Louisville Real Estate News

The Big East is the toughest conference in college basketball.  Every talking head with a microphone has been spouting this bit of conventional wisdom since the season tipped-off last fall.  Over time, the collective psyche of the public (or at least the gambling public) was influenced.  The perception of dominance was reflected in Vegas odds and in hundreds of thousands of tournament brackets.  But, perception met reality in over the last few weeks.  As anomalies turned into trends, recycling bins overflowed.     

Were the teams overmatched? Over-rated? Or did they simply believe the hype and forget the game is decided on the court?  It doesn’t matter.  Seven of eight entrants are now sitting at home, with only West Virginia representing the conference well.

When you prepare to sell your Louisville home, you need to take your competition seriously.  Winning in this market requires attention to detail on price, preparation and promotion.  If you don’t stack up in any one of these phases, it’s game over.   

Home buyers aren’t exempt from the hype either.  After being inundated for months with stories of others buying homes for pennies on the dollar, it’s easy to believe you can’t make an offer low enough.  In Louisville, this perception can lead to a Georgetown vs. Ohio reality check.  Louisville is the second most stable housing market in the country.  Many areas are appreciating and most home sellers are not giving their homes away.

How do you avoid a Big East style meltdown? 

You find a Louisville real estate agent who understands the market.  Someone who can provide you a scouting report and a game plan.  If you are listing your home, you need an agent who knows how to price your house and how to use the internet to market it for sale.  Buyers need an agent who not only understands their needs and wants, but who will prepare them to act when they find that perfect house.

When you’re ready to enter the Big Dance of real estate, call 502-921-3989 or email me.  Either way come to play and play to win.

**Photo courtesy of WNPR Connecticut.

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville 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 Louisville Homes 

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By now, most people are aware of the existence of the $8000 Tax Creditfor first-time home buyers.  But with the holidays, the start of UL and UK basketball and the media the way that it is, I suspect you are more likely to know Tiger Woods' mistress count than you are the details of the expanded Tax Credit Program.  In particular, when Congress extended the credit until April 30th, 2010, they also added a $6500 tax credit for existing homeowners. 

For those of you who were otherwise occupied, here's the answers to the questions now running through your head....

Am I eligible for the $6500 Tax Credit?

There are 3 Criteria you must meet to qualify

1. You must have used your current home as your principal residence for 5 consecutive years with the last 8.
2. To get the full credit as a single buyer, you need to make less than $125,000 annually, as a couple the limit is $225,000. Up to $145,000 and $245,000 respectively, you get a partial credit. 
3. You have to have a written contract by April 30, 2010 and close before July 1, 2010.

How does the Tax Credit work?

Like the $8000 Tax Credit this is a refundable credit that is applied to your tax return.  After you close on the home, you can apply it to your 2009 or 2010 return.  Note that your favorite word in the preceding sentence is REFUNDABLE.  This means you get the money regardless of what you owe on your taxes! 

Do I have to repay the credit?

As long as you live in the house for 3 years, the answer is No!

SWEET! I'm eligible and I like free money, now what?

You need to get started right away especially if you plan to sell your current home before buying.  Interest rates are still phenomenally low and buyers are hitting the market in droves.  By getting a jump on the competition, you stand a very good chance of completing both selling your current home and buying a new one before the deadline.  Call me at 502-921-3989 to setup a Free Consultation.

I'm reaching for the phone.  Just out of curiosity, what was the final mistress count?

You really have more important things to worry about.  But, if it will help you focus, nowpublic.comhas is at 17.  A few are unconfirmed though.  Despite the initial rapid-fire rate at which they started to come out, it appears Wilt Chamberlin's record will stand.  Back to reality.  Call 502-921-3989 now. 

Photo courtesy of aresauburn.

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville 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 Louisville Homes 

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Imagine my surprise to receive the following reply to my emailed request for showing instructions...

I apologize for this automatic reply to your email.

 To control spam, I now allow incoming messages only from senders I have approved beforehand.

 If you would like to be added to my list of approved senders, please fill out the short request form (see link below). Once I approve you,....

The message went on to state the benefits of me completing the form and assured me I would only have to do this once.

Somewhat stunned, I decided that once was too often to deal with this foolishness.  So, I called first thing in the morning.  No one answered.  Perhaps he also has a pre-approved call list??  Regardless, I left a message and finished scheduling appointments.   

Try This Before Selecting An Agent

If you are a prospective home buyer or seller, contact your real estate agent a couple of times before deciding to work with him or her.  Make sure they answer or reply in a reasonable amount of time.  You most likely have questions anyway.  Use this as an opportunity to kill 2 birds with one stone.  

Of course agents have closings, showings, training, and personal lives that may prevent us from answering the phone or responding immediately.  If you do not receive a response in a couple of hours be nervous, in 4 hours be skeptical, until the next day be fearful.  If it happens more than once, put down the phone and back away slowly.  Actually, run as fast as you can in the other direction.

If you are looking for a Louisville real estate agent who will answer and/or return your calls, texts, and emails, contact me immediately.

See Also:  Why Choosing the Right Agent Matter When Selling Your Home

Photo courtesy of vic15 on flickr

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville 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 Estateor to Search for Louisville Homes 

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Fear Not!

Tonight, a cancer survivor and former chicken-catcher stood side-by-side on a Hollywood stage and awaited the results of a vote that would change one of their lives forever.  Kevin Skinner and Barbara Padilla have vastly different backgrounds, but one very important commonality.  When an opportunity presented itself, they jumped at it. 

The easy route is to simply lament your lot in life and do nothing.  The problem, of course, with this strategy is that no possible good can come from it.  Without taking a chance, neither Kevin nor Barbara would have been on that stage.  Without taking a chance, you will never have the opportunity to realize your full potential. 

Do you want more business?

Are you afraid to knock on doors?  Are you hesitant to write a newsletter?  Are you reluctant to post to your blog?  Why?  What's the worst that can happen?  Someone might tell you to get the heck off of their property or toss your hard work into the garbage or chastise you for ending a sentence with a prepostion.  So what?  These aren't the people you are interested in dealing with anyway.  Besides, it's not like you have to stand in front of millions of Americans and smile while someone known as "The Hoff" makes fun of your background. 

Stepping out of your comfort zone is the only way to big successes.  This is true whether you are trying to start a company, to buy a home or to win America's Got Talent.  You may fail at times, but this will only make the rewards that much sweeter.  Remember, if you don't take a chance, you'll never be on that stage.

Good Luck!   

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville 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 Estateor to Search for Louisville Homes 

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A black lab ran up to me while I was working in my yard this morning.  This is odd for multitude of reasons.  Due to leash laws, neighborhood covenants, and general caring for the well-being of pets, this is the first dog I've seen running free.  Additionally, I would normally be at work.  I was only there because I wanted to mow / weed eat before it rained for the next few days.  

As I think back on the 15 minutes it took to get her home, my mind turned towards real estate (can't help it).  Surprisingly there were several parallels and good lessons to consider.

During our initial meeting, we were each a little cautious.  I took control, let her sniff my hand and checked her tags to determine where she belonged.  Grasping her collar, I called her by name and we started towards her house.

Lesson 1:  Buyers and Sellers are often unsure how to proceed. You are the expert. You know how to solve their problems.  Don't be timid.

Since she seemed to be following be willingly, I let go of her collar.  She walked along side for a moment and then bolted into someone else's backyard.  It took a few minutes, but I finally tracked her down.

Lesson 2: It takes time to build loyalty and trust especially when distractions abound.  Keep clients close.

We were four houses away when the skies opened up.  I learned a lot about her in the next few moments.  Clearly she was an inside dog as she did not like being wet.  In fact, she seemed afraid of the rain.  Two houses from safety, she froze under a tree and refused to go forward.  I told her about her home, that we were almost to the door and that things were going to be ok.  Nothing.  After coaxing, calling, encouraging, etc, I finally simply pulled hard enough to get her moving again.   

Lesson 3:  Fear often prevents clients from acting in their own best interests.  Educate then to help overcome their fears.  Be firm when necessary.

We finally made it to the door where a very relieved owner greeted us and confirmed the dog's fears.  I declined a ride back as I couldn't possibly get any wetter.  Just as I returned the rain stopped.  Taking advantage of the opportunity I finished running the weedeater.  As the garage door was closing, I heard thunder and the skies reopened.

Lesson 4:  Take what you will from this part, but as far as I'm concerned, good deeds do get noticed. 

**Photo licensed from emery_way via Creative Commons.

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville 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 Louisville Homes 

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By now, most everyone is at least aware of CFLs (Compact Fluorescent Lightbulbs).  Perhaps you are even aware of the tremendous energy savings these bulbs offer over traditional lamps.  If not, I've shown the potential savings below.  What you may not be aware of is the current promotion at Lowes. 

First, the math

The average home has 50 light bulbs.  (Hang on, finish reading and then go count)

The average bulb is on 4 hours per day. 

Assuming 60W bulbs, this equates to  50*4*365*60 = 4380 Kilowatt hours (KWH) of energy consumption per year. 

The average KWH costs $0.10. 

So, your light bulbs cost you $438 / year.

A CFL uses less than 1/4 of the wattage of traditional bulbs which equates to $109.50 per year. 

Converting your house to CFLs yields a savings of $328.50 per year.

Knowing this, I assume you are rushing to your cars and headed to the store.  But, it gets even better.  For a limited time, you can buy a 7-pack of 13W (same light output as a 60) bulbs for $9.98 and receive a gift card for $10.00 off of your next $50 purchase.  That's right, the net price is -$0.02! You get paid to save hundreds of dollars.

For those of you who like to throw money away, please send a little my way.  Better yet, do something useful with it and send it here.  For the rest of you, head to Lowes. 

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville 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 Estateor to Search for Louisville Homes 

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 Get Louisville Real Estate News by Email

$5000 Kentucky Tax Credit

Effective immediately, the state of Kentucky is offering all non-first time home buyers a $5000 tax credit for the purchase of a new home.  This is great news for builders and for existing home owners who are ready to take advantage of the current market conditions. 

The Details

1. This money is for buyers who are not eligible for the federal $8000 first time home buyer tax credit.
2. To qualify, you must purchase a new (never been occupied) home and use it as your principal residence.
3. You must purchase your new home between July 26, 2009 and July 25, 2010 OR before the funds run out.  (Please note, $25 Milllion has been allocated, but you do not want to wait too long.)
4. This is a NON-REFUNDABLE tax credit.  In other words, the amount you get back cannot exceed the amount you owe in Kentucky State Taxes. 
   
5. You must submit your application via fax within seven (7) days of your purchase (closing) date. 

Your Plan (Louisville and Bullitt County Residents)

For all of you who have want a piece of the action, this is what you should do immediately...

1) Call me so we can discuss listing your current home.  You really want to get your home on the market before $8000 tax credit expires.  At the same time, I'll review various new construction homes in the Louisville area and you can start to think about where you want to live.  

2) Call your lender.  Make sure there are no issues with your credit and get a pre-approval letter for a new home. 

3) Call your accountant to discuss the best way to maximize your return.  Remember, this is non-refundable.

Note: If you don't have a lender or an accountant, I have recommendations for you.

Final Thoughts

It is not going to get much better than this.  Interest rates remain at near historic lows.  In fact, there is a good chance today's rates are at least 1 whole point below your current rate.  The federal government is offering tax incentives for buyers to purchase your home.  Not only is the state government offering further assistance to these buyers, but also Kentucky is giving YOU money towards YOUR next home.  This is your personal bailout plan!  You can take advantage of it and find a new home for yourself and your family or you can stay put.  I encourage you to act.

Here's a couple of other things to think about...

• Why Choosing the Right Agent Matters When Selling your Louisville Home
• How Do Buyer's Agents Get Paid
  

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville 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, and Brooks.  Click the following links to learn more about Louisville and Bullitt County Real Estate or to Search for Louisville Homes 

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 Get Louisville Real Estate News by Email

Whenever I work around the house, my daughter wants to assist.  She particularly likes to paint.   On occasion, reason gives way and I allow her to do so.  While she means well, her "help" often costs me time if not time and money.  In general, making her happy is worth the additional effort and expense. 

Obviously, there are certain things where her help would be really detrimental. Where the complexity or intricacy of the work is too involved or dangerous, her help becomes a liability.  If I don't know how to do something, she may offer a suggestion, but it isn't generally advice I'm going to heed.  When I need help for these type projects, I want an expert.  

When you buy a house, everyone from your parents to your friends to your college roommate's Aunt Sally wants to help.  Some will merely offer advice.  Others will tell you ‘how to get the best deal.'  A few may even want to come with you so they can make sure you aren't getting hosed.  Like my daughter, they have great intentions.  Your loved ones want to make sure you are protected.  Unfortunately, their ‘help' can also be costly. 

Each home purchase or sale is a unique and complicated transaction where thousands of dollars can be lost easily.  Every market, city, and neighborhood is different.  Some homes are appreciating others are not.  You need to know which is which.  Termites and Radon are both problems in Louisville.  You need someone to recommend proper inspections.  The Kentucky Sales Contract is different from the one in Michigan or Texas or wherever the heck Aunt Sally lives.  You need someone to explain it properly.  Negotiations can be emotional.  You need someone on your side who will be logical.

In short, you need a local real estate expert.  You need someone who knows the Louisville market, who knows the issues facing buyers and sellers, and, most importantly, who knows how to overcome those issues while keeping money in your pocket.  There is a really good chance the person who is buying your home or selling you theirs has professional representation.  Do you really want to go at it alone?

I am not saying you should exclude anyone.  If Mom, Dad and your Verizon network want to tag along, great.  I have no doubt that they are intelligent people with keen insights.  But when it comes time to make a decision and move forward, please remember you hired me for my knowledge and expertise.  Don't let it go to waste or it just may cost you.

Speaking of saving money, check out these programs for first time home buyers...

• $4500 Down Payment Assistance
• $8000 Tax Credit

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville 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 Estateor to Search for Louisville Homes 

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 Get Louisville Real Estate News by Email  

In the last two months, I have shown almost 100 Louisville homes.  For the most part, I enjoy the experience.  I definitely like working with buyers and helping them figure out and then find exactly what they are looking for.  Additionally, I like touring homes and I love seeing the excitement on buyer's faces when they find ‘the one.'  In fact, the only thing that I really don't like about the process is completing automated feedback forms. 

First, let me state that I am a huge fan of technology and an even bigger fan of automated systems that add value and save time.  From my computer, I can and do order pizza, watch TV shows, have pictures of my kids developed and sent to their grandparents (or the nearest Wal-Mart), purchase supplies, pay bills, and a host of other things.  I consider these things beneficial because time is the resource I value most.  

Second, I am more than willing to speak with any agent who calls me seeking feedback.  I will answer as many questions as they have so long as the questions do not interfere with or lessen my client's position.  Often, the conversation can be valuable as it is a good way to resolve issues both real and perceived.  On a recent showing the buyers liked the house, but it backed up to a road and the 4' privacy fence was not sufficient to block the sight of traffic.  I mentioned this to the Listing Agent and she had the owners petition the HOA and get approval for an 8' fence along the back.  While we ultimately found something else, this action moved the property into the number 2 spot on the list.  I considered the conversation beneficial.          

On the other hand, if a listing agent is not willing to take the time to call, I am no longer willing to fill out ridiculous forms that appear in my email.  Further, I am certainly not going to print out a form, fill it out and fax it back to his/her office.  This has no benefit to me or my client and, frankly, I don't see how..

Is this house priced

• a)      Too high
• b)      Correctly
• c)      Too low

is very helpful to the listing agent or his/her client either.  If you don't know why I think the price is off or by how much, what are you going to do to remedy the problem?  Pointing to a form a saying, "this agent says your home is priced too high, we should therefore reduce it by $10,000" is neither logical nor helpful. 

In summary, do yourself and your clients a favor and STOP USING AUTOMATED FEEDBACK FORMS.  Just because a technology exists doesn't mean that it is good. 

If you are considering selling your Louisville home, I assure you that I will work hard to make sure your home is well prepared, priced, and promoted when it goes on the market.  However, I am not perfect.  Therefore, I do follow-up with buyer's agents to 1) make sure they do not have lingering questions and 2) that the price and condition of the home are appropriate.   Call me (502) 921-3989 and we'll discuss the other services that I offer as your Louisville Real Estate Agent.

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Erik Hitzelberger is a licensed real estate agent with RE/MAX Alliancein Louisville. If you need a Louisville 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 Estateor to Search for Louisville Homes.

In the last few weeks, I have sold 3 of my listings and have 1 under contract.  In addition, I have helped buyers find some great homes at very fair prices.  While area sales are still down compared to past years; homes that are Priced correctly, Prepared well and Promoted properly are selling.  Look at the stats below and decide for yourself whether the Louisville real estate market is healthy.

4-Bedroom Mt Washington Home

One of the best values in Mt Washington, this home also offered a finished basement, huge deck, and good-sized yard.  The buyers moved from a condo in Louisville and were thrilled to find something large enough to suit their needs at an affordable price.

• DOM 70
• SP/LP = 98.6%

5 Bedroom Home in Lagrange

Unfortunately, this Oldham County home hit the market about 2 weeks before the economic collapse last fall.  However, features such as the large kitchen, basement, outbuilding and acreage soon brought buyers back.  Ultimately, the sellers were rewarded for their patience.  After rejecting a couple of low-ball offer, they accepted a full-price offer at the end of January.  The contract took a little longer than normal, but the deal is now closed.

• DOM 139
• SP/LP = 97.8% to Original List Price

3 Bedroom Home in Shepherdsville

I was particularly interested in the sale of this house as it was my personal home.  I detailed the sale of  in previous posts, so I won't repeat myself here.  However, I assure you that my clients were happy with the results :).

• DOM: 11
• SP/LP = 96.8%

If you are ready to sell your home, make sure that you choose a listing agent who is well-versed in marketing Louisville homes online.  If you look at how I list my Louisville Homes, you'll see a diverse range of websites.  What you may not see is that I can track how many people click through a listing site to view the virtual tour.  One of the most important statistics is 30% of buyers who view the tour arrive there from a site not fed by the MLS. 

Remember, 87% of Buyers search for homes online, yet on the MLS....

• Over 20% only have 1 picture
• Over 80% do not have a Virtual Tour

Your home is your most-valued material possession.  Don't you want a Louisville real estate agent who will market it properly?

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Erik Hitzelberger is a licensed real estate agent with RE/MAX Alliance in Louisville. If you need a Louisville 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 to Search for Louisville Homes.