The first half of the 2018 Louisville real estate market was marked by home prices continuing to rise faster than a porch thermometer on a sweltering July afternoon. From January 1 through June 30, the average sale price across the Louisville market was up 5.8% to $217,101 (from $205,194 for the same period in 2017). The median price was $177,500 vs. $169,900 a year ago. For the month of June, that average sale price was a staggering $237,458 (five years ago in June 2013 the average sale price was $195,411).
Rising home prices continue to be driven by a shortage of inventory. For the entire Louisville MLS (multiple listing service), the inventory of available properties was 7% lower than for the first half of 2017. The total number of homes sold from January 1 through June 30, 2018 was 8,516 vs. 8,706 or 2.2% less than the same period in 2017. The inventory situation may be improving slightly according to the industry association the Greater Louisville Association of Realtors (GLAR).
Interest rates have risen modestly and mortgage rates have followed suit with a recent 30-year fixed rate at approximately 4.5% according to Bankrate.com (this compares to about 4% for this time in 2017). Most analysts expect rates to continue to rise gradually through at least the end of 2019.
In its mid-year market analysis, GLAR reported more than 4,000 properties for sale at present compared to 3,000 just a few months ago. As has been the case for the last few years, move-in ready homes under $250,000 continue to set the pace and are selling quickly, often in multiple offer situations.
The high-end market also continues to be robust with 347 sales of properties between $500,000 and $999,999 in 2018 vs. 320 for the same period in 2017. Sales of properties priced at $1 million plus also showed limited growth with 41 sales in 2018 vs. 37 in 2017.
The question on most consumers’ minds seems to be: How long can this bull real estate market...
From Marketwatch.com: Last year, 66-year-old Lauren Knoblauch sold or donated nearly everything she owned, from her two-bedroom home on a suburban Seattle lake to her furniture and many of her clothes. She moved everything else, two small carloads’ worth, into her new home: a downtown apartment that, at less than 150 sq. ft., is smaller than the average U.S. master bedroom. Read more.
Via Catey Hill at Marketwatch.com.
Most millennials say they’d rather rent than buy a home — a decision that could cost them more than $700,000 over the course of their lives.
Nearly six in 10 millennials (59%) say they’d rather rent a home than buy one, with just one in four saying they are either very or completely likely to purchase a home in the next five years, according to a survey of 1,300 millennials released this week by EliteDaily and Millennial Branding. (This anti-home-buying trend can already be seen: Currently, only about one in four millennials own a home, down from about one in three in the mid-70s and early 80s, according to data from the Demand Institute.) That’s “bad news for the real estate industry,” the report concludes. Read more.
Before you fall in love with a house and call up your agent to make an offer you need to make sure your financing is in order. There are any number of mortgage options in Louisville. Here are some other great tips on getting your financial house in order before you buy one. Read more.
The last of the moving trucks has just left and you are finally ready to close the door on an exhausting day. But wait, are you done with moving yet? No. There are a whole lot of things that you need to do after you move into your new home. Here is a quick checklist to help you kick-start the process.
1. Check your big-ticket stuff and furniture to make sure that nothing was damaged during the moving process. Most movers and insurance companies have a limited time in which you can file a claim. Make sure that all your appliances and electronics are working before that deadline passes you by.
2. If you were not able to have an exterminator visit the house earlier, get it done now before you start opening all your packed boxes. If you have a lot of time on hand and can rough it for a day or two, consider giving the home a thorough and in-depth cleaning before you start organizing.
3. When unpacking, don’t open all boxes at once. Hopefully, you’ve been diligent in marking all your boxes and maintaining a ‘moving diary’ when you packed. Now is the time to reap your rewards!
Multiple boxes lying open with stuff strewn all over can tempt you to stuff all of them inside a closet and then forget about it. Instead, open one box at a time and organize your belongings neatly as you go. Set yourself a timetable, like two or three boxes a day, so that your entire unpacking will be over in a week.
4. Change all locks and alarm codes. Not to sound paranoid, but do you really know how many copies of your keys are out there?
5. Make sure that all smoke detectors in the house are in working condition. If necessary, replace their batteries....
View more photos of this spectacular home and other Louisville luxury listings at Business First Home of the Day.
(Originally appeared on Refinery 29.com)
Whether you're contemplating a big move or just peeking over the fence to see how much greener the grass is, this little list is food for thought. Apartment Guide looked at its property listing data around rental rates and this Cost of Living Index. Meanwhile, our besties atLearnVest provided tips for budgeting in the New Year here. What you get is a list of 10 towns where rental and cost of living expenses are tantalizingly low. Seems a premium was placed on communities with strong cultural backbones — Louisville, Memphis, Oklahoma City, and Columbus on the list are all cities with strong music scenes. Read more.
Guest post by Tyler Robertson.
Investing in a home is a happy milestone for many, but it’s also a minefield of indecision and stress. How do you refine your search to find your perfect home?
Claire Hovey is a writer with a love of all that is green and country, but due to a twist of fate she also loves sparkling city lights and a whole lot of hubbub. She is currently looking to buy her first home in a heady mix of the two.
How to Master the Art of House Hunting
There comes a time when having the freedom to up sticks and move around starts to lose its shine. You begrudge lining someone else’s pockets with rent. You begin to long for something other than beige walls; you dream of having the licence to get hammer-happy put up as many picture hooks as you choose. You start to squirrel away more and more of your Friday Night Out fund for sensible reasons and then, lo and behold, one day you find you have a savings account named ‘Deposit’ and enough in it to begin the House Hunt. You want to own cushions. Life is good.
But how do you begin to tackle the mountainous task of finding your new home? Well, pack your best plimsolls and fetch your guide rope: here are a few important lessons for the house hunt.
- Need versus want: know the difference. Fairly self-explanatory; assess your needs as a priority – three bedrooms would be nice, but two is what you need. A conservatory is a possible future goal, but for now, you can make nice with the neighbours in the front room. A vegetable patch might be an absolute must, pronto, but tea on the lawn can wait until house number two.
- Take a camera to every viewing: Sometimes you can walk into a house and just know. Most of the time, you can’t. You need to mull it over, compare and contrast and, above all, make an...