Louisville Properties Blog
Louisville Properties Blog

Real Estate

Mortgage Bankers Association Predicts Slowdown in Mortgage Refinancing

In a time when home sales are down, buyers are nervous, and many homeowners are eager to take advantage of near record low mortgage rates. Mortgage refinancing has been a vital revenue stream for lenders. However, the Mortgage Bankers Association (MBA) is predicting that that stream will slow to a trickle if mortgage rates climb to around five percent by the end of 2011 as the MBA foresees. Compared to rates just a few years ago, five percent is still a very attractive interest rate, but MBA trends suggest that any time rates increase by even a modest amount, interest in refinancing plummets. They report that members will refinance $921 billion in mortgages in 2010, and that volume could drop to a third of that figure in 2011. The MBA is also projecting that new home purchase mortgages could show modest signs of improvement in the near future. They project that this portion of the mortgage market will grow by as much as $146 billion in 2011 to reach a total of $626 billion. They expect the volume of new home sales will rise about two percent, but average home prices across the country will drop by one percent. Time will tell if the MBA's predictions will be true, but they have been tracking these metrics for a very long time and have a vested interest in making accurate projections. As the owner of Louisville real estate, you have a vested interest in getting the best price possible for your property, and we can help. Our knowledge of the Louisville real estate market combined with our internet marketing skills, database of properties for sale and other advantages for sellers make us a worthy choice to help you find a qualified buyer for your property. If you're thinking of selling, call the Louisville real estate experts at Louisville Properties today at 502.744.9504!...

Mortgage Rates Up Slightly Last Week of October

Mortgage watchers from the Wall Street Journal report that overall, mortgage rates were mixed in the last week of October with long-term fixed-rate mortgages slightly higher for the second consecutive week. These gains, however modest, broke a long streak of many weeks of record lows, according to federal mortgage giant Freddie Mac. Thirty-year fixed-rate mortgages averaged 4.23 percent for the last week of the month, which is up ever so slightly from the previous week's 4.21 percent, but lower than the 5.03 percent average for the same week in 2009. Interest rates on 15-year fixed-rate mortgages averaged 3.66 percent, which is down from 4.46 percent for the same week in 2009. At Louisville Properties, we may not be able to help you find the perfect interest rate on a mortgage, but we can help you find the perfect piece of Louisville real estate for your home or business. We're a locally owned and operated business that puts the needs of our clients before all other considerations. We take great pride in helping people buy and sell all kinds of property in the Louisville area. If you're thinking of buying or selling a single-family home, condo, duplex, apartment building, warehouse, storefront or other type of residential or commercial property in the area, call us first and customize our services to meet the unique needs of your situation. Simply give us a call today at 502.744.9504or fill out a contact form for a prompt reply. Let us help you find the perfect Louisville real estate for your needs or a qualified buyer for your property. We look forward to hearing from you!...

Historic Louisville-Area Homes Recognized

Louisville suburb Windy Hills and some nearby towns are redefining themselves and drawing attention to some of their historic Louisville-area homes with new signage, a brochure and a look back at some early settlers of the area. Signage along Brownsboro Road and other Windy Hills thoroughfares now read 'Windy Hills -- City of Historic Homes.' The city is now working on a brochure that will note the locations of these historic Louisville-area homes and provide a bit of history about them such as former owners and other information of note. Richard Taylor, Kentucky pioneer, Revolutionary War soldier and father of former President Zachary Taylor, built one of the homes. Also known as the Taylor-Herr House, this and other historic homes will have markers outside explaining a bit about their histories. The John Marshall Chapter of the Daughters of the American Revolution and the Louisville-Thruston Chapter of the Sons of the American Revolution install the markers in front of each historic Louisville-area home. Daughters of the American Revolution members have been documenting each historic home and sending the information back to their national headquarters in Washington, D.C. for posterity. Thus far, they have commissioned and placed markers in front of three other historic Louisville-area houses: the William Christian home near Oxmoor Center, the Isaac Hite home on Lucas Lane in Anchorage and the Jonathan Clark home on Trough Springs Lane in the Belknap neighborhood. If you're looking to buy or sell a Louisville-area home, the Louisville real estate professionals at Louisville Properties can help whether it is a historic landmark or not. They have decades of experience helping buyers and sellers of Louisville homes, and they tailor their services to the unique needs of each client. For more information, call them today at 502.744.9504! Resource link: http://www.courier-journal.com/apps/pbcs.dll/article?AID=2010308110043...

Looking for Professional Louisville Property Management? Here's Why You Should Call Us First!

Many people who own investment real estate in the Louisville area face the same dilemma: manage the properties themselves or hire a professional Louisville property management company. Neither is better than the other is; it really boils down to the property owner's situation. Nevertheless, if you're a Louisville income property owner who lives outside the Louisville area and has no plans to move here, you've already made your decision. You need to find a property management company in the Louisville area to handle the day-to-day business of managing and protecting your investment. Why should you choose Louisville Properties for your Louisville property management needs? Here are a few reasons:

 

  • Proven successful track record for managing single-family homes, condos and apartment buildings

  • Professional, reliable rent collection and disbursement

  • Extensive tenant screening including applications and credit verification

  • Income and expense reports for your review

  • Ongoing maintenance and 24 hour emergency repair service

  • Compliance with all local laws and regulations

  • Advertising and Internet marketing to reduce vacancies

  • ...

Homebuyer Tax Credit Extension Approved for Closing Deadline

In an effort to stimulate lagging home sales, the House of Representatives voted recently to extend the first-time homebuyer credit an additional three months so that buyers can take advantage of up to $8,000 in tax credits. The legislation moved on to the Senate, but with the current tax credit set to expire on June 30, the passing of the extension was uncertain. Even if the Senate passes the extension, it will not help buyers who have not yet signed a contract to buy a home. Buyers had until April 30 to qualify for the tax credit. If passed, the extension would merely give additional time to people who have already committed to buying a home. The House passed the measure to extend the closing deadline by a vote of 409 to 5. If the Senate approves the measure, it also contains provisions to go after criminals who have defrauded the tax credit program. An estimated 1,300 criminals are currently incarcerated for defrauding the government of $9 million in tax credits they did not deserve. If passed, the bill would allow the IRS to disclose tax return information to prison administrators. While the first-time homebuyer tax credit may have expired, Louisville real estate conditions still favor buyers, and right now is a smart time to buy. It's a buyer's market, and if you're looking for Louisville homes for sale, contact Louisville Properties today at 502.744.9504. For many years, we have been helping buyers find perfect Louisville homes, and we've been helping sellers find qualified buyers for their Louisville real estate. We offer a wide range of different services including flat-fee MLS listings, discount real estate brokerage, property management and much more. Call us today! ...

Kentucky Real Estate Market Healthy According to Report

The National Association of Realtors Local Market Report indicates that home sales in Kentucky and construction growth are much higher in 2010 than the previous year. The report claims that growth for the fourth quarter of 2009 increased 37 percent above the same quarter in 2008 and outpaced the national average. The report also shows that the Kentucky real estate market exceeds the national average in several important trends. Citing Lexington as an example, the report said that the city enjoyed a 1.8 percent jump in home sales in the fourth quarter of 2009 compared to a 4 percent decline overall for the U.S. as a whole. Furthermore, the report suggests that Lexington and other Kentucky real estate markets are quite affordable compared to most markets across the country and continue to outperform the national average. The Builder Market Health Index cited Lexington as the 23rd Healthiest Builder market in the U.S. for 2009. "This is great news for the community. In addition to housing affordability, the real estate industry groups employ thousands of people and provide over 20 percent of Lexington's economy," says Todd Johnson, Home Builders Association of Lexington (HBAL) Executive Vice President. Louisville, just down Interstate 64 from Lexington, also compared favorably to the national average and continued to score well in terms of affordability and construction growth according to the report. If you're thinking about taking advantage of current market conditions and buying or selling Louisville real estate, call Louisville Properties today at 502.744.9504. It offers buyers and sellers a variety of professional services such as flat-fee listings, property management, commercial real estate listings and much more. Call today at 502.744.9504 for all your Louisville real estate needs. Resource link: http://www.lex18.com/news/local-real-estate-market-healthy-report-says...

Real Estate Problems Fueling Rental Scams

A sad fact of life is that some people will take advantage of others who are going through a difficult period in their lives. The nation's housing and unemployment problems have created a situation where scam artists are resurrecting an old scam and defrauding people who are already suffering financial duress. The trick involves a "landlord" accepting a deposit from prospective tenants to hold a rental property for them and then disappearing. The vast numbers of foreclosed homes have created lots of opportunities for scammers to defraud renters hoping to rent them. Christine Minnehan, director of legislative advocacy for the Western Center on Law and Poverty, said, "In the past year, (these scams) have risen enormously because of all the vacant properties that are so much easier for this kind of scam to operate in." This scam, called "landlord impersonation," only works if the victims are willing to provide deposits in cash, which makes it very difficult for law enforcement officials to trace and catch these thieves. Making matters worse, most victims are reluctant to report this type of con, which is also in the scam artists' favor. "What you have are primarily young, unsuspecting victims who truly believe they're entering into a legitimate rental agreement," said Adam Christianson, sheriff of Stanislaus County. "Before you know it, the real (property manager) shows up and says, ‘Why are you here?' Then they're out on the street and also out the money for first and last month's rent and deposit." If you're thinking about buying or selling Louisville real estate, there's nothing dishonest about having Louisville Properties assist you. The agency has the experience, resources and expertise to help you buy or sell real estate in the Louisville area, and it offers an array of services from which to choose. Call today at 502.744.9504 to talk to a Louisville real estate expert! Resource link: http://www.google.com/hostednews/ap/article/ALeqM5h4I9bP0XPDnrN_ShlvGuEuSOqdHwD9F1HK4G2...

This is the Season for Slow Home Sales in Louisville

In general, all over the United States, the winter months (especially January) slow everything down. Retail profits decline all across the board. This also includes home sales in Louisville. Less favorable weather can be partially to blame, but also because these past few months came right after a major set of holidays (Thanksgiving, Christmas, New Year's). Finances are generally lower this time of year as many people are playing catch up from holiday spending. One realtor in the Louisville area reports that as of January 2010, "homes in the 80,000-150,000" ranges are selling well. It's the "high priced homes that are moving slowly." These winter-month home sales can mean great deals for buyers. If a seller is putting their home on the market for reasons other than just wanting a new residence,—relocation, financial problems, etc.—you have yourself a motivated seller. They have reasons that branch out beyond the personal desire to acquire a new home. The buyer has a better chance of being able to put in an offer under the asking price and having it accepted. In reality, if you can wait until spring to list your home, it's the best option for getting it sold quickly and possibly closer to the listing price. However, not everyone can wait for home sales in Louisville until after the colder, holiday months have passed. If you want to buy a home, you might have fewer options on the market in the winter months, but you could very well get more for your money. If you need a flat rate realtor in Louisville, contact Louisville Properties today by calling the office at 502.744.9504....

This is the Season for Slow Home Sales in Louisville

In general, all over the United States, the winter months (especially January) slow everything down. Retail profits decline all across the board. This also includes home sales in Louisville. Less favorable weather can be partially to blame, but also because these past few months came right after a major set of holidays (Thanksgiving, Christmas, New Year's). Finances are generally lower this time of year as many people are playing catch up from holiday spending. One realtor in the Louisville area reports that as of January 2010, "homes in the 80,000-150,000" ranges are selling well. It's the "high priced homes that are moving slowly."

These winter-month home sales can mean great deals for buyers. If a seller is putting their home on the market for reasons other than just wanting a new residence,relocation, financial problems, etc.—you have yourself a motivated seller. They have reasons that branch out beyond the personal desire to acquire a new home. The buyer has a better chance of being able to put in an offer under the asking price and having it accepted.

In reality, if you can wait until spring to list your home, it's the best option for getting it sold quickly and possibly closer to the listing price. However, not everyone can wait for home sales in Louisville until after the colder, holiday months have passed....

This is the Season for Slow Home Sales in Louisville

In general, all over the United States, the winter months (especially January) slow everything down. Retail profits decline all across the board. This also includes home sales in Louisville. Less favorable weather can be partially to blame, but also because these past few months came right after a major set of holidays (Thanksgiving, Christmas, New Year's). Finances are generally lower this time of year as many people are playing catch up from holiday spending. One realtor in the Louisville area reports that as of January 2010, "homes in the 80,000-150,000" ranges are selling well. It's the "high priced homes that are moving slowly."

 

These winter-month home sales can mean great deals for buyers. If a seller is putting their home on the market for reasons other than just wanting a new residence,relocation, financial problems, etc.—you have yourself a motivated seller. They have reasons that branch out beyond the personal desire to acquire a new home. The buyer has a better chance of being able to put in an offer under the asking price and having it accepted.

 

In reality, if you can wait until spring to list your home, it's the best option for getting it sold quickly and possibly closer to the listing price. However, not everyone can wait for home sales in Louisville until after the colder, holiday months have passed. If you want to buy a home, you might have fewer options on the...

Louisville Real Estate Owner Questions His Tax Bill

Wave3 reports that a local man received quite a shock recently when he opened his property tax bill. Property taxes are due at the end of the year around the Louisville area, and when this owner of Louisville real estate opened his latest bill, he knew that something had to be amiss. Or at least he hoped so. The man owns a rental property on Bicknell Avenue that he estimates is worth around $48,500.

"The tax bill we get 12 months later is $94,210. I can tell you there's not one house in this area that's in this condition, and in this shape and in this area that has sold for that amount of money," he said.

The Louisville real estate owner felt that the value of his home and those near it had been assessed incorrectly, and he appealed the assessment to the Property Valuation Administrator.

"On a majority of those properties they agreed because we had the comparable analysis of properties that sold in that area," the owner said.

When the 2008 property tax bill came due, the owner said that he paid taxes consistent with a home of lesser value, but when the bill came 12 months later, it reflected a much higher appraised value. The Louisville real estate property owner also owns a house on Kahlert Avenue that also saw a steep appreciation in value and tax assessment. The man appealed to the PVA to reassess his properties, but got no response. He then contacted a local television station to investigate the situation and received a call from the PVA shortly thereafter promising to review his properties.

Are you thinking about buying Louisville real estate?...

New Louisville Condo Development Transforms Building into the Marseilles of Cherokee Road

Looking for a Louisville condo for sale? A development group purchased and transformed the 19th Century Cherokee Triangle home, previously divided into eight apartments, into a new Louisville condominium building called The Marseilles of Cherokee Road Condominiums. The new Louisville condo building's address is 927 Cherokee Road—close to Eastern Star Drive—and has been renovated, reconfigured and expanded to accommodate six condos as part of a $1.2 million development. Part of the building's renovations included a new addition to the back of the structure and the interior was gutted and made into luxury condos.

One of the developers, Robert Dockery, owner and manager of Bob Dockery Entertainment near Los Angeles, is a Louisville native who wanted to transform the "eyesore" into a model for older apartment buildings in the Highlands neighborhood.

"While it's been a long and complicated undertaking, we think the end project is really going to be dynamic," Dockery said. "The aim has been to blend historic features with state-of-the-art-type amenities that people expect today."

Each new Louisville condo for sale has advanced audio and video systems and high definition cable connections already built into the walls. Dockery said that two of the condos are very near completion and each will be used as models, complete with furnishings. Prices for the units range from $256,000 to $499,000.

If you're looking for the perfect Louisville condo, call Louisville Properties today at 502.744

9504. No other Louisville real estate professional has more experience helping people buy and sell Louisville condos for sale.

...

Homes in Louisville Neighborhood Zoned for Industry

An article published recently in the Louisville Courier-Journal reported that Louisville Metro Planning and Design Services' staff are studying better zoning for homes in the Prewitt Acres subdivision. The merger of city and county zoning classifications that happened decades ago led to the subdivision near Southside Drive and New Cut Road zoning for industrial use instead of residential. Design Services staff members expected to report their findings to the Louisville Metro Planning Commission before a public hearing on the zoning issue. Homeowners in the subdivision are to receive notification by mail before the hearing, according to a spokesperson for the city planning staff. The proposed zoning change would affect 47 single-family lots on Lillian Way, Marytena Drive and Lora Drive that have M-2 industrial zoning, including three lots partially zoned for residential land use. An M-2 zoning designation permits a wide range of industrial uses—including railroad freight, lumberyards, automobile assembly plants, flea markets, food-processing plants and many other uses. The spokesperson said that the Prewitt Acres subdivision was approved for E-1 zoning outside the old Louisville city limits in 1959, a zoning classification in Jefferson County before it began using Louisville's classification system. Currently, zoning prevents homeowners in the subdivision from adding on to their houses or erecting other buildings on their property. One Prewitt Acres homeowner—one of a few remaining original homeowners in the subdivision—said he had trouble getting a permit to build a garage a few years after he and his wife bought their house in 1960. However, he said he eventually was granted the permit "on a wink" after a county official told him he would need to state a business purpose for the building....
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