Follow the WDRB Newsroom, Reporters and Anchors.More >>
Tweets from the WDRB Newsroom, Reporters and Anchors.More >>
LOUISVILLE, Ky. (WDRB) --In late 2007 the U-S real estate bubble burst so hard that some parts of the country are still struggling to recover.
It was largest drop in existing home sales in 25 years. Homeowners watched values plummet and in some instances it made more sense to just walk away causing a national surge in foreclosures. The American economy was in a tailspin and for the first time in decades the American dream was in jeopardy. Fast forward to today and in Louisville the housing industry is a story of improvement.
"We did decide to go ahead and put it on the market and within about six days we had multiple offers on the home and we had multiple offers on the home and we were able to get it sold within that first six days," says buyer/seller Laura Rice.
Rice is still unpacking since moving into her new home off Lexington Road last week.
"We were told by the agents we met with that the market was hot, that there was not a lot of inventory and that homes were selling very rapidly," she says.
"We're seeing multiple offers again for the first time," says broker, Jacqueline Klein with Parker & Klein Real Estate.
Klein says the Louisville housing market is hot for sellers in particular.
A home sits on the market for an average of 120 days compared to 150 last quarter.
"It's a great time for sellers to put their house on the market, plenty of buyers out there and they're all kind of fighting for the opportunity to buy your house," she says.
But for buyers the news is good there too. Financing has loosened back up and loan interest rates remain low.
"As long as you have decent credit and the income to substantiate it you're able to get a loan and 30 to 45 day closing nothing crazy," says Klein.
Home values are inching back up. Prices have increased more than 4% from last quarter. If the real estate market is a key indicator about the health of the overall economy, it's a sign that the American dream is back within reach.
"I know that when home sell it drives all of the furniture sales, the carpet sales it drives renovations so in that regard yes, it's going to expand the economy a bit," says Klein.
"Things seem to be headed in the right direction so it seems like a good time to get into buying and selling real estate again," says Rice.