I’m here with my son, Greg Sokoler, preparing for a photoshoot on a home that we’re going to list on the market in just a couple weeks. We have a few drones flying around ready to take some photos, but first, I want to share what’s going on in our real estate market in Louisville and Southern Indiana.
The Louisville real estate market is hotter than it has ever been. For homes priced between $100,000 to $450,000, there is less than a 3.2-month supply across the board. Anything under five months is considered a seller’s market.
The National Association of Realtors’ chief economist says, “The pool of interested buyers at the end of the year significantly outweigh what was available for sale.”
That was true nationally and here in Louisville.
According to The Wall Street Journal, the U.S. homeownership rate rose in 2017 for the first time in 13 years. We’re seeing more people who want to purchase a home rather than rent a home. Looking back at 2017, you can see the increase in homeownership across the United States. The driving force of all of this is the increase in rents across the country.
If you’re thinking about selling, now is the time to put your house on the market, whether you want to move up to a bigger house or downsize.
Zillow says, “For-sale inventory is stuck at a crisis level in some of the nation’s hottest housing markets . . . the number of homes for sale nationwide has declined on an annual basis for the past 35 straight months.” That includes Louisville.
Another driving force for people who want to buy a home right now is interest rates, which continue to go up. Right now, rates are hovering between 4.1% and 4.5%. Of course, rates vary depending on your credit rating and how much debt you have. Now is the time to sell and buy a new house before rates go up further.
Nationally, home prices are increasing. In the state of Kentucky, home prices are up more than 6% on average for many homes in Louisville.
According to the Finch Report, U.S. home prices are on track for a 5% nominal gain for the fourth consecutive year, returning national prices to their highest level since 2007.
As I mentioned earlier, the local absorption rate in the $100,000 to $450,000 price range is between one month and 3.2 months. If you are thinking of moving up to buy a bigger home, the $450,000 to $700,000 price range is bordering on a neutral or buyer’s market. Now is a great time to sell and buy a larger home in this price range because you can get a great deal.
I expect that the 2018 market will be on fire. If you are thinking about listing your home, now is the time to do it.
If you are thinking about selling your home, your listing photos are extremely important. My son Greg uses the Movi 5 with the Canon 5d Mark IV to create a smooth, elegant look. We also have two drones to provide overhead photos and video of the property. Check out the video to see some footage from our listings at 81 Warrior Rd and on Grape Arbor.
We also utilize 3-D photography so that the buyer can see the floorplan and “walk through” a dollhouse configuration of your home online. This technology goes a long way towards making an incredible impression on online buyers, which is why we use it on all of our listings at no extra cost to you. Greg does a really great job for us.
If you want more information about selling your home in the current market, just give me a call or send me an email. I would be happy to help you!