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Moving to Louisville?

Louisville, Kentucky’s largest city, is more than baseball bats and horseracing (although we’ll talk about those in a minute). Being the 27th largest metro area in the U.S. has its perks. For example, it’s a large enough city to draw in job opportunities (the city recently ranked #18 nationwide for job opportunities in health care and affordable housing) while maintaining a big helping of quaint Southern charm. As you consider purchasing a new Louisville home, we have a few facts for you to consider about the city.

Louisville Bridge

 Derby City

Churchill Downs in South Louisville plays host every year to more than 150,000 attendees of the Kentucky Derby, held the day after the Kentucky Oaks, which itself is the third most-attended day of racing in the U.S. (For reference, the most recent Superbowl, held in Arlington, TX, was the most-attended Superbowl in history and saw only 103,219 attendees.) On top of the horse races, which continue in a tradition started back in 1875, the derby is also known for its fashion: those famed hats. The large, feathered, and otherwise extravagant headwear started becoming a staple at the event in the 1960s, and have attracted nearly as many admirers as the derby itself. While donning the stylish chapeaus, the derby observers are also downing approximately 120,000 mint juleps, the event’s traditional drink.

Strong Housing Market

Louisville’s real estate is in a great stage for buyers right now. In fact, the city was recently named the ...

Louisville Real Estate Trends For 2017

By Jay Gulick, Managing Broker

  • As reported by my friend Tre Pryor in his always insightful writings for Insider Louisville and Louisville Homes Blog, there continues to be serious shortage of houses for sale in Louisville. A balanced housing market (e.g. one that is equally good for buyers and sellers) has six months of available inventory. As Tre points out, in January 2017, there was only 2.18 months of available inventory across the entire market. The corollary to such a low supply of homes is that prices have continued to rise. The average sale price of all homes sold in Louisville in January was $194,108. For January 2016 that number was $187,392 and going back to January 2015, the average sale price was $166,740. So, in just two years the average sale price in Louisville has jumped approximately 16.4%.
  • Interestingly, for homes priced at $500,000 and above there is close to 9 months worth of available single family inventory. So while the market as a whole is very much a seller's market, the high end of the market is currently more favorable to buyers.
  • Lack of inventory coupled with better than average buyer demand also translates into multiple offer situations. Anecdotally, an agent in our office just listed a nicely updated $560,000 house in St. Matthews. She had 19 showings the first day it was on the market and received 3 purchase offers. Most buyers and sellers are well served by having professional agent representation during multiple offer situations which are stressful and highly competitive in even the best of situations.
  • Inventory is tight everywhere, especially in lower price ranges, but if you’re a buyer in 2017 it may pay to broaden your neighborhood search. For example, while the 40217 zip code in Germantown had...

Top 10 U.S. Remodeling Projects For Home Value

Top 10 U.S. Remodeling Projects For Home Value

The always anticipated Cost vs. Value report by Remodeling magazine - 2017 edition - has recently been released. For homeowners seeking the right balance between investing in home improvement projects and the return on those investments (ROI), the Cost vs. Value study has become an indispensable tool. For 2017 the report looked at 29 popular home improvement projects. Overall, these 29 improvements paid back 64.3 cents on the dollar in resale value.

Below are the top 10 remodeling projects for adding home value:

1) Attic insulation (fiberglass) - COST - $1,343  ROI - $1,446

2) Entry door replacement (steel) - COST - $1,413  ROI - $1,282

3) Manufactured stone veneer - COST - $7,851  ROI - $7,019

4) Garage door replacement (upscale) - COST - $3,304  ROI - $2,810

5) Minor kitchen remodel - COST $20,803  ROI - $16,699

6) Entry door replacement (fiberglass) - COST $3,276  ROI - $2,550

7) Garage door replacement (midscale) - COST $1,749  ROI - $1,345

8) Siding replacement - COST $14,518  ROI - $11,093

9) Window replacement (10 vinyl) - COST $15.282  ROI - $11,286

10) Window replacement (10 wood) - COST $18,750  ROI - $13,691

Source: Remodeling 2017 Cost vs. Value Report

To view the entire 2017 Cost vs. Value report and all 29 categories, please click here.

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