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...
Kentucky Select Properties is the top selling 100% locally-owned and independent residential real estate company in Louisville, Kentucky. Find out more about how Kentucky Select does business and why being a good corporate citizen is central to its success.
Trusted Direction In Real Estate - About Kentucky Select Properties from Kentucky Select Properties on Vimeo.
Preparing Your House To Sell
Depending on how you approach it, selling your home can either be a quick, painless process or a total nightmare. The more prepared you are, the less time your home will spend on the market and the sooner you will get paid.
Along with finding a good listing agent to oversee the sale of your home, you should also put time and effort into sprucing it up before it goes on the market. Today's buyers expect to see homes that are attractive, clean and move-in ready. If your home does not meet these criteria, it could languish on the market with little or no interest for months or years. The following will help you prepare your home for sale, improving the chances of getting an offer right away.
Make Every Surface Sparkle
No one wants to buy a home that is dirty, smelly or messy. Put yourself in the position of a buyer and imagine walking into a home that had stains in the bathtub, unusual smells in the kitchen or clutter everywhere throughout the home. Chances are you would walk right back out the door without making an offer.
The same holds true for potential buyers viewing your home. Any signs of dirt, clutter or unpleasant odors could send them packing. Cleaning your house from top to bottom is the best way to avoid this. Be sure to view your home with a critical eye as you clean. Sometimes, it is easy to become so used to odors or stains that you overlook them. Buyers, however, have keen eyes that will catch every speck of dirt or grime.
Stage Your Home
Home staging is the process of decorating your home in such a way that it appeals to as many buyers as possible. In most cases, this means painting the walls in neutral colors, hiding personal...
Kentucky Select Co-Founder and Principal Broker John Stough just returned from the Luxury Real Estate conference in Seattle, where he was once again recognized for his leadership in marketing luxury properties. Listen to this 20 minute podcast with John as he recounts some of his adventures from 36 years in the real estate business. Read more and Listen.
A number of economists are forecasting an increase in home sales this year, and some are predicting that more first-time buyers will be in the mix. That’s great news for sellers, particularly first-time sellers most likely to have the kind of starter homes these buyers will want. Below are some tips for those selling a home for the first time. Before selling your home, give some careful thought about where you will live next, said Hedda Parashos, owner of Palisade Realty in Spring Valley, Calif. “Planning ahead will save the time and money associated with moving multiple times or trying to get out of a deal after you sign a purchase agreement,” she said. “Your Realtor can help you locate a new home or rental before you close escrow or negotiate a lease back.” Read more.
When selling your home, every detail matters to get the best deal possible. If you are currently preparing for a sale, you have probably added finding a good stager to your long checklist of tasks. In truth, you don’t really need to factor in this additional expense, since you already have to spend a few dollars to increase the appeal of your home to potential buyers.
A few staging tricks can go a long way to increase the value of your property and are easy enough to be performed by anyone. Your bathroom, for example, is a great place to start transforming your house into an inviting dream-home without resorting to professional help.
Step 1: Squeaky clean surfaces
Would you like to take a relaxing bath after a long, hard day at work in a moldy tub with a few spider webs looming over your head and a faded shower curtain that smells like a sewer? Not particularly. Neither does your potential buyer.
A sparkling-clean bathroom is perhaps the most important quality that will grab the attention of buyers during an open house. Devote a weekend to scrubbing the floor and tiles, the toilet bowl, the tub, the sink, and throwing out everything that looks old and moldy.
In addition, get an effective air-freshener to rid the space of residual odors. Use a caulk gun to fill in any cracks and gaps in the tiling. Wipe all mirrors, so there are no fingerprints and smudges.
Step 2: No personal items
Some solid fundamentals on buying or selling real estate from the folks at Realtor.com:
When it comes to buying a home there are many different steps to consider. It can be a very confusing time for the first time home buyer. Putting your home up for sale can be equally demanding. Realtor® Billy Malone of San Marino, California recently compiled his list of ten things that those shopping for a home or putting one on the market need to keep in mind:
Buying and selling a home can be the most stressful process you may ever experience. Even if the process is not overly stressful, it can often be a personal and emotional transaction and will be one of the most significant. Owning a home is the American dream, it is where we build our lives and families, and it should not evolve into the American nightmare. So how do you make sure that you get to live the dream and live it well? One method is to refer to one of those Real Estate checklists you come across online. Read more.