High demand and low inventory making Louisville a competitive housing market
A hot real estate market in Louisville is making it more challenging to buy a home.
LOUISVILLE, Ky. (WDRB) -- A hot real estate market in Louisville is making it more challenging to buy a home. High demand and lower inventories have made acting quickly a necessity for many buyers.
“You have to get there very fast, otherwise the property will be gone in a matter of hours,” said Andrea Murphy with Schuler Bauer Real Estate Services.
The Greater Louisville Association of Realtors says sales were up 8 percent in 2016.
In January, home sales were up 1.8 percent. Realtors say the number would have been higher if there were more homes on the market. The number of listings was down more than 20 percent from last year.
“When they finally get a hold of the agent, it’s either sold or they’ll tell them it’s a multiple-offer situation, and that’s happening quite a bit,” said Lamont Breland, principal broker with Breland Group Realtors and the 2016 president of the Kentucky Association of Realtors.
The low inventory has builders racing to keep up with demand. The Glenmary Commons subdivision is one new development under construction in Louisville.
Murphy says low interest rates has helped demand for the homes.
“They’re a full 1 percent higher than they were a year ago, so consumers are saying, 'Well, I better buy now while I can take advantage of the interest rate,'” Murphy said.
Realtors suggest you get pre-approved for a mortgage so you can move quickly on a home.
Murphy expects inventories to remain low in 2017 and demand to stay strong throughout the year.
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