The Monarch Group Real Estate Blog

Housing Market

The Upcoming Home Buyer Seminar!

Thinking about moving? Investing? Selling? Get insights into the current housing market and ask your questions to a panel of the industry's leading professionals. From start to finish, each step in the home buying process will be covered-from Financing to Closing and everything (and we mean EVERYTHING) in-between. Mark your calendars Saturday, March 7th, 2015 from 10a-12:00p at Kaden Towers located at 6106 Dutchmans Lane, Louisville KY 40205. Spaces are limited so reserve your spot today by calling 502-271-7771 or by email to Claire@ElizabethMonarchGroup.com

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Upcoming Home Buyer Seminar!

Thinking about moving? Investing? Selling? Get insights into the current housing market and ask your questions to a panel of the industry's leading professionals. From start to finish, each step in the home buying process will be covered-from Financing to Closing and everything (and we mean EVERYTHING) in-between. Mark your calendars MARCH 8, 2014 from 10a-12:30p at UofL's Shelby Campus located near the Shelbyville rd. and Hurstbourne Ln intersection. Spaces are limited so reserve your spot today by calling 502-855-8998 or by email to HomeBuyerSeminarLouisville@Gmail.com

 

Home Buyer Seminar March 8, 2014

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A look at the 2013 Real Estate Market

The 2013 Real Estate Market is in full swing! If you haven’t heard the news, this year is shaping up to be the best year in real estate since the market fell in 2007-2008.

Here’s some brief insight on how the year is shaping up:

  1. Demand is up, supply is down. What does this mean? Home prices are rising! According the National Association of Realtors, the median home price is up 10.1% for an average of $180,600.  Since interest rates are still historically low, buyers are acting fast to purchase their dream home.
  2. Speaking of interest rates… 2012 was a great year for the home loan borrower, and 2013 won’t be too bad either. Although interest rates are forecasted to rise in the next year, the rates are still lower than we’ve seen in previous “hot” markets.  According to Bankrate.com, rates are expected to fluctuate between 3.5% and 4%.
  3. We mentioned supply is down, and we mean way down.  The national listed inventory is down 22.5% from 2012.  Completed foreclosures have been decreasing for 16 straight months now.  With low interest rates and fast acting buyers, if you’ve considered selling your home you may want to act fast too!
  4. Even though foreclosures have slowed, they’re still in the works.  According to Corelogic, the overall number of distressed homes is down to about 2.3 million. Yes, the number is down but the reason is due to processing delays. Wonder why this is good news? Two words: Property Value.  A “pause” in foreclosed homes being purchased gives property value a chance to battle back. More good news for sellers!
  5. New Construction is on the Rise! And we mean that literally. New building permits for single-family homes and condominiums are 27% from last year. According to the Census Bureau, new home sales are up 15.3% since last year and the prices are rising quicker than existing homes.  If buyers...

Thinking About Purchasing A Second Home?

Are you thinking about purchasing a river or lake property?  Dreaming of that cabin on the lake? Prices are good and mortgage rates are low, so its a good time to be thinking about that vacation getaway.

According to the National Association of REALTORS® (NAR), sales of investment and vacation homes jumped in 2011, with the combined marketshare rising to the highest level since 2005.

NAR’s 2012 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2011, showed vacation-home sales rose 7 percent to 502,000.

Here are some interesting numbers, according to the 2012 NAR survey:

• In 2011, 42 percent of vacation-home buyers paid in cash, and 39 percent purchased distressed properties.


• Vacation-home sales accounted for 11 percent of all transactions in 2011, up from 10 percent in 2010.


• The typical vacation-home buyer was 50 years old, with a median household income of $88,600.


• Purchased vacation homes were located a median of 305 miles from the buyer’s primary residence. Thirty-five percent of vacation homes were within 100 miles, and 37 percent were more than 500 miles.


• Typical buyers plan to own their recreational property for a median of 10 years.

So are you thinking of Rough River, Nolin Lake, Lake Cumberland or Barren River in Kentucky?  These are great places to purchase your second home. 

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July 2012 Proves Stronger than July 2011

Are you ready for some good news? I hope so, because here it is! The sales numbers are in for July 2012 and show improvement compared to July 2011.

There were 1,196 homes sold in the Louisville Area last month, which is up from 1,048 in July 2011. An increase of 148 homes may seem small to some but any increase is worth taking after recent years. Homes always sold quicker in July 2012 compared to July 2011 with an average of 80 days on the market, down four days from the previous year.

Although July 2012 saw more sales in a shorter amount of days, prices did take a hit. In July 2011 the average sales price was $179,612 with a median sales price of $145,000. Those numbers fell in July 2012 to an average sales price of $177,871 with a median sales price of $144,500.

For a more in-depth look at the housing market in Louisville, contact the Elizabeth Monarch Group for a free market analysis.

 

*Kentucky Housing Statistics provided by the Kentucky Association of Realtors*

These statistics should represent residential sales of houses, condos and townhomes in your board area.
For this report, please use statistics for single-family residential sales only. Do not include lots or
commercial properties.

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