Our thoughts and prayers continue to be with those in Houston affected by Hurricane Harvey, as well as those in Florida and Puerto Rico bracing for an impact from Hurricane Irma. Although it’s a horrible tragedy, it did make me think of something important that we need to talk about if you’re a homeowner in Kentucky. But first, let’s check in on how the Louisville real estate market is doing.
Home sales continue to be steady. They are up 2.8% in the last year. Homes in good condition priced between $50,000 and $350,000 are selling very quickly. However, homes above $350,000 are starting to take longer and longer to sell. If you’ve been thinking about selling your home and moving up into a bigger, nicer one, this is the kind of market for you. You can sell high and buy low, which isn’t an opportunity that comes around often.
Now, back to that important thing I said we need to talk about. Did you know that we are actually sitting on the New Madrid Fault Line, which you can see in the video above? Just a few years ago, WDRB published a report that gained national attention about FEMA upgrading the concern for what could happen in our area if the fault should give way.
The cost of earthquake insurance is typically less than $100 per year and will protect you should the worst happen. A lot of people in Houston didn’t have flood insurance and are now left with nothing. I don’t want the same thing to happen to you. Contact your insurance agent today to make sure you’re covered in the event of an earthquake.
If you have any other questions for me or you’re thinking of buying or selling a home in Louisville, give us a call or send us an email. We look forward to hearing from you.