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Louisville Real Estate Good and the bad
While the Louisville real estate market was spared the big spikes and dips that other markets had with the housing boom, Louisville home sellers have had some difficulties. People in Kentucky are hoping for any real estate market upswing.
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Real estate sales in Louisville Kentucky were at the peak in 2004, 2005, 2006 and 2007 with more than 10,000 houses selling annually during those years. Then in 2008 the year got off to a really slow start, so when spring and summer got here, which is when sales often pick up, the number of sales did not increase to usual summer levels. Following that during the cold months of 2009, the amount of houses closed each month was simply a quarter of the amount selling in the summer months of 2007. Then your tax credits started encouraging individuals to purchase real estate again, and also the sales rebounded. This year and 2011 sales were steady. In 2008, 2009, and 2010 around 8000 houses sold each year in Louisville. Although the market went through good and the bad in quantity of units sold, the average house sale has ranged between $157,705 - $167,065 in most years from 2008-2011. Louisville realty consultants predict 2012 will not be drastically different regarding the quantity of properties for sale in Louisville or even the average sale price.
There's great news to be reported also. The Louisville area has usually been a very affordable spot to reside in regards to the median income of local jobs. And also the other good news is that there will always be lots of homes to select from. On average, about 11% from the homes for sale in Louisville sell every month, leaving 89% still available to buy.
To improve the risk of a home selling, some home sellers are becoming new carpet, color and new faucets and handles to set their houses apart from the competition for home buyers. In the earlier years when houses sold in fewer days on market, buyers were less picky concerning the appearance of the home. They would purchase a property with outdated paint or plumbing fixtures and then suggest the changes after buying the home. However with a lot of homes to select from now, and properties being on the marketplace longer, buyers expect a home that is move in ready. Most real estate professionals agree that updated properties sell quicker than similar houses that are outdated. Still, the most influential element is price and competition which fluctuates by neighborhood. If the amount of properties for sale in Louisville is greater than demand, price is going to be affected. Therefore when attempting to sell a house inside a certain neighborhood, the amount of houses currently available and also the quantity of properties bought from an area ought to be tracked frequently and changes made to the price of the house as needed. Houses that are priced right for the region will sell in any Louisville real estate market.
