Real Estate Information

We are finding a mixed bag of news for home sellers and buyers as we head into March 2010. The number of homes going under contract in Louisville Kentucky was up 23% in February 2010 compared to February 2009. That is great news for sellers but bad news for buyers looking for their first home. The increase in homes going under contract was primarily due to the $8000 first time homebuyer’s tax credit. Buyers looking to make their first investment are finding a buying war for quality homes in the 80-170,000 price range. Unlike many cities around the U.S., Louisville has generally maintained property values in the 1^st time buyers market and in many cases (depending on location) increased over the past few years.

Home sales should increase for Louisville’s more expensive homes as the owners of the first time homes start looking for their move up home. The $6500 move up tax credit for anyone who has owned a home for that past 5 years is still available. Both the first time homebuyers credit and the move up credit require that buyers be under contract by the end of April and close by the end of June.

Feb 2010

 Feb 2009

A  new Chinese Buffet has opened in Louisville and all I can say is wow! Umai Zushi Buffet  (3710 Chamberlain Lane, new Westport) opened this past Friday night and I have to tell you it blew me away! As Louisville Real Estate Agents,  my wife (Norine) and I show hundreds of Louisville homes a month, we take our clients out to a number of local restaurants, Umai  tops many of them and I think our clients would love this place.

Norine is not a fan of buffet restaurants but she was so impressed with Umai we went back a second time Saturday night. This, my friends is unprecedented for my wife but there are a number of reasons why!  Let’s start with the atmosphere, bright clean (of course it’s new but I think they’ll keep it up) large yet cozy (they’ll need room if Umai catches on and crowds turn out to eat).  The only negative is sitting too close to the front door. Even though there are two entrances to buffer the wind, anyone sitting near the font gets a cold chill every time the door opens. My advice is to sit towards the middle or back.

The food is fresh and the variety is amazing. On the nights we were there, Crab Legs were large and plentiful the Stone Crab was good but the ginger sauce made them hard to handle. More than once the stone crabs slipped out of my hands (they had been precut but still tough to handle).  There was a wide selection of Sushi and Sashimi all being made in front of us by several chefs. The Mongolian Grill looked good (I stayed with the seafood) and the variety of Chinese food also was tasty (I only tried one or two dishes). 

There are too many items on the multiple food stations to describe but I suggest walking around the entire food area to get a feel for what is available. Pick your top 10 or 15 items and dig in. I never even came close to trying the salads to desserts.

The price with soda is about 16 dollars a person, pretty standard for local buffets, but for that price the quality is good, the selection is amazing and I could eat there every night of the week if my wife and my diet would let me!

For more information about Bob and Norine Sokoler head to www.weselllouisville.com

As Louisville Realtors we visit a number of places.. This week a new phenomenon has hit Louisville (and I suspect the rest of the country). American Idol’s pants on the ground, sung by 62-year-old Larry Platt is a hit! It’s not often we walk into a restaurant and hear people singing a tune, let alone “Pants on the Ground”, but we did last night!

 Larry Platt is no stranger to the media. He first attracted the spotlight back in the 1960s when he volunteered as a teenage crusader for the Civil Rights Movement in Georgia. If you’re looking for Louisville Real Estate visit www.weselllouisville.com. If you’re looking for a good laugh, watch the video below.

By the Numbers

New Home Sales numbers in the Louisville Kentucky area for December 2009 appear to have fallen. I say “appear”, because there are several reporting sources and updates may still come in. The numbers show that Home Sales for December 2009 were off 5.31% from a poor December 2008. To make matters worse, the December 2009 sales were actually better than they should have been. Remember that some of the closings in December were actually delayed from November 2009 because some mortgage companies (specifically their underwriters) dragged their feet approving home buyer’s loans and some appraisers slowed their pace to the speed of a snail.

The Big Picture

Up until December 2009, the picture looked rosy. Louisville Real Estate Sales started to climb steadily in June.  Thanks to the $8000 first time home buyer’s tax credit, a new home construction tax credit and low interest rates we could say with confidence that the home sales recovery was well underway in Louisville Kentucky.  As the deadline for the first time home buyers tax credit approached in November, home sales were actually brick. November Home Sales were actually up 57.16% (by one reporting services account) over November 2008.

What Happened

Even though our lawmakers extended the $8000 first time home buyers tax credit and added an additional $6500 tax credit for home owners (living in their current home 5 years) who wanted to move, sales in December fell flat. The urgency to buy and close before the original tax deadline was gone. The need to take advantage of the free money from Uncle Sam could be put on the back burner for the time being.

2010 looks ripe for a comeback

Our phones are ringing at the Medley Sokoler team office with requests to see properties; our websites are humming away with buyers looking for a good deal. Those are 2 good indicators that 2010 could end up being a recovery year for the real estate Industry in Louisville. Some new home builders we work with are starting new construction and interest rates are staying stable (at least as of this New Year’s Day writing) more good news for the housing industry. We also expect to see a lot more homes coming onto the market as sellers regain confidence in the market.

A word of caution to all would-be sellers

 Make sure your home has been staged properly and repairs have been made, make sure your realtor has done a through competitive market analysis (CMA) to determine an accurate price. Appraisers are watching prices closer than ever before; buyers are shopping longer and taking more time than ever to find the best home in the best condition with the best price. Only the most competitive homes will sell and only the correctly priced homes will pass the scrutiny of the appraiser.

We know 2009 was a tough year for many people throughout the United States! We've been working with a number of homeowners who are facing foreclosure. As advanced CDPE (certified distress property experts) we know first hand, the problems! On a good note there are solutions to those problems, we can help. We took time from our team holiday brunch to think about those who are having a rough time.

Spurred on by the $8000 first time home buyers tax credit, Louisville home sales jumped by a whopping 40 Percent in November when compared to a November 2008! Many of the sales were in the $100,000 to $200,000 price range, the target of first time buyers.  Sellers of those homes moved up as homes in the $200,000 to $300,000 price point also did well.

Not All The News Is Good 

Homes going under contract slowed during the month of November as the original 1^st time home buyers tax credit deadline neared. Early in November the tax credit was extended to the end of April 2010 (to be under contract) and the end of June 2010 (to be closed). The extension took the pressure off buyers and the search for homes by first time  buyers slowed.  Officially the number of homes going under contract was up 11% in November over November of the year before.

Looking Forward To December 

Because of tighter mortgage requirements and slower appraisals of homes, sales in December should be better than expected. Those two factors delayed closings that were supposed to have occurred in November. The slowdown will help boost December 2009 numbers and give a false sense of recovery. Unless we see more buyers come into the market during December and January, Home sale figures for the beginning of 2010 could fall far short of hopes and expectations.

Other Tax Credits

The local and National media have done little to promote the brand new $6500 tax credit for home owners who have owned their home for 5 years or more and buy their next home. Additionally we’re seen little publicity surrounding the $5000 new construction tax credit in Kentucky. 

For more information head to www.weselllouisville.com.

November 2009

November 2008

Have you heard some of these so-called business experts on cable TV who say the $8000 first time home buyers tax credit has done nothing to help home sales or the economy? To them I simply ask what rock are you living under?

New Louisville Kentucky home sales figures for the month October tell a very positive story. The number of homes sold in October 2009 was up 21 % over same time in 2008. Homes going under contract in October 2009 were up 37 % over the year before.  Now you cable-TV business experts, please read the following sentence carefully, the majority of the homes that are selling are in the price range of first time buyers. Get it? No? Read the raw data below, the numbers tell the story.

For the rest of us tracking home sales, it’s pretty obvious that the $8000 tax rebate has helped home sales and the economy. Especially when you consider that many of the home buyers spend the tax credit money on fixing up the new house, buying new furniture and TV’s and more. Now the government is about to expand the credit. That could go a long way to helping our economy over the slower winter home sales months. The numbers for October 2009 also show that the average selling price of homes in our area was up about ten thousand dollars from the year before. The bad news is that the time it takes to sell a home was up.

Still the overall trend is good and may continue if our lawmakers read the numbers and keep their TV’s tuned to anything other than those self proclaimed Cable TV business experts!

 October 2009

October 2008

There is nothing like it in Louisville Kentucky! www.bobshousesearch.com brings together all aspects of a home search, making it easy to find homes, interior pictures, map aerial pictures and more.  The website concept has been in a number of cities around the U.S. but this is the first time home buyers in Louisville Kentucky have been able to use it. The reaction from those who have tried it is amazing. Easy, through and informative are some of the words used to describe the new home search website. The system is free to use for anyone looking for Louisville real estate. Owners of the website, The Medley Sokoler Team are inviting everyone to try the site, even other realtors. For more information about the Medley Sokoler team head to www.weselllouisville.com.     

There is help for anyone facing foreclosure! But 7 out of 10 homeowners go into foreclosure without visible intervention. What’s worse is that 1 out of every 10 homeowners in the United States is currently behind on mortgage payments. The problem could be anything from a medical problem, loss of job, mortgage rate adjustment, divorce and more.  For homeowners facing foreclosure, these are tough and frustrating times. The problem is only going to get worse as Option Arm Loans matures and adjust upward (see graph). As more homeowners face foreclosure, now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged. Go to http://www.bobwillhelp.com/ and sign up for free information about your Options and Solutions. For more information about our team head to www.weselllouisville.com.

The Medley Sokoler team is often asked what makes us different that other realtors or real estate teams when selling a home. The answer includes hundreds reasons. Below are some of the reasons, but more importantly we’ve also included videos on our marketing, success stories and some of the work that our team does.

Understand that our concept is to always be available by phone. If you have a question (even in the middle of the night) Bob Sokoler’s phone is always on! Too may other agents only answer their phone during daytime hours! We feel our clients are paying us to always be “on call” and the same holds true with buyers. Let’s face it if a buyer has a question about your home, you want an agent who takes that call and tries to get the buyer into your home for a sale!

Our commitment to excellence extends into our marketing as well! Most other realtors use a cheap consumer grade camera to take pictures of your home and market it on the Internet. With 87% of all home buyers starting to look on the internet, you need more than a consumer picture promoting your home. We use Hi end professional gear and produce Hi quality pictures and videos. We market those pictures on web sites all over the world. Our goal is to get as many eyeballs on your home as possible, that’s why we’re so successful at selling homes. Simply look at the videos below and decide for yourself!

Finally we have a team in place that gets the job done daily! That means fewer problems for our sellers and buyers because we stay ahead of any potential problems. Those are just some of the reasons we’er different than other realtors and teams. We’d love to meet with you in person to explain the other reasons. Call Bob Sokoler anytime at (502) 376-5483 or go to www.weselllouisville.com or www.louisvillehomestoday.com .