Louisville Real Estate News : March 2009

Bullitt County Real Estate Market Report- This report analyzes property sales trends for Bullitt County homes over the last few months and versus the same time period last year.  The report includes number of homes sold, average listing price, average sales price, days on market (DOM), and current inventory.

Bullitt County encompasses the primary cities of Shepherdsville, Mt Washington, and Lebanon Junction.  Home sales from the smaller cities of Brooks, Fox Chase, Hebron Estates, Hillview, Hunter's Hollow, Pioneer Village and Zoneton are also included, but these are generally listed as Shepherdsville homes in the MLS.

Comments and Analysis

The Good.  List price and Sales price are on par with where they were last year (no significant decline).  Also the List Price to Sales Price ratio is very strong at 98%.

The Bad.  We see a significant decline in the number of Bullitt County homes sold so far this year versus the same time last year.  Considering the fact that many people were without travel for days upon end, this may be understandable.  However, it will an important stat to watch over the next few months.  One bright note is that 92 homes are currently pending.  Even if 75% get to closing, March will be a strong month.

The Ugly. While the drop in Sales Price over the last 4 years is not too significant, it points to 2 things.  First, Bullitt County home buyers are looking for value and purchasing at the lower end of the price range.  Second, sellers are not going to reap huge gains if they have owned their Bullitt County home for less than 4 years.  For the most part, individual neighborhoods are showing slight appreciation, but only the homes that are really ready to sell (see below) are moving.

Buyers

You still have a great opportunity to create your own success story and get a great deal on a Bullitt County Home.  The combination of historically low interest rates and flat prices means your payments are lower than they would have been last year.  At this point, first-time homebuyers are eligible for a $8000 tax credit. 

1. get serious,
2. get pre-approved, and
3. find a good Bullitt County Real Estate agent.

Sellers

If you are serious about selling your home, now is the time to get it on the market.  Buyers are definitely out and about.  If you want to sell, you need to

1. be realistic with your price,
2. prepare your house for sale, and
3. find an agent who can promote your Bullit County home properly.   

By following these 3 steps, I sold my personal home in 11 days last month.

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Bullitt County Real Estate agent please email me or call 502.921.3989.

I specialize in the following areas of the Metro Louisville Area: Prospect, Middletown, Jeffersontown (J-Town), Fern Creek, Okolona, Shepherdsville, Mt Washington, Hillview, Brooks and Pewee Valley.  Click the following links to learn more about Louisville and Bullitt County Real Estate or to Search for Bullitt County Homes 

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Continued from The Second Showing

We were thrilled to receive an offer as quickly as we did, but were shocked to see that it was for less than full price.  Don't these people know how great our house is?  What the heck are they thinking?  This is insulting!  I don't even want to respond.  

Well....maybe it wasn't that bad.  Besides, I always recommend countering an offer no matter how ludicrous the initial offer.  In this case, the buyers were not too far from the number my wife and I expected.  After a couple passes back and forth, we were able to come to a price that was acceptable to both sides. 

Despite having a signed contract, it was still not time to celebrate.  In Kentucky, it is very easy for a buyer to walk away from a deal based on home inspection results.  The buyer can ask for any and all repairs/updates.  At this point, negotiations open up again and unless both parties agree, the deal is cancelled.  Knowing this we were nervous while waiting for the results.

Unfortunately, the radon level in our basement can back at 4.1.  This is 0.1 higher than the EPA recommended range for mitigation.  While it is important to note that the EPA standard is based on multiple short-term tests, cost and time factors generally prevent more than once test while a home is under contract.   

Once the buyers submitted their repair request (including radon mitigation) we had 3 choices

1. Complete all repairs as requested
2. Negotiate which repairs would be completed and who would pay for each
3. Refuse to complete any repairs

Because we were comfortable in our position, we chose option 2.  After a few tense days, we once again reached a consensus with the buyers!

Woohoo! We can finally relax a little.  Two potential roadblocks are left (appraisal, underwriting), but I feel confident in the appraisal and the buyers are pre-approved.  It's never done until the papers are signed and the keys are exchanged, but things are looking pretty good.  Now, where the heck are we going to live?

 Next... The Closing

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Erik Hitzelberger is a licensed real estate agent with RE/MAX Alliance in Louisville. If you need a Bullitt County Real Estate agent please email me or call 502.921.3989.

I specialize in the following areas of the Metro Louisville Area: Jeffersontown (J-Town), Okolona, Fern Creek, Shepherdsville, Mt Washington, Hillview, Brooks and Pewee Valley.  Click the following links to learn more about Louisville and Bullitt County Real Estate or Search for Shepherdsville Homes or Search the entire Louisville MLS.