Given the preponderance of negative news about the Louisville, KY real estate market, plus the general sense we are in a buyer’s market, it can place buyers and sellers both at a disadvantage in searching for a home and negotiations.
While it is true we are in an economic downturn, and the housing industry played a role in the situation, the real estate market in Louisville has weathered the storm better than most areas. With the significant changes to mortgage lending requirements, plus an elevated inventory of homes for sale, Louisville does face long-term challenges and probably several years must pass before a certain stability returns to the real estate market.
Louisville’s real estate market presents a dynamic and potentially confusing challenge to potential buyers. Thorough market knowledge is the key. When searching for a new home in one area you may find depressed prices, excessive days on the market, and high rates of foreclosure leading you to take a relaxed approach to buying. Yet, a few streets over the market is robust, prices are steady or increasing, and the best homes sell in just weeks. Without adjusting your perceptions and buying strategies you could potentially miss out on the perfect home and become frustrated.
From a seller’s perspective, failing to honestly acknowledging the surrounding market, the condition of the home you are selling, and the location can cause you to overprice the home and fail to sell. One great reason to use a real estate agent when selling your home is that we visit a huge number of homes all of the time. We will be able to give you perspective on how your home competes in the marketplace. If you wish, you should consider actually going to some homes to see how your home compares in person. It can really help guide you in pricing.
The bottom line is… Louisville is great market to be in compared to many regions of the country presently. Certainly there are troubles, and certainly the market will continue to correct, but if you take the time to study the market data, employ competent professional guidance, and are prepared to act, both buyers and sellers can take advantage of this market and continue to conduct business.