespeare, but food from the Louisville Food Truck Association, drinks from Brown Forman, and live pre show entertainment each and every night! Pre show entertainment starts at 7:15 with Shakespeare beginning at 8:00pm.
Thursday Public Bourbon Tour - Learn the art, history, and craftsmanship of “America’s Native Spirit” as you travel through Bourbon Country. You'll visit Maker’s Mark and Jim Beam distilleries for guided tours and bourbon tastings! A stop for lunch will also happen! The cost is $99 per person plus the cost of lunch and admissions to the distilleries. Tour departs at 8:45am and returns at around 5:30pm. For more information or to book tickets, give us a call at 502-583-1433 or visit www.mintjuleptours.com
Music on the Terrace - happens 6/25, 7/2, 7/9, 7/16, 7/23, 7/30, and 8/6 from 6:30 to 8:00pm at Paddock Shops Summit Plaza Dr.
Lock Dinner Cruise - Experience a river lock on a boat on June 29th! Check out Belle of Louisville for more information.
Fanfare for the Fourth - Musical Visions of America - Come to Beargrass Christian Church at 4100 Shelbyville Rd this July 2nd from 7:30pm to 9:00pm to experience the 11th annual multimedia choral cinema presentation of the founding, expansion, and refinement of America. $20 for general public, $15 for seniors and $5 for students.
Homes in Indian Hills, Louisville
The City of Indian Hills is a community of just under 1,200 homes and 2,900 citizens, located in Jefferson County, Kentucky, approximately seven miles northeast of downtown Louisville. Located just minutes from downtown and east end shopping and dining, Indian Hills is a perfect location for those who want to have it all. As of 1999, Indian Hills is a Home Rule City as authorized by the Commonwealth of Kentucky legislature. However, development of the neighborhood began in 1924. Today, Indian Hills serves as a welcoming haven for families.
The history of this area is rich and the soil even richer. Taking its name from the pioneer days, Indian Hills continues to provide a sense of nature and community. The Veech family, known for horse breeding and potato farming, first developed this area in the early 1920s. Everyone since has tried to stay true to the land’s natural flow. Rolling streets with mature trees and lush shrubs such as honeysuckle are just part of what gives this area the feeling of being part of a simpler more natural time, as well as the fact that over a third of the area's land is purposefully undeveloped woodlands.
Once considered the suburbs, the Indian Hills neighborhood now is considered by many to be an easy commute for those that work in the downtown Louisville area.
Homes and Prices
President Zachary Taylor once lived in this beautiful area, originally designed by Frederick Law Olmstead that consists of four different sections: Indian Hills-Cherokee, Indian Hills-Country Club,...
Cherokee Park in Louisville
Are you in search of a great park in the heart of Louisville? Then look no further! We have a great one for you!
Cherokee Park is a 409 acre park that can be found in the neighborhood The Highlands neighborhood of Eastern Louisville. Cherokee Park is listed on the national historic register. However, what's really special about Cherokee park is that it is one of the only complete park systems within a major city designed by Fredrick Law Olmsted. The other cities with such parks are Boston, New York and Milwaukee. The park is quite picturesque with its rolling hills, open meadows and woodlands of the Beargrass Creek Valley.
The main feature of Cherokee Park is its 2.4 mile Scenic Loop with definitive lanes for vehicle traffic and recreational users. The secret to navigating the park while on the Scenic Loops is to keep turning left to stay in the park and right to exit it. All traffic moves one way. Cherokee Park’s trail sections are separated by short road segments but can all be linked together to form the Scenic Loop. Trails in this park are best suited to intermediate level riders as there are some technical sections due to the combination of narrow tread width, roots, rocks and short steep climbs. These trails are great for training and improving your bike skills, it’s been said if you can ride Cherokee you can ride almost anywhere. Following...
Interest rates remain low and that one single fact has buyers out right now looking for their next home. The new numbers out for Louisville home sales in March 2015 are great if you're a seller but scary if you're a buyer. The number of homes marked pending is up, the number of homes sold is up but the problem remains the number of listings actively on the market is down, way down!
Anyone thinking of selling his or her home should consider putting it on the market sooner than later this year. Here are three reasons why:
- Interest rates remain low and buyers are afraid they're going up. They're out in droves looking for a perfect home now.
- There are 16.1% fewer “Active” homes on the market now than a year ago in (at this time) so listing now means you'll get more looks and sell for more money.
- There are 7.6% fewer new listings that came on the market in March 2015 compared to March a year ago.
To look at the overall market conditions let's review the absorption rate (the absorption rate is simply this, if no homes went on the market after today, how long would it take for the existing homes to be bought). The National Association of realtors says a six-month or more supply of homes is a buyers market. A 5 to 6 month supply of homes is a neutral market meaning its neither a buyer or seller's market. A five-month supply (or less) of homes is equal to a sellers market. The newest numbers for March 2015 show the absorption rate at 4.26-month supply of homes for the Louisville...
Snow, freezing temperatures and ice on the roads did little to stop Louisville home buyers last month. New Louisville home sales numbers for February 2015 are more than encouraging, their down right exciting! The number of homes going under contract last month was up an impressive 16.9% (last month the number was 26.3%) from the same period a year before. The new Greater Louisville Association of Realtor numbers indicate five things:
1) Interest rates are low.
2) There is fear those rates could increase.
3) FHA financing costs have come down.
4) Credit score requirements have been reduced.
5) New loans are making it easier for buyers to get a mortgage.
Combine the 5 reasons and buyers are jumping off the fence and into a search for homes.The news is not all good, the number of homes actually closing was down .02 percent from a year ago. Once again the reasons for slowdown in the closing process is three fold:
1) Mortgage companies are swamped, the info required for a buyer to become approved for a loan is still lengthy. Even a 1 day delay in producing documentation could slow the approval process weeks.
2) Home inspections are finding problems, some of them weather related. Ice is forcing roof issues, melting snow is seeping into basements and that's just the start of the nightmares.
3) Home appraisals are still conservative. Some homes are not appraising and the contract can easily fall apart.
The number of homes going under contract could have been higher of there were more homes on the market. The number of homes on the market is actually down 11.4% compared to a year before. The number of homes coming onto the...
Best Waterfront Park, Louisville Kentucky
Louisville's, Waterfront Park is the front door to Kentucky. It's not just some "park in Louisville", it's much more than that. It's a playground for people of all ages, and a gathering place for people from all over the community. The park caters to downtown workers, residents, and visitors.
The park features an amazing view of the river, space for concerts and festivals, quiet places to take in a book and a few hours to yourself, picnic spaces for your next event and much more. The park regularly hosts crowds upwards of 350,000 for Thunder Over Louisville.
Three phases over a total of 85 acres make up this urban park. The last phase was completed in February 2013 with the opening of the Big Four Pedestrian/Bicycle Bridge. This bridge enjoyed more than a million visits in its first year of operation alone.
Phase 1 made its debut in 1999 and contains broad, open spaces ideal for large events, as well as smaller spaces perfect for family gatherings or enjoying the Ohio River in a quiet setting. The center piece of this phase is the Great Lawn. The Great Lawn is the most distinctive open space in the park that flirts with the Ohio River and gradually rises over its 14 acres, ending at Witherspoon Street.
Directly up River Road from Phase I, Phase 2 has a very different take on what a waterfront park can be. Phase 2 is a ribbon of medium to small spaces, suitable for picnics, weddings, parties, and events of modest size....
Require These Five Things of Your Listing Agent Before Signing Up
Have you been considering selling your Louisville home? If so, there's lots to be done and especially lots to be certain you don't overlook. Hiring a professional real estate agent can help you with it all! Much like a great doctor or accountant, a great agent is always worth more than the commission they charge.
Distinguishing the great agents from the average ones can be tough, but applying these five requirements to your agent will help you separate the wheat from the chaff...
FIVE REQUIREMENT TO MAKE OF YOUR AGENT:
1. Be honest about the price.
Many agents will take a listing at any price and then try to convince the seller to pay it or work on a price correction later. Instead, have your agent prove to you why they believe in the price you're listing for. Have them show you their plan to sell at that price! They're going to have to sell it at that price not only to the seller but the bank as well!
2. Understand the timetable with which you're dealing.
Most of us have a plan when moving our families to a new home. It may involve working around the start of a new job or a new school year. The whole process can be quite draining emotionally and for that reason, it's important that your agent realize and appreciate the timetables you're shooting for. They're not magicians, of course, but they should certainly be doing all they can to move mountains for you.
3. Remove as many of the challenges as possible
It is so important that your agent be able to handle the challenges that WILL arise. They're ability to negotiate is critical. This is when it's good to have an agent...