Thursday, May 14, 2009
Sales activity up significantly
Sales activity is up significantly in Louisville. High inventory levels great for buying opportunity!
Kentucky Housing offers down payment funds up to $4000
If you qualify for Kentucky Housing financing you can get up to $4000 in down payment assistance. This is the only program offering down payment assistance!
First Time Home Buyer Tax Credit up to $8000
The first time home buyer tax credit can be as high as $8,000 with no repayment if youlive in the home for three years.
Saturday, May 17, 2008
Sales of homes and condos in Louisville still increasing while months of inventory move lower
The Louisville area continues to see increases in sales of homes and condominiums as well as a reduction in months of inventory levels in both categories.
Since March of this year sales of single family homes increased by 4% and months of inventory dropped 2%. During the same period condominium sales were up 10% with months of inventory dropping 5%.
Still maybe not a trend but continued improvement.The discount from list price for both categories is ranging from 2% to 3%.
Opportunities still exist and interest rate continue to be low.
Since March of this year sales of single family homes increased by 4% and months of inventory dropped 2%. During the same period condominium sales were up 10% with months of inventory dropping 5%.
Still maybe not a trend but continued improvement.The discount from list price for both categories is ranging from 2% to 3%.
Opportunities still exist and interest rate continue to be low.
More good news, Foreclosures filings down 45% in April
More good news on the Louisville housing market.
Foreclosure filings in Louisville dropped 48% in April.
Nationally foreclosure rates went up 65% in April.
This points out the strength of the Louisville real estate market and how National averages have little impact on individual local markets
Foreclosure filings in Louisville dropped 48% in April.
Nationally foreclosure rates went up 65% in April.
This points out the strength of the Louisville real estate market and how National averages have little impact on individual local markets
Saturday, May 03, 2008
Louisville median price much lower than National median
The median home price in Louisville is $130,000, much lower than the National median price of $200,000.
Louisville continues to be a housing bargain.
Louisville continues to be a housing bargain.
Wednesday, April 09, 2008
Louisville area Home Sales Up, Months of Inventory Down
Recent activity in the Louisville area indicates a rise in sales and a decline in months of inventory.
Sales has risen about 30% from January with inventory levels shrinking by about 20% for the same time period.
Does this suggest a change in tide?
If you have been waiting for the bottom of the market to arrive the time could be now.
Sales has risen about 30% from January with inventory levels shrinking by about 20% for the same time period.
Does this suggest a change in tide?
If you have been waiting for the bottom of the market to arrive the time could be now.
Tuesday, April 08, 2008
8 Tips to Guide for Your Home Search
8 Tips to Guide for Your Home Search
1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.
1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.
Thursday, March 27, 2008
Activity is increasing
I am experiencing an increase in market actvity.
Good properties are starting to move. This should start to eat up some of the 9-10 months supply of inventory. if you were trying to time the bottom of the market you might want to keep an eye open for good opportunities.
Like with the stock market, people have never figured a way to time the bottom of a market with any degree of accuracy.
Good properties are starting to move. This should start to eat up some of the 9-10 months supply of inventory. if you were trying to time the bottom of the market you might want to keep an eye open for good opportunities.
Like with the stock market, people have never figured a way to time the bottom of a market with any degree of accuracy.
Friday, February 01, 2008
Mortgage rates and the Fed discount rate
Home Mortgage rates are driven to a large extent by supply and demand. The more demand for Mortgages the higher the rate.
Recent actions by the Fed to stimulate economic growth by lowering the Discount Rate have helped to improve Wall Street's confidence in the economy which in turn tends to increase Mortgage rates. In times of strong economic growth the Fed may increase rates to curb inflation which would tend to lower Mortgage rates.
During this last week Mortgage rates dropped and then rebounded as demand for Mortgages increased. Folks were trying to take advantage of the lower rates to refinance their higher interest rate Mortgages thus increasing demand for mortgages and increases in Mortgage rates.
A more accurate gauge of where Mortgage rates may be going is 30 Year Treasury bonds. These bonds are driven more by Wall Street movement and less on the Fed's Discount Rate.
Confusing? Check with your Mortgage consultant for more information on impact to you specifically.
Recent actions by the Fed to stimulate economic growth by lowering the Discount Rate have helped to improve Wall Street's confidence in the economy which in turn tends to increase Mortgage rates. In times of strong economic growth the Fed may increase rates to curb inflation which would tend to lower Mortgage rates.
During this last week Mortgage rates dropped and then rebounded as demand for Mortgages increased. Folks were trying to take advantage of the lower rates to refinance their higher interest rate Mortgages thus increasing demand for mortgages and increases in Mortgage rates.
A more accurate gauge of where Mortgage rates may be going is 30 Year Treasury bonds. These bonds are driven more by Wall Street movement and less on the Fed's Discount Rate.
Confusing? Check with your Mortgage consultant for more information on impact to you specifically.
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