realtors

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

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Louisville Home Sales Up 12.9%

The Greater Louisville Association of Realtors® (GLAR) reported April 2016 sales up 4.9% with 1,437 homes and condos sold versus 1,370 last April. Year-to-date, compared with January-April 2015, home sales were up 12.9%. The median price for all areas in January-April 2016 was up 3.4% compared last year, and the average price was consistent with last year. In Jefferson County, the average price in April 2016 was $186,887 and the median was $151,500. For all MLS areas, the inventory of available properties was 21.8% 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 25.6% lower than April 2015.

GLAR President Greg Taylor commented that, “The strong sellers’ market is continuing in Louisville with inventory down over 25% in Jefferson county compared to this time last year. Sellers whose homes are in move-in condition typically receive multiple offers. The median price year-to-date has advanced 3-4% with both low inventory and low mortgage rates.”

The national existing homes sales report for April 2016 is not yet available, but Lawrence Yun, Chief Economist for the National Association of Realtors® commented that March’s pending sales increase signaled a solid beginning to the spring buying season. “Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March,” he said. “This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing.”

April 2016 Stat Release

August 2015 Home Sales up 11.6%

The Greater Louisville Association of Realtors® (“GLAR”) reported year-to-date sales up 11.6% with 10,951 homes and condos sold versus 9,808 at the same time last year. Sales were up 0.9% in August 2015 (1,532 units) compared to August 2014 (1,518 units). Prices in August 2015 were up 3% compared to August 2014, and the year-to-date statistics show a 6.4% increase in values. In Jefferson County, the average price was $200,058 and the median was $158,000. For all MLS areas, the inventory of available properties was 20.5% lower than the same time last year.

GLAR President Paula Colvin commented that, “Inventory shortages are still contributing to a strong seller’s market in some areas inside the Watterson Expressway. Properties located further out, and at higher price points, are selling at a more normal pace.

“At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® commented last week that, “Demand for buying has drastically improved this year and is propelling home sale to a pace not seen since 2007. As local job markets continue to expand, the pool of homebuyers will increase.”

Click here for August 2015 Stats

June 2015 Home Sales up 12.3% Year-to-Date with 9.1% Rise in Average Price

The Greater Louisville Association of Realtors® (“GLAR”) reported year-to-date sales up 12.3% with 7,633 homes and condos sold versus 6,796 at the same time last year. Sales were up 20.5% in June 2015 (1,835 units) compared to June 2014 (1,523 units), and the median selling price in all Multiple Listing Service (“MLS”) areas was up 8.4% compared to the same month last year. The median price (year-to-date) in Jefferson County was up 7.1% ($150,000) and the average (year-to-date) was up 7.3% ($189,796). For all MLS areas, the inventory of available properties for sale was 16.7% lower than at the same time last year.

GLAR President Paula Colvin commented that, “GLAR members are recording sales nearing the record high volume in 2007, at prices that are approximately 10% higher than the pre-recession peak.” At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors® commented that, “The return of first-time buyers is an encouraging sign,” and is the result of strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment options. Yun also remarked that the national market is “clearly not a bubble,” noting that the overall demand for housing is 25% lower than it was during the previous boom, new home construction is about half of what it was during the previous boom and mortgage debt outstanding is 10% lower than during the previous boom.

June 2015 Stats Release

Louisville 2014 Home Prices up 2.7% with Slightly Fewer Homes Sold

With sales up 4.8% in December 2014 compared to December 2013, members of the Greater Louisville Association of Realtors® (“GLAR”) finished the year selling 14,486 homes compared to 14,775 in 2013 (down 2.0%). The year-to-date average and median prices were $180,200 (up 2.7%) and $147,000 (up 2.8%) respectively. The inventory of homes available for sale remained tight with approximately 11% fewer for sale than December 2013.

GLAR President Paula Colvin commented that, “members were actively helping homebuyers take advantage of low interest rates, which showed in the 25% increase in the number of contract signings in December 2014 versus the same month last year. Early data in January shows a positive trend continuing into the new year.”

At the national level, Lawrence Yun, Chief Economist for the National Association of Realtors®, recently remarked that even in the face of tight underwriting standards, today’s low interest rates have contributed to an increase in the share of first-time homebuyers to 31% (up from 28% in 2013). Recently reduced FHA mortgage insurance premiums and a 3% down conventional loan program should facilitate continued first-time buyer activity in 2015. Realtor.com recently spotlighted the return to normal price appreciation and the decline of distressed sales as positive trends in 2014. The same report also highlighted the ongoing challenges of limited inventory and the modest recovery in homebuilding, with new home sales comprising 9% of the national market compared to the longer term trend of a 16% share.

December-2014-Release

Realtors® Help Buyers Move to New States

dream home

Buying a home can be a complicated process, and being an out-of-state buyer can make the process even more challenging. According to the National Association of Realtors®, while buyers last year moved a median of 12 miles from their previous residence, two in 10 buyers moved more than 100 miles.

Buying a new home and moving is stressful no matter what the situation, but moving to an unfamiliar area or new state adds whole new levels of necessary preparation and expenses. However, with just a bit of planning and a lot of organization, you can make the process substantially easier on yourself.

Here are a few tips from the Greater Louisville Association of REALTORS to help streamline your long distance home purchase and move:

Find a Realtor®. Whether you are moving across the street or across the country, hiring a Realtor® is the best move you can make. When you are looking for homes in a new state, having someone familiar with the area, neighborhoods and local market conditions is an invaluable asset. Realtors® have unparalleled knowledge of their communities and can help you navigate the complex, sometimes overwhelming, process of homebuying.

Establish Timelines. Knowing the day you are moving is just one of many dates you will need to figure out. When do you need to sell your current home? When can you take a trip to the new state to view potential homes? Considering those questions and having a breakdown of what needs to be done and by when will help you prioritize tasks and keep you from scrambling at the last minute.

Tour Potential Homes Online. Traveling back and forth between states to look at homes is time consuming and cost preventative for most, but that shouldn’t prevent you from beginning your home search online. Digital real estate listings on sites like realtor.com® often include photos and videos guiding you through the home, the same way a Realtor® would if you were there physically. Though you might eventually have to make a trip out to your new state to purchase your home, touring a few homes online can help you narrow down your choices and save you time and money.

Moving. Long distance moves can be an expensive process, so make sure you ask for estimates from a few moving companies before committing. If you are really hoping to save money a do-it-yourself move might be your best option. Make sure to consider the cost per mile, insurance, gas and taxes when price shopping for a moving truck. And if you have any pets, make sure to research hotels that allow animals or arrange with your airline to have your furry friend travel in the cabin with you.

Homeownership is not only an investment in your financial future, it is an investment in our life in your new home state. Homeowners are more likely to be engaged in local issues and more involved with their neighbors, so work closely with your Realtor® to find a house that is going to make this new place really feel like home.  Click here for more help.

Realtors Rate Remodeling Projects, Provide Improvement Guidance to Homeowners

When it comes to remodeling, homeowners often wonder if a project is worth the investment. According to the 2014 Cost vs. Value Report, several remodeling projects are not only valuable, but also return more than 78 percent of their costs upon resale. Many of those projects are exterior replacement projects, which Realtors® rated having the biggest bang for the buck.

Exterior projects such as entry door, siding and window replacements can recoup homeowners a substantial amount upon resale. These types of projects are essential to home maintenance, so the good news is many homeowners are already doing them. Another plus is that these projects are generally inexpensive, and besides keeping your home functioning properly, they also add instant curb appeal. This is especially important if you are considering selling.

The 2014 Cost vs. Value Report compares construction costs with resale value for 35 midrange and upscale remodeling projects in 100 markets across the country. Realtors® provided their insight into local markets and buyer home preferences within those markets. Overall Realtors® estimated that homeowners would recoup an average of 66.1 percent of their investment in 35 different improvement projects, an increase of 5.5 points over last year and the largest increase since 2005. For the second consecutive year, the value of remodeling is up for all of the projects included in the survey.

Eight of the top-10 most cost-effective projects nationally in terms of value recouped are exterior projects. Realtors® judged a steel entry door replacement as the project expected to return the most money, with an estimated 96.6 percent of costs recouped upon resale. It’s consistently the least expensive project, costing little more than $1,100 on average. Other worthwhile exterior projects included two different siding replacement projects, including fiber-cement siding, expected to return 87 percent of costs, and vinyl siding, expected to return 78.2 percent of costs. Two garage door replacement projects were also in the top 10, both expected to recoup more than 82 percent of costs. Rounding out the top exterior projects were two window replacement projects; wood window replacement and vinyl window replacement both recoup more than 78 percent of their costs.

Each neighborhood is different and the desirability and resale value of a particular remodeling project varies. That is why it’s important to work with a Realtor®. A Realtor® is the best resource for helping homeowners decide what improvement projects will provide the most return upon resale in your market. Realtors® have a unique understanding of local markets, desirable home features and buyer preferences.

In addition to the exterior projects, two particular interior remodeling projects can recoup substantial value at resale. An attic bedroom is expected to return 84.3 percent of costs, and a minor kitchen remodel is estimated to recoup 82.7 percent of costs. The improvement project estimated to return the least at resale is a home office remodel, estimated to recoup only 48.9 percent.

The 2014 Cost vs. Value Report is published by Remodeling magazine publisher Hanley Wood, LLC and is done in collaboration with the National Association of Realtors®. Additional data for the report can be found at NAR’s consumer website, HouseLogic.com. The website includes a wide variety of ideas and projects to help homeowners maintain, enhance and improve the value of their home.

More at http://louisvillerealtors.com/starthere/