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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

 

1702 Trevilian Way by Bob Sokoler-www.WeSellLouisville.com

by Bob Sokoler

1702 Trevilian Way

It's the perfect Location, now live in the heart of the Highlands. This home has a number of updates that makes it a great value. Walk into a traditional entryway and to the left you'll find a large Family Room with fireplace which is open to the large eat-in kitchen (all appliances will stay). The kitchen also includes a walk in pantry (rare for this area) and off the kitchen an additional large den (or 2nd family room) with a Laundry room, storage and sliding glass door to the backyard. Also on the main floor a large formal Living Room and formal dining room and there's a bath on this level as well. On the second floor; an enormous Master Bedroom with remodeled master bath and 3 closets (2 of them walk-ins). Also on the 2nd floor another full guest bath and 2 other good sized bedrooms. Out back there's an over-sized 2 car garage and above it a large storage area (or plenty of space that can be turned into an apartment if heat and water are added.

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!

8908 Prospect Street, by Bob Sokoler- www. WeSellLouisville.com

by Bob Sokoler

8908 Prospect Street

Recently painted and new carpet in living room. Ready for you immediately! This contemporary 2 bedroom home has a wide open floor plan with vaulted ceiling and a number of recessed lights! The living room is open to the kitchen and dining room. A half-wall peninsula can be used as a breakfast bar and divides the living room and kitchen which makes it very open and airy. The bedrooms are of good size and both have walk-in closets. Outside a large deck for entertaining and an enormous fenced back yard. The home is in great condition and perfect for a 1st time buyer or someone downsizing. Located in Lyndon you're close to everything!

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

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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Who is Louisville's best builder? by Bob Sokoler

by Bob Sokoler

Who is Ed Devore and why is his company “MD Customs Homes” one of Louisville’s most successful builders? Simple it’s his attention to details, low prices, integrity and willingness to make the customer happy. Let’s face it when it comes to building a home there are a lot of builders out there but only a handful worth using. I can personally tell you that it’s a joy working with Louisville Builders like Rocky & Joe Pusateri of “Elite Homes”, Phillip Hill Homes, Ball Homes and Ed Devore of MD Custom Homes. As a Louisville Realtor who sells more than 100 pieces of Louisville Real Estate, I’ve seen the good and bad in builders. There is only one thing better than seeing the smile on the face of a new home owner, that’s seeing that same smile 5 or 10 years later still proud of the home build by a good Louisville Builder. What I love about Ed Devore and builders like him… they get “it”. By that I mean understanding that when a person makes an investment in a home they want to have confidence that the builder will stand behind their work year after year. Watch our video about Ed Devore and we think you’ll agree that when it comes to building a Louisville Home, Ed is the type of guy you want calling the shots. 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/

10513 IRVIN PINES DR , By Bob Sokoler – www.weselllouisville.com

by Bob Sokoler

10513 IRVIN PINES DR , By Bob Sokoler – www.weselllouisville.com

Upgraded, a tremendous amount of living space and ready for you right now! Enjoy cool autumn nights on the front porch of this immaculate home, or under the stars in the beautifully landscaped backyard with pond. This 3 Bedroom, 2.5 Bath home has a neutral decor throughout. Enter the front door into the large Living Room that opens to the Kitchen and Dining Area. The Kitchen features upgraded white cabinetry, tile counter tops and gives access to the Laundry Room. The extra large Master Suite is large enough for king sized furniture and features a private bath. There’s also a large walk-in closet in the master.

MLS#: 1288220md Status: Active ListPrice: $165,000
Addr: 10513 IRVIN PINES DR LOUISVILLE, KY 40229
Area: 06-6B County: Jefferson
Municipality:
Preservation Dstrct:
Map#: S 21 Sch Dist:
Sub/Prj: TIMBERBEND
TotLivingArea: 1820 AGFinished: 1820
Basemnt: NONE
Parking: 2CarGar, ATT, EntryFront
BedRms: 3 Baths: 3 Full/Half: 2/1
Discl: Y Approx Age: 8
Style: Traditional Stories: 2 Story
Open House:

Open House Date Start Time End Time Type
Dir: Gene Snyder (I-265) to Preston to Cooper Chapel turn into Timberbend neighborhood.

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

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.

Kentucky tops the list for top moving destination!

by Bob Sokoler

Around the United Stated, people are moving and the top spot is Kentucky! A new report by U-Haul International Inc. titled "2009 Top 10 U.S. Growth States," and published by Real Trends says Kentucky tops the list of places to move for states with more than 20,000 families. The report shows Kentucky had the highest percentage of growth, with 5.76 percent more families moving into the state than out.

Why, well our Medley Sokoler Team can give you several thousand reasons but to sum it up just look at Louisville Kentucky. Quality of life, friendly people, low crime, clean streets and 20 minutes to get anywhere in town, in short it’s big city living with a small town feel.  We’re seeing people moving into town daily and our Louisville Homes Sales show jump through the roof.

Here are the states (with more than 20,000 families moving) that had positive in-migration:
1. Kentucky
2. Florida
3. Georgia
4. Oklahoma
5. Illinois
6. Alabama
7. Washington, D.C.
8. Louisiana
9. South Carolina
10. Arizona

If you’re wondering, for states with 5,000 to 20,000 families moving, Vermont had the highest percentage, with a growth rate of 16.67 percent in 2009, moving Maine to second place after two years of ranking first.

For more information on Louisville Real Estate call The Medley Sokoler Team at (502) 376-5483.

Displaying blog entries 1-10 of 16

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