Homeownership

May Stats Show Home Sales Up 11.5%, Inventory Down

The Greater Louisville Association of Realtors® (GLAR) reported May 2016 sales up 4.1% with 1,573 homes and condos sold versus 1,510 last May. Year-to-date, compared with January-May 2015, home sales were up 11.5%. The median price for all areas in January-May 2016 was up 3.3% compared last year, and the average price was up 0.7% versus last year. In Jefferson County, the average price in May 2016 was $208,469 and the median was $169,000. For all MLS areas, the inventory of available properties was 23.6% lower than at the same time last year. In Jefferson County, the decreased inventory of homes and condos for sale was even more pronounced at 27.6% lower than May 2015.

GLAR President Greg Taylor commented that, “The limited inventory of homes for sale is not just limited to Jefferson County. Bullitt and Oldham County inventory is also down 21% and 25% respectively. Continued low mortgage rates are keeping affordability intact; however, our members are seeing rising prices in neighborhoods that attract first-time buyers due to the low inventory.”

Lawrence Yun, Chief Economist for the National Association of Realtors® commented that, “Except for the West, where supply shortages and stark price growth are hampering buyers the most, sales are meaningfully higher than a year ago in much of the country.” He continued by saying, “Looking ahead, with demand holding steady and supply levels still far from sufficient, the market for entry-level and mid-priced homes will likely continue to be the most competitive heading into the summer months.”

May 2016 Stat Report

Nationwide Open House Weekend THIS Saturday and Sunday

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If you’re in the market to buy a home, you’ll definitely want to take part in the REALTOR® Nationwide Open House Weekend on Saturday and Sunday.

REALTORS® across the Greater Louisville area and the country will be hosting open houses THIS Saturday and Sunday,  April 20-21 as part of REALTOR® Nationwide Open House Weekend.  It is designed to be a fun, convenient way to learn more about what is available in the local housing market and offer current and future potential homeowners a convenient, low pressure way to see as many homes as they wish in one weekend.  Tour open houses and ask questions of hosting REALTORS® regarding the buying and selling process and the housing market.

Take this opportunity to find the home you’ve been dreaming of!

Click here  to see a list of upcoming open houses in the Louisville area at www.LouisvilleRealtors.com.

Realtors Rally to Protect the American Dream

In an election year, rhetoric heats up and many issues come to the foreground; some have even questioned the long-standing value of American homeownership. To ensure that homeownership, housing and real estate issues are a public policy priority in this country, Realtors® from across the country will rally in Washington, D.C. on May 17 to protect the American dream.  

As the leading advocate for homeownership and housing issues, Realtors® want our country’s current and future leaders to understand the vital role real estate plays in both the long- and short-term health of this nation. Realtors® believe that everyone should have the opportunity to pursue the dream of homeownership, and we will fight against obstacles that make it more difficult for people to buy, own and invest real estate. 

The Rally to Protect the American Dream will take place in front of the Washington Monument on the morning of May 17 in Washington, D.C. Members of Congress will join Realtors® as they hear from speakers about how homeownership issues affect individuals, communities, small businesses and the nation. The rally will also highlight the important role housing plays in the economic recovery.  Approximately 10,000 Realtors® are expected to attend the rally. The rally is also part of NAR’s Midyear Legislative Meetings & Trade Expo taking place in Washington May 14-19.  

For more information about the Rally to Protect the American Dream, visit www.realtorrally.org.

Nationwide Open House Weekend: April 28-29

If you’re in the market to buy a home, you’ll definitely want to take part in the upcoming REALTOR® Nationwide Open House Weekend.   

REALTORS® across the Greater Louisville area and the country will be hosting open houses the weekend of April 28-29 as part of REALTOR® Nationwide Open House Weekend.  The weekend is designed to be a fun, convenient way to learn more about what is available in the local housing market and offer current and future potential homeowners a convenient, low pressure way to see as many homes as they wish in one weekend. Tour open houses and ask questions of hosting REALTORS® regarding the buying and selling process and the housing market.

So mark your calendar for April 28th and 29th, your dream home is waiting!

Click here  to see a list of upcoming open houses in the Louisville area at www.LouisvilleRealtors.com.

Homeownership Must Remain Top National Priority

As this year’s presidential race heats up we are sure to hear from candidates on a number of important issues that will have a great impact on our country and its economy. However, there is one topic in particular this year that is crucial to Americans – homeownership.  

“Restoring the health of the housing market and supporting homeownership in America will contribute to the economic recovery we so greatly need right now,” said Louise Miller, President of the Greater Louisville of REALTORS (GLAR). “Housing is a top-of-mind issue for voters, and Realtors® would like to see it become a national public policy priority.”

 According to GLAR, despite seeing early signs of stabilization in the market, creditworthy buyers are being denied their dreams of owning a home because they cannot qualify for a loan. In addition, many homeowners in our area are still struggling with foreclosures and underwater mortgages.  

“Issues such as foreclosures and access to affordable financing don’t just affect people who own a home – homeownership shapes communities and strengthens the nation’s economy,” said Miller. “More must be done to reduce the rising inventory of foreclosed homes and address the lack of available and affordable mortgage financing.” 

GLAR says its members are calling upon the administration, Congress and lenders to help keep more people in their homes by taking aggressive steps to modifying loans and helping homeowners significantly reduce their monthly mortgage payments. Realtors® would also like to see more financing opportunities for buyers. Increased fees and higher down payments are making it difficult for many creditworthy buyers to obtain financing.

Realtors® aren’t the only ones who think the housing market is an important issue in this year’s presidential election. A recent Yahoo! survey found that a majority of Americans, including both renters and homeowners, believe the government should do more to help at-risk homeowners. Another survey by the National Association of Home Builders demonstrated that homeownership is a bipartisan issue in the eyes of potential voters. A majority of those surveyed said the government should do more to support homeownership and were opposed to getting rid of tax benefits for homeowners.

“The decision to become a homeowner is a very personal one, but anyone who is willing and able to assume the responsibilities of owning a home should have the opportunity to pursue that dream,” said Miller. “As the leading advocate for homeownership, Realtors® will continue to urge lawmakers to make sure housing and homeownership issues are a top priority on the nation’s public policy agenda. The American dream of homeownership needs to be alive for generations to come.”

Have questions?  Contact a local REALTOR for more information on home ownership.