Living in Louisville Blog

From The Mortgage Reports: It's different to be a first-time home buyer as compared to an experienced one First-time home buyers often skew younger than the general home-buying population which means less work experience, lower income levels, and usually, less money saved for down payment. It also can mean higher levels of federal student loans and debt. Read more.

From Insider Louisville: Despite lower housing inventory, buyers are finding houses, and possibly at record numbers, according to state and local data. The Greater Louisville Association of Realtors reported that home sales were up 2.42 percent in the Louisville MLS for the first six months of this year compared to the same period in 2016. As of June 30, there were 8,625 houses sold in the MLS in 2017 versus 8,421 in 2016. Read more.

(From Insider Louisville): By the first decade of the 20th century, the mansion-building boom in Old Louisville had slowed down. The automobile had first been introduced to Louisville in 1897, and by 1905 there were about 400 of them in town. Paved roads were following suit. Louisville’s wealthy now were casting their horizons farther out, some as far out as the Glenview area along the Ohio River. Read more.

Every year 2 million home burglaries are reported in the U.S.  If homeowners were to take a few extra security measures, this large number can be reduced. It is extremely important to know what can be done to prevent break-ins as this is not only a matter of your personal belongings being taken, but also a violation of privacy Victims of break ins can have many emotional effects that last a lifetime. The following infographic displays different tips and tricks to keep your home secure. 

From RealtorMag.com: You may need to do less convincing to get home shoppers to make their move in the housing market. Fannie Mae’s Home Purchase Sentiment Index rose 2.2 percentage points in April, with five of six components rising that measure confidence in buying, employment, household incomes, financing, and more. Read more.

From The Courier-Journal: Google Fiber is a go in Louisville. But details on when the ultrafast network will be constructed and in what areas it will be first available will have to come later, Google Fiber said. “Many have eagerly waited to hear these words: Google Fiber is coming to Louisville,” Mayor Greg Fischer said Wednesday morning. Google Fiber said it plans to test ways to deploy super-fast Internet, with speeds about 20 times faster than conventional broadband, but that details of services in Louisville will come later, according to a news release. Read more.

From NYTimes.com: Three years ago, Joe Heron, a pharmaceutical executive turned beverage-industry entrepreneur, moved here from Minneapolis to open a distillery. But unlike the dozens of other would-be whiskey barons setting up shop in Kentucky these days, Mr. Heron and his wife, Lesley, weren’t interested in making bourbon. They wanted to make brandy. Read more.

From Marketwatch.com: Have you heard? It’s a seller’s market. Well, in most zip codes at least. But a hopping homebuying season doesn’t necessarily mean your home will go well over asking price just by putting up a For Sale sign. There’s still plenty a seller must do if they want to get the best price for their soon-to-be-former digs. Read more.

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.

 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 ...

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

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.

From Insider Louisville: Neace Ventures, the parent company of Falls City Brewing Co., announced it has signed a letter of intent to acquire majority ownership of a building that houses the Heine Brothers’ Coffee headquarters. The acquisition would mean that all of Falls City’s brewing production would return to Louisville. “We are excited to announce that Falls City Brewing Company’s full-scale production is coming back to where the brand was born,” said Falls City president Shane Uttich in a press release. Read more.

From Louisville Distilled: It’s an embarrassment of riches when it comes to where to eat in Louisville. Beloved institutions that have withstood the onslaught of new places are still serving up favorites while fresh names pop-up like mushrooms. Read more.

From C-J.com:  To know the future, some invest in age old practices like consulting the movements of celestial bodies in astrology or observing the tea leaves left in a cup as practiced in tasseography. There’s also the handy Magic 8-Ball for making predictions. Instead, we've consulted some local experts to figure out the future in four areas: regional art and culture, Louisville cuisine and libations, fitness and wellness, and women’s cultural status in our community and state. Read more.

We're posting this video in honor of retiring Metro Councilman Tom Owen. In addition to serving many years as a Councilman, and before that as an Alderman, Tom is well known as a local historian and archivist for the University of Louisville. Thank you for your service Tom! Without question you have made Louisville a more vibrant and welcoming community. 

From Insider Louisville: From January through November 2015, there had been 10,548 properties sold in Jefferson County. This year we’re up 5.58 percent with 11,137 units sold. All while Louisville homebuyers had far fewer choices! With only 304 homes needed to top our all-time record, it’s all but assured that 2016 is a record year for Louisville real estate. Read more.

From Louisville Business First: The topic on top Louisville employers' minds is the same across the board: How are we going to fill our open positions with a talented, educated and skilled workforce? Stacey Servo, talent attraction and development manager for Greater LouisvilleInc., said the question spans all industries, including technology, logistics and manufacturing. Read more.

From Courier-Journal.com: The Olmsted Parks Conservancy is nearing its goal to raise about $11.6 million to improve the string of Olmsted-designed parks and parkways across Louisville. The park-friendly organization launched its Campaign for Extraordinary Parks in March 2014, with the goal of investing in much-needed Olmsted Park projects. Read more.

From The Courier-Journal.com: More than 100,000 Jefferson County homeowners – mostly in St. Matthews and the East End – will face property reappraisals next year and probably suffer “sticker shock” too when future tax bills arrive, the top assessment official said.  "Home sales and values are skyrocketing, and sales drive the bus" in how property is evaluated for tax purposes, Jefferson Property Valuation Administrator Tony Lindauer said in late October. Read more.