Kentucky’s largest city, Louisville, is much more than horse racing and baseball bats, it’s the United States’ 27th largest metro area, and it has its perks. For instance, it draws a lot of job opportunities due to its sheer size, adequate health care and affordable housing and the climate still possesses its quaint Southern charm. If you’re considering purchasing some real estate, you need to get a grip on a few facts to help you along in purchasing your house.
Strong Housing Market with Median Sales Price
While other housing markets across the US went through tribulations and horrible downturns, Louisville, Kentucky real estate market has coursed through and fared well. Louisville’s market is ideal for buyers presently, in fact, Louisville was named the 6th best place to live in due to the affordable housing. Residents paying less than 30% of their income on housing expenses and local homes are appreciating in value considerably, albeit at a slower rate. Nonetheless, the strong economy of Louisville, coupled with affordable housing that is readily available, is expected to maintain the healthy housing market effortlessly.
The median sales price in the real estate market never ballooned to Louisville, Kentucky and as a result, it did not experience a drastic ‘bust’ like other areas. The median sales can be attributed to low rates of foreclosures in Kentucky.
The Status of Real Estate Market in Louisville Today
The present real estate market brings out challenges that are straightforward, although the occasional few new twists arise. However, if I were to describe the Louisville real estate market, ‘Fortunate’ would be the best word to use. Since Louisville, real estate market has weathered the stormy economic situations impressively.
The most significant obstacles in the real estate market are lack of potential buyers. Traditionally, mortgage lenders were sufficiently liberal, and as a result, a real estate boom was fueled. With time, the moneylenders grasped the absurdity in their policies and considered tightening lending rules shifting the pool towards zero almost overnight. The lack of potential buyers coupled with a multitude of sellers setting up their homes for sale by taking advantage of the free-flowing real estate market led to an inflated inventory of home sales.
The market was further dampened, and sellers have been presented with challenges, like ensuring their home is competitively priced and is maintained to attract potential buyers.
Potential Home Buyers are in a Great Position
Home buyers lurk in a favorable position, all the way towards the near future. Cautious procedures and practical financial expectations, present unusual purchasing opportunities for home buyers.
Buyers, however, still have to deal with the fact that several key areas in Louisville are robust for real estate sales, and that homes in their best condition and those located in prime areas, still sell reasonably at good prices in relatively short times. Simply put, you need to work with a Brandon Priest Louisville KY real estate agent who has skillful knowledge in the area you are shopping for. This real estate agent will help to find you the home you have been looking for by correctly interpreting the market conditions.