I was reading an article today about home affordability around the country where they looked at the price of 4 bedroom, 2 bath homes.

The survey was conducted by Coldwell Banker Real Estate and the results were interesting.  California was the most expensive, but that shouldn't suprise anyone.  Upstate New York was the most affordable; that was not what I expected.  The average listing price of a home in Louisville was about $197,600, as indicated by the survey, which ranked the market as the 14th most affordable among 27 Kentucky markets sureyed.

The most affordable market in Kentucky was Somerset ($151,000), and then Franklin ($151,600) and Radcliff ($154,300).

The least affrodable or most expensive was La Grange, with an average listing price of $269,400 out of the 27 markets surveyed.  That was followed by Versailles ($256,200), Elizabethtown ($237,376) and Lexington ($231,000).

The surveyed showed the U.S. average listing was about $293,000 for a similar home.

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 Daily Real Estate News  |  May 18, 2011  |    Share
High Gas Prices Trigger Changes in Buyer Behavior 
The rise in gas prices is influencing buyer decisions as they shop for a new home, causing more buyers to make short commutes and home offices a top priority, according to a new Coldwell Banker survey of more than 1,000 of its real estate professionals about buyer trends. 

Seventy-five percent of the real estate professionals surveyed say the spike in gas prices is influencing their clients’ decisions on where to live. What’s more, if gas prices continue to increase, 93 percent predict that even more buyers will choose to live somewhere closer to their work. 

Gas prices are topping $4 a gallon and higher, and are up about 30 percent over last year, which is starting to put a dent in many Americans’ pocketbook.

More real estate professionals also report that the rise in gas prices is prompting more buyers to look for homes that will allow them to work-from-home. Indeed, 77 percent of those surveyed say that more of their buyers are showing an interest in having a home office compared to five years ago.

Gas prices also seem to be spiking a renewed interest in urban living. More than half of real estate professionals surveyed say they are seeing more buyers wanting to target homes in urban areas compared to five years ago, citing shorter commute times, being able to walk to more places, and being near public transportation as the most likely reasons for the urban-area migration. 

More buyers are also choosing homes closer to shops and services due to the increase in gas prices, according to the survey. 

Source: “Coldwell Banker Real Estate Survey Finds Spike in Gas Prices Is Impacting Where Home Buyers Choose to Live,”...

 Louisville Area Statistics: It is interesting as we typically start to see a reduction in listings this time of the year.  Currently there are about 10,000 active listings.  That is almost twice what it was just 4 years ago and that is when the market was hot.  If you're going to list your home today, you have to be ready if your expectation is to get top dollar.  There are many home right now that are listing below or being reduced to below what the owner originally paid and that is across the Metro.

LISTINGS	Residential (Single Family & Condo)
Oct. 4-10 =	504
Last Year =	573
SOLDS
Sept. 26-Oct. 2 =	240
Last Year =	350

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Owning Now Cheaper than Renting in 18 Major Markets

 Yesterday I attended a great presentation at the Olmsted in Louisville hosted by Fifth Third Lending.  There were a couple of speakers, the first being a Real Estate trainer with a message on how to keep your clients by making their transaction easy...Easy-fy your transaction and the experience for your clients and they will come back.  He was quite entertaining and very informative.

The second speaker was Frank E. Northaft, Chief Economist with Freddie Mac.  As most economist do, he had a computer full of slides to illustrate his points about the economy.  I wont go into details here; there are many blogs for those of you who really understand all that and want to read about it.  The overall message was a positive one; things are getting better.  

Mr. Northaft showed data that went back several years, but also some projections from the FOMC (Federal Open Market Committee).  It was a little bright spot in his presentation, but it's great that those who run our Federal Reserve Banks and help shape our monetary policy feel that we are moving slowly, but still moving forward.  

With the lowest interest rates in almost 60 years and prices coming down or holding steady, it is a great time to buy a home or investment property.  Unless you're concerned about your employment prospects in the next year or two, you should be looking.  

You can search our site for some homes that look good to you, but sit down with one of our agents and talk to them about your ideas and your needs and let them  explain the market and help get you qualified.  Let them do the work and make it EASY.


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Statistics Residential (Single Family & Condo)

LISTINGS
August 9 - 15, 2010   567
Last Year                  561
 
SOLDS
August 1 - 7, 2010    192
Last Year                 243...

Current Area Statistics, two of which are ours at Cornerstone Group Realtors; 1608 Eastern Parkway and 3320 Bardstown Road unit 127.   Call to see these or any other area listing or search using our search tools.

Single Family & Condo

LISTINGS  Residential July 19 - 25, 2010  540
Last Year                                               565
 
SOLDS
July 11 - 17, 2010                                   212
Last Year                                               276
 

 
Sold information reported in these statistics is based on the date the sale was entered into the MLS system.  MLS rules require that the listing broker report properties as sold within 48 hours of closing.  Please assist us in making sure our statistical information is accurate by properly recording your property status in a timely manner.

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Here are the latest Listing and Solds stats for the Louisville Metro Area.  Listing were down a bit for the first couple of weeks in July.  The last stats posted show listings almost even.  Almost two months after the Tax Credits have ended and we are still posting higher sales than last year; that is encouraging. 

We have been less dramatically affected by falling values, but they have declined in some areas.  Some are less willing to list if they don't have to move.  The upside? You're benefiting from lower prices on the buy side of your transactions.  I just sold a condo for a client and although they didn't do as well because of the market, they saved when they purchased. 

Sellers also need to remember is that it's a business transactions; you must look at the numbers and try to let go of the emotional aspects of owning your home.  I asked a client to make some changes in his home just before we listed to help it show better and he responded that it was no longer his house; it was for sale.  That may sound cold, but it helps to have a more detached attitude so as not get too emotional and loose out on a serious offer that could work for you and your financial goals just because you couldn't let go.



Statistics (Single Family & Condo)
Residential
LISTINGS
July 5-11, 2010  510
Last Year          633
 
SOLDS
June 27 - July 3, 2010  355
Last Year                   335...

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