Louisville Real Estate News : Kentucky: Louisville

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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The St James Court Art Show begins Friday Oct 2^nd and will continue through Sunday October 4^th.  This year marks the 53^rd time that artists have gathered for the annual event that was voted Best Art Show in the Nation during 3 of the last 6 years. 

This year, over 750 artists from throughout North America will be displaying their works for an expected 300,000 patrons.  In fact, more people come to Louisville for this event than for the Kentucky Derby.  Categories include Clay, Glass, Leather, Jewelry, Metal, Mixed Media 3D, Photography, Sculpture, Wood, and several others.

The show is held in the heart of Old Louisville.  Booths will be setup in St James Court as well as along Third St, Fourth St, and Magnolia Ave.  Official participants will be proudly displaying the 2009 Art Show Exhibitor Booth Cards and wearing similar buttons.  Be aware that some homeowners allow non-participants to setup in their yards around the event.

Old Louisville neighborhood associations use proceeds from the show for the benefit of the local community.  Beautification and restoration projects are completed as well as other philanthropic endeavors.

Hours: 

• Fri - 10a-6p
• Sat - 10a-6p
• Sun - 10a-5p

For more information, go to http://www.stjamescourtartshow.com

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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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Louisville real estate conditions are so fluid I considered adding a time stamp in the title.  Month-to-month variances in each area can be huge and I expect it to get more interesting as the year ends and the $8000 first time home buyer credit nears its expiration date.  I'd really like to tell you the water is fine and everyone should jump in the real estate pool, but you really need...

The Straight Truth

The bottom is behind us.  That being said, we are still in a trough and the recovery will not be quick.  Lending standards and appraisal standards have and will continue to hamper growth.  In typical fashion, the fallout from the practices that lead to last fall's meltdown caused overreaction.  The elimination of seller-funded down payment assistance programs and 100% financing coupled with tightened credit scores has removed 20-30% of buyers from the market.  Many of them would make good homeowners, but will have to wait for another year or so.

The $8000 tax credit and 5-6% interest rates have been beneficial.  Early this year, investors and first-time home buyers were the main market players. The credit drove interest and inspired confidence in buyers.  As a result areas like PRP, Okolona, and Valley Station bottomed a little sooner.  Several buyers were actually surprised at how much they could afford because of low rates.

We have just recently started to see a trickle-up effect.  J-Town, Fern Creek (Area 7), Middletown (Area 8), and Anchorage (Area 9) are seeing more activity.  That being said, Louisville homes that are even slightly overpriced are just languishing.  Sellers who want to test the market are receiving 'F's and those who 'know what their homes are worth and refuse to give it away' are finding that they are going to get to live in said home for the foreseeable future.  

As proof that real estate is hyper-local, the Highlands (Area 2) and St Matth

ews (Area 3) were nearly immune from any declines in price.  In fact, both areas saw continued appreciation despite a slight decline in sales.  At the same time sales in a few select neighborhoods were 20-40% foreclosures

Unemployment in Louisville continues to be high, but appears to have peaked.  Major corporations like Ford, GE, Yum Brands and UPS have reaffirmed their commitment to the area and some are hiring (although none are likely to replace the full complement of workers laid off).  The Norton-Anthem spat may even get resolved and bring more stability to the large medical workforce. 

Supply is also greatly reduced.  Many would-be sellers are waiting out the storm and fewer homes are on the market.  These shadow-sellers have simply decided they don't need to sell and therefore aren't going to list their home.  For some this is a good decision, for others it is not.  I sold my personal home in 13 days and traded-up. So, it can be done.

All of this boils down to a few simple realities.  Overall demand is down because fewer buyers have the resources to buy a home.   The blow is being lessened by good prices, great interest rates, tax incentives, and investor activity.  So far, the decreased demand has generally been countered by decreased supply and Louisville home values are essentially flat.

The next few months will be interesting.  Historically, Louisville home sales drop from this point until February.  Additional uncertainty is caused by the pending expiration/extension/enhancement of the tax credit.  If the balance described in the preceding paragraph can be maintained until spring, the recovery will be much smoother.  If demand falls off for any reason though, it will be a bumpy ride to say the least. 

If you want to buy or sell a Louisville home, call a real estate agent who can guide you through the process.  One absolute certainty is you need someone working for you who understands the market and won't sugarcoat or spin the truth.  Accurate analysis and timely insights are required for you to achieve your goals.  Consultations are free so call (502) 921-3989 now.

See Also

• Why Choosing the Right Agent Matter When Selling Your Home
• How to Sell a Louisville Home

--photo courtesy of makelessnoise 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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Things to do in Louisville

Tired of sitting at home?

Looking for something different or unique to do in Louisville?

Pick one or two events from this list and go have some fun!

F.A.T. Friday Trolley Hop

When: September 25

Where: Frankfort Avenue

What: A tour of dozens of galleries in the Frankfort Avenue art district. The event takes participants to several different art galleries, retail shops, and dining establishments located on Frankfort, Mellwood, and Story Avenues.

Louisville Irish Fest

When: September 25-27

Where: Bellarmine University

What: The Louisville Irish Fest is a celebration of Irish culture and heritage, featuring traditional Italian food, music, dancing, and, of course, beer.

The Bluegrass Balloon Festival

When: September 25-27

Where: Bowman Field

What: The Bluegrass Balloon Festival is Kentucky's largest hot air balloon race, even bigger than the Kentucky Derby Festival Balloon race. There are also a ton of free events and attractions for adults and children, including an art festival, balloon glow, kid's fun zone, beer and wine garden, live music, and an automobile and airplane show.

Captain's Quarters Regatta and Art Show

When: September 26-27

Where: Captain's Quarters Restaurant

What: Pull up your anchor and sail over to Captain's Quarters Restaurant at the end of September for the Captain's Quarters Regatta and Art Show. This event attracts more than 2000 people each year, including individuals from as many as four states and generally more than 200 artists.

Fall Antiques Market

When: September 27

Where: Locust Grove

What: The annual Fall Antiques Market brings professional antiques dealers from the South and Midwest to Louisville where they sell and display their products on the Locust Grove lawn. Though the show features primarily American country antiques, formal furniture, jewelry, and silverware will also be up for sale.

Taste of Louisville

When: September 29

Where: Crown Plaza Hotel

What: A Tasting Event sponsered by the Kentucky Restaurant Association.  Dozens of area restaurants and beverage producers will be on hand to show off their finest food and drink.

Waterfront Wednesday

When: September 30

Where: Waterfront Park

What: Waterfront Wednesdays are free concerts at Waterfront Park sponsored by 91.9 WFPK.

---Photo courtesy of The Pug Father 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 

Get Updates in a Reader

 Get Louisville Real Estate News by Email

Louisville Real Estate Market Report for Area 8 (40223, 40243, 40245)

This report analyzes property sales trends for Louisville homes over the last few months and versus the same time period last year.  The report includes number of Louisville homes sold, average listing price, average sales price, days on market (DOM), and current inventory as well as analysis for buyers and sellers.

Area 8 of the Louisville MLS covers homes for sale in Douglass Hills, Hurstbourne, Middletown as well as areas outside of the Gene Snyder expressway.  Zipcodes for this area include 40223, 40243, and 40245.  In addition to those already mentioned, some of the larger subdivisions in this area are Lake Forest, Locust Creek, Owl Creek and Polo Fields

See Also: Louisville Real Estate Map

Search for Louisville Homes

Louisville Real Estate Market Report

Area 7 of the Louisville MLS covers homes for sale in FernCreek, Hikes Point, and Jeffersontown (J-town).  Some of the larger subdivisions in this area are Breckenridge Meadows, Glenmary, Little Spring Farm, Orchard Lakes, Saratoga Springs and Saratoga Woods.

See Also: Louisville Real Estate Map

Search for Louisville Homes

Key Points

1. Home sales have definitely picked-up in this area of Louisville.  Through the first 3 months of the year, the number of homes sold was off by 40%.  That number is down to 8% now.  We are seeing the trickle-up effects of existing homeowners being able to trade-up once first time home buyers jump into the market.  The $8000 tax credit is certainly making a difference.    
2. For sellers, this is an indication that you can sell your Louisville home if you have a Louisville real estate agent who understands how to help you prepare, price, and promote your home.
3. Buyers should take note that selection is great.  As word spreads that buyers are actually taking advantage of the low interest rates, tax credits, etc, more sellers are putting their homes on the market.  If you want to live in this part of Louisville, you should certainly be able to find a home that meets your needs.  When you find a home that you really want, make a strong offer based on a comparative market analysis.  Homes are selling 3-5% below list price.  Low-balling someone with an offer of 90% or worse may well cost you the home. 

Additional Market Reports (July 09)

• Louisville Homes - Area 8 Douglass Hills, Hurstbourne, Middletown
• Bullitt County Homes
• Shepherdsville Homes 
• Mt Washington Homes 

First Time Home Buyer Tax Credits for Louisville Home Buyers

• Time is Running Out
• $4500 Down Payment Assistance - Get Down payment Assistance money through KHC.
• $8000 Tax Credit - Get an $8000 Tax Credit on your 2008 or 2009 Tax return when you buy a home.
• $8000 Tax Credit Amended - Find how how to use the Tax Credit for a portion of your downpayment

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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 

Get Updates in a Reader

 Get Louisville Real Estate News by Email

Louisville is 20th Best Place to Retire

Citing the addition of bike lanes on city streets, a thriving arts district, and a plethora of things to do downtown and by the river, Money Magazine ranked Louisville Kentucky in their Top 25 Best Places to Retire.  Rating criteria included housing affordability, 'bang for your buck',  and local ammenities.  Based on these requirements, it is obvious why Louisville is on the list. 

With average Louisville home prices hovering just over $150,000, residents can definitely focus more of their money on enjoying amenities the city has to offer.  Among the locations of interest were Louisville Slugger Field, the Muhammad Ali Museum, the Kentucky Museum of Art & Craft as well as  the 85-acre Louisville Waterfront Park.  For those unfamiliar with the city, Louisville also offers dozens of parks with biking and walking trails, several challenging private & municipal golf courses, and an abundance of shopping.  If you like to travel, Louisville airport is conveniently located at the Watterson Expressway and I-65. 

Considering relocating to Louisville?  Whether you are looking for a retirement home, just entering the workforce or somewhere in between, call (502-921-3989) or email me and I'll be glad to help.

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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

There has been a lot of speculation recently regarding the proposed continuation of or even extension of the $8000 tax credit.  In a recent post, one author even hypothesized that by foregoing the tax credit, homebuyers could actually save more money.  The rationale being that demand would sharply drop off and prices would follow.  This may be true in her area, but it is not true in Louisville.  

Jeff Belonger, one of the nation's top FHA experts and former Louisville resident, also disagrees.  In his detailed response below, he captures the problems with this reasoning.  In short, you are throwing away a sure thing for the hope of something better.  Ever heard the one about a Bird in Hand?  The risk certainly does not outweigh the meager rewards.

While you read Jeff's post, consider that the average home price in Louisville is around $150,000.  A $20,000 drop in prices would be more than 13% in lost value.  With the exception of select neighborhoods, Louisville home values didn't drop 13% at the lowest point in the market and aren't about to do so on December 1st.

Please remember, real estate is local.  Find an area expert who knows the market you are in and listen to him or her.  National news and out of area bloggers will only cost you money.

**Remember: Time is running out.

Louisville Information

Your questions are innocent.  They are well-intentioned.  In fact, they are normal.

What are the schools like?

Are there children in the neighborhood?

What is the crime rate?

My response may seem anything but normal.  In fact, it may seem a little idiotic. 

I can't answer that, but here's a website you can go to and find out.

If you are reading this, my response may be acceptable.  In fact, it might be welcome.  You can get all of your questions answered at your convenience.  You might even learn a few things you hadn't thought to ask.  On the other hand, the response is a bit dissatisfying when you are sitting beside me in the car. 

Before you write me off as a complete moron, please understand my reply is not due to lack of area expertise.  Instead, it is due to knowledge of the law.  Specifically, Fair Housing Law.  These well-intentioned edicts were put forth to prevent discrimination against the protected classes (race, color, religion, national origin, gender, familial status, and the disabled).  Intended or not, the consequence of the statutes is I am forbidden to answer even the most innocent of questions related to people not property.

If your questions about Louisville homes for sale involve market data, house values, community info, or directions to the nearest Lowe's, I can most certainly help.  But the only info you are getting out of me with respect to the human side of neighborhoods is this...

Schools

Jefferson County Public Schools (Louisville)

Bullitt County Public Schools (Shepherdsville / Mt Washington)

Oldham County Public Schools (PeWee Valley / Crestwood)

Demographics

ZipSkinny.com

US Census Bureau

Note: When using ZipSkinny, the default zip code for Louisville is 40243 (Middletown).  You can enter a different zip in the upper right hand corner.

Crime

http://www.louisvilleky.gov/metropolice

http://spotcrime.com/ky/louisville

Note:  The mapping function on the SpotCrime site is easier to use than the LMPD site. 

**Declaration of Indepence photo courtesy of Caveman 92233 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 

Get Updates in a Reader

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