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Louisville Home Sales July 2017

by Bob Sokoler

Louisville's average sale price is up almost 3%, the areas average median sale price is up more than 1.5%, but the problem felt by anyone looking for a home in the $50,000-$300,000 price range is just finding a home. The number of Louisville homes on the market has dropped 15% from a year ago. The reason it's a bigger problem now is that there are more people in that price range looking for a home than ever before. In addition to Millennial's looking for a home, you have boomerang buyers (people who have had credit problems and whose homes went into foreclosure or short sale between 2008 and 2014), now able to look for homes, move-up buyers and individuals who are downsizing.

Additionally, Home builders are trying to build homes as fast as they can.
But because many of the trades got out of the industry during 2008 to 2013, finding plumbers, electricians and woodworkers are harder than ever. So construction of new homes is slower than it should be.

We're seeing more buyers continuing to look for homes here in August than in years past. That's an indication that there are still plenty of buyers looking for
that perfect home. In fact, the most recent numbers from the Greater Louisville Association of Realtors (G.L.A.R) shows that the number of homes sold in July 2017 was down just .1% when compared to the same month in 2016. That's a clear sign that buyers are getting concerns they may not find their perfect dream home and are buying homes that they hope to turn into that dream home. Interestingly enough the number of pending homes was up 7.9% during the same time frame.


That's an indication that buyers will find their home, do an inspection, asked for repairs and may not be getting the answers they want, so they pull out of the contract. Of course, some of those pending homes could also be going back on the market because the buyers find out they are not qualified financially to buy a home despite the initial pre-approval letter issued by banks and mortgage companies who are too quick to issue the letter.


The number of new listings coming onto the market last month was up 1.2%, but that wasn't enough to make up for the shortage seen since the beginning of the year which is now down .7%.


The most important part of the home selling picture is the absorption rate (if you turned off the faucet and no other homes were allowed on the market, the absorption rate is how long it would take existing homes to sell or absorbed). Anything over a six-month supply of homes is said to be a buyers market, a 5 to 6 month supply of homes is a neutral market and anything less than a five month apply when talking about the absorption rate is said to be the seller's market.

 According to G.L.A.R the absorption rate in July 2017 was a 2.93 month supply, down 19.28% from July 2016. But looking at the numbers a little closer, and you notice homes above $300,000 are taking longer to sell and in the $50,000-$300,000 price range have an absorption rate of just 1.2 – 1.7-month supply. Anyone looking for a home in that $50-$300,000 price range needs to be ready to get out and see a new listing immediately and have a pre approval letter or more in hand when making the offer.


We need more homes on the market in the $50,000-$300,000 price range, anyone who owns a home in that price range and is thinking of moving into a bigger house needs to read and absorb the following information. If you decide to sell now, you can get top dollar if you buy in the price range above $300,000 your agent may be able to negotiate a fantastic deal for you. Because sellers in the higher price range homes are facing a winter on the market and with potentially fewer buyers looking for homes in their price range they may be more motivated to accept a lower price.


With another interest rate hike by the Fed on the horizon, buyers are trying harder than ever before to find the perfect home in the lower price range. We don't know how long this will continue, but for the housing industry, this is an amazing time to be living in.

If you're thinking about selling your home, now's the time and we can help. If you think about buying a home, we have 19 agents standing by to help you. Send me an email or give me a call.
(502) 376-5483, bob@weselllouisville.com.

 

October 2015 Louisville Area Home Sales Up!

by Bob Sokoler

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 or the seller is unwilling to come down in price the deal falls apart.

2)    Home inspections are finding problems in homes and sellers are unwilling to fix the problems. Since buyers always feel they're paying top dollar for a home they want the items found on the inspection report repaired. If the buyer and seller can come to an agreement the deal falls apart.

3) Government guidelines prohibit banks and lending institutions from checking a buyer’s credit and employment background until after the buyer makes application for a loan. Yet those same banks and lending institutions are asked to provide a pre-approval or prequalification letter for the buyer after a cursory, verbal and noninvasive credit and employment check. Unfortunately sometimes buyers forget outstanding debt or years on the job and the information supplied to the bank or lending institution is not verified until well after a buyer has found a home and started the process of inspections. If the credit history is bad or the employment information is wrong the bank or lending institution pulls the preapproval letter and the deal falls apart.

So what's needed in the future

1)  Appraisals are a necessary evil but having a computer watchdog overseeing appraisers trying to do their job is plain and simply wrong. Naturally we don't want to see problems similar to 2005 through 2008 with double-digit appreciation of homes. But the government has tied the hands of appraisers. They are not allowed to adjust for demand and scarcity of homes. The process slows down sales and is keeping sellers out of the market.

2) Buyers and sellers need to stop negotiating cosmetic repairs in a repair request and go after what the inspections were meant to find. Structural or safety problems need to be items negotiated not items that should have been viewed on 1st viewing.

3)    Banks need to have their hands untied and the government should allow them to check a buyers credit and employment history upfront before issuing a preapproval or prequalification letter. The government has created its own problem here. They believe by allowing buyers to shop banks they will find a better deal. But the government doesn’t appear to understand that accurate information is equally important. Allow the lenders to accurately check the buyers credit upfront. Make the prequalification or preapproval letter actually mean something.

The good news is despite the problems we have the market continues to recover. Just imagine what home sales would look like if the constraints were taken off the market and real estate sales were allowed to flourish.

What to buy or list a home? Call (502) 376-5483 or email bob@weselllouisville.com

 

Why did Bob Sokoler go completely green with a Tesla?

by Bob Sokoler

Bob Sokoler 227 five got it I let a moment note last and finaland his Tesla

Up until several years ago I thought global warming was in Al Gore’s imagination. I admit I hadn’t done much research and I wanted to believe humans were incapable of hurting our planet. But I’ve done more research, read more reports and watched TV shows about the problem. I believe there is a potential cause and effect that we need to address sooner than later.

Four years ago, as my beliefs about global warming changed, I leased a Chevy Volt (I reported on my adventures with it here). I enjoyed the car but I also enjoyed the feeling that I was helping the planet. As a real estate agent in Louisville I spend a lot of time in the car both showing properties and listing homes. The thought that I was part of the cure and not a problem for global warming actually made me feel good. So when my lease was up I had a big decision to make. Lease another Volt or dig deep (into my wallet) and purchase a Tesla.

Anyone who follows the growth of Tesla and Elon Musk knows this is not your ordinary car and certainly not your typical multimillionaire. After research, soul-searching and talking to my brother-in-law who bought a Tesla a year before, I made the decision to buy my own. It has been absolutely pure pleasure from the moment I test drove a Tesla to this moment four months later.

I ordered my Tesla via Internet and phone back in April. Two months later it was delivered to the Cincinnati location and I picked it up on June 30.  I plan on shooting videos and blogging about my travels in my Tesla but for anyone on the fence wondering if the car is a good investment. Let me put your fears to rest, the car is amazing, the feeling of driving it is exhilarating, passing gas stations is a hoot and knowing I’ve reduced my carbon footprint by some 75% when driving it makes me proud.

Though I can charge it up to 265 miles, Tesla recommends reducing the daily charge to extend the battery life. So I only charge it up to 236 miles. Typically that’s 100 miles per day more than I need so I’m happy. I plan on taking a trip back up the Cincinnati in the next couple of weeks because the center console accessory that I ordered is being shipped up there. It’s a trip I’ll cherish because the car is a joy to drive.

There are a number of people I consider heroes, Steve Jobs, Bill Gates are two of my favorite current day heroes. Elon Musk has now been added to my list for a number of reasons including thinking out-of-the-box.

Louisville Home Sales - August 2014

by Bob Sokoler

 

What's happening with Louisville Real Estate? Louisville Home Sales are doing better that first thought. Home sales are down but the number of home going under contract are up. Our video has the numbers for home sales in the Louisville Area.

For more information about Louisville Real Estate or to work with the hardest working Real Estate Team in Louisville Kentucky “The Sokoler Medley Team” (AKA The Real Estate Bulldogs) at  RE/MAX Properties East  1head to http://www.WeSellLouisville.com or call (502) 376-5483. With a decision this important, it’s nice to have a team of BULLDOGS on your side!

 

17831 Bradbe Rd, Estate of Bradbe Forest

by Bob Sokoler

179331 Bradbe Rd

Here is a great Louisville home for sale- This immaculate home offers a huge gourmet kitchen with granite counter tops, white porcelain tile back splash with black granite diamond inlays, porcelain tile flooring, double ovens, built-in flat cook top, large pantry with pull out shelving, large center island with eat-in kitchen option, Butler's bar area and trey ceiling. The first floor Spacious Master bedroom features a lighted trey ceiling, floor to ceiling bay windows, two walk-in closets and roughed in gas line for future master fireplace.

Bob Sokoler is a former Anchor/Reporter turned Louisville Realtor 7 years ago in Louisville Kentucky. You can learn more about Bob, his Team and Louisville Real Estate at www.weselllouisville.com

Great home for the price 9503 Slayton Court

by Bob Sokoler

9503 Slayton Court

Amazing home for the price! Looking for beautifully updated kitchen with cabinetry, countertops and flooring? 3 bedrooms? Garage? Land to grow a garden? This may be it! This brick veneer ranch has some new windows including bay window, laundry room and 945 square feet of living space! In addition to the 3 bedrooms the bathroom has a solar tube light. The sun porch on the front of the home gives you another 108 sq ft of living space, Its a great place to relax or even grow plants all year round. The back yard is fenced and the large one car garage gives you extra storage space.

Bob Sokoler is a former Anchor/Reporter turned Louisville Realtor 7 years ago in Louisville Kentucky. You can learn more about Bob, his Team and Louisville Real Estate at www.WeSellLouisville.com or call (502)376-5483!

Home for Sale in the "Heart" of St. Matthews 3504 Warner Ave

by Bob Sokoler

3504 Warner Ave

Architecturally delightful! Here's an updated family home right in the "Heart of St. Matthews!" 1500 Square Feet of Cape Cod living with an abundance of storage and closet space! Walk into an enormous living room with fireplace with newly refinished hardwood floors on the first floor, new paint. There is also a separate dining room, 2 bedrooms, eat-in kitchen and full bath on the first floor. Upstairs.. a knock your socks off master bedroom with built-in shelves and lots of closet space. In the professionally finished basement a large family/media room, (no crouching needed in this basement). There's a full bath, laundry and storage down here. Out back a 1 car attached garage. Additional updates include newer driveway, landscaping, new carpet in basement and roof on garage, new replacement windows and Kitchen counter-tops.

Bob Sokoler is a former Anchor/Reporter turned Louisville Realtor 7 years ago in Louisville Kentucky. You can learn more about Bob, his Team and Louisville Real Estate at www.WeSellLouisville.com or call (502)376-5483!

Gorgeous Home in Lake Forest 2401 Crystal Springs Place

by Bob Sokoler

2401 Crystal Springs Place

Outstanding, Private, Gorgeous and over the top says it all! Sitting on a 1 acre lot on the 3rd hole of the Arnold Palmer Golf Course! Welcome to this Custom Designed Contemporary 1 & 1/2 story all brick 4 car garage home! Stunning Brazilian Cherry wood floors greet you as you enter the Foyer and continue throughout. The attention to Detail is astounding; the wide open floor plan offers magnificent views of the golf course from all directions. On the main floor to the right as you enter an office or Living room with a vaulted ceiling. On the left a column enclosed formal dining room. The Great room has a tremendous amount of light coming a wall of windows facing the back yard. The 2 story great room also features built in book shelves which surround the gas fireplace. The Gourmet kitchen has Granite countertops, travertine tile backsplash, built in gas cook top, breakfast bar, separate center island, recessed lights and pendant lights. The enormous (we really mean enormous) Master suite is also on the 1st floor and features its own gas fireplace, book shelves and view of the golf course. The master bathroom is impressive with its dual sinks (separated by cherry cabinets) granite countertops, Jacuzzi tub, private water closet, near bowling alley size closet (really..See the pictures) and walk around center of the room shower. The laundry room is also on the 1st floor and has its own ½ bath. . In addition to the owner's suite there’s another in-law/guest full suite (on the other side of the house) on the first floor. On the 2nd floor 3 more enormous bedrooms (check out the dimensions) with a common sitting area that overlooks the 1st floor great room and looks out to the golf course. On the walkout lower level the views are just as grand as the other 2 floors. Down here you’ll find an enormous family room with another fireplace and built in book shelves, another full guest suite and 1more bedroom and bath. There’s still plenty of room for storage. The treks deck runs just about the length of the back of the house. One third is screened in the other two thirds is open and has built in seating. Below there’s a private patio all looking out to enormous backyard and golf course. The home also has an irrigation system and electric dog fence.

Bob Sokoler is a former Anchor/Reporter turned Louisville Realtor 7 years ago in Louisville Kentucky. You can learn more about Bob, his Team and Louisville Real Estate at www.WeSellLouisville.com or call (502)376-5483!

11115 Meadow Chase Court

by Bob Sokoler

11115 Meadow Chase Court

Take a look at the pictures and you'll immediately understand when we say this is one amazing home for the price. Walk into an entryway and then into a bright vaulted great room with a palladium window. The eat-in kitchen is just off the great room and overlooks the back yard. The split floor plan offers a wing for the kids with their own bathroom and in the back of the home a wonderful master suite with walk-in closet and bathroom. Additionally the master suite also features an entrance to the covered patio! The view from the deck is rare for a home at this price... just a large backyard, trees and woods. The separate laundry room has 2 entrances (make sure you see the doorway from the laundry room to the kids wing). Large 2 car garage.

Bob Sokoler is a former Anchor/Reporter turned Louisville Realtor 7 years ago in Louisville Kentucky. You can learn more about Bob, his Team and Louisville Real Estate at www.WeSellLouisville.com or call (502)376-5483!

5122 Arrowshire Drive

Updates, Roomy and more than 2/3's of an acre of land! This traditional 2 story family home features hardwood floors in pristine condition. The hardwood greets you at the formal entrance and leads you into the eat-in kitchen area, formal dining room and family room. The eat-in kitchen has been recently remodeled and features a large bay window, new GRANITE counter tops and lots of oak cabinets. The eat-in kitchen is wide open to the the first floor family room which has a gas fireplace and built-in bookshelves. A first floor laundry room is located down a hallway and just off the kitchen across from a half bath. Upstairs is a spacious master suite with remodeled double sinks. Private water closet with shower and a walk-in closet. In addition to the master suite the second floor features 3 other large bedrooms (one is currently being used as an office) and another full bath. All provide plenty of room for a growing family. The backyard is more like a private park. The sliding glass doors off the family room open to a large landscaped patio and large, private back yard with lots of trees and all on a .77 acre lot. Located in Heather Hill adjacent to the Oldham County Country Club. Just minutes from award winning schools: Oldham County High School/Middle School/Buckner Elementary campus, the Oldham County Community & Aquatic Center, YMCA, soccer fields and I-71.

Bob Sokoler is a former Anchor/Reporter turned Louisville Realtor 7 years ago in Louisville Kentucky. You can learn more about Bob, his Team and Louisville Real Estate at www.WeSellLouisville.com or call (502)376-5483!

Displaying blog entries 1-10 of 163

Contact Information

Photo of The Sokoler- Medley Team Real Estate
The Sokoler- Medley Team
RE/MAX Properties East
10525 Timberwood Circle Suite 100
Louisville KY 40223
502-376-5483
502 992-4137
Fax: 866-807-2933