Louisville Real Estate Ups And Downs
While the Louisville real estate market was spared the large spikes and dips that other markets had with the housing boom, Louisville home sellers have had some difficulties. People in Kentucky are hoping for a real estate market upswing.
Real estate sales in Louisville Kentucky were at the peak in 2004, 2005, 2006 and 2007 with more than 10,000 houses selling a year during those years. Then in 2008 the year got off to a very slow start, and when spring and summer got here, which is when sales tend to pick up, the number of sales did not increase to usual summer levels. Following that in the winter of 2009, the amount of houses closed each month was merely a quarter of the amount selling in the summer months of 2007. Then the tax credits started encouraging people to purchase real estate again, and the sales rebounded. In 2010 and 2011 sales were steady. In 2008, 2009, and 2010 around 8000 houses sold each year in Louisville. Even though the market went through ups and downs in number of units sold, the average house sale has ranged between $157,705 – $167,065 in all years from 2008-2011. Louisville realty consultants predict 2012 will not be drastically different regarding the number of homes for sale in Louisville or the average sale price.
There is good news to be reported also. The Louisville area has usually been a really affordable place to live in relation to the median income of local jobs. And the other good news is that there are always plenty of homes to choose from. On average, about 11% of the houses for sale in Louisville sell each month, leaving 89% still available to buy.
To increase the chance of a house selling, some home sellers are getting new carpet, fresh paint and new faucets and handles to set their homes apart from the competition for home buyers. In the earlier years when houses sold in fewer days on market, buyers were less picky about the appearance of the house. They would buy a property with outdated paint or plumbing fixtures and then make the changes after purchasing the property. But with so many homes to choose from now, and properties being on the market longer, buyers expect a home that is move in ready. Most real estate professionals agree that updated properties sell quicker than similar houses that are outdated. Still, the most influential element is price and competition which fluctuates by neighborhood. If the amount of homes for sale in Louisville is greater than demand, price will be affected. Therefore when attempting to sell a home in a certain neighborhood, the amount of houses available now and the amount of properties sold in a neighborhood should be tracked frequently and changes made to the price of the house as needed. Houses that are priced right for the area will sell in any Louisville real estate market.
