Louisville Properties Blog
Louisville Properties Blog

Home Sales

Home Prices Drop 3.2 Percent in Third Quarter

Real estate analysts from the Federal Housing Finance Agency are claiming that lower demand and the expiration of the homebuyer tax credit are continuing to put downward pressure on home prices across the country. Home prices fell 3.2 percent in the third quarter of 2010, down significantly from the same quarter in 2009. The agency said that Atlanta suffered the greatest decline in prices among the 25 largest metropolitan areas of the country with a 10 percent drop in home prices. San Diego posted the biggest gain with a 4.6 percent jump. Overall, home prices fell in 40 states compared to the third quarter of 2009. Idaho, Georgia, Arizona, Oregon and South Carolina led the declines in residential real estate. One analyst had an especially gloomy forecast for the nation's home prices for 2011. Celia Chen, a Housing Analyst with trend watcher Moody's Analytics, did an interview before the release of the Federal Housing Finance Agency's report. She said, "Our overall expectations for home prices is that they'll drop by another eight percent by the third quarter of next year." We'll have to wait and see whether or not Ms. Chen's dire forecast is accurate, but it is certainly an accurate snapshot of the current mood of home sellers whose homes have been languishing on the market for months. If you're trying to sell your Louisville home and are looking for an experienced, proactive Louisville real estate agent to help make that happen, please give us a call today at 502.744.9504. Louisville Properties has been helping people sell Louisville homes in all kinds of market conditions for years, and we use our resources and experience to help sellers find qualified buyers. For more information, give us a call or fill out our contact form. We look forward to hearing from you!

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Louisville Home Sales Drop 29 Percent as Sales Slump Continues

September sales of Louisville homes continued the recent slump with Louisville real estate agents selling 29 percent fewer homes and condos than they did the previous September.  Members of the Greater Louisville Association of Realtors cited the expired first-time homebuyer tax credit and job uncertainty as the chief reasons for lower home sales. The decrease in home sales began last July here and in many housing markets across the country, and September's drop in sales reflected the steepest drop so far this year. Despite the three-month slump in sales, some Louisville real estate agents were quick to note that Louisville home sales for the year are still up overall from 2009's sales. They also pointed out that median home selling prices are up sharply from last year's $132,450 at this time to this year's $138,000. Home sales across the country dropped 19 percent in September year-over-year and reflected the caution many prospective buyers are exercising due to job losses and other economic uncertainty. Louisville home sales may be slumping over the last three months. However, steadily increasing median home selling prices indicate that the local housing market is fairly resilient and now may be the right time to invest in homes as a primary residence or income property. The people who aren't buying homes are renting, and the rental trend has been growing for the last couple of years. If the volatility of the stock market and low yields on T-bills have you looking for other investment opportunities, call us today at 502.744.9504and let us know how we can help. We look forward to hearing from you!

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Sales of Louisville Homes Continue Downward Trend, But Sellers Trying Different Tactics

A recent Fox 41 investigation into the sales of Louisville homes found that sales dropped each month over the summer, and sellers are getting creative in trying to find and entice prospective buyers. Robin Feeney is one of the sellers looking at new ways to attract interest and sell her home. For the last 33 years, she has lived in Crestwood, and she says that she's not afraid to try anything to sell her home, including yard sale marketing. "I have stuff from when I used to own a shop, so I have tons of Derby stuff. I've got all kinds of winter coats. I mean, I've got some fabulous coats. Mega sale! Everything's for sale, inside and out, the house too if anybody wants it!" she said. She said that she tries to time her yard sales when there is an open house nearby. "Usually I do them on Sundays. Lately, I've been getting a lot of turnout from open houses, and I thought, well let's give it a try on Saturday. And look, someone showed up, and you know it's worth it." Feeney and others trying to sell their Louisville homes face an uphill battle at the moment. In July 2009, 1,195 Louisville homes were sold, but only 785 were sold this past July. When selling your Louisville home in a tough market, it's very important to think outside the box and explore marketing alternatives as Ms. Feeney and other home sellers have. At Louisville Properties, we have been helping people sell their Louisville homes for years by thinking outside the box, using our experience and resources and harnessing the marketing power of the Internet. We're locally owned and operated and have a proven track record of success helping people sell their homes in all market conditions. For more information on how we can help you sell your Louisville real estate, call us today at 502.744.9504!...

Habitat for Humanity Builds Louisville Home #337

The Louisville chapter of Habitat for Humanity has built 336 homes over the last 25 years, and a local mother recently took possession of home #337. The charitable organization, along with employees from Norton Healthcare, recently worked together to build a new Louisville home on East Caldwell Street in Smoketown. Volunteers framed the walls of the one-story, three-bedroom home and installed doors and windows for DeAndra Garnett. Garnett is the mother of a four-year-old and is expecting another child. She is employed by Kosair and was shocked and delighted with the progress of her new Louisville home. 'I was here on Monday, and it was just a deck,' she said. She continued, 'I came back today and it's all up, and it's amazing how it's up so fast.' In order to earn her new home, Garnett had to work for it by helping volunteers with the construction. She plans to move into her new house before the end of the year. At Louisville Properties, we applaud and support the efforts of Habitat for Humanity and the many other charitable organizations in our area that make a positive difference in people's lives. If you're looking for your next Louisville home or you're looking for qualified buyers to buy your current home, contact the pros at Louisville Properties. We have been helping people buy and sell commercial and residential real estate in the Louisville area for years. We have the resources and experience to help you find the perfect home or the perfect buyer. For more information about how we can help you buy or sell a Louisville home, call us today at 502.744.9504 or fill out our contact form for a fast reply!

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Foreclosures and Unemployment Claims Rise in July

Real estate industry watchdog RealtyTrac reports that 325,229 homeowners in the U.S. received a notice of default, auction or bank repossession in July, an increase of four percent from the previous month, but down ten percent from foreclosure numbers from July 2009. RealtyTrac estimates that one in 397 American households received notice in July. This is a staggering number, but not as staggering as the 92,858 homes lenders seized from homeowners delinquent on their mortgages that month. This number represented the second-highest number of foreclosures since RealtyTrac began tracking this in January 2005. Rick Sharga, Senior Vice President of Marketing at RealtyTrac, offered a theory about the rise in foreclosures, saying, "The numbers are exploding due to unemployment and economic displacement. We will see them get a lot worse unless we see some job creation." One can find the evidence of Mr. Sharga's grim forecast for foreclosures and job losses in newspapers, websites and communities across the country. Jobless claims for the first week in August climbed by 2,000 to 484,000, the highest in six months, according to the Labor Department. Official unemployment figures are at 9.5 percent, close to a 27-year high, but the actual number of jobless people in the country is substantially higher. The Labor Department does not include the long-term unemployed who have given up trying to find a job in their official estimates, an excluded figure estimated in the millions. While the Louisville real estate market isn't immune to the economic downturn, our foreclosure figures aren't nearly as dire as those in many other metropolitan areas around the country. Property values rose steadily in the years before the recession, but not as steeply as they did in markets that are now among those suffering the worst foreclosure rates. If you're looking at Louisville homes for sale to buy as your primary residence or as an investment, near-record low interest rates make now the best...

June Home Sales Surge 26% for Louisville Realtors and Sellers

Officials with the Greater Louisville Association of Realtors say that members sold 1,477 homes and condominiums in the Louisville area last June, a 26 percent jump from June 2009 sales. The boost in sales was a welcome development for sellers and realtors and marked the twelfth consecutive month of improving Louisville home sales compared to the previous year. Louisville Realtors President Linda Gibson Cecil reported that July's home sales figures would be the "true test" of how the Louisville housing market is performing. She said that the expired federal homebuyer tax credit program would not have an influence on Louisville homes sold in July. As a result, July's sales should be a better indicator of the overall health of the Louisville real estate market. The group of Louisville realtors reports that home sales are up 29 percent year-over-year for the first six months of 2010 with a corresponding rise in median sales prices from $129,900 to $135,000 for the same period. Cecil said she expected the tax credit to help June sales, as it did in the previous months, but "I didn't expect us to be up that much." If you've been looking for Louisville realtors to help you buy or sell a home, you've been looking for a Louisville real estate professional with experience, integrity, a proven track record of success and outstanding customer service. Your search is over. Contact the realtors at Louisville Properties and enjoy decades of experience in the business, a proven record of success, a sterling reputation for integrity, superb customer service and much more! Call them today at 502.744.9504 and experience the difference that professional Louisville realtors can make when buying or selling a home in the Louisville area....

Scam Artists Exploiting Surge of Short Sales to Commit Fraud

Plunging home values in many housing markets across the country have led to increased short sales (sales in which a home sells for less than the amount owed on the mortgage), and some scam artists are using the spike in short sales to commit fraud. California-based CoreLogic, a firm that provides research, analysis and business services to real estate and other industries, is reporting that lenders need to be on the lookout for short sale fraud. CoreLogic reports that nearly two percent (1.9) of all short sales in the U.S. over the last two years are fraudulent. They estimate at least 15,000 cases of short sale fraud, or approximately one in every 53 sales. There are many variations on this scam, but they all involve collusion between unscrupulous agents and buyers who agree to sell a home below current market value and quickly resell the home at a profit. CoreLogic reports that in most cases, the crooked agent has a higher offer for the home from a lender that he or she "overlooks" in order to make a bigger profit by selling at a lower price to another buyer. In this arrangement, the agent makes money, the buyer saves money and the lender is the fraud victim that takes a loss of tens of thousands of dollars. Short sales help homeowners struggling to meet their mortgage obligations by allowing them to move on, and these transactions help lenders by attenuating financial losses and removing the liabilities of a property sitting empty for months on end. If you've been considering the advantages of Louisville short sales for your next home or as an investment property, contact Louisville Properties today at 502.744.9504. No scams, we promise....

Innovative House Hunting Via Bicycle Tour

An innovative house hunting bicycle tour and a Chicago suburb's plans to significantly expand bike routes in and around town may be a glimpse of a future of less reliance on gasoline and internal combustion engines. The "Homewood Green Streets House-Hunting by Bike" tour in the south suburbs and another bicycle real estate tour planned for Oak Park on the west side of the city may be the first signs of a new way of thinking about urban sprawl. The Active Transportation Alliance organized both tours, and judging by participation rates, they will be planning more in the future. Both suburbs have taken great strides to promote walking and bicycle riding to reduce traffic congestion, deter expensive development of new roads and promote healthier lifestyles. Oak Park has launched a 10-year plan to add 20 miles of bike paths, and their first house hunting by bike tour drew nearly 50 prospective homebuyers. Tour participants receive maps that identify homes for sale in the community, and riders can go on their own tour or join other cyclists in organized tours that showcase selected homes for sale. Riders say that riding, as opposed to driving, gives them a much better feel for a neighborhood and community. "It's a much more intimate way to get a view of the community," one said. "The maps direct people off the main streets and onto side streets, where there's more of a neighborhood feel." No Louisville homes for sale bicycle tours are in the works yet, but with higher fuel prices and the massive oil spill in the Gulf of Mexico weighing on everyone's consciences, this could be an effective way to attract buyers. If you're shopping for Louisville homes for sale, you don't need a bike or a car to view the area's best selection of Louisville real estate. Just call 502.744.9504 or point your Web browser to and let your fingers do the walking (or riding)! ...

Sales of New Louisville Homes Buck National Trend

While homebuilders across the country are reeling from their worst sales month since 1981, sales of new Louisville homes remain strong according to members of the Greater Louisville Association of Realtors. Nationally, new home sales fell 33 percent in May to their lowest level since 1961, when the recording of sales of newly built homes started. Louisville realtors say that sales of new Louisville homes have seen a steady rise since last summer. Sales were up 46 percent in May 2010 from the previous May and rose 21 percent above April's new home sales. After taking a wait-and-see attitude for the last couple of years to see how the national economy would affect sales of new Louisville homes, homebuilders in the Louisville area are building again, confident that these homes will sell. Chuck Kavanaugh of the Home Builders Association of Louisville cautioned that the numbers of new homes built in Louisville are "nowhere near where they were three or four years ago." However, he also said that building permits for residential construction are up 16 percent thus far this year in Jefferson, Oldham, Bullitt, Shelby and Spencer counties. However, while the Louisville real estate market shows modest gains, most housing markets across the country continue to struggle. The recession, massive unemployment, foreclosures and many other factors have created a "prefect storm" of bad news for home sales nearly everywhere else. "We all knew there would be a housing hangover from the expiration of the tax credit," a real estate and interest rate analyst at Weiss Research said of the national figures. "But this decline takes your breath away." If you're thinking about buying a new or existing Louisville home or considering selling Louisville real estate, call 502.744.9504 today. Louisville Properties has the area's best selection of residential and commercial real estate and offers discount brokerage, property management, flat-fee MLS listings and many other services. ...

New Home Sales Drop 33% Nationwide in May

Since the federal government began tracking new home sales in 1963, there has never been a month like May 2010. With the federal tax credit program expiring, expectations were already low, but actual sales of new homes across the country established a record low. Homebuilders report that they sold newly-constructed homes at an annual rate of 300,000 in May, 32.7 percent below the previous month's rate of 446,000 and around a third the level of new homes sold during normal economic conditions. Housing analysts had projected adjusted sales of around 400,000 for May, but were genuinely surprised when actual sales data became available. "We would be lying if we said the size of the drop was not shocking," said one analyst for brokerage firm Miller Tabak. Even with near-record low interest rates, new homes are not selling and sales were lower in May than they were during the economic recession of the early 80s when mortgage interest rates hovered near 20 percent. May's sales numbers eclipsed the previous record low set in September 1981. Housing consultants expected the tough time to continue for homebuilders. One consultant expressed the idea that builders were exacerbating an already-tough situation by saying, "I think that builders should bite the bullet and stop building houses. They keep dumping new inventory into the market when what the market really needs is a moratorium." Large inventories of new homes for sale in Louisville and other housing markets across the country make this the ideal time to buy your dream home at the best price in a generation. For the area's best selection of new and existing Louisville homes for sale, call Louisville Properties today at 502.744.9504 or browse the extensive Louisville real estate listings on our site! ...

February Home Sales Rise Substantially

Some welcome news appeared recently that could indicate that the nation's struggling housing market is beginning to recover. The National Association of Realtors reported that February home sales rose an unexpected 8.2 percent during a period when many real estate analysts predicted home sales to remain flat. Many cited the impending expiration of the homebuyer's tax credit program as the driving factor behind the jump in home sales, and it remains to be seen whether the positive trend will continue or not. In addition to the tax credit program, economists cited an influx of foreclosed homes into the housing market at bargain prices as a contributing factor to the spike in home sales. Even in regions such as the South and Northeast, which experienced inclement weather in February, saw unexpected gains of 9 percent. While the rise in home sales surprised and delighted many real estate professionals, their enthusiasm was tempered by the current reality of lower overall home prices, month after month of sluggish home sales and historic mortgage default rates that appear to be worsening. "I don't think we're in for a further slump, but I think the recovery is going to be slow and painful," said Michael Carliner, a visiting fellow at Harvard's Joint Center for Housing Studies. "The risk that the bottom is going to come even further out of the market is easing." If you're thinking about taking advantage of low prices on Louisville homes for sale for your primary residence or an investment property, visit our website or call today at 502.744.9504 to view the area's most complete selection of residential and commercial Louisville real estate. We offer a wide range of real estate services that we can tailor to your needs. Resource link: http://www.nytimes.com/2010/04/06/business/economy/06econ.html?8au&emc=au...

Fair Housing Act Remains Relevant for Housing in Louisville and Other Markets

The Fair Housing Act was signed into law 42 years ago this month and is a powerful reminder of the past as well as the challenges of the present and future. President Lyndon Baines Johnson signed the Fair Housing Act in April 1968 after a heated debate in Congress. The law came into effect shortly after the Rev. Martin Luther King was assassinated. It protects anyone in the United States from discrimination in finding and maintaining housing based on race, color, religion and national origin. In 1974, the law was amended to also include discrimination against gender. In 1988, the law was amended again to protect individuals from housing discrimination based on handicap or disability and family status (defined as the presence of minor children in the family). Some senior citizen complexes are legally exempt from this amendment. This law has been tested repeatedly since its passage, addressing issues such as the "steering" of some home shoppers to certain areas and a process called "redlining," which describes an organization's refusal to provide services to a specific area based on "a particular protected class." The U.S. Supreme Court has also addressed advertising, home appraisals, tax assessments and many other issues over the years under the provisions of the Fair Housing Act. Although this piece of legislation has helped countless homeowners over the last 42 years, when you're looking for the perfect Louisville home for sale, it pays to be discriminating in terms of price, location, features and other attributes. That type of discrimination is perfectly legal and very much encouraged. If you're looking for a Louisville home or real estate in the Louisville area, no one has a better selection than Louisville Properties. Call today at 502.744.9504 to speak to an experienced Louisville realtor. Resource link: http://www.courier-journal.com/article/20100412/OPINION02/4120316/Community+Challenge+|+Fair+housing+still+faces+obstacles...

Home Sales Across the Country Drop Sharply in November

Many Louisville real estate agents already know very well that the number of people across the U.S. getting ready to buy a home dropped sharply in November 2009. Housing experts say that housing markets across the country could be heading for a "double-dip" drop in sales where a decline in home selling prices is exacerbated by potential homebuyers who can take a bit more time in home shopping since the federal tax credit was extended. Adding the usual downturn in winter home buying, real estate agents all over the country could have some extra time on their hands.

Recent home sales figures released by the government show that October home sales got a boost from the scheduled expiration of the federal homebuyer's tax credit. When the tax credit program was extended that month, buyers got several more months to bide their time and watch home prices for the best deals. However, Louisville home sales appear to have bucked the country's downward trend, at least for December 2009. Lisa Stephenson, executive vice president of Greater Louisville Association of Realtors, said recently that Louisville home sales in December might have been up sharply from November's home sales.

She was waiting on the release of the official home sales numbers, but thought home sales in and around Louisville may have climbed 40 percent in December. Whether Louisville home sales will continue to buck the national trend in January has yet to be seen. Nevertheless, if you're thinking about using the federal tax credit to buy a Louisville home for sale, call 502.744.9504 or visit Louisville Properties website to see the area's best selection of Louisville real estate.

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Louisville Home Sales Rise in October

The Greater Louisville Association of Realtors reported that its members sold 1210 Louisville homes last October, which represented the fourth consecutive month of gains over 2008 year-over-year. President of the local realty group, Linda Gibson Cecil, called the sales figures "very encouraging." Until this past July, monthly home sales in the Louisville real estate market has posted steady declines for almost two years.

"It gives you hope that this is not an anomaly, that this is actually a trend," Cecil said.

She said that the Louisville real estate market continued to enjoy a boost from the federal government's $8,000 first-time homebuyer tax credit that helped the sale of Louisville homes, especially in the $90,000-$125,000 sales range. She went on to say that a surge of Louisville homes for sale went under contract in the middle of October, a clear indication that prospective homeowners were trying to get their deal closed before the tax credit program expired. The tax credit program was initially set to expire on Dec. 1, but it has been extended to June 2010 and has been amended to include a $6,500 tax credit for current homeowners who wish to sell their home and buy another. Homebuyers have until April 30 to get a home under contract and have until June 30 to close the transaction.

October represented the second-busiest month for Louisville real estate professionals, having sold 1276 homes last July. Another positive trend for Louisville real estate was a modest rise in median sales prices. In October, the median sales price was up slightly to $133,500, up from $130,000 the previous October.

Thinking about taking advantage of the homeowner's tax credit before...

Louisville Home Sales Up for Third Straight Month

Members of the Greater Louisville Association of REALTORS® sold 15 percent more homes in September 2009 than they did the previous September, which represented the third consecutive month of improvements in sales. Louisville REALTORS® sold 1160 homes and condos that month, compared to 1012 Louisville homes and condos sold in September 2008. Jan Scholtz, president of the Louisville REALTORS®, said that the improved sales this past September are an indication that the Louisville real estate market is continuing to recover and stabilize. Louisville REALTORS® also reported a hike in median sales price that month from $131,000 a year ago to $132,000. This past July, Louisville real estate professionals broke a streak of declining sales that lasted two years by reporting 1276 transactions that represented a 26 percent increase from July 2008. The next month, local realtors sold 1084 homes, a 12 percent increase from August 2008. Scholtz said that the sales gains in July and August were primarily due to the $8000 federal tax credit that motivated first-time homebuyers to buy starter homes in and around Louisville. However, she said that September was the first indication that the first-time homebuyer tax credit program was having a measurable effect on the broader Louisville real estate market. She said REALTORS® were hoping to see a "trickle-up" effect when the owners of starter homes are ready to sell and move into bigger Louisville homes for sale. "They are allowing the starter-house seller to move, and we are seeing that now throughout the industry," she said. The National Association of REALTORS® lobbied Congress aggressively for an extension of the tax credit program and lawmakers enthusiastically supported the extension. Scholtz predicted the continuation of positive home sales in the area, even if there had been no extension of the tax credit program. "I'd say we've got at least another six months of residuals from this," she said. For help...

Louisville Homes Sales Only Slightly Down in June

An article about Louisville-area home sales in June that appeared in the Courier-Journal provides some welcome news for Louisville real estate professionals. The article claimed that members of the Greater Louisville Association of Realtors sold 1,175 homes in June 2009, a figure that shows only a 1.3 percent decline in sales from the previous June. With housing markets across the country struggling with flagging home values, foreclosures, sluggish sales and other difficulties, many Louisville real estate agents perceive a slight decline in home sales as a positive. In spite of the modest decline, the number of homes sold in the Louisville area was the most in a single month so far this year. Overall, Louisville-area home sales were down 19.7 percent for the first six months of 2009 compared to 2008. However, Louisville realtors and homebuilders claim that the federal tax credit for first-time homebuyers is boosting sales and they expect that trend to continue as the November 30 deadline for the credit nears. Louisville's median home selling price as of June 2009 was $136,000, a slight decline from the previous year, but only a 3.5 percent drop. Louisville Realtors® Association President Jan Scholz predicted that a high percentage of first-time homebuyers would help to keep median home prices lower for the rest of 2009. She added that Louisville home sales would continue to strengthen for the rest of the year. Looking for Louisville real estate services? Call Louisville Properties today at 502.744.9504 or fill out a contact form for a fast reply. If you want to buy a home, sell a home, need flat-fee FSBO listings, property management or more, Louisville Properties offers the full spectrum of real estate services!...

Pending Home Sales in the US at a Seven-Month High

An article in the Christian Science Monitor claims that pending home sales across the country climbed in April for the third month in a row and are now at their highest level since last September. Pending home sales are real estate transactions where a buyer signs a contract, but the deal has not yet closed. Pending home sales are regarded as a bellwether of the real estate market and real estate professionals across the country are hopeful that the upward trend will continue. The National Association of Realtors (NAR) says that the pending home sales index climbed 6.7 percent over the previous month to 90.3, which is also higher than the same period a year ago. This is one of several early indicators that suggest the economy may be heading towards a recovery. Lawrence Yun, NAR's chief economist, said, "The $8000 first-time buyer tax credit is beginning to impact the market. Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers." The largest climb in pending home sales occurred in the Northeast, which reported a hike of 32.6 percent from one year ago. Pending home sales in the South slipped over the same period, but remains 3.5 percent above last year's levels. The NAR also reported that housing affordability rose in April to its second-highest reading ever and nearly eclipsed the record set in January of this year. If the federal tax credit has you thinking about purchasing a home in Louisville, start your home search at the area's premier source for Louisville real estate services and information at LouisvilleProperties.com!...
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