The Louisville housing market is experiencing significant growth in 2023, with a strong demand for homes and a limited supply driving prices up. This trend is expected to continue throughout the year, with experts forecasting a continued increase in home values.
According to data from the Louisville Association of Realtors, the median home price in the city has increased by 9.6% year-over-year, from $206,000 in 2022 to $225,700 in 2023. This is a significant jump, and it's largely driven by the tight inventory of homes available for sale. As of February 2023, there were only 2,028 homes for sale in the city, which is down 33% from the same time last year.
The low inventory of homes for sale has created a competitive market for buyers, with many homes receiving multiple offers and selling quickly....
Louisville is a thriving city with a great real estate market. With plenty of neighborhoods to choose from, prospective buyers are sure to find the perfect home. For sellers to get the best price for their home in the quickest amount of time, it is important to consider key factors. In this blog post, we 'll explore some top tips for selling your home quickly in Louisville.
1. Price it Right - Do your research to make sure you’re pricing your house for current market conditions.
One of the most important factors when trying to sell a house in Louisville is pricing it for current market conditions. A good realtor should help you decide on the best price point. Research other properties that have recently sold in the area. Take into account any unique features of your home that give it an edge over comparable listings....
If you're looking to buy a home or maximize the value of your current house, understanding the key factors that affect home values is essential. From location to condition and extras, there are many variables that can influence how much a property is worth - knowing which ones you are able to impact can help you make informed decisions. In this blog post, we’ll discuss the top factors that affect home values and how understanding them can help ensure maximum return from any real estate transaction.
Location is likely the most important factor for determining home value. Buyers tend to choose homes in desirable areas with access to good educational facilities, public transportation options and jobs. When selecting a location, consider convenience and amenities such as parks, libraries, shopping centers and entertainment spots too.
The condition of both the...
There is no doubt that mortgage credit availability is expanding, meaning it is easier to finance a home today than it was last year. However, the mortgage market is still much tighter than it was prior to the housing boom and bust experienced between 2003 - 2006.
The Housing Financing Policy Center at the Urban Institute just released data revealing two reasons for the current exceptionally high credit standards:
- Additional restrictions lenders put on borrowing because of concerns that they will be forced to repurchase failed loans from the government-sponsored enterprises or Federal Housing Administration (FHA).
- The concern about potential litigation for imperfect...
If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.
Ask yourself the following 3 questions to help determine if now is actually a good time for you to buy in today’s market.
1. Why am I buying a home in the first place?
This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.
For example, a recent survey by Braun showed that over 75% of parents say ...
A recent study of more than 7 million home sales over the past four years revealed that the season in which a home is listed may be able to shed some light on the likelihood that the home will sell for more than asking price, as well as how quickly the sale will close.
It’s no surprise that listing a home for sale during the spring saw the largest return, as the spring is traditionally the busiest month for real estate. What is surprising, though, is that listing during the winter came in second!
“Among spring listings, 18.7 percent of homes fetched above asking, with winter listings...
There are many potential homebuyers, and even sellers, who believe that they need at least a 20% down payment in order to buy a home or move on to their next home. Time after time, we have dispelled this myth by showing that many loan programs allow you to put down as little as 3% (or 0% with a VA loan).
If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs.
Freddie Mac defines closing costs as:
“Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage. These are fees charged by people...