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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

9501 POPLAR HILL DR

by Bob Sokoler

Beautiful 3 bedroom 2 bath home in the popular POPLAR HILL subdivision. This home has lots of square footage, well maintained and even includes a 1ST FLOOR OWNERS' SUITE! From the large porch you e... Beautiful 3 bedroom 2 bath home in the popular POPLAR HILL subdivision. This home has lots of square footage, well maintained and even includes a 1ST FLOOR OWNERS' SUITE! From the large porch you enter a bright airy living room with gas fireplace and ceiling fan. The eat-in kitchen is big with Center Island and planning area. The 1st floor master has room for even the largest furniture. The master bathroom has a separate tub and shower. The walk-in closet is big enough to handle both a husband and wife's clothing. Upstairs you'll find 2 more really good size bedrooms and an enormous bonus room. The basement has been finished to a high standard. There's a place for your media room, built in bar, built in book shelves and an entertainment room that could be used as an office or bedroom. The deck off the kitchen will be great for entertaining. The backyard is large, fenced in and very private. www.weselllouisville.com

More Positive News

by Bob Sokoler

We hope this finds you excited about low interest rates...ours has dipped to close to 5% and tomorrow (Tuesday) we may see them drop even more. Additionally, if you’re a first time buyer you can still get in on the $7500.00 tax credit.

Home sales in Florida and California are already showing small signs of recovery. Many believe interest rate drops will do the same for sales here in Louisville.

We hope your search is going well and we have been of help to you in 2008.  We look forward to serving you in 2009.

Call me on my cell phone at (502)376-5483 if you would like to have any details on the great news or to see homes. 

Our team is standing by !

Time to get ready to JUMP!

by Bob Sokoler

No.. not off a building or a bridge! 4.5% interest rates may be around the corner. What does this mean to you? If you’re planning to buy a home; start looking! Planning to sell a home; get ready to list it! If you have a mortgage rate of 5.5% or more and you plan to stay in your home for several more years you need to be ready to re-finance. 

CNN is reporting that Lobbyists are pushing the Treasury Department to buy down interest rates.  Cnn’s says “Similar to an effort unveiled last week by the Federal Reserve, the proposal calls for Treasury to buy securities backed by 30-year fixed-rate mortgages from Fannie Mae and Freddie Mac.” That proposal caused an immediate drop in rates of at least ½ point.

We’re already getting calls from perspective home buyers with questions, so here are some answers and food for thought.

Here are some quick numbers; a $200,000 mortgage at 6.5% makes your monthly mortgage (minus homeowners insurance) approximately $1,514.14 a month. If your mortgage was at the current rate of 5.75% your payment would be approximately $1,417.15 monthly. But a $200,000 mortgage at 4.5% drops your payment to $1,263.37 a month. That’s a $250 a month savings!

As of right now CNN says “Spokeswomen from Treasury and the Federal Housing Finance Agency, which oversees Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), declined to comment.”

But this may be more than just running an idea up a flag pole and looking to see home many people salute. It’s a great idea and if current homeowners can save money on mortgages it could help pump money back into the economy. For anyone trying to sell property it’s a breath of fresh air.

Call your mortgage company and let them know you want to be notified if/when the drop occurs so you can lock in. Call us if you want to see any home in the Louisville / Southern Indiana area. (502) 376-5483 or go to www.weselllouisvillehomes.com

Displaying blog entries 1-4 of 4

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