The Louisville Real Estate Blog

Breaking News: GE to Sell Appliance Division

2008-05-14T22:33:00.000-04:00

As first reported on The Wall Street Journal, sources are saying that General Electric (GE) has hired Goldman Sachs Group to sell its Appliances business. The business, which is headquartered here in Louisville, KY, is part of GE's Consumer and Industrial division which accounted for roughly 10% of GE's revenues in 2007. Sales and revenue have fallen as a result of the downturn in the real estate market.

CEO Jeff Immelt, has pushed a growth platform since assuming the company's reins in 2001. Many analysts have called for the sale of the division for some time. Mr Immelt apparently now believes that this division no longer fits his growth model.

GE began making appliances in 1907. Appliance Park was built in 1951. At the peak over 25,000 employees worked at the park making refrigerators, stoves, dishwashers, washers, and dryers. Today, around 3000 employees work in the 1000 acre facility.

Potential buyers have been listed as LG, Haier, and Royal Philips Electronics.

Real Estate Definitions

2008-05-11T22:23:00.000-04:00

Regardless of whether you are buying or selling your home in Louisville or Bullitt County Kentucky, it helps to know the lingo.

ARM - Adjustable Rate Mortgage - A loan with a rate that adjusts based on a given index. Despite the new, ARMs are not all bad. However, it is important to understand exactly how and when the rate will adjust.

APR - Annual Percentage Rate - A rate that reflects the actual cost of the loan including any discount points and fees.

Bedroom – According to Kentucky Residential Building Codes a room must have direct access to the exterior of the property to be considered a bedroom in Kentucky.

CMA - Comparative Market Analysis or Competitive Market Analysis - A market report showing the value of your property as determined by the sale of similar properties in your neighborhood.

Conventional Loan - aka Fixed-Rate Mortgage - A loan with a rate that does not change over the life of the loan

Discount Points - aka pre-paid interest - An upfront fee paid to get a lower interest rate. One point equals 1%.

DOM - Days on Market - In Louisville, the average DOM is 82 days. In Bullitt County, the average DOM is 93 days.

Earnest Money (aka Escrow Money, Good Faith Deposit) - Money given by the buyer to the seller as a sign of their commitment to purchase the property. In the Louisville-Bullitt County area 1-2% is common, however, this is a negotiable point. This money is credited to the buyer at the closing.

Equity - The difference between the value of the property and the amount owed on property.

GLAR - Greater Louisville Association of REALTORS

Loan-to-Value (LTV) - The ratio of the amount of the loan being requested to the appraised value of the house. In general, 100% loans have been eliminated. Most lenders are now requiring at least 3% from the buyer.

Market Value - The price that your Louisville - Bullitt County home could bring based on current market conditions.

MLS - Multiple Listing Service - An association that collects and distributes information about properties for sale in an area. The MLS is open to local real estate agents and brokers. The data can be viewed (but not created or modified) by the public. The MLS for the Louisville Metro Area is managed by GLAR.

REALTOR - A real estate agent who is a member of the National Association of REALTORS (NAR) - To become a REALTOR, an agent must complete ethics training and take an oath to abide by a Code of Ethics. Not all real estate agents are REALTORS.

SQFT - Square-Footage - A measurement of the size of a home based on the exterior dimensions. In Kentucky, only above-ground square footage (AGSF) is counted unless the basement is a finished walkout.

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Erik Hitzelberger is a licensed real estate agent specializing in helping buyers and sellers accomplish their real estate goals in Louisville and Bullitt County (Shepherdsville, Mt. Washington, Brooks, Fox Chase, Hillview, Hunter’s Hollow, Lebanon Junction, Pioneer Village, and Zoneton). To contact me, call (502) 921-3989 or email me. For more information, visit my website.

Bullitt County Kentucky (KY) Real Estate Market Index

2008-05-11T21:18:00.000-04:00

First the bad news;
1) Home sales in Bullitt County are down almost 30% this month.
2) Average Sales Price is also down from last year.
3) Of the 74 pending sales in April, only 58 closed in May.

Now, the good news;

1) Year-over-Year average sales price is still up 3.1% for Bullitt County.
2) There are over 115 pending sales that could close in May.
3) Interest Rates remain low and there are many affordable homes in Bullitt County.

In conclusion, now is still a great time to buy homes in Bullitt County. Homes are priced fairly and are available in almost every neighborhood. Now, is also a good time to sell a home in Bullitt County. However, if you really want to sell your home, you must prepare both your home properly. When you are ready to buy or sell a home in Bullitt County, please contact me so that I can help you make the process as simple as possible.

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Bullitt County Real Estate Market Index

2008-04-03T19:28:00.000-04:00

March was an interesting month for Bullitt County Real Estate. Once again, sales were off vs. last year (-39%). The good news is that there were also significantly fewer new listings than this time last year and inventory levels actually improved vs February. The better news is that average sales price of Bullitt County homes continued to climb. In fact, for the first quarter, the average sales price is up a whopping 6.3%.

Looking ahead, there are currently 74 pending listings in Bullitt County and April is setup to be a good month. I strongly encourage home sellers to make sure that your home is ready for the market BEFORE it is listed. Even with the reduced inventory levels, you are still competing with hundreds of other sellers. If you are considering buying a Bullitt County home, now is a great time to buy. Mortgage rates are still at or below 6% and choices are abundant.

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Erik Hitzelberger is a licensed real estate agent specializing in helping buyers and sellers accomplish their real estate goals in Louisville and Bullitt County (Shepherdsville, Mt. Washington, Brooks, Fox Chase, Hillview, Hunter’s Hollow, Lebanon Junction, Pioneer Village, and Zoneton). To contact me, call (502) 921-3989 or email me. For more information, visit my website.

Bullitt County Clean-up Days

2008-04-01T19:02:00.000-04:00

Would you like to get that old couch out of the garage? How about removing the rusted-out dryer from the back patio while you are at it? Is it time for a new mattress?

The Bullitt County Fiscal Court is sponsoring 2 days in April that will allow Bullitt County residents get rid of all of their large items! Check the schedule below and then pack up all of those worn-out items that are taking up valuable space in your homes.

Saturday April 19th from 8a-4p

1) Lebanon Junction Elementary School

2) Bullitt County Stockyards

Saturday April 26th from 8a-4p

1) Bullitt East High School

2) Nichols Elementary School Parking Lot

3) Brooks Elementary School Parking Lot

Note: Non-recyclable garbage, tires, items containing freon, and hazardous materials will not be accepted.

Whether you are preparing to sell your Bullitt County home or simply spring cleaning, this is a great opportunity to get rid of those large items that are taking up space in you garage, basement, etc.

Subdivisions in Bullitt County: >$250,000

2008-03-21T23:50:00.000-04:00

The following is a list of subdivisions in Bullitt County that contain homes for sale above $250,000. Click the subdivision to learn more about the neighborhood and the type of properties for sale. Please note that some subdivisions have homes that span multiple price categories.

I will be updating these regularly, so check back often.

If you are a home buyer or home seller who is looking for a real estate agent in Bullitt County, feel free to email or contact me.

I am here to help .

Subdivisions

Angels Crossing
Brooks Forest
Cedar Falls
Cherry Hilll
Country Estates
Country Manor
Creekview Estates
Deer Run Estates
Eagles Bluff / Zoneton
Fiddler Estates
Fox Chase / Fox Chase
Grandview Estates
Hebron Woods
Heritage Hill / Shepherdsville
Horse Run Estates
Kingswood
Lauren Woods
Locust Point
Lotus Pointe
Majestic Oaks
Matthew Bleemel
Northfield
Oak Pointe Estates
Pine Creek Forest
Pioneer Acres
Ridgewood
Rustic Villlage
Shulthise Farms
Stoney Ridge
Sycamore Bend
Twelve Oaks
Valley View
Wildwoods
Wilson Creek

Note: Information is for reference only. Please consult your Realtor for specific information.

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Subdivisions in Bullitt County: $175,000-$250,000

2008-03-21T23:36:00.000-04:00

The following is a list of subdivisions in Bullitt County that contain homes for sale between $175,000 and $250,000. Click the subdivision to learn more about the neighborhood and the type of properties for sale. Please note that some subdivisions have homes that span multiple price categories.
I will be updating these regularly, so check back often.

If you are a home buyer or home seller who is looking for a real estate agent in Bullitt County, feel free to email or contact me.

I am here to help .

Subdivisions

Alvine Foster
Arnold Estates
Audubon Terrace
Autumn Glen / Mt Washington
Big Clifty M
Bleemel Estates
Brooks Station
Bryarfield / Mt Washington
Cabin Creek
Canterbury G
Cassius Reyn
Cedar Place
Cedar Ridge
Cherry Hilll
Country Manor
Country Trace
Crumbacker Estates
English Mills
Equinox
Fernwoood Acres
Fiddler Lane
Floyds Fork Estates / Zoneton
Grand Oak Estates / Zoneton
GreenBriar Woods
Hebron Woods
Helmwood / Mt Washington
Heritage Creek
Highland Springs
Knob Acres
Lazy River Estates
Links of Heritage Hill / Shepherdsville
Locust Point
Majestic Run / Zoneton
Mallard Lake
Meadow Brook
Meadow Creek
Meadow Peak
Meadows of Cedar Grove
Mill Stream
Millers Crossing
Millstream Estates
Mockingbird
Nature Cove
Northfield
Oakwood / Shepherdsville
Old Spring House Farms
Overlook Estates
Peddlers
Pine Creek Forest
Pioneer Acres
Prestige Estates
Reserves at Bethel Branch / Mt Washington
Reserves of Mallard Lake / Shepherdsville
Ridgewood
Serene Meadows
Shadowlawn
Simmons Farm
Spring Meadow / Shepherdsville
St Andres Crossing
Stallings Acres
Stoneledge
Sycamore Bend
Tanyard Springs / Shepherdsville
The Pointe / Shepherdsville
The Springs
Timberline
Valley View
Wilson Creek
Woodlake
Woods of Mt Washington / Mt. Washington
Zoneton Estates / Zoneton

Note: Information is for reference only. Please consult your Realtor for specific information.

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Subdivisions in Bullitt County $125-$175,000

2008-03-21T23:26:00.000-04:00

The following is a list of subdivisions in Bullitt County that contain homes for sale between $125,000 and $175,000. Click the subdivision to learn more about the neighborhood and the type of properties for sale. Please note that some subdivisions have homes that span multiple price categories.

I will be updating these regularly, so check back often.

If you are a home buyer or home seller who is looking for a real estate agent in Bullitt County, feel free to email or contact me.

I am here to help .

Subdivision

Audubon Terrace
Aulbern Estates
Big Clifty M
Bullitt Creek
Bulllitt Station
Cedar Brook
Cedar Ridge
Cherokee Woods
Colonial Air
Country Manor
Crumbacker Estates
Dawson Hill
Dogwood Run
Douglass Hills
Dove Fields
Emily Brooke
Fairland
Forest Hill Park
Forest Ridge
GreenBriar Woods
Helmwood
Heritage Creek
Highland Springs
Highlands
Hillside Terrace
Hillview
Hunters Hollow
Knob Acres
Kripple Kreek
Lakes of Dogwood
Laswell Heights
Lees Acres
Lees Annex
Lexington Manor
Lickskillet
Limestone Springs
Mallard Pointe
Mapleview
Marilyn Heights
Meadow Brook
Meadowland
Oak Grove Estates
Oak Run
Oakwood
Old Farm
Old Mill Manor
Peaceful Valley
Reserves at Bethel Branch
Reserves of Mallard Lake
Ridgeview Farms
River Ridge
Rolling Fields
Ruhl Acres
Sanders Place
Serene Meadows
Settlers Gap
Shadowlawn
Shawnee Acres
SouthGate
Spalding Station
Spring Meadow
Stone Meadows
Summit Hills
Tangle Wood
Tanyard Springs
The Meadows
The Pointe
The Springs
The Villlage
Twin Eagles
Wade
Wanda Gooden
Washington Heights
Wilchar Estates
Zoneton Estates

Note: Information is for reference only. Please consult your Realtor for specific information.

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Subdivisions in Bullitt County: <$125,000

2008-03-21T23:08:00.000-04:00

The following is a list of subdivisions in Bullitt County that contain homes for sale under $125,000. Click the subdivision to learn more about the neighborhood and the type of properties for sale. Please note that some subdivisions have homes that span multiple price categories.

I will be updating these regularly, so check back often.

If you are a home buyer or home seller who is looking for a real estate agent in Bullitt County, feel free to email or contact me.

I am here to help .

Subdivision / City

Albern Estates
Aulbern Estates
Bayfield
Beechwood
Beechwood Estates
Benjamin Woods
Bethany View
Bethel Branch
Bradford Place
Branhams Add
Bratcher Estates
Brooks Hill
Bullitt Hills
Cedar Ridge
Chevy Chase
Colrnell Village
Dawson Hill
Dogwood Run
Dove Fields
Driftwood Village
Eastview
Emily Brooke
Fairland
Forest Ridge
Green Acres
Hebron Woods
Hensley Estates
Highlands
Hillcrest
Hillview
Howlett Heirs
Hunters Hollow
Kate's Landing
King's Forest
Lakes of Dogwood
Lin Meadows
Lone Acres
Louise Way
Lynnwood
Majestic Acres
Mallard Pointe
Maryville
Masden Acres
Meadowlark
Miles Pl
Mooreview
Northfield
Oak Grove Estates
Old Farm
Old Ford Place
Overdale
Pioneer Vilage
Plainview Acres
Pleasant View
River Oaks
River Valley
Rolling Fields
Ruhl Acres
Rustic Hill
Settlers Gap
Shepherds Glen
Skeleton Addition
Smith Grove
SouthGate
Stilger
Summit Hills
Sunny Acres
Sunshine Village
The Meadows
Venus Village
Wade
Wanda Gooden
Washington Heights
Wheeler Farm
Wiley Farms
Willow Bend
Woodland Acres
Yorkshire Estates

Note: Information is for reference only. Please consult your Realtor for specific information.

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Erik Hitzelberger is a licensed real estate agent specializing in helping buyers and sellers accomplish their real estate goals in Louisville and Bullitt County (Shepherdsville, Mt. Washington, Brooks, Fox Chase, Hillview, Hunter’s Hollow, Lebanon Junction, Pioneer Village, and Zoneton). To contact me, call (502) 921-3989 or email me. For more information, visit my website.

Things to do in Bullitt County

2008-03-15T19:01:00.000-04:00

Bullitt County is a thriving area located just south of Louisville. The area is home to almost 70,000 residents and is rich in culture and history. If you are relocating to the area, here is a quick list of places to go and things to see.

Bernh eim Arboretum and Research Forest - Whether you want to go hiking, biking, fishing, or just want to have a nice outdoor picnic, Bernheim Forest has a spot for you. Bernheim also offers special events and classes designed to educate kids, adults, and families. Access is free M-F and $5.00 per car M-F. Take 1-65 south to Exit 112, turn left onto SR-245 and drive about 1 mile.

Brooks Hill Winery - Open M-f from 1-7 and Sat from 10:20-7. Call 502-957-7810 for more information.

Jim Beam American Outpost- Take a self-guided tour through the distillery and learn about the 200 year history of this legendary bourbon-maker. Tours are available for free 7 days a week. For more information, call 502-543-9877.

Kart Kountry - You can spend more time behind the wheel at Kart Kountry than you do going to the 'Longest Go-Kart Track in the World." With five sizes and speeds of go-karts, the 1.5 mile road course is challenging and exciting for kids of all ages. Kart Kountry also has mini-golf, batting cages, bumperboats, and an arcade. The complex is located in Shepherdsville just off of I-65 at Exit 117.

Skate-O-Rama - Conveniently located beside Freedom Elementary School on Preston Highway in North Bullitt County, Skate-O-Rama has an indoor skating rink that is open year-round. The facilities are available for birthday parties and other events. Call 502-957-5897 to make reservations or for more information.

Zappos - Shop at the Fulfillment Center! The Zappos Distribution center is located in Shepherdsville just off of I-65 at Exit 116.

Festivals / Annual Events - At least once a month, there is a Bridal show, festival or celebration in Bullitt County. For more information, click here.

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Relocation Guide for Bullitt County

2008-03-14T21:40:00.001-04:00

Congratulations on your decision to move to Bullitt County. As a resident, I want to welcome you and to assure you that Bullitt county is a great place to live, work, and play.

I prepared this blog as a quick-reference guide to make your relocation to Shepherdsville, Mt. Washington, Brooks, or Lebanon Junction as simple as possible.

Bullitt County Community Information

The county was founded in 1797 and named after Alexander Scott Bullitt. After being unsuccessful in his humble :) attempt to get statehood for Bullitt County, Alexander served the state of KY well for several years. He assisted in drafting the state's first constitution, served as President of the KY Senate for 7 years and was the first Lieutenant Governor of the state.

Kentucky's first commercial product was salt that was processed from Bullitt County and shipped north as far as Pittsburgh and South to New Orleans. The Beam family later used these same shipping routes to convey their product out of Kentucky. After 200 years of operation, the Jim Beam Distillery still produces quality Bourbon right here in Bullitt County.

Today, almost 70,000 people live in the county. Shepherdsville is the county seat. Most government services are headquartered downtown at the courthouse and annex building. However, when you relocate you will need to go to the Extension Office located just off of I-65 on Exit 116 to get a Driver's License and register to vote.

Finding a home in Bullitt County
Bullitt County offers a diverse range of properties that will satisfy virtually anyones' needs and wants. First-time home buyers have a terrific selection of affordable homes in both new and established neighborhoods. Higher-priced homes also provide terrific values based on amenities and squre-footage. Heritage Hills is a new community that features an 18-hole golf course, a community center, and a 7-mile walking trail. Finally, for those who want a more rural setting, acres of cleared and forested land are available. Regardless of whether you want a Sportsman's Paradise, a large farm, or just a few acres of seclusion, Bullitt county has a place for you. Bullitt County homes are listed on the Greater Louisville Area Realtor's MLS. To search the GLARMLS click here.

Bullitt County Schools

Bullitt County is one of Kentucky’s 10 Largest School Districts. Over 12,000 students attend the 23 area schools. If you would like to know where your children will go to school and which bus they will ride, click School and Bus Finder. Here is a list of the schools, principals, and relevant phone numbers. School report cards and other relevant items are also available.

Utilities

In general, Electric and Gas services are supplied by LGE. However, the Salt River Electric Co-op does provide electricity to several areas of the county. In certain areas such as Floyd's Fork, LGE controls the gas service and Salt River handles the electric. Louisville Water Company is the primary source for water and sewer services.

Bellsouth provides phone and DSL services. Insight offers phone, cable, and broadband internet.

Things to do

From Berheim Forest to Kart Kountry, there are plenty of things to do for people of all ages. Click here for a more detailed list. Louisville is only a few minutes away and offers a great range of activities for kids and adults.

Bullitt County Weather

We are very fortunate in that we have all 4 seasons without extremes. Temperatures generallly range from the low-90's in August to the low-teens in January. In the fall and spring, you will quickly become accustomed to checking the weather before you leave the house. During a 2-week period in February/March of this year, we had tornadoes, ice storms, and 65 degree sunny days. Kids were having snow-balls fights one Thursday afternoon and playing in shorts the next.

Bullitt County News

The Courier Journal covers Louisville as well as surrounding areas including Bullitt County. Additionally, the Pioneer-News prints a newspaper a couple of times per week.

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Things to do in Louisville: Kids and Families

2008-03-12T21:44:00.000-04:00

Whether you are planning on visiting Louisville for a weekend or relocating here for a lifetime, the city offers a great variety of fun-family oriented activities. Here is a quick sampling of places to check out.

Chuck E. Cheese - Located on S Hurstbourne just below Taylorsville Rd in J-Town. A great place for birthdays, celebrations or just good family fun.

Incredible Dave's offers bowling, giant inflatables, Euro-Bungee, an X-box lounge and much,much more. Your kids are given a tamper-proof wristband that communicates with a hand-held device so you know where they are at all times. Daves is situated on Westport Road just inside the Gene Snyder.

Hoops provides indoor gyms for basketball and volleyball. Kids of all ages and skill levels are welcome. They also offer clinics for both sports. Reserve a private court for a birthday party!

Louisville Science Center - Downtown on Main St about 1 block from the river. In addition to the exhibits and events such as Science Saturdays, the LSC features an IMAX theater. Your kids will spend hours exporing the world around them and will find it nearly impossible not to learn something. (Shhh, don't tell). The center is open 362 days a year. Tickets for kids are $10.

While you are downtown, be sure to check out Louisville Slugger Museum and get a personalized bat and then catch a Bats game at Slugger Field. Opening Day is April 11th!

The Louisville Palace is also downtown on Fourth Street and occasionally hosts shows for children. Their calendar of events only goes out about 2 months so check back often. Tickets range from $15 to $40 depending on the seats and the show.

Six Flags Kentucky Kingdom is located just off the Crittenden Dr exit (Exit 132) from I-65. The park has rides and play areas for kids of all ages AND a water park. Season tickets are available and pay for themselves after just 2 visits. Opening day is May 10th.

The Louisville Zoo is in the Highlands on Trevillian Way. Be sure to see the award-winning Gorilla Forest and wish Scotty the Elephant a Happy 1st Birthday (March 15th). The Zoo also has a splash park. Annual memberships are available.

If you are just looking to spend a relaxing day outdoors, check out one of the 123 parks that the city has to offer.

Louisville is a very family-oriented city. In fact, we were voted one of the Top 20 Best Places to raise a Family. Whether you are relocating to Louisville or just planning a quick trip, you will quickly find out that this list is just a start. Regardless of where you go, HAVE FUN!!

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If you are considering moving to the Louisville area, please contact me for more information about this great city. I am an agent with RE/MAX Alliance and I represent buyers and sellers in Louisville, Shepherdsville, Mt. Washington, Brooks, and Lebanon Junction as well as Oldham and Spencer counties. Regardless of your needs,

I am here to help.

Louisville Real Estate Market Conditions

2008-03-09T23:41:00.000-04:00

Ok, I am still developing a market index for Louisville. (Actually, the index is done, I am just gathering data to make it relevant). However, I wanted to share the February numbers with everyone.

February was not a good month for Louisville home sales. I'd like to blame it on the weather (snow and tornadoes <--only in Kentucky do these happen in the same week!!), but it still seems like buyers are just being too cautious.

802 Home owners managed to sell their homes or condos. Ignoring January, this was the lowest total since January 2005. This total is over 20% lower than 1032 homes and condos sold in February 2007. Inventory levels came down a little and are now at 11.6 months, but this is still higher than any point last year.

On the bright side, the average selling price in Louisville is up 2% over last February. Additionally, most experts are predicting that rates will remain unchanged or decline slightly over the next 30 -90 days. Note to Buyers - this does not mean you should sit around and wait for a drop. Click here and here for additional thoughts.

March is shaping up to be slow as well. I predict that we will not be down 20% again, but expect 10%. House prices will continue to hold. Home builders are going to be a key factor over the next few months. They need to show patience as the peak building season approaches or the additional flood of homes will drive prices down.

Whether you are ready to buy or sell a home in Louisville, Shepherdsville, Mt. Washington, or anywhere else in the metro area, please contact me..

I am here to help.

Louisville Investors, Check Your ROI

2008-03-09T22:53:00.000-04:00

Regardless of whether you are buying investment homes in Louisville, Shepherdsville, Mt Washington, or anywhere else in the metro area, there is still money to be made. I know because I am still flipping homes and doing fine. In fact, I just sold a home in Louisville and purchased another property in Shepherdsville. But, enough about me.

The ultimate measure of success for flipping homes should be ROI (Return on investment). If you can't beat some standard such as the S&P 500, the return on your IRA, or the interest rate at your local bank, then you need to rethink your purchase decision. Determining ROI is a fairly simple and straight forward calculation that you must do BEFORE purchasing.

Here's how,

For flip houses, the calculation is simple (Selling Price - Commissions and Fees) / (Purchase Price + Renovation Costs+Carrying Costs).

Selling Price - Use a conservative estimate based on CMA for that area. Your real estate agent should be able to do this for you quickly.

Commissions and Fees - Again, your real estate agent should be able to figure the commissions, transfer taxes, and additional costs associated with selling your investment.

Renovation and Carrying Costs - If you are investing in properties in the Louisville, I hope that you know how to accurately estimate the costs associated with renovations. But, do not forget to include the carrying costs (mortgage, insurance, taxes) that you have to pay as a result of owning the property.

As I mentioned above, once you complete the calculation, look around and see if you can find a better return elsewhere. If not, consider buying the property.

If you need assistance looking buying or selling investment properties,

I am here to help.

Louisville Home buyers, Get off of the fence!

2008-02-28T22:12:00.000-05:00

This is follow-up to a previous post. I’ve read and heard comments that buyers are afraid to purchase a home because they are afraid that they will miss a better deal. This is simply not a good strategy. Buying a home is not like waiting to buy a TV on Black Friday. There are too many variables beyond your control. In fact, even if you get a better price by waiting, you may get a worse deal.

Consider this scenario,

Last week, a property came onto the MLS for $160,000 that a buyer was interested in. If the buyer had made a reasonable offer (97% is reasonable in Louisville), he or she could have possibly purchased the home for $155,200. At the time, average interest rates were 5.82% according to Bankrate. Monthly Principal and Interest payments for this purchase would be $912.62. However, if the buyer had waited until this week, the 30-year average rate rose to 6.08% and the payment is now $938.50! To get back to $912.62, the buyer would have to get the house for approximately $150,900! This is far more unlikely.

So, now what? Should you wait and see what happens next week? The answer is a resounding NO. According to this week’s survey of 250 experts by mortgage-x.com, 37.9% believe rates will increase slightly and 41.4% believe they will fall slightly over the next 30 days. A virtual coin-flip. Stop denying yourself a home that you want out of fear of missing a better deal! If you find a home, purchase it and start earning equity. This is something that you can control!

If you are looking for a home in Louisville, Shepherdsville, or anywhere else in the Metro Area...

I am here to help

Lowes is coming to Shepherdsville

2008-02-26T23:56:00.000-05:00

Ok, so this doesn't have much to do with the local real estate market. However, it is great news for Shepherdsville and for me. I do a great deal of remodeling work and this will reduce my travel from 6-7 miles each way to less than 2 miles. Now, if I can just figure out how to get everything I need on the first trip :).

In case you haven't seen the signs, the new store will be located on the Adam Kennedy Parkway.

Buy a home in Louisville, NOW!

2008-02-26T12:23:00.000-05:00

As I mentioned on my website, now is a great time to buy a house in Louisville. However, judging from the sales numbers in January, many of you are missing out. Inventory levels are high, interest rates are still low, and sellers are willing to work with you. For home buyers, especially first-time home buyers, in Louisville, this is a dream scenario.

High inventory levels exist in every part of the Louisville area. Whether you are looking in Shepherdsville, Taylorsville, Crestwood, or anywhere in between, you can find a home with the features that you want and don’t have to make compromises. With today’s gas prices, you can save $300-$500 / year just by living 5 miles closer to work.

Interest rates have increased slightly over the last 2 weeks, but are still low. Considering that the median home in Louisville costs $162,000, the difference between a 30-year 6.00% loan and a 6.50% loan is $632 per year. Keep in mind that mortgage interest rates are not tied to the prime lending rate or Federal Funds rate. In fact, as we are seeing right now, mortgage rates tend to move opposite of these indicators. So, don’t think that because the Federal Reserve might lower rates again, that mortgage rates will go down further.

Price is not the only factor to negotiate when buying a home in Louisville. Most homes for sale in Jefferson, Bullitt, and Oldham counties are priced fairly and the average selling price is about 97% of the listing price. However, buyers are still able to save thousands because sellers are willing to help with closing costs, willing to make repairs or pay for upgrades, and / or willing to purchase a Home Warranty. These concessions are potentially worth thousands of dollars to you.

Now is the time to buy. As mentioned above, you can save over $1,000 just because of the number and location of homes for sale and current interest rates. The additional benefits of a home warranty and other enticements can be far more valuable. If you want to search for properties on the MLS, click here. When you are ready to buy….
I am here to help.

Louisville Real Estate: By the Numbers

2008-02-20T12:44:00.000-05:00

The following data is a compilation of single family homes listed, pending and sold in the Louisville Metro Area for the previous week. Additionally, 4-5 areas are featured each week to provide a more in-depth look at true 'local' conditions.

Week of (2/10/08)
New Listings: 439
Pending Contracts: 218
Sales Completed: 130
Current Active (2/18/08): 8167

Featured Areas
Area 3: Brownsboro Road / Crescent Hills / St. Matthews
New Listings: 11
Pending Contracts: 7
Sales Completed: 8
Current Active (2/18/08): 184

Area 7: Fern Creek / Hikes Point / Jefferson Town (J-Town)
New Listings: 35
Pending Contracts: 16
Sales Completed: 13
Current Active (2/18/08): 600

Area 19: Spencer County
New Listings: 11
Pending Contracts: 3
Sales Completed: 3
Current Active (2/18/08): 237

Area 20: North Oldham County
New Listings: 11
Pending Contracts: 11
Sales Completed: 3
Current Active (2/18/08): 316

Tips for Louisville Home Sellers: Clean vs. ClutterFree

2008-02-19T22:58:00.000-05:00

Look what a difference 10 minutes can make. All of the extra appliances and utensils have been put in cabinets, the top and side of the refrigerator have been cleared, and the soaps, etc have been stored neatly under the sink in a basket. The countertop appears 50% bigger at least.

If you are selling a home in Louisville, Shepherdsville, Mt Washington or Oldham County it is important to know how to properly stage your home so that it sells for the most amount of money in the least time. Tips like these are part of my comprehensive marketing plan to sell your house. Whenever you are ready, I am here to help.

Louisville Home Sellers, Don't Give Your Money Away...

2008-02-17T20:58:00.000-05:00

…unless it is for a good cause.

As of today, 9848 single family homes and condos are listed on the MLS for sale in the Metro Louisville Area. This number represents a 10 month supply which, by definition creates a Buyer’s Market.

However, the fact that we are in a Buyer's Market does not mean that you, as a seller, have to be or act desperate. In order to sell you home for the most money in the least amount of time, you need to ...
1) Select a good agent with a strong marketing plan
2) Price the home properly
3) Prepare the home to sell.

Please notice that nowhere above does it say to tell buyers that you are desperate and/or beg them to look at your home and take it from you at any price. Despite this, almost 5% of the homes for sale in Louisville contain the phrases 'motivated' or 'bring all offers. Bullitt County and Oldham County are only slightly better.

When you include ‘Motivated Seller’ or ‘Make an Offer’ in your listing, this appeals to the wrong customer. Before a buyer even sees your home, he or she is thinking about getting a deal and YOU have given them power in the negotiation process.

If you truly need to sell your home quickly, work with your real estate agent to price the house at the lower end of the CMA range and then negotiate fairly with buyers who come because they are interested in purchasing your home not because they are interested in trying to get a great deal.

If you are going to give money away, give it here or here or to whatever worthy cause you choose to support. But, don’t give it to a buyer just because you want to generate traffic.

Use the tools available to you and close a transaction that is fair to everyone. When you are ready to sell your home....

I am here to help.

3 BR Home for Sale in Louisville

2008-02-16T15:16:00.001-05:00

6319 Montego Bay Louisville, KY 40218
3BR, 1.5 Baths
$129,500

Relax and escape in this completely remodeled home with new countertops, new appliances (stove, over-the-counter microwave, and refrigerator!), updated lighting and hardware (brushed nickel throughout the home). Additionally, your new house has been completely painted and features new flooring including a ceramic tile entranceway and plush carpet. Both baths have new flooring, new sinks, vanities, lighting and mirrors. The enclosed patio and privacy fence in the backyard provide a terrific place to unwind. For additional peace of mind, the sellers are providing a First American Home Warranty. Agent has business relationship with sellers.

For more info, click here and enter MLS # 1194644

We Are #1

2008-02-13T22:25:00.000-05:00

It's not bragging if you can back it up.

#1 in Louisville
#1 in the world

I am here to help.

Sellers: Are you ready?

2008-02-13T19:16:00.000-05:00

The cliché “you never get a second chance to make a first impression” is true for home sellers now more than anytime in recent history. Today’s buyers have certain expectations that must be met in order to obtain an offer. Among them, the price must be fair, the house must be in very good to excellent condition, and the home must meet their needs AND wants. Nationally, this is a tremendous change from a few years ago. While not as pronounced, the change is noticeable here in the Louisville real estate market as well.

Depending on where you live in the Louisville area, your property will be competing with as many as 2 times the number of homes for sale as it would have if you sold 2 years ago. This means that if there were 10 similar properties in 2006, there could be 20 now. If all of the houses were identical, the odds of a buyer selecting your home would have fallen from 10% to 5%. Fortunately, all homes are not identical and, even more beneficially, you can help control whether your house will sell.

Selling a home is about creating emotion and reinforcing it with logic. To be successful, you and your real estate agent must work together as a team. If each of you takes care of your responsibilities, the whole process will be rewarding for everyone involved (buyer, seller, and agent). A good agent will make sure that the property is listed at a fair price and will provide exposure so that other agents and interested buyers can find your house easily. A very good realtor will make recommendations for updating or staging your house before it goes on the market. The rest is up to you.

When a prospective buyer comes to your house, will they see an overgrown yard, deteriorating shutters, and a broken down fence? If so, why do you think they would even come in the front door? Once inside, will they find a clean, clutter-free, and well-kept home or will they see dishes on the counter, dirty clothes on the floor, walls in need of painting, etc? If it is the latter, why do you think that they will make an offer? You must make the buyer(s) feel as though they WANT to live in this home. If you don’t, someone else will.

You have but one opportunity to create this emotion, are you ready?

Are you sure?

As always, I am here to help.

Louisville Real Estate: By the Numbers

2008-02-11T13:54:00.000-05:00

The following data is a compilation of single family homes listed, pending and sold in the Louisville Metro Area for the previous week. Additionally, 4-5 areas are featured each week to provide a more in-depth look at true 'local' conditions.

Week of (2/3/08)

New Listings: 533
Pending Contracts: 261
Sales Completed: 128
Current Active (2/11/08): 8,136

Featured Areas

Area 2: Butchertown, Highlands, Germantown
New Listings: 23
Pending Contracts: 25
Sales Completed: 8
Current Active (2/11/08): 272

Area 6: Beuchel, Highview, Okolona, Fern Creek
New Listings: 77
Pending Contracts: 23
Sales Completed: 11
Current Active (2/11/08): 781

Area 11: Bullitt County
New Listings: 43
Pending Contracts: 20
Sales Completed: 8
Current Active (2/11/08): 597

Area 21: South Oldham County
New Listings: 17
Pending Contracts: 5
Sales Completed: 6
Current Active (2/11/08): 279