Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Property Management Courses Grow in Popularity

During a down real estate market in which wary buyers prefer to rent instead of making the large financial commitment of buying a home, property management has become a hot topic in real estate circles. A wide range of different property management courses, from one-day seminars to weekend classes to weekday lectures and full 11-week courses, are popping up in many areas of the country. Many real estate professionals struggling with plunging home sales and lower incomes are taking to courses to expand their services offered to clients and improve their revenue streams. Even newcomers to the real estate business are enrolling in these classes as a way to build and grow an investment portfolio while they pursue a new career path. Prospective property managers are learning a variety of skills including the following:

  • Tenant screening
  • Advertising and marketing
  • Rent collection and disbursement
  • Property maintenance
  • Preparation and management of legal documents
  • Income and expense report production
  • Other essential facets of this growing industry

Here at Louisville Properties, we think it's great that more people are getting into the property management business. Competition makes us better at what we do, and we welcome newcomers to the Louisville property management community. We don't perceive it as a threat because, as the old saying goes, there's no substitute for experience, and we have been providing flexible, customizable property management services in Louisville for a very long time. We offer property owners a full suite of different property management services to meet their unique needs. If you're a property owner looking for professional, experienced Louisville property management services that solve problems for you instead of making them, please...

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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Price for Heating Louisville Homes Will Climb 12 Percent This Winter

Louisville area residents who are customers of LG&E can expect to see higher heating bills this winter. The utility company recently told customers that it will hike prices for natural gas by 12 percent to defray the costs of a price increase from their supplier. A LG&E representative told reporters that a typical Louisville residential customer can expect to see his or her monthly bill to climb an average of $7.33 to about $66.96 per month. The company bases that estimate on average usage of 7,000 cubic feet of gas per month. Despite the price hike, LG&E officials claim their energy prices will still be the second lowest in Kentucky. Customers may find some solace in knowing that LG&E sells natural gas at their cost to customers, so padding their margins is not the driving factor of the rate increase. The utility company does, however, earn a profit on delivery charges for providing gas and electricity. LG&E is not the only Louisville-area utility company charging higher gas prices this winter. Columbia Gas and some other utilities have announced price increases that reflect higher costs. This news is one of many reasons to hope for a mild winter this year. If you're looking for energy-saving tips to save money on utility bills all year 'round, please check out other blog posts here on our site. Many of the most effective energy-saving tips cost little or no money and begin paying for themselves right away. If you're in the market for newer, energy-efficient Louisville homes, we can help with that, too! Browse the Louisville real estate listings on our site from the comfort of your own home, and when you're ready for a tour, just give us a call at 502.744.9504!

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Retired Engineer Helps Build Louisville Homes for Habitat for Humanity

Here's the kind of story that's always welcome. Eighty-two-year-old Middletown resident Bob Haswell recently received a 2010 WLKY Bell Award for community service. Since 1991, when he retired as a mechanical engineer at Smurfit-Stone Container Corp. on Westport Road, Haswell has been helping the local chapter of Habitat for Humanity build homes. He has driven nails, framed windows and doors, laid flooring and invested his time in more than 200 of the Habitat homes built in the area since 1991. "You can really see you did something at the end of the day," he said. Haswell is one of 4,000 local volunteers who spend Fridays and Saturdays building houses for low-income families who also must help build their homes before they can move in. Despite his considerable accomplishments for Habitat for Humanity and other local charitable organizations, Haswell avoids the spotlight and prefers to go about the business of helping people. We salute Bob and wish him many more years of good health and success building Louisville homes for grateful area families. If you're thinking about buying or selling a Louisville home and are looking for a real estate professional to help you along, call us today at 502.744.9504 or fill out a contact form. We are longtime residents of the Louisville area and have decades of experience helping people buy and sell residential and commercial property. We offer a wide range of different professional real estate services from property management to flat-fee brokerage and much more. Please give us a call today, and give us the opportunity to help you!...

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!...

How Foreclosures Affect Home Prices

There is plenty of evidence here in the Louisville real estate market and elsewhere that foreclosures have a negative effect on home prices, but researchers at Harvard and MIT wanted to know precisely how much. They analyzed years of home sales data in Massachusetts and found that foreclosed homes sell for an average of 27 percent less than homes that have mortgages in good standing or are owned outright. They also looked at how a foreclosure affects the selling prices of nearby homes and found that a non-foreclosed home takes a one percent hit in selling price for each foreclosure within 250 feet. The higher the number of foreclosed homes on a block, the higher the negative, cumulative effects on sale prices of homes on the market. Daniel Hartley, an economist with the Federal Reserve Bank of Cleveland, recently used the Harvard and MIT study in a study of his own on how foreclosures affect neighborhoods. He calls foreclosures "disamenities' and notes that other factors shape the effect of foreclosures. He said: "In neighborhoods with low vacancy rates (tight markets), foreclosures lower the prices of nearby single-family houses by way of the supply effect. I estimate that housing prices within 250 feet of a foreclosure are lowered by about 1.6 percent per foreclosure through the supply effect, while the disamenity effect is about zero. In contrast, in neighborhoods with high vacancy rates ("looser" markets), foreclosures lower prices of nearby single-family houses by way of the disamenity effect. I estimate that housing prices within 250 feet of a foreclosure are lowered by about two percent per foreclosure through the disamenity effect, while the supply effect is about zero." We have stated many times that, while not immune to the effects of foreclosures, the Louisville real estate market has been spared the worst of the problems that are affecting many other housing markets across...

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!...

Obama Administration Says Banks Can Restart Foreclosures

Despite mounting evidence that many of the nation's mortgage lenders failed to follow due process when foreclosing on millions of homes, the Obama administration's top housing official has told lenders they may resume foreclosing on homes. The announcement follows a temporary moratorium that gave troubled homeowners a small respite from foreclosure proceedings. Taking their cue from the feds, two of the biggest players in mortgage lending.  Bank of America Corp. and Ally Financial Inc.'s GMAC Mortgage unit, resumed foreclosing on delinquent home loans two weeks after the temporary halt. Others are expected to resume foreclosures in the near future. At the center of the issue is the concept of property ownership and the conditions that allow a mortgage lender to seize a piece of property from an owner. The laws are very clear about how and when a lender can foreclose, and it appears that lenders, attorneys and others involved in the foreclosure process failed to execute due diligence. The sheer volume of homeowners walking away from or otherwise defaulting on their mortgages buried people in these positions, and we know now that some of them signed more than 1,000 foreclosure authorizations in a day. This is dangerous as it clouds the facts regarding who has the true ownership of some foreclosed properties. The ramifications of these shortcuts have yet to be seen, but the moral of this story is the importance of buying good title insurance when buying a Louisville home. Your insurer has an obligation to research and disclose who holds the deed to a home, whether or not there are any liens against it and other critically important information. For more information about the importance of title insurance and the area's best selection of residential and commercial real estate, call Louisville Properties today at 502.744.9504.

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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!...
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