Greater Louisville Real Estate Blog

Another Inventory Shortage May Be On The Horizon

It was just a few years ago that the US was in the midst of the worst inventory shortage in history, creating fierce competition for available properties—and driving up prices in the process. And while the market has become more buyer friendly in recent months, some experts predict another inventory shortage may be on the horizon.

According to a recent article from realtor.com, new home listings are either declining or staying the same in markets across the country. If that trend continues, it could mean another historic inventory shortage. “It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we’ve ever seen,” said Danielle Hale, realtor.com’s chief economist, in the article. “If the trend we’re...

Gen Z Set To Enter The Housing Market In A Major Way

In generations past, many young people have waited to purchase real estate—but Gen Z is having none of that.

According to the 2019 Spring Homebuyers Insight Report from Bank of America, 59% of people surveyed between the ages of 18 and 23 (also known as Gen Z) said they plan to buy a home within the next five years, which would make them homeowners before the age of 30. And while many Gen Z-ers will rely at least in part on financial support from their families (36% said their parents or other family members would provide financial health), more than half have already started saving for their home.

The Takeaway:

Generation Z is poised to become one of the youngest generation of homeowners in history. So whether you just graduated from college (or high school!), it’s never too early to start saving to make your dream of homeownership a reality....

Do You Need A Real Estate Agent When Buying New Construction?

Do You Need A Real Estate Agent When Buying New Construction?

If you consider buying a new construction home, there’s a good chance you’ll question whether or not you even need to use a real estate agent.

You might even wonder if there’s an advantage to not using a real estate agent…perhaps thinking you can get a lower price, or more upgrades thrown in, if the builder isn’t paying a real estate agent their commission.

Or, you just might not give it any thought whatsoever, and stumble into buying your new construction home, without having your own real estate agent to represent you.

So, do you need to use a real estate agent when buying new construction?

Technically? No.

Should you? Yes.

Beyond Just Signing A Little Paperwork

One reason people question whether an agent is necessary, is because many tend to see it as an agent just signing some paperwork so they can get a commission....

9 Houseplants That Clean The Air And Are Virtually Impossible To Kill

9 Houseplants That Clean The Air And Are Virtually Impossible To Kill

Scientists say the world could use some serious clean up. Despite this, it seems like some of the population isn’t ready to give lifestyle choices that contribute to the mess. The good news is, when it comes to the quality of your living space, there are small changes that let you work together with nature to clean up the air toxins in your home you never knew you were breathing in.

That’s right. The air in your home is likely more toxic than the air outside of it, especially if there is any stagnancy. There can be toxic chemicals like formaldehyde (yes, that’s basically embalming fluid), benzene, and a host of other nasty inhalants. There are even some natural elements that can cause illness when they build up in a home, like pollen, bacteria, mold, and various outdoor contaminants.

Not to worry, nature has provided some green friends that will not only lighten up the mood of the house, but also...

Know This Before You Do Any Home Improvements

Know This Before You Do Any Home Improvements

When you do any home improvement, you probably figure it’s also going to improve the value of your home. And it probably will improve the value… but, probably not as much as it cost you.

In other words, if you spend $1,000 (for example), it probably won’t improve the value by $1,000 or more. Statistically speaking, it will probably only improve the value by a fraction of that amount.

So, the question becomes…

Is it even worth doing any home improvements!?

Not to sound wishy-washy, but the answer is…

Yes and no. It depends on a lot of factors. We’ll touch on that more at the end of the article.

But for now, let’s just take a look at the top 7 home improvements, according to the 2017 cost versus value report to start making some sense of it all.

1. Insulation

...

4 Shows Every Homeowner Should Record

4 Shows Every Homeowner Should Record

Home improvement shows have exploded in popularity in the last few years, and while you certainly don’t want to spend 24 hours a day in front of the tube, TV can be a helpful and educational experience for homeowners – when you know the right shows to watch.

Here are 4 shows every homeowner should DVR:

1. House Hunters

While there’s no arguing that this show is heavily staged, House Hunters is both entertaining and gives insight into property values in markets across the US (and across the globe on the spin-off series House Hunters: International).

On the show, potential homeowners give their wish list and budget to their real estate agent, who then shows them three properties within their area. Typically, each property meets some of the criteria but is lacking in others (for...

Nearly ¼ Of Homeowners Purchase Property With Less Than 5% Down

Nearly ¼ Of Homeowners Purchase Property With Less Than 5% Down

A lot of potential home buyers think that in order to successfully buy property they need to save up a sizeable down payment of 20% of the purchase price—and that until they have that down payment in the bank they can’t transition to homeownership.

But the “20% down payment myth” just isn’t true. Thanks to a variety of lending options, there are plenty of buyers out there purchasing property with far less than 20% down.

According to recent research from Zillow, 24.2% of buyers put down 5% or less when purchasing their homes. That’s nearly one in four buyers on the market!

The Takeaway

According to this data, it’s not only possible to...

Selling Your Home? These Are The Features Homeowners Are Looking For

Selling Your Home? These Are The Features Homeowners Are Looking For

When potential buyers hit the market, they typically have a list of things they want and need in their new home. As a seller, if you can anticipate those wants and needs, it puts you in a better position to successfully sell your home. And, thanks to a new survey, anticipating those wants and needs just got easier.

According to a recent survey from home services company Porch, home price (77%) and home size (60%) topped the list of features homebuyers look for in a new home. But those aren’t the only features potential buyers are looking for! There are a number of features homebuyers look for in a home that you can control as a seller, including home features (50%) and curb appeal (14%).

The Takeaway...

6 Must-Haves Every Homeowner Needs For A Safe Home

6 Must-Haves Every Homeowner Needs For A Safe Home

When it comes to your home, you want to make sure you have everything on hand you need to create a safe environment for you and your family.

But what exactly do you need to make your home safe?

Here are 6 must-haves you need to ensure your home is safe for your family and yourself:

1. Smoke and carbon monoxide detector

A smoke and carbon monoxide detector is a must to keep you and your family safe. You can either buy each detector separately or purchase a model that detects both. Either way, you need to make sure that you have a detector monitoring the air in your home for both smoke and carbon monoxide at all time.

You should have at least one smoke and carbon monoxide detector on each level of your home (so, for example, one in the basement, one in the ground floor, one upstairs, and one in the attic). Test them regularly and replace the batteries at least twice a year to ensure they’re working...

Why Do Houses “Expire”?

Why Do Houses “Expire”?

You’ve seen this happen…

A house sits on the market forever, and it doesn’t get sold.

You see an agent’s for sale sign sitting in the yard for months and months. And then, all of a sudden, another one appears.

Sometimes, the new agent will get the house sold.

But sometimes, no matter how many different agents list the house, it just never sells.

You’ve been watching that house “expire”.

That is industry-speak for when a house doesn’t get sold during the time frame an owner has a listing contract with a particular real estate agent.

When a listing expires, it’s not uncommon for the owner to hire someone new to list their home…figuring the first real estate agent just didn’t have what it takes to get their home sold.

But, it usually isn’t the agent that was the problem. There are a few common problems that cause a house to expire....