Louisville, KY Real Estate News

By Larry Reaves, "Top Producer"
(Semonin Realtors)
Buyers Beware;The current buyer's market in Louisville is supported by inventory levels equalling 10 months of supply or more.  Also, Buyers are able to obtain discounts not previously available and don't forget about the extremely low interest rates.The market Nationally appears to be stabilizing with increased mortgage applications and slightly increased new home sales.Buyers that are holding off to see where the market goes may miss an excellent opportunity.Sellers prepare:Home sales in Louisville continue to be down about 14.0% from 2006 levels but stabilization of the housing market predicted Nationally should help increase sales in Louisville.  Louisville still had an average increase in the mediian house price of 4.5% from $135,000 to $141,500.Sellers should be preparing their ho...
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By Joe Hayden Real Estate Team, Your Louisville Real Estate Experts!
(RE/MAX Properties East)
Let's take a brief look at credit scores, credit reports, and how these items affect your home buying power, plus your long-term financial strength. Three companies provide this information to potential lenders, and others who deem this information necessary; Experian, TransUnion, and Equifax. Also, it is a federal law that you be provided a copy of your credit report from these three companies once a year. Go to AnnualCreditReport.com to view your reports.First, your credit report is a compilation of your credit history related to things like credit cards, revolving charge accounts (gas card or Sears card), previous mortgages, student loans, car payments, etc. It contains detailed information on your payment history, whether or not you have any negative items affecting your credit, plu...
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
Mortgage application volume is up 32.2 percent during the holiday-shortened week ending Jan. 4, ending three consecutive weeks of sharp declines, according to the Mortgage Bankers Association's weekly application survey.
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By Joe Hayden Real Estate Team, Your Louisville Real Estate Experts!
(RE/MAX Properties East)
Depending on where you live, your local real estate market may be experiencing a downturn. Historically, these market adjustments have served as a natural protection against runaway price inflation, and in the long-run can be very positive, but as a buyer in one of these markets you must buy smart to protect your financial future. Here are 5 ways in which you can take advantage of a down market and protect your interests for the future at the same time... 1. Look at the local job market. Know who the major employers are in town and where their employees typically live. Read the papers and pay attention to the stability of these employers. If the company is in financial trouble, or is going to lay off employees, be careful about buying in areas heavily populated by their employees. Yes, ...
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
RiverPark Plcae developers have scaled down the initial construction phase due to lenders concerns over current uncertainty in the mortgage industry.Originally, the initial phase was to include two residential building, 144 slip marina to include the first of two 16 story towers.Current the initial phase will include a four story building with about 50 condos built on top of a parking structure and include completion of the marina.The original design of the complex will be completed eventually but over a longer period of time.
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
The Greater Louisville Association of Realtors reported 14,097 residential sales this year down 2.2 percent from 2006. That's a wider gap than the 0.8 percent decline the group reported through October.Prices, however, continue to hold up. The median price was $139,900 at the end of last month, up about 1 percent from 2006 but less than the 1.45 percent gain reported in October.The holiday season is typically one of the slowest times of the year for real estate.
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
Summary of Kentucky Condo ActBenefits of the Kentucky Condo ActCondominiums, patio homes and lofts are a quickly growing housing start.The proposed Kentucky Condo Act helps all consumers with:• Full Financial Disclosure• Consumer Protection• Property Value Protection• Gaining Peace of MindCurrent condo problems can cause a decline in property valuesMany owners and potential buyers do not know the FULL EXTENT of potential loomingfinancial shortfalls at condominium associations. Some problems include:• Lack of strong paid management• Lack of a dedicated, excellent volunteer board of directors• Monthly fees that may be too low to sustain the propertyThe result can be a decline in property values, and sometimes a steep decline as theproperty ages.A sensible first step, for a Kentucky soluti...
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By Joe Hayden Real Estate Team, Your Louisville Real Estate Experts!
(RE/MAX Properties East)
Probably never before in the recorded history of real estate transactions has foreclosures received such prominent attention. It is as equally likely that there have never been such a high percentage of foreclosures in relationship to all other real estate transactions. In fact, the possibility of foreclosure has most likely never crossed a great majority of borrower's minds prior to this past year. Attempting to pinpoint exactly what went wrong and how we found ourselves at this point could cause too much fruitless debate, so I am going to make the assumptions that lender greed, borrower and broker ignorance, couple with a stagnant national economy have driven the spike in foreclosures. You may disagree with me as is your right, but each of the above assumptions plays a role in our cur...
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By Joe Hayden Real Estate Team, Your Louisville Real Estate Experts!
(RE/MAX Properties East)
While 2007 became a year of market change that brought challenges to both buyers and sellers, 2008 is poised for recovery. The lending 'crisis' of this past year caught buyers off guard and left sellers in a lurch. In addition, sellers hoping to cash in on the previous years' boom, or ones in financial trouble, found themselves swamped in inventory with few buyers.Luckily for all of us, Louisville's real estate market is somewhat isolated from the rest of the Nation and mostly influenced by the local economy which remains strong. With Ford electing to keep open the two Kentucky plants, plus the growth seen by UPS and other local employers, Louisville's job base and therefore real estate purchasing power remains intact.We did go through a period of increased inventory, plus the foreclosu...
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
A recent client of mine was able to sell their current home in 10 days at full price and purchase their move up home at a roughly $30,000 discount from the builder.The Louisville market remain strong despite what you might have heard.  
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By Joe Hayden Real Estate Team, Your Louisville Real Estate Experts!
(RE/MAX Properties East)
Forget the Sunday morning infomercials...Forget the "I made $30,000 is 15 minutes" crowd...Forget the spinmeisters and sales gurus who claim your pathway to riches is on the next block over...Real estate investing is a challenging, yet rewarding, long-term, venture that is truly not for everyone. How do you define investing? Do you religiously take $5 to the corner mart and buy lottery tickets every week? You know, there is an old saying that goes "I used to wonder what I was going to do if I won the lottery, and now I wonder what I'm going to do if I don't!" Do you put a little money in a savings account and watch it grow at 3.5% interest? What is your honest take on investing? My opinion on investing is that it requires work, vigilance, educating yourself about the investment, and a k...
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By Sean Allen, International Financing Solutions
(International Financing Solutions )
  For many Louisvillians, life during the warm months revolves around the Ohio River. The Ohio is one of those topics, either you don't mind playing in it or you don't want to have anything to do with the river. I personally grew up swimming and boating on the Ohio River and this was my favorite place to hang out.  The Louisville area has numerous restaurants located along the Ohio River with outdoor eating and entertainment. It was also enjoyable just to drive along River Road from downtown Louisville all the way out to Oldham County. This drive is an unbelievably scenic route to take and seldom had much traffic.90% of the drive is right on the river's bank going down through massive tree lined roadway, across a one lane bridge which cross Harrods Creek and on out to Oldham County.    ...
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
Housing is a key driver of the economy and continues to be a solid investment for the majority of American households. Housing provides steady returns largely unaffected by volatile movements in the stock market.Housing wealth has a more immediate impact on consumer spending than stock wealth and has sustained the U.S. economy since the beginning of this decade.Homeownership is the traditional starting point for American families to accumulate wealth, according studies by the National Association of Realtors®, America's leading advocate for homeownership.NAR reports that the national median existing-home price increased 9.3 percent in 2004 and is projected to rise 5.6 percent this year. Since record keeping began in 1968, the national median home price has risen every year, even during ...
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
The National association of Realtors has found, through a systematic review of research, that home ownership is an unbeatable way to provide the kind of stable housing that leads to a wide variety of household benefits for the community.Some of these are:Higher educational performance and better behavior of childrenLower community crime ratesLessened wlfare dependancy amoung householdsMore hosuehold participation in civic affairsBetter household health
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
In metro Louisville you are required by city ordinance to have either a hardwired smoke detector(one that uses your home's electricity for power) or a ten year non-replaceable lithium battery smoke detector.When you sell your home you must certify that you have the appropriate smoke detector.Even if you are not selling your home you are still liable for damages to property and residents as a result of not having the appropriate smoke detectors installed.Not worth the risk!
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
Regardless of the type of condominium development you are considering you need to make sure you are a "Fit" for the culture of the development. Condominiums are a lifestyle not just a home.Consider the location of the development and it's proximity to resturants, museums, shopping and transportation.Take a stroll around the development and talk with residents. Your Realtor can help you make contact with the condo President and/or management company as well as help you obtain copies of the by-laws. This will help you gain a better understanding of the culture and weither it is a "Fit".
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
What peercentage of units are owner-occupied? The hiugher the percentage of owner-occupied units the more marketable the units will be at resale.What covenants, bylaws and restrictions govern the property? Know if you can live with the restrictions.How much does the association keep in reserve? How is the money being invested?Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments c cetain percentage each year to build reserves to fund future future repairs.Compare rate with other developments in the area.What does and doesn't the assessment cover. Some cover heat and air conditioning costs.What special assessment have been mandated in the past five years? Some special assessments are unavoidable, but repeated expensive assessments coul...
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
Recently the NAR forecast a rise in home sales for 2008 while suggesting that new home will still be down.Some groups suggest that this is just spin and that home sales will only continue to decline in 2008.My opinion is that every group has it s own agenda and you have to take advantage of the opportunities the current market presents.  It is definitely a buyer's market in Louisville which in my recent experience has proven that the current market is a great move up market.  A client was able to sell their current home and move into a new more expensive home and was able to save approximately $10000 - $15,000 by taking advantage of builder discounts, paid closing costs and extra features.It is also a great time to buy your first home.  Low interest rates, wide selection and greater neg...
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By Larry Reaves, "Top Producer"
(Semonin Realtors)
Radon gas is created by the decomposition of radio active material present in the earth. It dissipates very rapidly to the atmosphere. It has been linked to long term health effects.This is only a problem is when the gas accumulates in the basement or crawl space of a home. The geological make up around the Louisville area is susceptible to radon gas accumulations.When buying a home in the Louisville area you should seriously consider have a radon test performed during your home inspection process. If unacceptable levels of Radon gas are found you have an opportunity to ask the seller to install a radon mitigation system at their expense. Radon gas levels below 4 pCi/l are considered safe. Some home test as high as 100 plus. Radon mitigation systems may cost $700 and up to install and c...
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By Joe Hayden Real Estate Team, Your Louisville Real Estate Experts!
(RE/MAX Properties East)
Disclaimer: Only attorneys can legally guide you through the technical aspects of a contract (in my state of Kentucky). A real estate agent can provide a pre-printed contract and help you fill in the blanks, but cannot provide legal advice. What follows is only my opinion based on experience and it does not supersede the guidance of an attorney. After all of the hard work getting your finances in order as a first time home buyer, putting together your real estate team, and finding your dream home, you must now take the time to carefully prepare a written offer and present it to the seller. This offer will form the framework that the rest of the real estate transfer will follow, and therefore it is very important that you get it right from the beginning. Let's take a look at how real est...
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