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Louisville Housing Looking Up, Especially For Buyers

Jan 27, 2008 Residential

Joseph Lord has a nice piece over on the Velocity Weekly site called Gimme Shelter. My favorite part is that he’s “spot on.”

The problems in the national housing market have not hurt Louisville nearly as bad as major cities on the coasts, but the perception remains that the market is staggering.

Right and right. Today’s perception of the housing market, especially in more stable cities, like here in Louisville, Kentucky, is completely inaccurate. Our home values aren’t dropping now because they didn’t overly inflate in prior years. We didn’t get the 4%-5% increase last year that we have experienced at certain times in the past, but our 1% increase in 2007 was a great deal better than any decrease.

When you include the large number of homes currently on the market and historically low interest rates, it’s a wonderful time to buy a home.

Just consider, it’s always important not to take on more debt than you can afford. Heaven knows we Americans love our debt. This article points out that when considering the amount to finance, don’t go higher than three times your family’s annual income. That’s a very good rule of thumb. We don’t want you to become another foreclosure statistic.

Louisville Housing Sees Mixed Future

Jan 24, 2008 Residential

I just read a couple of articles from yesterday’s Courier-Journal, both directed towards Louisville real estate. On the one hand, the Fed cutting the prime rate makes borrowing more affordable. This should translate into greater investment activity—in particular, housing investments.

This spurs optimism in the local housing market.

“If you have property you are purchasing or you’re looking to refinance, go ahead and do it. Don’t wait,” Evans said. “Now is a great time to refinance based on where the market and interest rates are today. It might go down some more, but it very quickly could change and go the other direction, too.” [link]

Others aren’t as enthusiastic.

“A lot of builders are sitting on property, and sitting on homes,” said John Hughes, a developer of the Quarry Bluff subdivision in Utica, Ind. “They’ve really cut back, and it’s not very good right now.”

What might not be good for builders can certainly good for prospective buyers. Can you say, “Deal!”? There are some amazing bargains to be had by those ready to buy a new home in Louisville today.

SpringhurstNeighborhood.com Launches

Jan 21, 2008 Residential

We’ve just recently launched a new Web site for the residents of Springhurst in Louisville, Kentucky. Hip hip hooray!

Looking for a babysitter? See who’s available! Lost a family pet? Check it out to see if your loved one has been found! Want to know how much that house down the street sold for? Visit SpringhurstNeighborhood.com!

The site is newly launched and there’s so much we’re going to add in the future. Check it out and see what you think. We’d love to hear your feedback!

Louisville Bridges Financial Plan Gets Federal Thumbs Up

Jan 10, 2008 Commercial

The federal government has now approved the financing plan for two bridges between Kentucky and Indiana, around Metro Louisville. Now the Kentucky General assembly needs to approve the plan. With financial problems greeting the new Beshear administration, it’s sure to be difficult undertaking.

Louisville Mayor, Jerry Abramson, has labeled this project his “top priority.”

Under the plan, a bridge between eastern Jefferson County and Utica, Ind., would be open by 2014; a downtown bridge by 2020; and a new interchange east of downtown by 2024.

Both Kentucky and Indiana are utilizing a pay-as-you-go method to finance the project, with Indiana using some leased road revenues and Kentucky looking to partially use a portion of the gasoline tax.

Having both bridges in place, as well as, a more efficient Spaghetti Junction, would have a very positive affect upon the living and travel throughout Greater Louisville and will make our city more attractive to new commercial and residential entrants.

Mortgage Applications Show Big Jump to Start the Year

Jan 9, 2008 News

It’s nice to see such a large increase, 32% to be exact, in the number of mortgage applications to start 2008. If the trend holds, it could signal an improvement in the housing market as a whole.

Another piece of under-reported news is that 30-year mortgage rates are continuing to be available to consumers at historical lows. Due to the Federal Reserves recent actions, it’s not difficult to find rates around 5.75% at most lending institutions here in Louisville.

December 2007 Home Sales in Louisville, KY

Jan 1, 2008 Commercial

Number of sales is down from a year ago by about 11% for the month of December. Yet, prices are holding steady. It’s hardly the real estate crash that so many are bemoaning.

Forecasters are all over the board in their thoughts for 2008, so depending on who you speak with, it’s always a good idea to consider the source. One thing is certain, with interest rates at 5.79% and continuing to drop, it’s a great time to buy a home.

December 2007

Source: MetroSearch, Inc.