Louisville, KY

Climate Change in Louisville!

11-20-09

The Younger Gaines Team: Real Estate Agent in Louisville, KY

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Office: (502) 419-9571

Secondary: (502) 371-1152

climate Climate change is a familiar phrase, but in this instance we are not talking about global warming or cooling. There has been a change in climate in real estate as the effects of the Home Buyer Tax Credit and other incentives have begun to warm a cool market. We are still seeing the lowest interest rates in years! With repeat buyers now being included in the tax credit, the housing market is warming up!

Signs of a Change in Season

Recently, mortgage rates fell below 5 percent again for the first time in weeks. Home sales were up as first time home buyers pushed pending sales higher for the eighth month in a row and the number of mortgage loan applications was up over 8 percent at the beginning of November. These are all signs of a change in the real estate market! So how do these changes affect those who are looking to buy or sell a home?

Talk to the Climate Experts!

There are always some extreme highs and lows as the seasons change. The same is true in real estate. The best way to navigate these extreme is to have a realtor who knows the area you are buying or selling in. Each neighborhood has its own climate, knowing that climate can make all the difference in how you should negotiate the purchase.

As an example, there are sellers who have priced their homes low for a quick sell. If your realtor doesn't know what the average price is for that type of home in the area, they may advise you to give a "low ball" offer on a home that is already priced to sell. As the market changes, the old tried and true tips will not always work. You may not only get your offer rejected, but if another offer comes in at or close to full price, you will lose out on what could have been a great deal on a good home.

While the temperature of the real estate market is changing, you can still take advantage of low interest rates and tax credits! If you are ready to test the real estate climate of Louisville then call Mollie Younger or Jessica Gaines! When it comes to the Possibility City, we know Louisville!!

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Louisville Luxury Homes | Louisville Prices vs Prospect Prices

11-17-09

Greg Fleischaker

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Office: (502) 452-2195 x2

Mobile: (502) 727-8120

Just for the fun of it, I spent a little time today looking at the median prices of Louisville Luxury Homes compared to luxury home prices in Prospect. For this activity, I defined luxury as the most expensive 25% of the homes on the market, in each market. As expected, the price of the homes available in Prospect was significantly higher than the larger market of Louisville. However, I didn't expect the price difference to be so large as the chart below indicates.

Louisville Luxury Homes - Prospect Pricing

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A Louisville Home of Your Own!!

11-16-09

The Younger Gaines Team

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Office: (502) 419-9571

Secondary: (502) 371-1152

horses, derby

If you are familiar with Louisville, you know that every year as the horses are led to the post parade for the Kentucky Derby, you can hear the familiar strains of "My Old Kentucky Home" being sung. Well there is cause for singing in Louisville, even if it isn't May! Recently the Home Buyer Tax Credit was extended and expanded!! First time home buyers can continue to take advantage of the program and now repeat homeowners can qualify for a tax credit too!!

New Credit for Repeat Home Buyers!

Since January of 2009, first time home buyers were eligible for up to $8000 tax credit with purchase of a qualifying home. In the expansion of the program, home owners who have resided in their home for five consecutive years out of the last eight may qualify for a tax credit up to $6500 when they purchase a new home! If you are ready to upgrade your living accommodations, now is the time!

There are income guidelines. For a single filer, the maximum income is $125,000. If you are married and filing jointly you can have an income of $225,000 combined. The home itself can have a purchase price of $800,000 or less and must be a primary residence. From townhouses to manufactured homes, they all qualify under the program.

First Time Home Buyer Credit Still in Place

For first time home buyers, the $8000 tax credit has been extended! Whether you are a repeat buyer or a first time home buyer you now have until April 30^th to have a binding contract on a home. What is different is that you have until June 30^th to execute the closing. The income guidelines are now more generous for first time buyers as well! Before November 6^th, the income cap was $75,000 for single filers and $150,000 for those who filed jointly. The income guidelines have increased to $125,000/$225,000 respectfully.

Generally speaking, the tax credit is 10% of the homes purchase price with a maximum of $8000 for the first time buyers and $6,500 for repeat buyers. There is not a better time to buy your own Louisville home! With home prices averaging $100,000, the tax credit can make a huge impact on your bottom line! If you want to sell your home, there are eager buyers waiting to make you an offer!

If you have questions about the Home Buyers Tax Credit or about real estate in Louisville, call Mollie Younger or Jessica Gaines! Your local real estate experts!

POSTED BY: AT 08:43 pm | Permalink | E-mail this

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Louisville Homes For Sale | Woods Of St Thomas Subdivision Update

11-16-09

Greg Fleischaker

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Office: (502) 452-2195 x2

Mobile: (502) 727-8120

Having recently completed a successful sale in the Louisville Woods of St Thomas Subdivision, my client asked me to put together a short and sweet update of what other real estate activity there has been in the Woods of St Thomas. Very quickly, I was able to print something off of the local MLS, and email it over, but I thought I would also share it here, just in case anyone else was interested. The rough break down is that there have been 21 new listings in the subdivision so far this year, and that 11 homes have sold, which is a very respectable percentage in this environment, and certainly beats the city as a whole and most other subdivisions. Having sold a bunch, there are now only 4 Louisville Woods of St Thomas homes for sale, but I would expect to see that number increase early next spring as residents there are seeing their neighbors fair pretty well on the open market.

Louisville Woods of St Thomas homes for sale update

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Neighborhood Showcase: Forest Springs in Louisville, KY

11-16-09

Tre Pryor

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Office: (502) 291-7406

Mobile: (502) 291-7406
Secondary: (502) 245-0525

Forest Springs (along with Forest Springs North) is a great neighborhood in Louisville's east end off LaGrange Road just outside of the Gene Snyder Expressway, near Rock Springs, Woodmont and Fox Run. Homes here are reasonably priced while still being part of a great community with tennis courts, pool and clubhouse. This subdivision has some beautiful homes and is located in a great part of town where a lot of new development is taking place. Read More »

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