What A Biden/Harris Administration Means For Real Estate + Housing

Fall-Winter Home Maintenance Checklist

Best + Worst Home Improvements

In order to find the top assisted living communities in the Louisville area, our team of researchers sorted through 149 communities using our unique methodology. Our team:

• Spent over 30 hours researching assisted living communities in Louisville
• Interviewed 15 facility staff members
• Read more than 160 reviews left by residents and their family members

After filtering out facilities that didn’t meet our high standards, we were left with 20 assisted living communities that earned our seal of approval. Through this process we discovered that the average cost of assisted living in the city of Louisville is $4,073, which is considerably higher than the state average of $3,497 and about the same as the national average of $4,051.

For additional information please visit: https://www.assistedliving.org/kentucky/louisville/

Keeping Real Estate in Perspective

This is an expanded version of a piece that appears in the recent issue of Louisville Magazine.

The Simple Yet Profound Role of Shelter – Keeping Real Estate in Perspective

- By Jay Gulick, Managing Broker + Partner

One thing is certain if you have a reputation for working in the real estate business: no matter where you go, people ask you to weigh in on the state of the market. The grocery, the gym, cocktail parties, weddings, it doesn’t matter where you are, you invariably get hit with a how, as in how is the real estate market? This is particularly true in times of uncertainty or instability such as the months following the 2008 recession or now during the ever-evolving COVID-19 pandemic.

I’ve always considered it an honor to be asked about the market. One, because it’s nice when people value your opinion about anything. Two, because a person’s home is typically their most valuable financial asset. And three, because even though home ownership represents the largest number on a person or family’s personal balance sheet, it means so much more, especially during times of crisis like we are experiencing now.

Let’s start with what a blessing it is to own a home of your own. In its 2018 Annual Point-In-Time Count, the federal Department of Housing and Urban Development (HUD) reported that 552,830 people in the United States were experiencing homelessness in a single night (33% of whom were families with children). In 2019 the Coalition for the Homeless census identified 6,986 homeless people in Louisville. Because it’s difficult to find and track the homeless population, I suspect the reported numbers are on the low side. The last several months of social distancing and self-quarantining have been difficult even for those of us who have a home in which to take shelter. Imagine trying to follow...

When shopping for a home insurance policy, it pays to ask questions to make sure the policy you’re going to get is one that’s right for your needs. The “right” home insurance policy doesn’t even necessarily mean it has to be the most affordable one available. Your coverage has to match your needs, and that could cost more.

In any case, here are 10 questions you need to ask agents and insurance experts you might know before buying homeowners insurance.

1. What is home insurance?

In all likelihood, you already know that home insurance is a type of property insurance that provides financial protection in the event your home and its contents are damaged or lost during a disaster.

Then again, you might want to have a better and deeper understanding of everything that comes with having home insurance. If that is the case, then pose this question to agents, and they will be more than glad to expound on the subject.

2. What perils does a homeowners insurance policy typically cover?

A basic homeowners insurance policy only covers loss and damages caused by the following:

• Fire
• Smoke
• Windstorms
• Lightning
• Hail
• Explosion
• Vandalism
• Theft

3. Will my home insurance policy cover flooding and earthquakes?

Like all insurance policies, a standard homeowners insurance policy has its limits. While it covers several perils, it draws the line at damage or loss caused by flooding and earthquakes.

If your home is located in a flood-prone area, you might want to consider getting a separate flood or earthquake insurance coverage.

Home insurance also does not cover intentional damage or loss, as well as those caused by neglect, power failure, war, and nuclear explosion.

4. What about water damage?

A standard home insurance...

Real Estate Round-Up

Lack of Inventory is the Story

What Homeowners Insurance Covers

Considering that your home is likely one of your most significant investments, protecting it from catastrophic damage and losses that a disaster or an accident may bring is of paramount importance.

By buying homeowners insurance, you will get the best possible protection for your home.

A typical home insurance policy covers property damage. It also covers the personal liability of homeowners and members of their family for personal injury or property damage to others that happen within their property. Let’s take a closer look at what your home insurance coverage will take care of when disaster strikes.

The Physical Structure of Your Home

Depending on the type and extent of your homeowner’s insurance, any visible or non-visible damage to the physical structure of your home is covered. Be it the roof, walls, or the foundation itself, your home insurance provider will take care of the repair, or if need be, replacement of those parts of your home.

Other structures within your property, including the detached garage, fence, tool shed, or gazebo, are also covered by home insurance.

Personal Belongings

Home insurance ensures protection for your appliances, furniture, clothing, jewelry, sports equipment, silverware, and other belongings in case of damage or loss, although the extent of the coverage is still subject to the limitations of the policy.

Personal Liability

As a homeowner, you may be held legally liable for any personal injury or property damage to others that may or may not have occurred within your property.

With homeowners insurance, you won’t have to pay out of pocket for instances where a visitor slips on your stairs or when your child throws a baseball through a neighbor’s window and breaks an expensive vase.

A home insurance policy provides no-fault...

The New Normal: Louisville Real Estate and COVID-19

2020 Property Tax Assessments, Remodeling Trends

Top 10 Zip Codes by 2019 Sales, Cost vs. Value on Home Renovations

From the Access Louisville podcast + Business First: Real Estate Reporter Marty Finley brings us up to speed on a couple of big local residential projects, including a $100 million mixed housing development from RJ Thieneman planned along South Hurstbourne Parkway and Watterson Trail. This news broke last week and since then we've also had stories about two new planned developments from homebuilder Fischer Homes — one on the East End and another in southeast Louisville. An interesting trend here is that these developments will offer homes in the $180,000 to $300,000 range. That's important because that price range is in line with consumer demand right now. Previously, we were seeing a lot of announcements about new luxury homes coming into the market. Listen to podcast.

Will 40291 Again Be The Most Popular Zip Code in Louisville? There were 773 real estate sales in 40291 in 2019 making it the most popular zip code in the Louisville MLS area by number of transactions. Bisected by the Gene Snyder Freeway in southeastern Jefferson County and close to The Parklands’ Broad Run Park, the average sale price was $225,449.

Historically Low Mortgage Rates Will Continue – Leading housing economists suggest that 30-year fixed mortgage rates should stay around 3.8 percent for 2020.

Low Rates Give Buyers More Purchasing Power But Inventory Remains Elusive – In relative terms buying power has increased to historically high levels but there is still a shortage of inventory. In Louisville, the absorption rate has hovered around 3 months of inventory for the last several years and is even less, sometimes fewer than 2 months, for houses under $200,000 (A balanced market – one favoring neither sellers nor buyers – has six months of available inventory). New construction starts are still a fraction of what they were a decade ago and the new homes that are being built tend to be more expensive and suburban, outside the more urban, walkable neighborhoods favored by younger buyers.

Generational Buyer/Seller Dynamics – According to Realtor.com Chief Economist George Ratiu the largest population cohort in the country (those born in 1990) will turn 30 in 2020 and represent 4.8 million people hitting peak home buying age. “As...

From Business Insider: Why is the housing market so different for millennials compared to the one their parents and grandparents faced? In large part it's because of how much housing costs have risen, but it's also because of the student debt with which many members of the generation are saddled. Some 70% of recent college graduates finish school with an average of $29,800 in debt to repay, plus the inevitable interest. Read more.

From GQ.com: Horses are a minor footnote in Hunter S. Thompson’s 1970 article, “The Kentucky Derby is Decadent and Depraved.” The piece is less about what Thompson saw than what he hoped to see––the depravity that exemplified the culture of his hometown; the brouhaha, the drunken Kentucky colonels identifiable by whiskey-stained linen suits, but clean shoes. Read more.