For Some, Now Is Great Time to Buy
Sep 28, 2008 Residential
The buy/sell decision is always a tricky one, but depending on your situation, now could be a great time to make the move. Here’s what the WSJ has to say about it.
Q: Given what’s happening in the financial markets, is now a good time to buy a home?
A: For some people, yes. If you…
- have access to credit
- have fat cash reserves
- aren’t already over-exposed to real estate
- have a secure job or income stream
- expect to hold the property for at least two years
…then now is an excellent time to buy.
Of course, this doesn’t apply to everyone. You just have to know your own situation.
August 2008 Home Sales in Louisville, KY
Sep 23, 2008 Trends/Statistics
Generally speaking, most areas are down this month except for Area 3 and Oldham Co. which showed nice jumps. If you have any questions, please contact me.
August 2008
| AREA | SALES | AVERAGE | DoM |
| 0 Central Downtown District | 6  |
$155,650 |
118  |
| 1 Downtwn/Old&WestLouisville/Shively | 57 |
$53,030 |
83 |
| 2 Butchertown/Highlands/Germantwn | 69 |
$202,104 |
60 |
| 3 Brownsboro/StMatthews | 54 |
$249,335 |
57 |
| 4 Pleasure Rdg/Valley Station | 49 |
$100,211 |
86 |
| 5 Auburndale/Fairdale/Iroquois Park | 49 |
$113,163 |
85 |
| 6 Buechel/Highview/Okolona/FernCreek | 101 |
$125,595 |
79 |
| 7 FernCrk/Hikes Point/Jeffersontown | 90 |
$173,802 |
70 |
| 8 Hurstbourne/Middletwn/Anchrg | 65 |
$279,799 |
80 |
| 9 Anchrg/Lyndn/Prospct/UpRvrRd | 90 |
$299,610 |
117 |
| 11 Bullitt Co. | 64 |
$134,893 |
98 |
| 19 Spencer Co. | 17 |
$173,118 |
128 |
| 20 Oldham Co. – North | 42 |
$295,264 |
76 |
| 21 Oldham Co. – South | 43 |
$273,465 |
93 |
| 30 Shelby Co. | 30 |
$151,022 |
118 |
Source: MetroSearch, Inc. Values are not warranted by LHB.
Kentucky Banks Chose the Safer Path
Sep 23, 2008 Residential, Trends/Statistics
This article from Lexington’s Herald-Leader talks about how most Kentucky-based lending institutions have steered clear of the riskier, sub-prime market and have solid assets heading into the future. This while the largest banks went after these kinds of loans and are paying the price.
“Generally, the large, major regionals have taken on more (subprime) risk … and the problems with those risks are now coming home to roost, said Richard DeKaser, chief economist for National City.
Three of our largest, regional banks are now taking steps to bring in more liquidity in their assets. This while most of our smaller banks are holding firm.
That’s one reason a state that ranks 26th in population had the 11th most profitable banks in the nation in the second quarter of 2008, up from 16th in the first quarter, said Don Mullineaux, banking professor at the University of Kentucky. Kentucky also ranks near the top in bank profits in the Southeast.
Sounds like the positive news for those seeking new loans here in Louisville.
Louisville Ranks #7 Most Livable, Affordable Metro City
Sep 21, 2008 Trends/Statistics
Just found this interesting blog post on CashInAttic.net. It’s another feather in our cap and helps the rest of the country know that Louisville real estate is not performing like the rest of the nation.
Five of the 10 metro areas are popular tourism destinations. Nine of the 10 metro areas are located in warm to moderate climates. The 10 most livable and most affordable metro areas as determined by criteria developed by “Places Rated Almanac†(David Savageau) and the latest quarterly median sales prices compiled by the National Association of Realtors are:
1. Salt Lake City-Ogden, UT $157,000
2. Tampa-St. Petersburg-Clearwater, FL $172,800
3. Raleigh-Durham-Chapel Hill, NC $175,600
4. Houston, TX $138,100
5. Phoenix, AZ $193,800
6. Cincinnati OH, $139,600
7. Louisville, KY $130,100
8. Austin-San Marcos, TX $154,100
9. Orlando, FL $194,400
10.Nashville,TN $152,100
Read the whole article, it’s good to see this information out there, even if it’s largely being ignored by the mainstream media.
Louisville #6 in Lowest Rick for Foreclosures
Sep 15, 2008 Trends/Statistics
In the midst of all the bad news lately, I read this bit of good—the First American Core Logic report shows that Louisville, Kentucky came in at #6 of the lowest risk markets for foreclosures. Here they are:
Top 10 Lowest Risk Among Largest 100 Markets
1. Dayton, OH
2. Indianapolis-Carmel, IN
3. Austin-Round Rock, TX
4. Omaha-Council Bluffs, NE-IA
5. Wichita, KS
6. Louisville/Jefferson County, KY-IN
7. Charlotte-Gastonia-Concord, NC-SC
8. Raleigh-Cary, NC
9. Gary, IN
10. McAllen-Edinburg-Mission, TX
Of course, there’s always the other side to that coin. California has the embarrassing distinction of containing 8 of the Top 10 highest risk metro markets. And wouldn’t you know it, my old home town, San Bernardino, came in at #1. I’m so proud.
[h/t: Stephanie Mattingly]
Fannie Mae, Freddie Mac Buyouts Push Interest Rates Lower
Sep 10, 2008 News, Trends/Statistics
While there’s still a great deal of uncertainty among consumers nationwide, all the signs are pointing to better opportunities for home buyers here in Louisville.
From yesterday’s Courier:
The average interest rate for a 30-year fixed-rate mortgage dropped 0.3 percentage point to 6.04 percent yesterday, according to HSH Associates, and it’s expected to decline a little more in coming weeks.
If the rate falls below 6 percent, Carolyn Sachse of Stock Yards Bank & Trust said, it might prompt wary homebuyers to jump back into the market. That would reduce inventory and help stabilize prices.
Major props to Alex Davis for continuing to write both sides of the real estate story.
Renting Homes to Ryder Cup Visitors
Sep 9, 2008 News
There’s been a long standing opportunity for homeowners to rent their properties for a week or more to visitors coming to Louisville for the Kentucky Derby. Now with the world-wide appeal of the Ryder Cup, there’s even a greater opportunity to make thousands of dollars by renting your home for a single week.
Alex Davis of the Courier wrote this story recently about how some folks are looking to cash in. What Mr. Davis unfortunately left out was another great online resource called, Rent My House 4 Derby, which has expanded to include homes to rent for this year’s Ryder Cup here in Louisville. If you’re interested, check it out!
‘Green’ Builders Growing in Popluarity in Louisville
Sep 7, 2008 Commercial
Here’s a nice little article in the CJ that brings more attention to the fact that more and more builders are “going green.” What exactly does that mean? For most, it means building a home that qualifies for the federal government’s Energy Star certification.
While that’s certainly a great start, it doesn’t begin to scratch the surface of all that’s possible when building an energy efficient home. Because technology is constantly improving, it’s important to pick a new home builder who’s current on all the latest developments. From foundations to exterior walls, to high-efficiency HVAC and water heaters, there are a large number of variables that factor into your utility bill.
Although the Home Builders Association of Louisville doesn’t currently designate which of their member builders are certified “Green”, I expect them to do so in the future, as public demand for this kind of service is definitely increasing.
If you’re interested in finding this kind of builder, please contact me. I’m happy to help.
