With the approach of the most American of holidays, we consider what represents our country and the hopes and dreams people have here. As a recent survey by Integra Realty Resources show, 75% of non-homeowners in the study between the ages of 22 - 50 said they wanted to buy a home. Many said they were unable to take advantage of good home prices and low interest rates due to job uncertainly or inability to gather a down payment, but ownership was still their dream.
A recent circumstance made me wonder if there are enough available homes in Louisville to help people reach their dream. A couple weeks ago, I posted this on my Facebook:
Agents & Homeowners: I have two diff buyers ready to buy NOW - Highlands/Crescent/St Matts - 180-300K. We have seen everything on market. Both are just waiting for the right one. Let me know if you have anything coming up!!
As of July 2, 2012, we have 8,470 homes on the market, a decrease of 19.4% since last year at this time. GLARMLS said in May that there was about seven months of inventory in the area, a bit more than the desirable six months supply. Are we running out of good, saleable homes in Louisville?
On the face of it, the answer is "no," but the real question is "are the homes on the market a good match for the people who want to buy them?"
Is the price right? The median price is down about 4% for the area, so the median price is $143,900. In the area designated by GLARMLS, as Clifton /Crescent Hill /St Matthews, there are 348 homes for sales with an average price of $307,781 and a median price to $199,995, while in Butchertown/ Highlands/ Germantown, there are 371 home with an average price of $253,152 and median price of $169,500. Within the region and within different sections, prices vary, so not every home is affordable to every buyer.
Is the house right? Buyers look for homes that meet their criteria. Some homes may be too big or too small, lack desired amenities, or just not appeal to a particular buyer - even if they fall in the desired price range. Sellers try to make their property inviting based on what buyers tend to want, but home buying is an individual decision. Even if the price is right, buyers don't usually buy a home they hate or that lacks much of what they need.
A dwindling inventory of homes offers sellers a unique opportunity to step in to appeal to buyers looking for just what they want. Buyers need variety in price, style, amenities, and location, but only sellers can satisfy these needs and wants by releasing more homes to the market. This circumstance makes it a good time to consider selling your home in Louisville.
Just because you want to sell does not guarantee you a buyer. However, if you make appropriate repairs and price your home right, you may make a buyer very happy by offering just the right house. Your best bet is to talk to a RealtorÂ® about what you need to do and how prices are running in your neighborhood. The agent may even have a client who want just what you have. Case in point: refer back to my example above.
Home buying and selling are two halves of the American pie of homeownership! I'd like to help you serve it up. Call me, Jessica Gaines, of Louisville Gaines Real Estate if you're looking to buy or sell a home in the area.