It wasn’t the weather, home prices, lack of buyers or Interest rates that slowed Louisville home sales in February 2017. Plain and simple it was a lack of inventory that caused sales to drop by 6% last month compared to February 2016. Buyers are having trouble finding homes especially in the $100,000 to $349,000 price ranges (see our absorption rate chart below).
Actually, the drop in home sales could have been a lot worse considering there were 20.6% fewer homes on the market last month compared to a year before. That 20.6% drop equates to approximately 1000 homes and when the inventory only totals 3652 homes, a drop of approximately 1000 homes represents a large chunk of potential homes to buyers. Remember, buyers are desperately trying to find a home before interest rates go up again.
There are several reason homes in the $100,000 to $349,000 price range are in short supply:
Boomerang buyers (people who had their home foreclosed on or had to short sale their home between 2007 and 2014 are back in the market looking for homes.
Home builders effected by the recession closed their doors or slowed production to survive. Those home builders are regaining confidence in the economy but many of their suppliers and trades (electricians, plumbers and carpenters) either retired during the recession or found other jobs.
Election outcome could trigger Louisville Home Buying Frenzy!
Louisville home prices are up, Louisville home Sales are up but inventory remains lower than expected but all bets are off if interest rates start climbing! The news is good for most homeowners but because of the act of inventory homebuyers could be faced with a difficult choice in the near future. What will they do if interest rates start to inch up or down in December 2016 and beyond?
It’s very possible rates could increase because during the last Presidential debate, Donald Trump talked briefly about the government artificially holding down interest rates to help the economy improve. It sounded like he was not in favor of that practice continuing if he was elected.
Yet surprisingly the day after the election mortgage rates slightly dipped. “Mortgage rates are falling because investors are seeing safe yields in U.S. mortgage backed securities, reflecting their confidence in the relative safety of the U.S. housing market,” wrote Trulia chief economist Ralph McLaughlin the day after the election.
If rates move at all buyers on the fence right now may jump off trying to find a home in a traditionally slow buying time of the year. This may set up the perfect reason for sellers thinking about putting their home on the market to explore listing their home. The lack of homes could mean a home selling for more money and faster. It depends on price vs. inventory. This may be the perfect time to call Bob Sokokler at (502) 376-5483 to schedule an appointment to review the process of selling your home.
The graph below shows the absorption rate for homes (see the month supply on the right side). Clearly anything with a less that 5 month supply is a sellers market...
Energy efficient homes are a top priority for many people. Who doesn't want to save money on costly energy bills? Making your home more energy efficient to cut some costs can seem like something unattainable to people without large sums of cash. When we think energy efficiency we tend to think expensive items like energy star appliances, and tankless water heaters. There are actually a number of ways to make your home more energy efficient without spending your life savings. These steps are the first actions any home owner should take toward a more energy efficient home.
This may seem like such a simple and minimask, but it is one that comes with huge impact. Replacing air filters makes a huge impact on HVAC systems especially where air conditioning S utilized. It is difficult for your AC to work optimally when air is being pushed through a dirty filter. Clean filters mean rooms reach a desired temperature faster and less work for the AC/heating system saving lots of money.
Well, kids are back in school and many school districts are well underway. Of course, in today's day and age, all parents and even some students are concerned about the safety in schools. As a parent, it's important to do all we can to keep our kids safe but also have fun and find unique tips, tricks, and shortcuts to make life easier when the kids are in school.
Here are 10 simple tips for a better school year to keep you kid safe and have fun.
#1. Organize the Mornings.
Try to keep things as organized as possible when sending the kids back to school. Depending on when your kids go to school in the morning, set up a foolproof family calendar with the times that kids need to get to the bus stop, when they will get back and a routine that works for everyone in the morning. You want everyone to start the day happy and prepared when leaving the house. Make lunches the night before, organize all of the backpacks, hats, shoes, books and homework in a neat line so they are ready to grab them and go in the morning. This also helps you sleep in just a little bit longer when everything is prepared the night before.
#2. Prepare breakfasts the night before.
It can be very easy to get up late, grab an apple or a banana or even nothing at all and head out the door. But kids need the right mood for learning and by giving them a healthy, protein packed breakfast, they can think better and do better in school. Many middle school and high schoolers have challenging classes first thing in the morning and instead of sleeping through them, send them off with a healthy breakfast of either oatmeal that's made the night before, protein packed muffins or breakfast bars or prepare breakfast sandwiches or burritos that simply need to be heated up in the microwave...
Niche has compiled a list of the best places to live in Kentucky for 2016 based on public schools, cost of living, job opportunity, crime rate, and local amenities. They put together this list of best places to live with data gathered from various different sources including the FBI, BLS, CDC, the U.S. Census and a few other sources not named. This year an astounding 7 out of the top 10 on the list are Louisville neighborhoods.
Here are the Top 10 2016 Best Places To Live in the Niche List
For the latest inside information on what is available contactthe team at Sokoler Medley 502-376-5483
New Homes in Louisville
Pulte Homes has recently had their grand opening of the new Poplar Lakes located on Deer Lake Lane and Poplar Lakes Lane just south of Jeffersontown about 20 minutes from downtown Louisville. Easily accessible via Highway 155 or Interstate 265 this community is bordered by the Pine Valley Estates, Saratoga Woods and the Charlie Vettiner Park. From Easum Rd., head south along Poplar Lakes Lane, which turns into Deer Lake Lane after the roundabout. This collection of 12 new homes feature nine distinct floor plans starting at about $208,000 to about $250,000.
Floor plans start at 1500 ft.² to nearly 2600 ft.². The models include:
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 next home, so be sure to...
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.
1. Mike Linnig's Restaurant has been Serving some of the greatest seafood since 1925. Nestled in a shady grove along the Ohio River, Mike Linnig's Restaurant has been dishing up delicious fried fish and seafood at family prices for many years with dishes like fried fish, shrimp, frog legs, pan fried oysters,...
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.
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...
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”....
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.
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....
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...
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...
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...
It’s that time of year again when holiday party’s start booking up weekends, Christmas lights and decorations line the streets of Louisville and you’re looking for some holiday fun. We have put together a list of five fun things for you to do this holiday season.
Remember, whether you are moving into a new home this holiday season or just looking for something festive to do, the Sokoler Medley Team is here to help.
Lights Under Louisville – The Louisville MEGA Cavern is transformed into a spectacular display of lights and decorations for the holiday season. The underground drive through cave has more than 850 light displays and over 2 million lights to see throughout the ride. Open to the public on weekends, this provides a perfect holiday show from the comfort of your own vehicle. Drive through roughly 17 miles of underground passageways, it should take around 30 minutes to complete. Your family will be in awe at this premier Louisville holiday light event!
Galt House Hotel – Located on Main and 4th street, the Galt House Hotel has made a huge holiday transformation this year and offers many fun and exciting events to attend. You can have breakfast with Santa, sit in his sleigh in front of a green screen, ride the peppermint express train and if you want to experience all Galt House Hotel has to offer, they have created a few overnight packages with accommodations for all ages.