Louisville sees home shortage, surging prices
Louisville's real estate market sees a shortage in homes and a surge in prices. Here's what buyers and sellers should know during the busy summer season.
LOUISVILLE, Ky. (WDRB) -- Louisville's real estate market is experiencing a shortage in homes and a surge in prices. Here's what buyers and sellers should know during the summer busy season.
Suzie Hackmiller is moving from her home in the Highlands.
"The house went on the market and we had seven showings in a couple of hours. So, then to have those offers was, it was just super exciting," Hackmiller said.
It sold in less than 48 hours.
"For more than what they had paid for eight months ago," Realtor Mark Stratton said.
More people are moving to Jefferson County. According to Healthy Louisville, Jefferson County's population has risen 3.82% in the last seven years.
"We have less inventory this year than we did last year and last year was a challenge," Stratton said.
Stratton said he looks at the Louisville housing hot sheet every day, throughout the day.
"It's not unusual for me to have clients and I'll say, 'hey, this just hit the market today, we need to go look at it' and it's gone by the weekend."
Stratton said some clients ask why the inventory is so low.
"One of the questions I ask when listing a house is, 'what are your alternative living plans?' They're like, 'what do you mean?' 'Well, we're going to list your house and it's probably going to be gone in a week and they're going to want to close in 30 days. We may not find you a home in 30 days,'" Stratton said. "So, people just don't really feel comfortable about where they're going to move. So, they're holding off listing their house."
Stratton said sales are slightly ahead of last year. However, they could be higher if they had the houses.
"So, there's a lot of people looking, but we just don't have enough inventory to sell them at this point."
How long a house been for sale is a key indicator of the market. For the last few years, that number has continued to go down.
"They're getting what they want for the property, people competing for the property which is driving the price up and making it more competitive."
It's definitely a seller's market.
Interest rates are down, jobs are steady and the market isn't expected to change anytime soon. Once people get past the frustration, Stratton said the competitive nature of the business makes finding the right fit that much sweeter.
"It makes it fun. That's when I know I've done a good job."
Stratton said it's important to spend the time up front to do your homework and let the realtor know exactly what you're looking for. It also helps to get pre-approved ahead of time to be more competitive.
For more information, contact Remax Properties East Joe Hayden Real Estate Team. Mark Stratton can be reached by calling (502) 655-4646.
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