Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Homeowner Study Provides Insight on What Buyers Really Want in a Home

The current recession has inspired many homeowners to reevaluate wants versus needs, and researchers are finding that this reappraisal of values also applies to what they really want in a home. A recent study of over 22,000 people who bought a home in the last year provides invaluable insight into homebuyers' current mindset and on which things they are willing to spend extra money. This study is of particular interest to homebuilders and architects. Madison, Wisconsin-based Avid Ratings discovered that most current homeowners plan to be "more practical" when they shop for their next home. The survey found that the majority of homeowners don't want or need health clubs, dog parks, easy access to golf courses, 24-hour security, swimming pools and many other "wants." Walking paths and children's playgrounds, however, are "needs," and builders should note that buyers are focusing more on spaces, not rooms. Grand staircases, media rooms and dead space in general are out. Extra bedrooms, practicality, large kitchen cabinets and efficient use of living space are in. "People are willing to live in less square footage, but it has to be livable," said one home designer. "They won't accept a 10-by-10 bedroom anymore." The study found that homeowners still consider large kitchens, and especially kitchen islands, essential features in a home. Home offices, main-floor master bedrooms and two and three-car garages also scored well with homeowners. If you want to buy a Louisville home that satisfies your needs and wants, we encourage you to spend some time on a study of your own by browsing the area's most complete listings at Louisville Properties. If you want to sell Louisville real estate, Louisville Properties can help with that as well with discount brokerage services, flat-fee MLS listings and much more. Call today at 502.744.9504 for all your Louisville real estate needs. Resource link: ...

Repeat Homebuyer Tax Credit A Failure or Success?

Real estate professionals in the trenches of America's current real estate doldrums say that Congress' extension of the homebuyer's tax credit to include current homeowners probably wasn't enough to motivate them. Last fall, there was an extension of the popular first-time homebuyer's tax credit, and Congress expanded it to include current homeowners. Those who wanted to trade up and buy a larger home could qualify for up to $6,500 in tax credits, but industry analysts say that it has had little overall impact on home sales. "I don't think most people have any idea about it, or just don't understand it. No one's talking about it," said one Omaha real estate agent. Lawrence Yun, chief economist of the National Association of Realtors, said that the current homeowner's tax credit program "may not be sufficient to really move people to list their houses for sale and buy another." Yun estimates that the tax credit program stimulated more than two million home sales in 2009, beating his initial estimate of 1.5 million. He believes that the soon-to-expire program could have inspired even more home sales across the country if the program had a longer extension and the tax credit for current homeowners had been larger. He and other analysts believe that the costs of buying a new home outweighed the $6,500 benefit and discouraged buyers from taking advantage of the program. Although other real estate markets are struggling, the prices of Louisville homes for sale have stayed relatively steady. They didn't escalate to stratospheric highs during the boom years and remained insulated from the steep drops that are plaguing other markets. If you're thinking about buying or selling a home in the Louisville area and are looking for a Louisville realtor or discount real estate broker, call 502.744.9504 today and speak with the real estate pro at Louisville Properties. Resource link: ...

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...

Federal Reserve Bank Says Market Conditions Improving in Louisville

The Federal Reserve Bank of St. Louis said recently that overall, conditions in and around Louisville are slowly improving, but employment has lagged behind thus far. They issued their report in their quarterly assessment. They said that manufacturing, housing markets and auto sales are improving in Louisville and nearby areas such as Southern Indiana, Elizabethtown, Bowling Green, Owensboro and Evansville, IN. Southern Indiana and the western half of Kentucky are part of the St. Louis Federal Reserve Bank. The Fed also reported that January 2010 building permits issued in the area rose by larger percentages than the national average, with permits up by 55 percent in Louisville and a whopping 237 percent in Elizabethtown. In addition, the Fed said that home prices in each area either made modest gains or trended slightly lower, but decreased less than the national average for the last quarter of 2009. The fact that employment was down overall in the region with every sector but government and education/health services losing jobs has toned down the Fed's enthusiasm. Nevertheless, manufacturing, an employment sector hit especially hard by the economic downturn, showed modest gains recently, and the Fed expected that trend to continue. The Fed report stated that commercial real estate in Louisville continued to lag behind residential real estate sales as industrial vacancies downtown and suburban office vacancies rose. With commercial real estate trending downward and residential real estate showing modest gains, now is a good time to take advantage of Louisville real estate market conditions. For the area's best selection of residential and commercial real estate, call Louisville Properties today at 502.744.9504....

Commercial Real Estate Lenders Facing Mixed Future

Despite growing losses on their commercial real estate investments and against conventional investing wisdom, stock shares of banks heavily invested in commercial real estate have been rallying recently. While many investors remain justifiably wary of investing in such banks, others are betting that the predictable hits from commercial real estate losses will not be as severe as expected. Goldman Sachs is estimating that around 7 percent of commercial real estate mortgages will go into default at some point. However, as of April 2010, banks that have issued large commercial real estate loans are reporting that only 2.5 percent have gone in to default. The unexpectedly low rate of bad commercial real estate loans leads some investors to believe that although more losses are expected in the near future, the losses will be spread out over time as will their impact on balance sheets. Other investors remain wary, citing low commercial real estate default rates in a reeling commercial market as evidence that these losses are being artificially lowered. There is precedent for this as it is not uncommon for the lender to restructure commercial mortgages in the hope that restructuring will help keep the debtor from defaulting on the loan. Despite the current volatility in most commercial real estate markets across the country, bank stocks have recovered to the point that some appear to be fully valued. Nevertheless, many industry analysts predict that commercial real estate mortgage defaults will worsen in the coming year, and if that occurs, banks heavily invested in commercial real estate could quickly lose favor with investors. If you're thinking about buying Louisville commercial real estate as an investment or to expand your business, no one in the Louisville area has a better selection or offers better service than Louisville Properties. If you're selling Louisville commercial real estate, Louisville Properties can help you as well. The realty agency offers a wide range...

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: ...

Open Houses Remain an Important Home Selling Tool But Not Without Headaches for Homeowners

In a survey released by the National Association of Realtors in 2009, 46 percent of homebuyers said that they used open houses as part of their research, but only 12 percent reported buying a home because they saw it during an open house. With the virtual tours and all the other home-selling marketing tools the Internet provides, the impact of open houses may have dimmed somewhat, but there's still no better way to showcase a home for sale than an open house. However, home sellers know that this necessary form of marketing a home is not without its headaches. They must perform necessary tasks such as these:
  • Put away most personal objects
  • Thoroughly clean the home
  • Fix cosmetic flaws
  • Stage the home properly
  • Get out of their own home for a morning or afternoon
  • Hide their valuables
In addition to the predictable tasks, the dirty little secret of open houses is that there is a whole other set of considerations and even hazards that current homeowners must sometimes endure to attract that one qualified homebuyer who sincerely wants to buy the home. Any Louisville real estate agent or realtor will tell you that some of the people at open houses aren't buyers at all; they just want to get out and walk through someone else's home. This leaves homeowners dealing with the aftermath, which includes the following:
  • Scuffed and stained floors and walls
  • Missing tableware and other items
  • Broken fixtures
  • Unlocked windows and doors that thieves unlock during their walk-through for returning later
  • Other unintended and unpleasant surprises
If you're thinking of selling your home in the Louisville area, contact Louisville Properties today at 502.744.9504. The agency offers a variety of services for home sellers such as flat-fee real estate listings for FSBOs, full-service real estate brokerage services and much more....

No Recovery in Louisville Real Estate Prices Expected Until 2012

Louisville real estate analysts predict that Louisville housing prices have not reached bottom and probably won't until the end of 2010. They also believe that prices won't regain their highs of spring 2008 until sometime in 2012 according to a report recently released by technology company Fiserv. Although they expected Louisville home prices to continue their slow decline, they tempered this news with the prediction that the loss will be very modest, around 2.3 percent. Among 383 metropolitan areas in the United States, Louisville's slight 2.3 percent loss is the 33rd smallest. This is good news for Louisville real estate professionals and homeowners alike. Fiserv analysts said that they used the Case-Shiller Home Price Indexes to develop their forecasts as they measure the average change in home selling prices in a particular market. Analysts also used Moody's Economy.com and the Federal Housing Finance Agency to create the Louisville real estate market forecast. The market analysis predicts that real estate prices in some of the hardest-hit communities for declining home values will continue to decline with Merced, CA showing drastic declines of 73 percent. Home prices there and in other troubled markets aren't expected to recover until 2039 or after. The median price of Louisville homes sold by members of the Greater Louisville Association of Realtors in 2009 was $132,000. Although Louisville housing market conditions may favor buyers for now and the next several months, an experienced Louisville real estate agent like the one at Louisville Properties can tell you that these predictions may or may not turn out to be true. Many different factors can affect Louisville real estate prices. There is one sure thing when it comes to Louisville real estate: Louisville properties will have the best selection in the area for commercial and residential real estate. Call today at 502.744.9504 if you're thinking about buying or selling real estate in the Louisville area. Resource...
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