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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

 

Sellers talk about The Medley-Sokoler Team!

by Bob Sokoler

What sets us apart from other realtors? It's our marketing, contact, staff and experience. Listen to what our sellers have to say about The Medley-Sokoler Team!

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!

1210 Westwood Lane - Walking Tour

by Bob Sokoler

1210 Westwood Lane, New Albany,Indiana First time on the market an exceptional value! Here's a 3-bedroom brick ranch with wood floors in the bedrooms, a walkout basement, with a family room addition off the kitchen that will knock your socks off! From the moment you drive onto the winding driveway you know this house is special. Through the front door into a cozy hallway and to the left one of the largest living rooms we've seen for a home in this price range. The living room has built in bookshelves and gas fireplace. The large formal dining is bright and airy thanks to two enormous windows that let light in. The kitchen has an impressive amount of counter space and cabinets. There is also a pass through into the dining room and another into the family room addition. That family room is amazing with another gas fireplace and windows on all sides. They bring in a tremendous amount of light; it really feels like you sitting outside in the private back yard. There a full bath off the main hall, two other good-sized bedrooms and a master suite that is equally impressive. The added full bath, double closets and make-up area will bring a smile to your face. The back yard is enormous and includes 2 patios, gardens and a place for throwing large parties. There's not much traffic on the dead end street.

By Bob Sokoler It's a mixed bag for Louisville Home Owners! According to a new report from the National Association of Realtors (NAR), nationally homes going under contract for November 2010 increased 3.5% in November. That confirms we’re seeing a gradual recovery that should continue into 2011. Lawrence Yun, NAR chief economist says “If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should see existing-home sales rise to a higher, sustainable volume. Locally Louisville Home prices are a mixed bag of results. A new Federal Reserve report shows Louisville housing prices have actually notched up .46 percent in many areas. That’s great news when compared to other cities in states like Florida, California and Arizona where housing prices are still falling. Looking back at December 2010, the final Louisville Home Sales numbers are still several days away but the trends (on the surface at least) are disappointing. With several days of closings still unrecorded (because of the extended holiday weekend) Home sales from December 2010 compared to December 2009 were down about 13 percent. That should improve as closing for late Thursday afternoon and Friday are recorded on Monday. The number of Louisville homes sold in 2010 will be just about equal to 2009. Both years were influenced by first time buyer tax credits and move up tax credits. 2011 will be the first year in several without tax credits offered by the government. Additionally all Louisville builders will be sorry to see the state of Kentucky’s new home tax credit expire. According to a new report in the Courier Journal “About 2,400 Kentuckians have been approved to claim $5,000 off their state income tax bill for buying a newly constructed home in the last year and a half”. As for 2011 we think it’s going to be a good year to buy and even sell Louisville Real Estate. Look at our video to see what we’re planning to do for our listings in 2011. We hope you enjoy our blogs we love creating them for you! For more information about Louisville Real Estate or to buy or sell a Louisville Home visit our websites: http://weselllouisville.com,http://www.louisvillehomestoday.com/ and http://www.buylouisvillerealestate.com

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801 HARVEST GROVE WAY Lake Forest Living - By Bob Sokoler, www.weselllouisville.com

  1. This one has the WOW factor!
  2. New paint, Lighting fixtures, finished basement.
  3. Located on a quiet Lake Forest cul-de-sac.
  4. This elegant Eberenz-built two story home boasts 4600 square feet of living space surrounded by mature, professionally landscaped gardens offering plenty of privacy.
  5. The sprawling first floor features include an open 2-story foyer, a very large updated kitchen with granite countertops and tumbled marble backsplash, hardwood floors, a large center island, breakfast bar, planning desk and a spacious dining area.
  6. The first floor includes a formal dining room, large family room with a gas Creekstone fireplace, crown moldings and custom built-ins. Double glass atrium sliding doors lead to a separate office or living room.
  7. There are two sets of stairs to the second level; one from the front entry way and one on the back of the house from the kitchen.
  8. The second floor has a master suite with an enormous master bath. The bath features granite counters, Italian Botticino marble floors and marble showers (dual shower heads) with a spa tub. There is also a room off the bedroom which functions as a sitting room or office. Finally, there are two large his and her walk in closets.
  9. There are three nicely sized additional bedrooms on the second floor and a full bath.
  10. The finished basement includes a newly finished second family room with built in bookcases and entertainment center, a granite wet bar with a vessel lit sink and mini fridge.
  11. There is also a full bath in the basement and a separate room which could be used as an exercise room or an office.
  12. There is additional unfinished space for storage. Newer HVAC in 2005. Glass doors off the eat-in kitchen lead to a large tiered deck and professionally landscaped flat, fenced backyard (one side of the fence has been taken down but would be restored at buyers request).
  13. Lake Forest amenities include two neighborhood pools, tennis courts, playgrounds and a club house. Optional memberships to the Lake Forest Country Club features an Arnold Palmer designed golf course.
  14. The neighborhood is also known for its close proximity to some of the best schools in Louisville.

 

We really hope you enjoy reading our blog as much as we enjoy writing it If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

 

606 HIGHWOOD DR - By Bob Sokoler, www.weselllouisville.com

by Bob Sokoler

606 HIGHWOOD DR, By Bob Sokoler, www.weselllouisville.com

Welcome Home to Charming Highwood! Here's a First Floor Condo conveniently located in the Crescent Hill Area. You'll find this Condo has been updated throughout... including a White Cabinetry Kitchen with Stove, Refrigerator, Built-in Microwave & Dishwasher (all to remain)! The Kitchen adjoins and is open to the Dining Area and Living Room this is a true Open Floor Plan. Upgrades include Custom Molding/Trim, Neutral Carpeting & Updated Lighting Throughout. There's an Updated Bath w/Ceramic Tile Floor, Raised Vanity, Mirror & Fixtures. The Large Master Bedroom includes a newer Ceiling Fan & Light Kit, High Speed Internet Hookup, Phone & Cable Hookups. One of the best features of this condo is that is has a Washer & Dryer Hookup inside the unit (this is not a feature in many of the other units) The Condo is located just a stone's throw from the Clubhouse featuring an In-Ground Swimming Pool. Another great amenity of this complex is that it offers a Basement for shelter and includes a large Storage Bin for each unit. Other features include an Intercom Entry System, Small Pets are allowed, Very affordable utilities & low monthly maintenance that includes: Water, Sewer, Trash, Exterior Maintenance, Master Insurance, Pool & Clubhouse! Highwood is located just minutes from Downtown Louisville, Unique Shops, Restaurants, Interstate & Much More

We really hope you enjoy reading our blog as much as we enjoy writing it If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

Elite Homes does it again!

by Bob Sokoler

Rain normally stops the construction of most new homes, but not when you’re a team member of Louisville’s Elite Homes and working to build a new Louisville home in less than 7 days for ABC TV’s Extreme Makeover! Our Medley Sokoler Team at RE/MAX Properties East visited the set / build site of the newest Extreme Makeover staffed by Elite Homes. This is the 2nd time Elite Homes has worked with the Extreme Makeover crew and obviously the people at ABC TV were pleased with the results of the first Louisville Home Building experience. This new construction project is a bit more changeling because of the weather conditions and size of the lot.  As we wrote about over the weekend, Elite Homes has established a great reputation here in Louisville and is well on the way to another successful build for a very worthy family.

We really hope you enjoy reading our blog as much as we enjoy writing it If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly atbob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com orwww.louisvillehomestoday.com

By Bob Sokoler, www.weselllouisville.com Louisville home sales took another plunge last month but there may be signs of some light at the end of the dark basement! First the bad news for Louisville home sellers. The number of homes going under contract in August of 2010 compared to August 2009 was down  9.8% (see the charts below). Additionally, the number of homes closing (actually changing ownership) during the same period was down d12.9%.

Right now the only people who are buying real estate are people being transferred, investors looking for steals and a handful of people who want to try their hand at home ownership.  Once again a lack of confidence in the economy has potential home buyers staying right where they are, locked behind apartment doors.

This really is a buyer’s market, for anyone brave enough to venture into the home buying supermarket, there are blue light specials around every corner. Interest rates are at all time lows, sellers are accepting amazingly low prices for the sale of their homes and there are some real deals out there. For example our Medley Sokoler Team is working with out of town buyers this weekend who can’t believe the amount of home they can get for the money. Our buyers are coming from Maryland, (found us on the internet several months ago) and after looking at 10 homes today are confident they will be writing a contract on a home this weekend. We have a number of those types of buyers coming to town.

Even better news for Louisville home sellers is a new report in The Wall Street Journal Blog today! In a blog post entitled “10 Best and Worst Markets for Real Estate”, Louisville Kentucky Real Estate makes it into the top 10 cities to invest in Real Estate. The WSJ report is based on a soon to be released report by Local Market Monitor, a company that forecasts residential home prices. There updated report, which will be released next week will show positive trends for Louisville Real estate and Southern Indiana Real Estate.

A single report like this may bring in some investors from all parts of the world, but this is just one of a series of reports now hitting the media. If the trend continues, frightened buyers will start to show their heads from behind those closed apartment doors. That will help an ailing housing market and introduce a healthier more robust confidence in our wavering economy.  Just what our buyers and sellers are hoping for!

Number of Houses Under Contract

This month: 1092

Last month: 1119

This month last year: 0

Number of Houses Sold & Closed

This month: 935

Last month: 999

This month last year: 0

Average Selling Price

This month: $173,415

Last month: $176,838

This month last year: $0

Average Days on Market

This month: 74

Last month: 79

This month last year: 0

Median Sales Price

144,250


THE MONTH OF: August, 2009
Number of Houses Under Contract

This month: 1211

Last month: 1284

This month last year: 0

Number of Houses Sold & Closed

This month: 1074

Last month: 1276

This month last year: 0

Average Selling Price

This month: $166,106

Last month: $171,793

This month last year: $0

Average Days on Market

This month: 84

Last month: 89

This month last year: 0

Median Sales Price

137,500

We really hope you enjoy reading our blog as much as we enjoy writing it If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 begin_of_the_skype_highlighting              (502) 376-5483      end_of_the_skype_highlighting or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

6138 SWEETBAY DR, By Bob Sokoler, www.weselllouisville.com

by Bob Sokoler

6138 SWEETBAY DR, By Bob Sokoler, www.weselllouisville.com

  • Former Builders show house loaded with upgrades and extras!
  • Wide open floor plan with a real WOW Factor! Relax on the front porch or walk through the glass front door and onto natural wood floors (with a herring bone pattern in the foyer).
  • Through the arched entrance and into an enormous great room (which is open to the entire home) and ideal for entertaining or just hanging out with the family. The Gas fireplace and mantle, wide baseboard trim and wide open pass-through to the kitchen are just some of the features.
  • The kitchen's stainless steel appliances, natural wood cabinets black countertops and natural tile backsplash are striking. Off the kitchen a mud room (that could be returned to a 1st floor Laundry room).
  • The large master suite is off the great room and features French doors that lead out to a covered deck. The master bathroom features upgrades that include double sinks, cherry cabinets, separate shower and soaking tub and the walk-in closet features custom wood shelving.
  • There are 2 other bedrooms on the first floor in their own separate wing separated by double pocket doors.
  • The basement is a work in progress with 2 rooms mostly finished and being used as bedrooms, a full bath and lower level laundry room. Much of the rest of the basement can be finished off for very little extra (most of the work has been done).
  • Out back a large deck off the master (part of which is covered) and off the great room lead to a patio.
    Even though this is a ranch, the builder created a large portion of a 2nd floor. It can easily be finished off.
  • This home is in one of Oldham County's most desirable neighborhoods only 3 minutes from I71 exit 14 and 3 minutes from award winning Oldham County Schools.

We really hope you enjoy reading our blog as much as we enjoy writing it If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com or www.buylouisvillerealestate.com.

8704 VALERIDGE CT, By Bob Sokoler, www.WeSellLouisville.com

by Bob Sokoler

 

8704 VALERIDGE CT, By Bob Sokoler, www.WeSellLouisville.com

  • Here's a beautifully maintained and updated ranch with open plan waiting for you in Lyndon.
  • Hardwood floors great you in entry foyer, kitchen and breakfast areas.
  • The kitchen has Granite countertops, white updated appliances (GE Advantium Oven & Refrigerator) and beautiful oak cabinets.
  • In the very large great room - a vaulted ceiling and Wood Burning fireplace with gas logs.
  • There are 3 large bedrooms with neutral paint.
  • The master bathroom has a whirlpool type Jacuzzi style tub, separate shower (in the water closet).
  • There's also a large walk-in closet.
  • The professionally finished basement wet bar and built-in cabinets.
  • Outback a comfortable deck and backyard.
  • Other features include: Hi-efficiency Lennox pulse furnace, humidifier.
  • New carpets in 2008.
  • Close to everything!  

We really hope you enjoy reading our blog as much as we enjoy writing it If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

Displaying blog entries 1-10 of 35

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: 502-719-8152