Louisville Properties Blog

Historic Louisville-Area Homes Recognized

2010-09-09T06:00:00-07:00

Louisville suburb Windy Hills and some nearby towns are redefining themselves and drawing attention to some of their historic Louisville-area homes with new signage, a brochure and a look back at some early settlers of the area. Signage along Brownsboro Road and other Windy Hills thoroughfares now read 'Windy Hills -- City of Historic Homes.' The city is now working on a brochure that will note the locations of these historic Louisville-area homes and provide a bit of history about them such as former owners and other information of note. Richard Taylor, Kentucky pioneer, Revolutionary War soldier and father of former President Zachary Taylor, built one of the homes. Also known as the Taylor-Herr House, this and other historic homes will have markers outside explaining a bit about their histories. The John Marshall Chapter of the Daughters of the American Revolution and the Louisville-Thruston Chapter of the Sons of the American Revolution install the markers in front of each historic Louisville-area home. Daughters of the American Revolution members have been documenting each historic home and sending the information back to their national headquarters in Washington, D.C. for posterity. Thus far, they have commissioned and placed markers in front of three other historic Louisville-area houses: the William Christian home near Oxmoor Center, the Isaac Hite home on Lucas Lane in Anchorage and the Jonathan Clark home on Trough Springs Lane in the Belknap neighborhood. If you're looking to buy or sell a Louisville-area home, the Louisville real estate professionals at Louisville Properties can help whether it is a historic landmark or not. They have decades of experience helping buyers and sellers of Louisville homes, and they tailor their services to the unique needs of each client. For more information, call them today at 502.744.9504! Resource link: http://www.courier-journal.com/apps/pbcs.dll/article?AID=2010308110043

The Housing Market of Summer 2010 Plagued by Many Factors

2010-09-21T06:00:00-07:00

Real estate industry analysts' cautiously optimistic forecasts last spring of slow, but gradual growth in the country's housing market over the summer have not come to fruition. Sales of newly built homes are stagnant. Foreclosures for the first six months of 2010 are up as much as 75 percent in most urban areas. Pending sales of existing homes are sluggish. Qualified buyers with good credit are still having problems arranging mortgage financing. The combination of these and other factors is making a housing recovery difficult in most markets across the country. John Burns, who owns a real estate research and consulting company in California, predicts more rough waters for the nation's housing market for the near future. Burns says the biggest problems currently plaguing the housing market include the following: Lower demand for housing due to job insecurity and high housing prices A nine-month supply of unsold homes sitting on the market, which is two months above average Economic uncertainty as the country continues to grapple with the recession Burns says that near-record low mortgage rates would be a boon to home sales under normal conditions, but current conditions are anything but normal. He expects that housing markets around the country will continue to struggle as banks begin to list inventories of foreclosed homes, increasing the amount of unsold homes to 11- and possibly 13-month supplies. If you're a prospective homebuyer looking for Louisville homes for sale, the real estate professionals at Louisville Properties want you to know that current market conditions favor buyers, but the buyer's market will not last forever. For the area's best selection of Louisville houses for sale, browse the listings on our site, and give us a call at 502.744.9504 for more information.

Some Homeowners Gain Limited Relief from Chinese Drywall Problems

2010-10-07T06:00:00-07:00

Homeowners struggling with strong odors, malfunctioning appliances, ruined electrical wiring and plumbing, a host of health problems and other difficulties from drywall manufactured with high levels of sulfur may finally have some help. Homeowners in 38 states have been dealing with a myriad of problems for the last several years as devastation from Hurricane Katrina and a housing boom drove record demand for drywall. Builders and distributors imported millions of sheets of drywall from China to rebuild homes along the Gulf Coast and for new construction elsewhere. Property owners' problems began shortly after moving in. Some of the contaminated drywall was manufactured in the U.S., but the overwhelming majority of the drywall was made in China and emits corrosive hydrogen sulfide gas. This gas causes respiratory problems, persistent headaches, sinus infections and other health issues for homeowners and corrodes most metals in a building. Many owners of homes built with the contaminated drywall are in an unenviable position as their current homes are uninhabitable and they must rent or buy other homes to escape the fumes. Making matters worse, their newly built homes are now nearly unsellable unless they gut them and rebuild at a cost of nearly $100,000. 'My property right now has no value -- it's toxic. I can't sell it. I can't do anything,' said one homeowner in Florida. Hundreds of lawsuits have been filed, but Chinese drywall manufacturers contend that U.S. courts have no jurisdiction over them. Only one, Knauf Plasterboard Tianjin, is negotiating with homeowners on a settlement. However, with at least 5,600 homeowners participating in a class-action lawsuit against 1,600 manufacturers, builders, installers and insurers, those receiving any financial help in the short term will be in the minority. The homes affected by the contaminated drywall were built in 2004 and after. If you're looking for an older home in the Louisville area to buy as your primary residence or as an income property, call the real estate professionals at Louisville Properties today at 502.744.9504.

Habitat for Humanity Builds Louisville Home #337

2010-10-28T06:00:00-07:00

The Louisville chapter of Habitat for Humanity has built 336 homes over the last 25 years, and a local mother recently took possession of home #337. The charitable organization, along with employees from Norton Healthcare, recently worked together to build a new Louisville home on East Caldwell Street in Smoketown. Volunteers framed the walls of the one-story, three-bedroom home and installed doors and windows for DeAndra Garnett. Garnett is the mother of a four-year-old and is expecting another child. She is employed by Kosair and was shocked and delighted with the progress of her new Louisville home. 'I was here on Monday, and it was just a deck,' she said. She continued, 'I came back today and it's all up, and it's amazing how it's up so fast.' In order to earn her new home, Garnett had to work for it by helping volunteers with the construction. She plans to move into her new house before the end of the year. At Louisville Properties, we applaud and support the efforts of Habitat for Humanity and the many other charitable organizations in our area that make a positive difference in people's lives. If you're looking for your next Louisville home or you're looking for qualified buyers to buy your current home, contact the pros at Louisville Properties. We have been helping people buy and sell commercial and residential real estate in the Louisville area for years. We have the resources and experience to help you find the perfect home or the perfect buyer. For more information about how we can help you buy or sell a Louisville home, call us today at 502.744.9504 or fill out our contact form for a fast reply!

Obama Administration Says Banks Can Restart Foreclosures

2010-11-04T06:00:00-07:00

Despite mounting evidence that many of the nation's mortgage lenders failed to follow due process when foreclosing on millions of homes, the Obama administration's top housing official has told lenders they may resume foreclosing on homes. The announcement follows a temporary moratorium that gave troubled homeowners a small respite from foreclosure proceedings. Taking their cue from the feds, two of the biggest players in mortgage lending. Bank of America Corp. and Ally Financial Inc.'s GMAC Mortgage unit, resumed foreclosing on delinquent home loans two weeks after the temporary halt. Others are expected to resume foreclosures in the near future. At the center of the issue is the concept of property ownership and the conditions that allow a mortgage lender to seize a piece of property from an owner. The laws are very clear about how and when a lender can foreclose, and it appears that lenders, attorneys and others involved in the foreclosure process failed to execute due diligence. The sheer volume of homeowners walking away from or otherwise defaulting on their mortgages buried people in these positions, and we know now that some of them signed more than 1,000 foreclosure authorizations in a day. This is dangerous as it clouds the facts regarding who has the true ownership of some foreclosed properties. The ramifications of these shortcuts have yet to be seen, but the moral of this story is the importance of buying good title insurance when buying a Louisville home. Your insurer has an obligation to research and disclose who holds the deed to a home, whether or not there are any liens against it and other critically important information. For more information about the importance of title insurance and the area's best selection of residential and commercial real estate, call Louisville Properties today at 502.744.9504.

Price for Heating Louisville Homes Will Climb 12 Percent This Winter

2010-11-23T06:00:00-07:00

Louisville area residents who are customers of LG&E can expect to see higher heating bills this winter. The utility company recently told customers that it will hike prices for natural gas by 12 percent to defray the costs of a price increase from their supplier. A LG&E representative told reporters that a typical Louisville residential customer can expect to see his or her monthly bill to climb an average of $7.33 to about $66.96 per month. The company bases that estimate on average usage of 7,000 cubic feet of gas per month. Despite the price hike, LG&E officials claim their energy prices will still be the second lowest in Kentucky. Customers may find some solace in knowing that LG&E sells natural gas at their cost to customers, so padding their margins is not the driving factor of the rate increase. The utility company does, however, earn a profit on delivery charges for providing gas and electricity. LG&E is not the only Louisville-area utility company charging higher gas prices this winter. Columbia Gas and some other utilities have announced price increases that reflect higher costs. This news is one of many reasons to hope for a mild winter this year. If you're looking for energy-saving tips to save money on utility bills all year 'round, please check out other blog posts here on our site. Many of the most effective energy-saving tips cost little or no money and begin paying for themselves right away. If you're in the market for newer, energy-efficient Louisville homes, we can help with that, too! Browse the Louisville real estate listings on our site from the comfort of your own home, and when you're ready for a tour, just give us a call at 502.744.9504!

Louisville Home Sales Drop 29 Percent as Sales Slump Continues

2010-11-25T06:00:00-07:00

September sales of Louisville homes continued the recent slump with Louisville real estate agents selling 29 percent fewer homes and condos than they did the previous September. Members of the Greater Louisville Association of Realtors cited the expired first-time homebuyer tax credit and job uncertainty as the chief reasons for lower home sales. The decrease in home sales began last July here and in many housing markets across the country, and September's drop in sales reflected the steepest drop so far this year. Despite the three-month slump in sales, some Louisville real estate agents were quick to note that Louisville home sales for the year are still up overall from 2009's sales. They also pointed out that median home selling prices are up sharply from last year's $132,450 at this time to this year's $138,000. Home sales across the country dropped 19 percent in September year-over-year and reflected the caution many prospective buyers are exercising due to job losses and other economic uncertainty. Louisville home sales may be slumping over the last three months. However, steadily increasing median home selling prices indicate that the local housing market is fairly resilient and now may be the right time to invest in homes as a primary residence or income property. The people who aren't buying homes are renting, and the rental trend has been growing for the last couple of years. If the volatility of the stock market and low yields on T-bills have you looking for other investment opportunities, call us today at 502.744.9504and let us know how we can help. We look forward to hearing from you!

Property Management Courses Grow in Popularity

2010-11-30T06:00:00-07:00

During a down real estate market in which wary buyers prefer to rent instead of making the large financial commitment of buying a home, property management has become a hot topic in real estate circles. A wide range of different property management courses, from one-day seminars to weekend classes to weekday lectures and full 11-week courses, are popping up in many areas of the country. Many real estate professionals struggling with plunging home sales and lower incomes are taking to courses to expand their services offered to clients and improve their revenue streams. Even newcomers to the real estate business are enrolling in these classes as a way to build and grow an investment portfolio while they pursue a new career path. Prospective property managers are learning a variety of skills including the following: Tenant screening Advertising and marketing Rent collection and disbursement Property maintenance Preparation and management of legal documents Income and expense report production Other essential facets of this growing industry Here at Louisville Properties, we think it's great that more people are getting into the property management business. Competition makes us better at what we do, and we welcome newcomers to the Louisville property management community. We don't perceive it as a threat because, as the old saying goes, there's no substitute for experience, and we have been providing flexible, customizable property management services in Louisville for a very long time. We offer property owners a full suite of different property management services to meet their unique needs. If you're a property owner looking for professional, experienced Louisville property management services that solve problems for you instead of making them, please call us today at 502.744.9504. Let our expertise and experience be the catalyst for your success!

Safety Tips for Your Louisville Home This Holiday Season

2010-12-22T06:00:00-07:00

As we get closer to Christmas and New Year's Day, we thought we'd pass along some holiday safety tips to keep your family and Louisville home safe and happy this holiday season. Let's start with the Christmas tree. If you're buying a live tree this year, make sure that you do the following: Buy a fresh tree with needles that bend and are not easy to pull out. Keep the base of the tree immersed in water at all times to keep it as fresh as possible and give your Louisville home that great piney smell. Check all your strands of lights for frayed ends, exposed wires or cuts. For all trees, make sure to remember these things: Use only indoor light strands on your tree. Don't overload outlets by plugging in multiple power strips or extension cords. Also, bear in mind that thieves can be as busy during the holiday season as you are! Follow these tips to make your Louisville home less attractive to thieves: Vary your daily routine as much as possible and practical. Leave a TV or radio on, and use timers on lamps (remember to adjust these every few days). Never post that you're going to be out of town on your Facebook page or any other social media outlets. · Ask trusted neighbors, friends or family members to housesit or stop by frequently while you're away. All of us at Louisville Properties want to wish you and yours a very safe and happy holiday season. If you're thinking about buying or selling a Louisville home, please give us a call at 502.744.9504 or fill out one of our contact forms for a fast reply! Happy Holidays everyone!

Commercial Real Estate Investors Embrace 'Buy and Hold' Strategy

2011-01-05T06:00:00-07:00

Savvy investors looking for relatively stable places for their capital to appreciate are increasingly looking at commercial real estate. With interest rates close to zero and Treasury bills yielding next to nothing, investors are betting that the country's commercial real estate markets will eventually rebound. Many are investing in distressed commercial properties and projects and taking a 'buy and hold' strategy until the market improves. Prices in commercial real estate have shown modest gains recently according to the CCIM Institute and the Real Estate Research Corporation. Analysts have been urging investors to sell in recent months and take advantage of modest gains in their investments. However, it appears that few are heeding this advice and are slowly adding more commercial property to their portfolios. Frank Simpson, 2011 President of the CCIM Institute, is one expert urging investors to continue holding onto their investments. In a recent statement, he validated the prevailing wisdom of making careful investments and holding onto them until the market rebounds. He said, 'Though much uncertainty remains in the overall economy, transaction trends for commercial real estate continue to improve. The challenge for investors remains finding the right properties at the right price with the best return potential.' As Louisville commercial real estate experts with years of experience helping investors find properties for their businesses and long-term investment goals, we agree with Mr. Simpson. That old saying about buying at the bottom of the market and waiting until it rebounds is definitely true in the current Louisville commercial real estate market. We have been helping savvy investors find business and investment opportunities for years and have seen many commercial real estate market cycles wax and wane. Let our experience and knowledge of Louisville commercial real estate inform your investment decisions. Call us at Louisville Properties today at 502.744.9504 to learn more!

Historic Piece of Louisville Real Estate Receives Recognition at Last

2011-01-26T06:00:11-07:00

A parcel of land called "the single-most important piece of real estate" in Louisville by one local historian is finally getting the recognition many feel is long overdue. The former site of Fort-on-Shore, the first mainland building and settlement in Louisville, has long been overlooked as other nearby Revolutionary War sites received recognition over the years. At long last, that slight is being corrected, thanks to the efforts of local historians. A state historical marker was dedicated on the site in the Shippingport warehouse district west of downtown between the Ohio River and Main Street. The historians wanted to correct the mistaken assumption that nearby Fort Nelson was Louisville's first settlement on the mainland. The new historical marker rightly indicates that Fort-on-Shore was built in 1779, a full three years before Fort Nelson was built. Local historian and Metro Councilman Tom Owen hoped that the new designation would spur interest in redeveloping the Shippingport area. He said, "There have been so many dreams about reclamation there." If you've been dreaming about reclaiming a piece of Louisville real estate for yourself, let the experts at Louisville Properties help you achieve your dream. We've been helping people in the area buy and sell residential and commercial real estate in the Louisville area for years. We value our relationships with local residents and businesspeople, and we have our own history, a history of outstanding customer service and always going the extra mile for our clients. If we can help you find the perfect piece of Louisville real estate or the perfect buyer for your real estate, please give us a call at 502.744.9504 today, and let our expertise help you make it happen!

Local Building Reopens With New Purpose and a Very Different Clientele

2011-01-19T06:00:38-07:00

A small building on McHenry Street that once housed the offices for the Louisville Textile Mill reopened recently with a very different purpose. The building in Louisville's Germantown neighborhood is the new home of Germantown Daycare, which will be able to care for up to 115 children between the ages of six months and 12 years old. The building's owner, Richard Morris, took extra care to retain the building's unique character during recent renovations. He said, "We left a lot of the art deco decor here and many of the outdoor features. When we came in and looked around, it was several smaller rooms that led into a bigger room. It just seemed to lend itself to what we needed." The new daycare opened on September 20, but renovating the 37,000-square-foot building presented some very serious obstacles for the new owners. Walls up to a foot thick required removal to create play areas for the kids, and obtaining zoning approval for the renovations and the building's new purpose presented challenges as well. Residents of the Germantown and nearby Schnitzelburg neighborhoods rallied for the new owners, leading a petition drive and contacting city officials to allow the new owners to proceed with plans. Area residents said that a nearby daycare is essential for the young families moving into the area and are very pleased that this resource is now available for their community. In a time when residents and the Louisville real estate market are struggling with so many difficulties, this story is a fine example of the good things that can happen when people work together toward a common goal. If your goal is to find the perfect piece of Louisville real estate for your next home or business, call us at Louisville Properties today at 502.744.9504!

Home Prices Drop 3.2 Percent in Third Quarter

2011-01-12T06:00:45-07:00

Real estate analysts from the Federal Housing Finance Agency are claiming that lower demand and the expiration of the homebuyer tax credit are continuing to put downward pressure on home prices across the country. Home prices fell 3.2 percent in the third quarter of 2010, down significantly from the same quarter in 2009. The agency said that Atlanta suffered the greatest decline in prices among the 25 largest metropolitan areas of the country with a 10 percent drop in home prices. San Diego posted the biggest gain with a 4.6 percent jump. Overall, home prices fell in 40 states compared to the third quarter of 2009. Idaho, Georgia, Arizona, Oregon and South Carolina led the declines in residential real estate. One analyst had an especially gloomy forecast for the nation's home prices for 2011. Celia Chen, a Housing Analyst with trend watcher Moody's Analytics, did an interview before the release of the Federal Housing Finance Agency's report. She said, "Our overall expectations for home prices is that they'll drop by another eight percent by the third quarter of next year." We'll have to wait and see whether or not Ms. Chen's dire forecast is accurate, but it is certainly an accurate snapshot of the current mood of home sellers whose homes have been languishing on the market for months. If you're trying to sell your Louisville home and are looking for an experienced, proactive Louisville real estate agent to help make that happen, please give us a call today at 502.744.9504. Louisville Properties has been helping people sell Louisville homes in all kinds of market conditions for years, and we use our resources and experience to help sellers find qualified buyers. For more information, give us a call or fill out our contact form. We look forward to hearing from you!

Foreclosures Rates Down Slightly But Remain a Persistent Problem Across the Country

2010-12-29T06:00:15-07:00

Figures provided by the Mortgage Banker's Association suggest that mortgage delinquency rates declined a bit in the third quarter of 2010, but warn that the coming winter will show little improvement for homeowners struggling to make house payments. The Association reports that foreclosures "declined last quarter amid hints of improvement in the job market, but headwinds from defaults and a rising rate of new foreclosure applications keep the housing outlook muddied." Real estate website Zillow.com's foreclosure figures differed from the Mortgage Banker's Association. They reported that foreclosures have reached a new peak in the U.S. since 1.17 in every 1,000 homes either are in the foreclosure process or perilously close. They report that high negative equity rates, which increased in the third quarter from 22.5 to 23.2 percent, will continue to drive foreclosures and "will be weighing on housing demand for the next few years." Zillow's Real Estate Market Reports publication had additional bad news for the nation's housing market. They said, "Home value depreciation began to accelerate again in September, fueled by lower transactional volumes and increased inventory levels. Home values dropped 0.4% from August to September and 4.3% from September 2009. With home values 25% below their peak and 51 consecutive months of declines, the length and severity of the current downturn is fast approaching the length and depth of the Depression-era housing declines. From the end of 1928 to the end of 1933 (60 months), nominal home values fell 25.9% according to Robert Shiller's reconstruction of long-term home price appreciation in the United States." While the Louisville real estate market has been somewhat insulated from the worst of the foreclosure crisis, it is not immune. If you're thinking of investing in foreclosed or non-foreclosed Louisville real estate as your primary residence or as income property, we have the area's best selection. To learn more, just give Louisville Properties a call today at 502.744.9504.

Home Prices Drop 3.2 Percent in Third Quarter

2010-12-15T06:00:31-07:00

Prices for Commercial Real Estate Rose Sharply in September

2010-12-08T06:00:27-07:00

A report recently published by Moody's Investors Service and Real Estate Analytics LLC states that prices for commercial real estate in the U.S. jumped a record 4.3 percent in September from the previous month. This represented the first gain in commercial real estate values since May and was a much-needed bright spot in an industry plagued by empty floors in office buildings and empty storefronts in malls and downtown shopping districts. While down a staggering 43 percent since their peak in 2007, commercial real estate prices showed a 0.3 percent year-over-year increase from the previous September. However, analysts were quick to downplay the significance of September's numbers. Nick Levidy, Managing Director for Moody's, warned that the jump in prices is not an indication of better times ahead for the commercial real estate industry. He said the recent volatility in prices "are due in part to the uncertain macroeconomic environment and the effects of a thin market with low transaction volumes." In our area, Louisville commercial real estate prices are down, but not as sharply as many areas of the country since we are somewhat insulated from the wild swings that have roiled many markets. This provides stability and makes commercial real estate in Louisville an attractive investment for business owners looking to expand operations. It is also a viable option for real estate investors looking for income property and a safe place for their money to appreciate. If either of these scenarios describes your situation and you're looking for the area's best selection of Louisville commercial real estate, please browse the pages of our site and call Louisville Properties at 502.744.9504 for more information. Let our expertise and knowledge of the Louisville real estate markets be the catalyst for your success!

Deal for Downtown National City Tower Could Be the Biggest Louisville Real Estate Deal in Years

2010-12-01T06:00:45-07:00

The Louisville commercial real estate market could see its biggest sale since 2004 when the $115 million, all-cash sale of the National City Tower downtown is complete sometime in December. One of several "trophy towers" across the country that are defying downward trends in the commercial real estate markets, the National City Tower most recently sold in 2005 for $95 million. According to insiders, a real estate investment trust based in Newport Beach, CA, KBS Realty Advisors Cos., has a contract to buy the tower from Meridian Investment, Inc. The tower is located in Louisville's central business district and is considered a very attractive investment as it is currently 94 percent leased. This is a notable exception to many office towers that are struggling with vacancies. Towers such as our National City Tower are more than graceful additions to our skyline; they are important magnets for business development, and they enhance the value of nearby properties. While we don't help clients buy and sell huge downtown office buildings, we do make our own contributions to the Louisville real estate market. We have been helping people buy and sell homes, duplexes, apartment buildings and a wide range of commercial properties for years, and we are proud of the services we provide to our clients. We offer many different flexible services to help you find a qualified buyer for your home, and we use our experience and resources to help buyers find the perfect Louisville real estate for their needs. If you're thinking of buying or selling real estate in the Louisville area, call Louisville Properties first at 502.744.9504.

Retired Engineer Helps Build Louisville Homes for Habitat for Humanity

2010-11-18T06:00:37-07:00

Here's the kind of story that's always welcome. Eighty-two-year-old Middletown resident Bob Haswell recently received a 2010 WLKY Bell Award for community service. Since 1991, when he retired as a mechanical engineer at Smurfit-Stone Container Corp. on Westport Road, Haswell has been helping the local chapter of Habitat for Humanity build homes. He has driven nails, framed windows and doors, laid flooring and invested his time in more than 200 of the Habitat homes built in the area since 1991. "You can really see you did something at the end of the day," he said. Haswell is one of 4,000 local volunteers who spend Fridays and Saturdays building houses for low-income families who also must help build their homes before they can move in. Despite his considerable accomplishments for Habitat for Humanity and other local charitable organizations, Haswell avoids the spotlight and prefers to go about the business of helping people. We salute Bob and wish him many more years of good health and success building Louisville homes for grateful area families. If you're thinking about buying or selling a Louisville home and are looking for a real estate professional to help you along, call us today at 502.744.9504 or fill out a contact form. We are longtime residents of the Louisville area and have decades of experience helping people buy and sell residential and commercial property. We offer a wide range of different professional real estate services from property management to flat-fee brokerage and much more. Please give us a call today, and give us the opportunity to help you!

Mortgage Bankers Association Predicts Slowdown in Mortgage Refinancing

2010-11-16T06:00:28-07:00

In a time when home sales are down, buyers are nervous, and many homeowners are eager to take advantage of near record low mortgage rates. Mortgage refinancing has been a vital revenue stream for lenders. However, the Mortgage Bankers Association (MBA) is predicting that that stream will slow to a trickle if mortgage rates climb to around five percent by the end of 2011 as the MBA foresees. Compared to rates just a few years ago, five percent is still a very attractive interest rate, but MBA trends suggest that any time rates increase by even a modest amount, interest in refinancing plummets. They report that members will refinance $921 billion in mortgages in 2010, and that volume could drop to a third of that figure in 2011. The MBA is also projecting that new home purchase mortgages could show modest signs of improvement in the near future. They project that this portion of the mortgage market will grow by as much as $146 billion in 2011 to reach a total of $626 billion. They expect the volume of new home sales will rise about two percent, but average home prices across the country will drop by one percent. Time will tell if the MBA's predictions will be true, but they have been tracking these metrics for a very long time and have a vested interest in making accurate projections. As the owner of Louisville real estate, you have a vested interest in getting the best price possible for your property, and we can help. Our knowledge of the Louisville real estate market combined with our internet marketing skills, database of properties for sale and other advantages for sellers make us a worthy choice to help you find a qualified buyer for your property. If you're thinking of selling, call the Louisville real estate experts at Louisville Properties today at 502.744.9504!

How Foreclosures Affect Home Prices

2010-11-11T06:00:59-07:00

There is plenty of evidence here in the Louisville real estate market and elsewhere that foreclosures have a negative effect on home prices, but researchers at Harvard and MIT wanted to know precisely how much. They analyzed years of home sales data in Massachusetts and found that foreclosed homes sell for an average of 27 percent less than homes that have mortgages in good standing or are owned outright. They also looked at how a foreclosure affects the selling prices of nearby homes and found that a non-foreclosed home takes a one percent hit in selling price for each foreclosure within 250 feet. The higher the number of foreclosed homes on a block, the higher the negative, cumulative effects on sale prices of homes on the market. Daniel Hartley, an economist with the Federal Reserve Bank of Cleveland, recently used the Harvard and MIT study in a study of his own on how foreclosures affect neighborhoods. He calls foreclosures "disamenities' and notes that other factors shape the effect of foreclosures. He said: "In neighborhoods with low vacancy rates (tight markets), foreclosures lower the prices of nearby single-family houses by way of the supply effect. I estimate that housing prices within 250 feet of a foreclosure are lowered by about 1.6 percent per foreclosure through the supply effect, while the disamenity effect is about zero. In contrast, in neighborhoods with high vacancy rates ("looser" markets), foreclosures lower prices of nearby single-family houses by way of the disamenity effect. I estimate that housing prices within 250 feet of a foreclosure are lowered by about two percent per foreclosure through the disamenity effect, while the supply effect is about zero." We have stated many times that, while not immune to the effects of foreclosures, the Louisville real estate market has been spared the worst of the problems that are affecting many other housing markets across the country. This is good news for buyers, sellers, real estate professionals and most everyone in the area. Still more good news is that you don't have to buy a foreclosure to get a great deal on Louisville real estate right now. For the area's best selection of residential and commercial properties, call us today at 502.744.9504.

Mortgage Rates Up Slightly Last Week of October

2010-11-09T06:00:21-07:00

Mortgage watchers from the Wall Street Journal report that overall, mortgage rates were mixed in the last week of October with long-term fixed-rate mortgages slightly higher for the second consecutive week. These gains, however modest, broke a long streak of many weeks of record lows, according to federal mortgage giant Freddie Mac. Thirty-year fixed-rate mortgages averaged 4.23 percent for the last week of the month, which is up ever so slightly from the previous week's 4.21 percent, but lower than the 5.03 percent average for the same week in 2009. Interest rates on 15-year fixed-rate mortgages averaged 3.66 percent, which is down from 4.46 percent for the same week in 2009. At Louisville Properties, we may not be able to help you find the perfect interest rate on a mortgage, but we can help you find the perfect piece of Louisville real estate for your home or business. We're a locally owned and operated business that puts the needs of our clients before all other considerations. We take great pride in helping people buy and sell all kinds of property in the Louisville area. If you're thinking of buying or selling a single-family home, condo, duplex, apartment building, warehouse, storefront or other type of residential or commercial property in the area, call us first and customize our services to meet the unique needs of your situation. Simply give us a call today at 502.744.9504or fill out a contact form for a prompt reply. Let us help you find the perfect Louisville real estate for your needs or a qualified buyer for your property. We look forward to hearing from you!

Sales of Louisville Homes Continue Downward Trend, But Sellers Trying Different Tactics

2010-11-02T06:00:27-07:00

A recent Fox 41 investigation into the sales of Louisville homes found that sales dropped each month over the summer, and sellers are getting creative in trying to find and entice prospective buyers. Robin Feeney is one of the sellers looking at new ways to attract interest and sell her home. For the last 33 years, she has lived in Crestwood, and she says that she's not afraid to try anything to sell her home, including yard sale marketing. "I have stuff from when I used to own a shop, so I have tons of Derby stuff. I've got all kinds of winter coats. I mean, I've got some fabulous coats. Mega sale! Everything's for sale, inside and out, the house too if anybody wants it!" she said. She said that she tries to time her yard sales when there is an open house nearby. "Usually I do them on Sundays. Lately, I've been getting a lot of turnout from open houses, and I thought, well let's give it a try on Saturday. And look, someone showed up, and you know it's worth it." Feeney and others trying to sell their Louisville homes face an uphill battle at the moment. In July 2009, 1,195 Louisville homes were sold, but only 785 were sold this past July. When selling your Louisville home in a tough market, it's very important to think outside the box and explore marketing alternatives as Ms. Feeney and other home sellers have. At Louisville Properties, we have been helping people sell their Louisville homes for years by thinking outside the box, using our experience and resources and harnessing the marketing power of the Internet. We're locally owned and operated and have a proven track record of success helping people sell their homes in all market conditions. For more information on how we can help you sell your Louisville real estate, call us today at 502.744.9504!

Commercial Real Estate Analysts Say 'Delay and Pray' Strategy is Not Viable

2010-10-26T06:00:59-07:00

A meeting convened recently at the McDonough School of Business of Georgetown University where some of the biggest names in commercial real estate discussed the state of the industry. Commercial real estate in the U.S. is currently mired in its worst funk since the Great Depression, and in the two years since the credit bubble burst, prices have plunged an average of 40 percent. Industry analysts say that a perfect storm of depressed property values, tight lending practices and the Great Recession has paralyzed the country's commercial real estate market. Prices are down an average of 40 percent across the country, putting additional pressure on reluctant lenders to tighten lending standards further. Analysts say that since no one really knows what commercial real estate is worth at the moment, obtaining lines of credit could get even tougher for the foreseeable future. The analysts said that outside of a few high profile, "can't miss" commercial developments in New York and Washington that have begun recently, little else is happening. They say that everyone is in a holding pattern, waiting for a magical rebound that isn't likely to happen. They also said that the prevailing "delay and pray" strategy that the industry is pursuing is counterproductive and will only extend the status quo and could make it worse. There is no doubt that the economic downturn has affected the prices of Louisville commercial real estate. However, conditions here are not nearly as bad as most markets, which makes now an excellent time to sell and buy commercial real estate in Louisville. If you're an owner looking for a buyer or a buyer seeking your next opportunity, contact the commercial real estate experts at Louisville Properties today. Give us a call at 502.744.9504 and put our experience and resources to work for you!

Existing Home Sales Up 7.6 Percent in August

2010-10-21T06:00:47-07:00

August sales of existing homes brought modest relief to a struggling housing market in most areas of the country with sales up 7.6 percent from record lows. The National Association of Realtors reported that sales of previously owned homes rose to an annual rate of 4.13 million. The NAR also reported that the 12.5-month inventory of unsold homes in the U.S. in July dropped to 3.98 million, or an 11.6-month supply. Selling prices for homes sold in August also showed modest gains of 0.8 percent with the median price for an existing home measured at $178,600. While any gains are welcome signs for the country's beleaguered housing market, some economists predict that any recovery could take a long time for many of the hardest hit housing markets. NAR Chief Economist Lawrence Yun expected the housing market to remain soft through October and November despite lower home prices and mortgage rates at record lows. "The housing market is trying to recover on its own power without the home buyer tax credit," Yun said. He reported that any recovery "will likely be slow and gradual because of lingering economic uncertainty." If you're thinking of selling your Louisville home, there are qualified buyers out there looking for their next home. Is your home getting the exposure and marketing you need to attract them? Call 502.744.9504 today and have the Louisville real estate professionals at Louisville Properties help you sell your home. Their experience, Internet marketing skills and professionalism can make all the difference when you're ready to sell your home. Whether you need a discount brokerage, FSBO assistance or a full-service Louisville real estate agent, rely on us to help you sell your home and get results!

Foreclosure Oversights Could Be "Epidemic" in Mortgage Banking Industry

2010-10-19T06:00:35-07:00

Recent announcements from Bank of America, JPMorgan and some other mortgage lenders about a stop to foreclosures until they had investigated "oversights" in the foreclosure process suggest that these problems are more serious and widespread than we initially thought. In a deposition she gave last February, one Bank of America official admitted that she signed 7,000 to 8,000 foreclosure documents per month and typically did not read them. "I typically don't read them because of the volume that we sign," she said. She also admitted that she had identified herself as a representative of Bank of New York Mellon, a company that did not employ her. At the center of the issue is the fact that hundreds of thousands, perhaps millions, of foreclosure documents have been signed without the required investigations to ensure that the lender is within their right to foreclose. One attorney representing someone who may be dealing with an unlawful foreclosure said, "We have had thousands, maybe hundreds of thousands of foreclosures around the country by entities that did not have the right to foreclose." Consumer advocates say that the foreclosure oversight problems are not limited to Bank of America, JPMorgan and a few other lenders that have halted foreclosures recently. "The general level of sloppiness is pervasive around the industry," said Diane Thompson, Counsel at the National Consumer Law Center. If these and other lenders are found to have "rubber-stamped" foreclosure documents without reading them or vetting their contents, foreclosures on homes that are currently pending and those that have already occurred could be rendered invalid or illegal. If this occurs, the nation's foreclosure crisis could continue for a very long time. Buying foreclosures may not look like an attractive investment now, but if you're shopping for Louisville real estate, you're in the right place! We have the area's best selection of residential and commercial real estate. Browse the listings on our site, and feel free to give Louisville Properties a call at 502.744.9504 today!

Bank of America Stops Home Foreclosures in Kentucky, Indiana and Other States

2010-10-14T06:00:05-07:00

Bank of America announced recently that it is delaying foreclosures on homes in Kentucky, Indiana and 21 other states. The country's largest bank reported that it is halting foreclosures to review whether it rushed the foreclosure process on thousands of homes without reading the documentation for each foreclosure. Other mortgage lenders, including Ally Financial Inc.'s GMAC Mortgage unit and JPMorgan Chase, have recently admitted that their employees may also have signed foreclosure documents without properly vetting the information on them. The companies admitted the oversights after the lapses were made public. These revelations could result in serious headaches for the mortgage lenders. Thousands of homeowners currently in the foreclosure process or those who have lost their homes to foreclosure could contest the validity of the foreclosure, potentially leaving properties in limbo until each case is sorted out. If other mortgage lenders admit the same oversights, it could extend the current foreclosure crisis sweeping the country for years. Some states are getting involved by preventing lenders from foreclosing on mortgages in default. Connecticut Attorney General Richard Blumenthal recently requested that a state court freeze all home foreclosures in the state for 60 days. He said the freeze "should stop a foreclosure steamroller based on defective documents." California Attorney General Jerry Brown told JPMorgan to suspend foreclosures until it could prove that it has complied with a state consumer protection law. Attorneys General in Florida and Ohio have similar investigations underway looking into foreclosure oversights. This development could have far reaching consequences for the millions of homes across the country that have been foreclosed on or are in the process of foreclosure. Fortunately, there are plenty of Louisville homes for sale that are not affected by foreclosure. For the area's best selection of Louisville homes for sale, contact Louisville Properties today at 502.744.9504. We are the Louisville area's premier real estate professionals.

September Real Estate Recap Reflects More of the Same for 2010

2010-10-12T06:00:02-07:00

Each month thus far in 2010 hasn't been much fun for real estate professionals across the country, and September was no exception. Sales are down, home prices are down in most markets, foreclosures continue to mount and economic uncertainty is dissuading buyers from making purchasing decisions. For buyers, uncertainty about the nation's economy is trumping record low mortgage rates that make now the best time to borrow money to buy a home in decades. On September 30, giant mortgage lender Freddie Mac released a survey that indicated mortgage rates for 15- and 30-year mortgages in the last week of September met or exceeded record lows. Rates for borrowers with the best credit averaged 4.32 percent for 30-year fixed rate mortgages, a figure that would have been unthinkable just a few years ago. A survey released by the Census Bureau recently shed some light on why low mortgages rates have failed to spur home sales. For many Americans, buying a home is not economically feasible. The Bureau's American Community Survey released September 28 indicated that more than one in five Americans can barely afford to pay rent and 40 percent of respondents reported spending more than 35 percent of their income on housing. The nation's commercial real estate sector is also flagging. Moody's/REAL All Property Type Aggregate Index for September showed that sale prices for commercial real estate are only 0.9 percent higher year-over-year from October 2009. Current conditions in both residential and commercial real estate have created the best buyer's market in recent memory. If you've been thinking about investing in Louisville commercial real estate to start a business, expand an existing one or as income property, contact the experts at Louisville Properties today at 502.744.9504. We offer the full spectrum of real estate services from property management to brokerage services and much more!

Kentucky, Indiana Will Receive Some of $3 Billion in Housing Aid

2010-10-05T06:00:08-07:00

Kentucky and Indiana will receive portions of $3 billion in housing aid to assist unemployed homeowners who are nearing foreclosure. The Treasury Department announced recently that 17 states with unemployment rates higher than the national average will receive the funds. Under the plan, Kentucky will receive $56 million, and Indiana will get $83 million. Kentucky Governor Steve Beshear was pleased with the announcement. He said, "These funds will help active job seekers bridge the gap for a few months with their mortgage payments." The Kentucky Housing Corporation is planning to announce the allocation of the funds in the coming weeks. The Indiana Housing & Community Development Authority has not released their plans on how they will disburse the funds to unemployed homeowners. Struggling Kentucky homeowners who need free advice on how to keep their homes can visit www.protectmykyhome.org or call 866-830-7868. The Obama administration plans to use $1 billion to fund another program designed to provide struggling homeowners with emergency zero interest rate loans of up to $50,000 for up to two years. The Department of Housing and Urban Development is overseeing this program, and they plan to release details about it in the near future. The Louisville real estate professionals at Louisville Properties welcome any program that helps struggling homeowners remain in their homes. If you're tired of staying in your current home and are looking for a new Louisville house, condominium, farm, country estate or other type of real estate, call the experts at Louisville Properties today at 502.744.9504. No other Louisville real estate company has more Louisville homes from which to choose or more experience helping people buy and sell homes.

Foreclosures and Unemployment Claims Rise in July

2010-09-30T06:00:08-07:00

Real estate industry watchdog RealtyTrac reports that 325,229 homeowners in the U.S. received a notice of default, auction or bank repossession in July, an increase of four percent from the previous month, but down ten percent from foreclosure numbers from July 2009. RealtyTrac estimates that one in 397 American households received notice in July. This is a staggering number, but not as staggering as the 92,858 homes lenders seized from homeowners delinquent on their mortgages that month. This number represented the second-highest number of foreclosures since RealtyTrac began tracking this in January 2005. Rick Sharga, Senior Vice President of Marketing at RealtyTrac, offered a theory about the rise in foreclosures, saying, "The numbers are exploding due to unemployment and economic displacement. We will see them get a lot worse unless we see some job creation." One can find the evidence of Mr. Sharga's grim forecast for foreclosures and job losses in newspapers, websites and communities across the country. Jobless claims for the first week in August climbed by 2,000 to 484,000, the highest in six months, according to the Labor Department. Official unemployment figures are at 9.5 percent, close to a 27-year high, but the actual number of jobless people in the country is substantially higher. The Labor Department does not include the long-term unemployed who have given up trying to find a job in their official estimates, an excluded figure estimated in the millions. While the Louisville real estate market isn't immune to the economic downturn, our foreclosure figures aren't nearly as dire as those in many other metropolitan areas around the country. Property values rose steadily in the years before the recession, but not as steeply as they did in markets that are now among those suffering the worst foreclosure rates. If you're looking at Louisville homes for sale to buy as your primary residence or as an investment, near-record low interest rates make now the best time in decades to buy. For the area's best selection of Louisville homes for sale, browse our listings and call the experts at Louisville Properties today at 502.744.9504!

Louisville Area Landmark Auctioned in October

2010-09-28T06:00:39-07:00

According to a Canadian real estate company, there will be an auction on October 15th for the former workplace of thousands of Louisville area residents. The Colgate-Palmolive Plant in Clarksville, which once employed 1,500 people at its peak of production in the 1960s making toothpaste, shaving cream and other household products, will be on the auction block. Active International, which bought the property from Colgate-Palmolive in 2009, is hoping that developers will bid on the sprawling complex of buildings to make the property into homes, shops, offices, a hotel and other uses. Colgate-Palmolive closed the plant in December 2007, laying off the last 200 workers at the once bustling industrial complex. Since then, Clarksville city officials have rezoned the site for mixed-use development in the hope that developers will turn a liability into an anchor for revitalizing the city's struggling south end. City officials also hope that builders will preserve the complex's historic clock, visible from downtown Louisville for decades, one of the largest in the world and a local landmark, and make it the centerpiece of the site's redevelopment. Clarksville officials are hoping that a developer or consortium of developers with deep pockets and a plan in place to repurpose the industrial complex will come forward at the auction and transform a blighted part of the city into an asset. Are you a local business owner or budding entrepreneur looking for commercial real estate in the Louisville area to start a business or expand an existing company? For the area's best selection of Louisville commercial real estate and superb customer service, contact the real estate pros at Louisville Properties at 502.744.9504. There is a wide range of Louisville commercial real estate from which to choose throughout the Louisville metropolitan area. Call us today!

June Home Sales Surge 26% for Louisville Realtors and Sellers

2010-09-23T06:00:20-07:00

Officials with the Greater Louisville Association of Realtors say that members sold 1,477 homes and condominiums in the Louisville area last June, a 26 percent jump from June 2009 sales. The boost in sales was a welcome development for sellers and realtors and marked the twelfth consecutive month of improving Louisville home sales compared to the previous year. Louisville Realtors President Linda Gibson Cecil reported that July's home sales figures would be the "true test" of how the Louisville housing market is performing. She said that the expired federal homebuyer tax credit program would not have an influence on Louisville homes sold in July. As a result, July's sales should be a better indicator of the overall health of the Louisville real estate market. The group of Louisville realtors reports that home sales are up 29 percent year-over-year for the first six months of 2010 with a corresponding rise in median sales prices from $129,900 to $135,000 for the same period. Cecil said she expected the tax credit to help June sales, as it did in the previous months, but "I didn't expect us to be up that much." If you've been looking for Louisville realtors to help you buy or sell a home, you've been looking for a Louisville real estate professional with experience, integrity, a proven track record of success and outstanding customer service. Your search is over. Contact the realtors at Louisville Properties and enjoy decades of experience in the business, a proven record of success, a sterling reputation for integrity, superb customer service and much more! Call them today at 502.744.9504 and experience the difference that professional Louisville realtors can make when buying or selling a home in the Louisville area.

Scam Artists Exploiting Surge of Short Sales to Commit Fraud

2010-09-16T06:00:52-07:00

Plunging home values in many housing markets across the country have led to increased short sales (sales in which a home sells for less than the amount owed on the mortgage), and some scam artists are using the spike in short sales to commit fraud. California-based CoreLogic, a firm that provides research, analysis and business services to real estate and other industries, is reporting that lenders need to be on the lookout for short sale fraud. CoreLogic reports that nearly two percent (1.9) of all short sales in the U.S. over the last two years are fraudulent. They estimate at least 15,000 cases of short sale fraud, or approximately one in every 53 sales. There are many variations on this scam, but they all involve collusion between unscrupulous agents and buyers who agree to sell a home below current market value and quickly resell the home at a profit. CoreLogic reports that in most cases, the crooked agent has a higher offer for the home from a lender that he or she "overlooks" in order to make a bigger profit by selling at a lower price to another buyer. In this arrangement, the agent makes money, the buyer saves money and the lender is the fraud victim that takes a loss of tens of thousands of dollars. Short sales help homeowners struggling to meet their mortgage obligations by allowing them to move on, and these transactions help lenders by attenuating financial losses and removing the liabilities of a property sitting empty for months on end. If you've been considering the advantages of Louisville short sales for your next home or as an investment property, contact Louisville Properties today at 502.744.9504. No scams, we promise.

Mortgage Rates Heading Up Say Industry Analysts

2010-09-14T06:00:27-07:00

Mortgage lenders, brokers and real estate analysts have been forecasting for months that mortgage rates would be heading up soon. The only cause of disagreement was how much they would increase. However, months after predicting rate hikes, mortgage rates have actually dropped one-half of a percentage point and are near record lows. As of August 2010, the average rate on a 30-year fixed-rate mortgage was 4.49 percent. This is down slightly from 4.54 percent in July. After reassessing their forecasts in light of recent developments, analysts are citing a variety of factors that are continuing to keep mortgage rates at near-record lows. Chief among them was that lenders offered mortgages at artificially low rates, secure in the knowledge that they could package and sell these to government-owned Fannie Mae and Freddie Mac. Conventional wisdom (and standard operating procedure) held that Fannie and Freddie would then sell these securities to the Fed. Analysts also cited Greece's financial crisis last spring and the economic uncertainties it created as another factor that kept mortgage rates low as skittish finance ministers took a wait-and-see approach to how that would play out in world markets. Now, lenders are taking a different approach, enticing homebuyers with marketing that draws attention to low mortgage rates and once-in-a-lifetime opportunities for them to save money. However, many people with sizable down payments and good credit are still concerned about job security and are reluctant to take on the debt of buying a home in the current climate. If you've been watching mortgage rates and waiting for the right time to buy a Louisville house, current low rates can mean tens of thousands of dollars in savings over the term of a mortgage. For the area's best selection of Louisville real estate, call Louisville Properties at 502.744.9504 today. Resource link: http://www.nytimes.com/2010/08/08/realestate/08mort.html?ref=realestate

Home Foreclosures Up in Jefferson County

2010-09-07T06:00:43-07:00

A new report issued by a real estate analysis firm reports that foreclosure rates in Louisville and Jefferson County were up by more than two percent in May. The news was in the "Real Estate News and Trends" publication issued by Corelogic, which is an information, analytics and business services company. The two-and-one-quarter percent rise in foreclosures represented a jump of one-quarter of one percent from foreclosure rates in May 2009. The mortgage delinquency rate in and around the Louisville area is nearly six percent, and industry analysts disagree whether or not foreclosure rates in the area will continue to rise. Click here for a map of foreclosure rates by zip code in the Louisville area. Plunging home values, upside-down mortgages and other factors plaguing many housing markets have not hit the Louisville real estate market as hard as many others. However, we're not immune to job loss, and while the Corelogic report didn't cite any causes for the rise in Louisville foreclosures, job loss is certainly a leading factor. Many of our area's larger employers have cut staff and closed facilities, which surely contributed to the spike in foreclosures. If you're looking at foreclosures in the area for your primary residence or as an investment, feel free to browse our listings or give us a call for the area' most complete selection of residential and commercial Louisville real estate. We offer a wide range of services for buyers and sellers that are customizable to fit the unique needs of your situation. To speak with an experienced Louisville real estate professional at our locally owned and operated firm, call us today at 502.744.9504. Resource link: http://www.fox41.com/Global/story.asp?S=12773286

Real Estate Investment Company Predicts Fast Turnaround for Commercial Real Estate

2010-09-02T06:00:40-07:00

Real estate investment giant Prudential Real Estate Investors is predicting that the struggling commercial real estate market in the country will recover much more quickly than during a similar downturn in the 1990s. Prudential said they are "relatively optimistic" about a faster turnaround for hotels, apartment buildings, retail space and office buildings. "Last time it took five years for real estate values to go down to where they bottomed... We've done that now in about two years," a manager of the Prudential Global Real Estate Fund told reporters in New York. "So we are going to see a faster recovery, a faster write-up in the market." He also said that a lack of new construction largely due to tougher lending standards for developers would contribute to a faster turnaround by keeping new commercial real estate from affecting the market for up to five years. He cited current rock-bottom commercial real estate rents as another contributing factor that would help the turnaround by enticing tenants who will open new businesses and expand existing ones. Prudential did cite one threat to a commercial real estate recovery, which is jobs. They said that unless companies began hiring again, they would have little reason to seek out larger spaces to accommodate their needs and open new branches. While it has taken some hits like most other markets across the country, the Louisville commercial real estate market is in better shape than most are. If you've been looking for a new space to open a new business or a larger space to grow your business, you have come to the right place. No one has a better selection of Louisville commercial real estate than Louisville Properties, and we offer a wide range of customizable services to meet your needs. Call us today at 502.744.9504 to speak with the leader in Louisville commercial real estate! Resource link: http://www.reuters.com/article/idUSN2027331720100720

Decline in Home Sales Blamed on Mortgage Delays

2010-08-31T06:00:52-07:00

The National Association of Realtors claims that uncertainties about a federal flood insurance program and delays in mortgage applications contributed to the dip in existing home sales in May. The association reported that there were 5.66 million existing home sales across the country in May, down from April's 5.79 million and far short of analysts' estimates of 6.12 million. While the numbers disappointed industry analysts, May's existing home sales did show a year-over-year improvement of 19 percent over May 2009. Lawrence Yun, the realtor association's chief economist, speculated that May's home sales received a boost from the expiring home buyer tax credit, and he did not expect that June's home sales would reflect a similar year-over-year improvement. "We are witnessing the ongoing effects of the home buyer tax credit, which we will also see in June real estate closings," Mr. Yun said. "However, approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales." Congress failed to extend the country's flood insurance program before it recessed in March, causing its suspension until President Obama signed a temporary extension until May 31. This may have had an impact on home sales as lenders require flood insurance before they will provide mortgages for homes in flood-prone areas. Lenders require the owners of more than one-third of homes in Florida and Louisiana to carry flood insurance before they will provide mortgages. If you're one of the flood of people thinking of buying Louisville homes, but are frustrated by limited listings on other sites, we invite you to grab a cup of coffee and view the Louisville homes for sale on our site. We have the area's best selection of Louisville homes and provide a wide range of services for buyers and sellers. Call us today at 502.744.9504 for more information! Resource link: http://www.nytimes.com/2010/06/23/business/economy/23econ.html?scp=7&sq=home%20sales&st=cse

Homeownership Rate Down Slightly in U.S.

2010-08-26T06:00:41-07:00

Foreclosures, job losses, the economic downturn, employment insecurity and other factors are affecting homeownership across the country according to recent data from the Census Bureau. The Bureau reports that as of late 2009, the homeownership rate has dropped from a high of 69 percent in 2006 to around 67 percent. However, another report on homeownership issued by the New York Federal Reserve Bank claims that the actual rate is closer to 62 percent, a much sharper drop that, if accurate, would be far more worrisome. The Census Bureau issued their report in June. It recommends that mortgage lenders and the federal government help struggling homeowners by focusing more of their efforts on reducing the principal owed on mortgages, rather than their current strategy of reducing monthly mortgage payments by cutting the interest rate and extending the repayment terms of the mortgage. A spokesman for the Mortgage Bankers Association refuted the recommendation, saying that "principal write-downs" would lower homeownership rates further by forcing lenders to require higher down payments and tighten lending standards. He said that lowering mortgage principals would lead to falling property values, worsening an already bad situation in many real estate markets across the country. Are you thinking about boosting the homeownership rate by buying a Louisville home for sale? Then you have come to the right place! No other Louisville real estate company has a wider selection of residential real estate in the area than Louisville Properties. We're a locally owned and operated company that offers many different real estate services for buyers and sellers throughout the Louisville metropolitan area. We encourage you to browse our listings and our site. If you have any questions, fill out our contact form for a fast response or give us a call today at 502.744.9504! Resource link: http://www.nytimes.com/2010/07/18/realestate/18mort.html?ref=realestate

Louisville Realtors Report Expiring Tax Credit Boosted Home Sales 26 Percent in June

2010-08-24T06:00:31-07:00

Louisville realtors sold 1,477 homes and condominiums in June, which represented a year-over-year increase of 26 percent from the previous June. Greater Louisville Association of Realtors members said that the jump was largely due to people taking advantage of the expiring federal tax credit for first-time homeowners and current homeowners wanting to buy roomier, more expensive homes. The jump in Louisville home sales represented the 12thconsecutive month of improving sales compared to the home sales in 2009. Just across the river in Indiana, the Southern Indiana Realtors Association posted a modest year-over-year increase in June from 300 homes sold last June to 308 sold this year. One Louisville realtor said that increased home sales were certainly welcome, but July's sales would be the "true test" of how the Louisville real estate market is faring in the current economy. She said that since few home sales that closed in July would qualify for the tax credit, the number of local homes sold would be an accurate indicator of the status of the Louisville residential real estate market. Local realtors reported that home sales are up 29 percent in the first six months of 2010 compared to the previous year. The median selling price of Louisville homes for the period showed modest gains to $135,000 from the previous year's $129,900. If you're looking for a Louisville realtor to help you buy or sell a home, look no further than the real estate professionals at Louisville Properties. This full service Louisville real estate company is locally owned and operated and offers a wide range of services including relocation assistance, rental housing assistance, flat fee transaction brokerage, FSBO assistance and property management and much more. To speak with their experienced Louisville realtors, call them today at 502.744.9504! Resource link: http://www.courier-journal.com/article/20100719/BUSINESS/7190357/1008/NEWS01/Louisville+Realtors+sales+up+26+percent+in+June+in+last+boost+from+tax+credit

Government Watchdog Claims Obama Mortgage Program Not Working

2010-08-19T06:00:17-07:00

A government oversight official recently told a Senate panel that President Obama's program to help troubled homeowners avoid foreclosure is not working and that Treasury Department officials have failed to fix the program's shortcomings. Neil Barofsky, Special Inspector General for the financial bailouts, told members of the Senate Finance Committee that the Treasury Department has ignored demands to establish clearer goals for the program. Barofsky made the statements during a hearing on the $700 billion bank bailout. Another member of the panel, Elizabeth Warren, who chairs the Congressional Oversight Panel on the bailouts, told members that the Treasury's failure to move swiftly could be impairing economic recovery efforts. The administration created the homeownership program to help homeowners keep their homes and avoid foreclosure by reducing the principal balance on homes to reduce monthly mortgage payments. Records indicate the program has helped at least 400,000 homeowners thus far, but 530,000 more have stopped participating in the program for undisclosed reasons. The federal bailout allocated $50 billion to fund the mortgage modification program, but as of July 2010, the program has only issued $248 million in funds. Barofsky told panel members that the Treasury's broad parameters for the program give mortgage lenders too much room in deciding who qualifies for principal reduction. If your current home doesn't have enough room to meet your needs and you're looking for Louisville homes for sale, we invite you to explore the pages of our site and browse our extensive listings of residential and commercial Louisville real estate. No one has a wider selection from which to choose and offers more services for buyers and sellers than Louisville Properties does. For more information, call us today at 502.744.9504! Resource link: http://content.usatoday.net/dist/custom/gci/InsidePage.aspx?cId=courier-journal&sParam=34098777.story

Louisville Landmark Set for Demolition for New Commercial Development

2010-08-17T06:00:41-07:00

After decades of serving breakfast, lunch and dinner to hungry Louisville residents, Masterson's Food & Drink in Old Louisville closed recently, and the building will be razed to make room for a large Louisville commercial real estate project. Located for more than 50 years at Third Street and Cardinal Boulevard, Masterson's is the future site for a four-story retail and apartment complex, which will serve local residents and students at the University of Louisville. Heine Bros. Coffee, Jimmy John's Gourmet Sandwich Shop, Qdoba Mexican Grill and other retailers have already signed on as tenants of the new development. The project's first phase will be completed by fall 2011, and it will include retail space and apartments for up to 373 students. The venerable 42,000-square-foot full-service restaurant, catering and banquet hall served its last hungry guest on July 31, and many of the regulars mourned its closing while praising the food and service. Four siblings owned and operated the restaurant, and they currently have no plans to reopen. They have relocated the catering business to a new building on Lexington Road in Irish Hill. The new Louisville commercial real estate is good news for students and residents in the area. If you're a commercial property owner in the Louisville area who is seeking professional property management services, call the Louisville property management professionals at Louisville Properties at 502.744.9504. They offer a wide range of customizable property management services including tenant screening, Internet marketing, income and expense reports and many others. For more information about our professional Louisville property management services, call us today! Resource link: http://www.courier-journal.com/article/20100721/ZONE07/7210312/Old+Louisville+landmark+Masterson+s+to+be+missed

Mortgage Interest Rates Lowest Since 1971

2010-08-12T06:00:54-07:00

People who are thinking about buying a home or refinancing a mortgage right now know that it is tough to get lenders to work with them whether they have an excellent credit rating and credit history or not. No matter how many hoops they must jump through to satisfy mortgage lenders, it is definitely in borrowers' best interests to endure the paper chase as mortgage interest rates are at near-historic lows right now. The average interest rate for a 30-year fixed home loan dropped from 4.75 to 4.69 percent recently. This represents the lowest home mortgage interest rate since mortgage giant Freddie Mac began tracking rates in 1971. Mortgages rates on 5- and 15-year mortgages also fell recently, which means that right now is the best time in nearly 40 years to take on a mortgage or refinance an existing loan. Mortgage interest rates have steadily declined as nervous investors have sought the relative safety of Treasury bonds. As demand for these bonds goes up, yields on these bonds fall, and traditionally, mortgage rates tend to reflect the yields of these long-term investments. However, many homeowners looking to refinance their mortgages are having a tough time finding a lender to work with them. Lenders, smarting from their losses and expected losses from foreclosures and defaults, are making it very hard even for qualified borrowers. "It's not the desire to refinance; it's the ability to refinance," said a loan officer with Trinity Mortgage Co. in Orlando, FL. "A lot of the people who can already have." Because refinancing a home loan isn't free, many mortgage experts say that refinancing is only worthwhile if homeowners can shave at least three-quarters, or 0.75 of a percentage point off their current loan. Other experts say that unless a full percentage point or more can be shaved off the rate, refinancing isn't worth the hassle and expense. If you have good credit and want to take advantage of favorable mortgage rates by buying a Louisville home, call Louisville Properties today at 502.744.9504. We can help you find the perfect home for your needs now and for the future.

Looking for Professional Louisville Property Management? Here's Why You Should Call Us First!

2010-08-12T06:00:48-07:00

Many people who own investment real estate in the Louisville area face the same dilemma: manage the properties themselves or hire a professional Louisville property management company. Neither is better than the other is; it really boils down to the property owner's situation. Nevertheless, if you're a Louisville income property owner who lives outside the Louisville area and has no plans to move here, you've already made your decision. You need to find a property management company in the Louisville area to handle the day-to-day business of managing and protecting your investment. Why should you choose Louisville Properties for your Louisville property management needs? Here are a few reasons: Proven successful track record for managing single-family homes, condos and apartment buildings Professional, reliable rent collection and disbursement Extensive tenant screening including applications and credit verification Income and expense reports for your review Ongoing maintenance and 24 hour emergency repair service Compliance with all local laws and regulations Advertising and Internet marketing to reduce vacancies Preparation of all leases and other documents Custom proposals tailored to your unique needs Peace of mind that your property is being managed by a Louisville property management company with many years of experience and a reputation for honesty and integrity Residential and commercial property management is one of the many services we provide our clients. If you have been looking for a property management company in the Louisville area, please call us at 502.744.9504 and find out for yourself why we have become the area's preferred Louisville property management company.

Innovative House Hunting Via Bicycle Tour

2010-08-10T06:00:29-07:00

An innovative house hunting bicycle tour and a Chicago suburb's plans to significantly expand bike routes in and around town may be a glimpse of a future of less reliance on gasoline and internal combustion engines. The "Homewood Green Streets House-Hunting by Bike" tour in the south suburbs and another bicycle real estate tour planned for Oak Park on the west side of the city may be the first signs of a new way of thinking about urban sprawl. The Active Transportation Alliance organized both tours, and judging by participation rates, they will be planning more in the future. Both suburbs have taken great strides to promote walking and bicycle riding to reduce traffic congestion, deter expensive development of new roads and promote healthier lifestyles. Oak Park has launched a 10-year plan to add 20 miles of bike paths, and their first house hunting by bike tour drew nearly 50 prospective homebuyers. Tour participants receive maps that identify homes for sale in the community, and riders can go on their own tour or join other cyclists in organized tours that showcase selected homes for sale. Riders say that riding, as opposed to driving, gives them a much better feel for a neighborhood and community. "It's a much more intimate way to get a view of the community," one said. "The maps direct people off the main streets and onto side streets, where there's more of a neighborhood feel." No Louisville homes for sale bicycle tours are in the works yet, but with higher fuel prices and the massive oil spill in the Gulf of Mexico weighing on everyone's consciences, this could be an effective way to attract buyers. If you're shopping for Louisville homes for sale, you don't need a bike or a car to view the area's best selection of Louisville real estate. Just call 502.744.9504 or point your Web browser to and let your fingers do the walking (or riding)!

More Louisville Real Estate Short Sales for Banks and Borrowers

2010-08-05T06:00:44-07:00

One Louisville couple figured that the two-story colonial house they bought on Bashford Manor Lane in 2003 would be their residence for the rest of their lives. Now, one refers to the former dream home as "the albatross that hangs around my neck." One of them has a job offer in New York, but they are finding that if they sell their Louisville home, they'll get at most about $15,000 to $30,000 less than what they owe on the mortgage. Like other Louisville couples, they are thinking seriously about a "short sale" of their home, which is a fairly new concept inside and outside the Louisville real estate market. In a short sale, a mortgage lender agrees to accept less than the borrower owes on the home loan and to forgive the difference in price. From the lender's perspective, it can be an attractive option. They can occasionally receive more money in the short sale of a home than they would if they foreclosed on the property and sold it. By short selling, they can also avoid legal fees and the costs of maintaining a vacant Louisville home. From the struggling homeowner's perspective, short sales are attractive because they are less stressful and confrontational than a foreclosure and their credit rating doesn't take the beating from a foreclosure. In a short sale approval, the lender must agree in advance to take a loss, and bankers are understandably reluctant to lose money on their investments. Short sales create unique opportunities for savvy Louisville real estate buyers. If you're thinking about buying a Louisville home, call 502.744.9504 or browse the real estate listings on this site for the area's best selection of Louisville homes for sale.

New Shopping Center Shot in the Arm for Louisville Commercial Real Estate

2010-08-03T06:00:20-07:00

The Louisville Metro Planning Commission recently reviewed and approved plans for a $45 million South Pointe Commons shopping center project, and the plans now require the approval of the Louisville Metro Council. The project expects to break ground on Bardstown Road just south of the Snyder Freeway in Fern Creek shortly after it receives approval from the Metro Council. It could be a bright spot in an otherwise tough Louisville commercial real estate market. Mike Brown, director of business development for Louisville-based Barrister Commercial Group LLC, was hopeful about the project's chances for approval, saying, "I'm pretty confident it will be successful." If approved, there will be 366,000 square feet of new commercial space built on the 43.5-acre site, which will include movie theaters, restaurants, at least one big-box retailer and other retailers. In addition to the estimated 1,000 construction jobs created by the project, the new shopping center will create an expected 560 permanent jobs and have a projected economic impact of $6.5 million annually. If approved by Louisville zoning boards and other agencies, ground would be broken on the project by early 2011, and barring any unforeseen obstacles, the first retailer would be able to open for business in late 2012 or early 2013. Initially, the project was slated to include 12 buildings and a total of 220,000 square feet. However, enthusiastic support from local and national retailers inspired the contractor to increase the size of the project. Unlike the Louisville residential real estate market, commercial real estate in Louisville has struggled over the last couple of years as the recession tightened lending standards and throttled consumer spending. However, Louisville's tough commercial real estate climate has also created unique opportunities for businesses and investors. For the area's best selection of Louisville commercial real estate and outstanding customer service, call Louisville properties today at 502.744.9504.

Louisville Home Mortgage Broker Ordered to Cease Doing Business in Indiana

2010-07-29T06:00:28-07:00

Indiana's Securities Commissioner has ordered a Louisville-based home mortgage broker and another broker based in Las Vegas to stop doing business in Indiana. A complaint filed with the Indiana Securities Commission cites Louisville-based Home Ownership Possibilities for Everyone LLC as one of the companies operating illegally without a license in Indiana. The state cited the mortgage broker for trying to obtain residential mortgage loans for clients in Indiana without having a license to do so. The other company ordered to cease operations is Las Vegas-based SEEED Consortium LLC, which also tried to secure mortgage financing for customers without an Indiana license. "It is critical for us to alert Hoosiers of these unlawful business practices and inform our residents that these companies are not licensed to offer loan broker services for residential real estate transactions in Indiana," said Secretary of State Todd Rokita whose office oversees mortgage broker licensing. The Indiana Securities Commission is seeking a $10,000 civil penalty per violation from each company, but it was unknown how many violations each company currently faces. There have been plenty of reports of fraudulent mortgage practices across the country over the last couple of years as troubled homeowners upside-down on their mortgages try to keep their homes. Tighter lending standards have created opportunities for unscrupulous mortgage brokers to prey on desperate borrowers. Anyone looking for a mortgage to buy a home in the Louisville area should check the legitimacy of any mortgage brokerage offering loans before signing any documentation. While you must be cautious about your mortgage broker, if you're looking for a Louisville real estate broker, look no further than Louisville Properties. We have a proven record of success and integrity helping people buy and sell homes and commercial real estate in the Louisville area. Call us today at 502.744.9504 and put our experience, honesty and professionalism to work for you!

Sales of New Louisville Homes Buck National Trend

2010-07-27T06:00:22-07:00

While homebuilders across the country are reeling from their worst sales month since 1981, sales of new Louisville homes remain strong according to members of the Greater Louisville Association of Realtors. Nationally, new home sales fell 33 percent in May to their lowest level since 1961, when the recording of sales of newly built homes started. Louisville realtors say that sales of new Louisville homes have seen a steady rise since last summer. Sales were up 46 percent in May 2010 from the previous May and rose 21 percent above April's new home sales. After taking a wait-and-see attitude for the last couple of years to see how the national economy would affect sales of new Louisville homes, homebuilders in the Louisville area are building again, confident that these homes will sell. Chuck Kavanaugh of the Home Builders Association of Louisville cautioned that the numbers of new homes built in Louisville are "nowhere near where they were three or four years ago." However, he also said that building permits for residential construction are up 16 percent thus far this year in Jefferson, Oldham, Bullitt, Shelby and Spencer counties. However, while the Louisville real estate market shows modest gains, most housing markets across the country continue to struggle. The recession, massive unemployment, foreclosures and many other factors have created a "prefect storm" of bad news for home sales nearly everywhere else. "We all knew there would be a housing hangover from the expiration of the tax credit," a real estate and interest rate analyst at Weiss Research said of the national figures. "But this decline takes your breath away." If you're thinking about buying a new or existing Louisville home or considering selling Louisville real estate, call 502.744.9504 today. Louisville Properties has the area's best selection of residential and commercial real estate and offers discount brokerage, property management, flat-fee MLS listings and many other services.

New Home Sales Drop 33% Nationwide in May

2010-07-22T06:00:52-07:00

Since the federal government began tracking new home sales in 1963, there has never been a month like May 2010. With the federal tax credit program expiring, expectations were already low, but actual sales of new homes across the country established a record low. Homebuilders report that they sold newly-constructed homes at an annual rate of 300,000 in May, 32.7 percent below the previous month's rate of 446,000 and around a third the level of new homes sold during normal economic conditions. Housing analysts had projected adjusted sales of around 400,000 for May, but were genuinely surprised when actual sales data became available. "We would be lying if we said the size of the drop was not shocking," said one analyst for brokerage firm Miller Tabak. Even with near-record low interest rates, new homes are not selling and sales were lower in May than they were during the economic recession of the early 80s when mortgage interest rates hovered near 20 percent. May's sales numbers eclipsed the previous record low set in September 1981. Housing consultants expected the tough time to continue for homebuilders. One consultant expressed the idea that builders were exacerbating an already-tough situation by saying, "I think that builders should bite the bullet and stop building houses. They keep dumping new inventory into the market when what the market really needs is a moratorium." Large inventories of new homes for sale in Louisville and other housing markets across the country make this the ideal time to buy your dream home at the best price in a generation. For the area's best selection of new and existing Louisville homes for sale, call Louisville Properties today at 502.744.9504 or browse the extensive Louisville real estate listings on our site!

Kentucky Rebates Let Residents Go Green and Save Green

2010-07-20T06:00:50-07:00

If you've been looking for a reason to retire that aging avocado green fridge, here's your best chance. On April 22, the state of Kentucky will begin giving away up to $4 million in rebates to people who replace old home appliances with new U.S. certified Energy Star appliances bought in Kentucky. These rebates range from $40 for single-room air conditioners to $400 for air-source or geothermal heat pumps and solar or electric water heaters. The new rebate plan, which is funded by the federal government's economic stimulus program, covers 16 different appliances. Funds have been allocated to each state based on population, and the officials in each state determine which appliances are eligible for rebate. For residents of Kentucky, the rebates will continue until claims reach $4 million. Indiana launched a similar rebate program on February 1, and $6.1 million in rebates are available for residents, but only apply to heating, air-conditioning and ventilating equipment. "We opted to have a wide selection (of appliances)," said Virginia Phifer, manager of the Kentucky program, so that residents "would have more choices and we would spread the money more evenly." Local appliance sellers are bracing for an expected boost in sales on and after the 22nd. "We're not going to give anybody that day off," said Joe Dumstorf, president of Trend Companies, an appliance and remodeling business in Jeffersontown. Louisville residents hoping to cash in on the appliance rebate program may be pleased to know that they can recycle up to three large items for free if they bring them to the city's Waste Reduction Center at 636 Meriwether Avenue. It is open from 8 a.m. to 5 p.m. Tuesday through Friday and from 8 a.m. to 3 p.m. on Saturdays. If you'd like to save some more green and you are looking at Louisville homes for sale, contact Louisville Properties today at 502.744.9504. No one has a better selection of Louisville residential and commercial real estate.

Spring and Summer Maintenance Guide for Your Louisville House

2010-07-15T06:00:27-07:00

Like car repairs, toothaches and many other things in life, the more you ignore a small problem with your Louisville home, the bigger and more expensive it will eventually become. In order to keep your Louisville house in great condition and protect your investment, there is some routine maintenance you can do each spring and summer to stay on top of things. To that end, here are some easy and inexpensive maintenance tips: Clean your gutters and downspouts and make any needed repairs. Everyone knows that leaves and twigs clog gutters and spouts and result in serious water damage. So check and clean them out in spring and late fall. Thoroughly inspect your roof and replace or secure any loose or missing shingles. Pay special attention to any aluminum flashing, and make sure that it is flush against any chimneys, gables or other features of your home. Speaking of chimneys, closely examine the one on your Louisville house and look for missing mortar, cracks, loose bricks and other signs of damage. If you find any damage, call a reputable contractor and get it taken care of as soon as possible or you're asking for big trouble and bigger repair bills. If there are places around your home where water is pooling and not draining away, this is a potentially serious problem and you should address it ASAP. There are many different ways to create drainage systems, so conduct some research and determine which one will be best for your Louisville home. Slowly walk around your home and look for any gaps or damage to its siding. Water can get in through gaps and then freeze, creating serious damage. Fix or replace any loose or missing siding as soon as possible to protect your home. These are all very basic home maintenance remedies, but they can make a big difference over time. If your current Louisville home no longer fits your lifestyle and you're looking for Louisville homes for sale, contact the pro at Louisville Properties today. You can reach him at 502.744.9504 or visit his website for the area's best selection of Louisville real estate. Resource link: http://www.houselogic.com/articles/spring-summer-seasonal-maintenance-guide-midwest/

Prepare Your Louisville Home for Tornado Season

2010-07-13T06:00:55-07:00

Springtime is here, and that means that tornado season is underway in Kentucky and other states in the region. Although there isn't much that people can do to prevent a tornado from hitting their area, there are steps that homeowners can take to minimize damage to their Louisville houses if one is nearby. Here are some things that you can do to limit tornado damage to your home: If you've been thinking about replacing old windows with new, energy-efficient windows, spend a little extra and get impact-resistant window systems. Sliding glass doors are especially vulnerable to wind damage. Look for impact-resistant doors made of laminated glass, a combination of plastic and glass or another strong combination. Garage doors, particularly aluminum doors, are vulnerable to wind damage. If your home has an older, flimsy garage door that needs replacement anyway, spend a little extra for a stout garage door system built to withstand high winds. If you've been putting off replacing your roof, go ahead and contact a reputable roofer. Make sure that they use metal clips and straps that will anchor the roof to the frame of your house more securely. While those steps require an investment in your home, the following emergency preparedness steps are cost-free and even more important. To protect your family in the event of a tornado or another type of emergency, take the following steps: Create an emergency plan and designate the best place to take shelter in your home or nearby. Make sure that everyone knows what to do and where to meet if you are separated. Stress the importance of staying calm and thinking clearly in an emergency. Test your children's understanding of what to do and discuss alternate plans under certain situations. Designate a family friend or relative to contact if family members are separated, preferably one that doesn't live within a mile or two of your Louisville home. The Louisville real estate professional at Louisville Properties wants you and your family to be safe and prepared for emergencies. If you're looking for a Louisville house that is a better fit for your family's current and future needs, call us today at 502.744.9504. Resource Links: http://www.houselogic.com/articles/hurricanes-protect-your-roof/ http://www.houselogic.com/articles/hurricanes-protect-your-windows-and-doors/

Private Mortgage Insurance Companies Slowly Returning to the Market

2010-07-08T06:00:33-07:00

The Federal Housing Authority, which insures mortgage losses for lenders if borrowers don't make their payments, is reevaluating its policies to shore up its financial position as a rising number of mortgage defaults have depleted its operating funds. While the FHA tightens lending requirements, private mortgage insurance companies are beginning to enter the market again after running for cover when housing markets began tanking. "Private mortgage insurers are coming back," says Mark Goldhaber, senior vice president for affordable housing at Genworth Mortgage Insurance in Raleigh, NC. The FHA was created during the depths of the Great Depression in 1934 to help low-to moderate-income people buy their own homes. The agency's structure allows it to expand its role when housing markets take a downturn, but in 2009, the FHA insured almost 30 percent of all single-family mortgages. Optimally, the FHA should insure no more than 10 percent. "We have stretched to the limit to help stabilize the housing market," FHA Commissioner David Stevens said in a recent speech in Orlando, FL. "But we need to stay ahead of any potential problems." Although private mortgage companies are cautiously entering the market again, they are also changing lending standards to limit their exposure to risk. Many are taking a wait-and-see approach until the FHA finishes tightening lending standards. Are you thinking of selling your Louisville real estate, but would like to save some money by doing some of the legwork yourself? Call 502.744.9504 today to speak with the pro at Louisville Properties, the leading Louisville discount real estate broker. He provides all the tools and support you need to sell your commercial or residential Louisville real estate. He will help you sell your home, condo, vacant lot, commercial property and other types of real estate. Resource link: http://www.latimes.com/business/custom/yourmoney/la-fi-0425-lew-20100425,0,6204112,full.story

New Construction Offer Incentives When Tax Credit Ends

2010-07-06T06:00:48-07:00

Homebuilders, reeling from an extended period of few new projects and even fewer buyers, are preparing to lure buyers to newly constructed homes with incentives that might have seemed very unlikely just a few years ago. Builders are bracing for the end of the government's homebuyer tax credit program by offering free options and upgrades, offering to help pay for closing costs and other incentives to entice wary homebuyers. Industry analysts remain skeptical that the incentives will be as generous as they were during the height of the housing meltdown, but these giveaways are almost always available if prospective buyers do their homework and ask about them. "Incentives don't disappear, even in the best of times," says Steve Melman, director of economic services for the National Association of Home Builders. "Even in the good times, builders will throw things in." According to the National Association of Home Builders, three homebuilders in four were cutting prices and creating other incentives in December of 2008 to facilitate the sales of unsold inventory. During that period, two-thirds tried to tempt hesitant buyers with free fireplaces, gourmet kitchens, finished basements and other incentives. Some builders (28 percent) offered to subsidize their buyers' mortgage rates, 59 percent offered to help pay closing costs and 41 percent offered to pay for the points that mortgage lenders charged buyers. Thinking about buying a newly constructed home in the Louisville area? Look no further than Louisville Properties. No one else in the area has a better selection of new Louisville homes and existing residential and commercial real estate. Whether you're buying or selling, the pro at Louisville Properties can help make it happen. Call him today at 502.744.9504. Resource link: http://www.latimes.com/business/custom/yourmoney/la-fi-lew18-2010apr18,0,6376692.story

Looking for Professional Louisville Property Management? Here's Why You Should Call Us First!

2010-07-05T11:23:45-07:00

Homebuyer Tax Credit Extension Approved for Closing Deadline

2010-07-02T16:16:26-07:00

In an effort to stimulate lagging home sales, the House of Representatives voted recently to extend the first-time homebuyer credit an additional three months so that buyers can take advantage of up to $8,000 in tax credits. The legislation moved on to the Senate, but with the current tax credit set to expire on June 30, the passing of the extension was uncertain. Even if the Senate passes the extension, it will not help buyers who have not yet signed a contract to buy a home. Buyers had until April 30 to qualify for the tax credit. If passed, the extension would merely give additional time to people who have already committed to buying a home. The House passed the measure to extend the closing deadline by a vote of 409 to 5. If the Senate approves the measure, it also contains provisions to go after criminals who have defrauded the tax credit program. An estimated 1,300 criminals are currently incarcerated for defrauding the government of $9 million in tax credits they did not deserve. If passed, the bill would allow the IRS to disclose tax return information to prison administrators. While the first-time homebuyer tax credit may have expired, Louisville real estate conditions still favor buyers, and right now is a smart time to buy. It's a buyer's market, and if you're looking for Louisville homes for sale, contact Louisville Properties today at 502.744.9504. For many years, we have been helping buyers find perfect Louisville homes, and we've been helping sellers find qualified buyers for their Louisville real estate. We offer a wide range of different services including flat-fee MLS listings, discount real estate brokerage, property management and much more. Call us today!

Defaults Increasing on Loan Modification Program

2010-07-01T06:00:19-07:00

The Obama administration's efforts to help homeowners remain in their homes through a government loan modification program have taken a body blow with recent news about the success, or lack thereof, of the program. The Treasury Department and the Housing and Urban Development Department reported that despite having achieved loan modifications through the federal program, the number of homeowners who defaulted on their mortgages almost doubled in March. Since the program began helping homeowners last fall, more than 1,000 participants defaulted on their modified mortgages in January, 1,499 defaulted in February and that number nearly doubled to 2,879 in March. These defaults, euphemistically called "cancellations," have the Treasury Department at a loss for explaining why a program intended specifically to reduce mortgage defaults for participants has been ineffective. Around seven million households in America are behind in their mortgage payments due to a number of factors, primarily job losses. The Treasury Department's goal for the program is to help up to four million homeowners keep their homes. However, a recent oversight report was much less optimistic, saying, "but only some of these offers will result in temporary modifications, and only some of those modifications will convert to final, five-year status. Even among borrowers who receive five-year modifications, some will eventually fall behind on their payments and once again face foreclosure. In the final reckoning, the goal itself seems small in comparison to the magnitude of the problem." If you've been thinking about selling your home in the Louisville area to get out from under a mortgage obligation or simply because you don't need as much space as you once did, call the Louisville discount real estate broker at Louisville Properties today. He offers flat-fee MLS listings, FSBO tools and much more. Call 502.744.9504 to learn more. Resource Link: http://www.nytimes.com/2010/04/15/business/15mortgages.html?8au&emc=au

Homeowner Study Provides Insight on What Buyers Really Want in a Home

2010-06-29T06:00:46-07:00

The current recession has inspired many homeowners to reevaluate wants versus needs, and researchers are finding that this reappraisal of values also applies to what they really want in a home. A recent study of over 22,000 people who bought a home in the last year provides invaluable insight into homebuyers' current mindset and on which things they are willing to spend extra money. This study is of particular interest to homebuilders and architects. Madison, Wisconsin-based Avid Ratings discovered that most current homeowners plan to be "more practical" when they shop for their next home. The survey found that the majority of homeowners don't want or need health clubs, dog parks, easy access to golf courses, 24-hour security, swimming pools and many other "wants." Walking paths and children's playgrounds, however, are "needs," and builders should note that buyers are focusing more on spaces, not rooms. Grand staircases, media rooms and dead space in general are out. Extra bedrooms, practicality, large kitchen cabinets and efficient use of living space are in. "People are willing to live in less square footage, but it has to be livable," said one home designer. "They won't accept a 10-by-10 bedroom anymore." The study found that homeowners still consider large kitchens, and especially kitchen islands, essential features in a home. Home offices, main-floor master bedrooms and two and three-car garages also scored well with homeowners. If you want to buy a Louisville home that satisfies your needs and wants, we encourage you to spend some time on a study of your own by browsing the area's most complete listings at Louisville Properties. If you want to sell Louisville real estate, Louisville Properties can help with that as well with discount brokerage services, flat-fee MLS listings and much more. Call today at 502.744.9504 for all your Louisville real estate needs. Resource link: http://www.latimes.com/business/custom/yourmoney/la-fi-lew4-2010apr04,0,7478178.story

Repeat Homebuyer Tax Credit A Failure or Success?

2010-06-24T06:00:04-07:00

Real estate professionals in the trenches of America's current real estate doldrums say that Congress' extension of the homebuyer's tax credit to include current homeowners probably wasn't enough to motivate them. Last fall, there was an extension of the popular first-time homebuyer's tax credit, and Congress expanded it to include current homeowners. Those who wanted to trade up and buy a larger home could qualify for up to $6,500 in tax credits, but industry analysts say that it has had little overall impact on home sales. "I don't think most people have any idea about it, or just don't understand it. No one's talking about it," said one Omaha real estate agent. Lawrence Yun, chief economist of the National Association of Realtors, said that the current homeowner's tax credit program "may not be sufficient to really move people to list their houses for sale and buy another." Yun estimates that the tax credit program stimulated more than two million home sales in 2009, beating his initial estimate of 1.5 million. He believes that the soon-to-expire program could have inspired even more home sales across the country if the program had a longer extension and the tax credit for current homeowners had been larger. He and other analysts believe that the costs of buying a new home outweighed the $6,500 benefit and discouraged buyers from taking advantage of the program. Although other real estate markets are struggling, the prices of Louisville homes for sale have stayed relatively steady. They didn't escalate to stratospheric highs during the boom years and remained insulated from the steep drops that are plaguing other markets. If you're thinking about buying or selling a home in the Louisville area and are looking for a Louisville realtor or discount real estate broker, call 502.744.9504 today and speak with the real estate pro at Louisville Properties. Resource link: http://www.latimes.com/business/custom/yourmoney/la-fi-harney4-2010apr04,0,3304615.story

February Home Sales Rise Substantially

2010-06-22T06:00:14-07:00

Some welcome news appeared recently that could indicate that the nation's struggling housing market is beginning to recover. The National Association of Realtors reported that February home sales rose an unexpected 8.2 percent during a period when many real estate analysts predicted home sales to remain flat. Many cited the impending expiration of the homebuyer's tax credit program as the driving factor behind the jump in home sales, and it remains to be seen whether the positive trend will continue or not. In addition to the tax credit program, economists cited an influx of foreclosed homes into the housing market at bargain prices as a contributing factor to the spike in home sales. Even in regions such as the South and Northeast, which experienced inclement weather in February, saw unexpected gains of 9 percent. While the rise in home sales surprised and delighted many real estate professionals, their enthusiasm was tempered by the current reality of lower overall home prices, month after month of sluggish home sales and historic mortgage default rates that appear to be worsening. "I don't think we're in for a further slump, but I think the recovery is going to be slow and painful," said Michael Carliner, a visiting fellow at Harvard's Joint Center for Housing Studies. "The risk that the bottom is going to come even further out of the market is easing." If you're thinking about taking advantage of low prices on Louisville homes for sale for your primary residence or an investment property, visit our website or call today at 502.744.9504 to view the area's most complete selection of residential and commercial Louisville real estate. We offer a wide range of real estate services that we can tailor to your needs. Resource link: http://www.nytimes.com/2010/04/06/business/economy/06econ.html?8au&emc=au

Federal Reserve Bank Says Market Conditions Improving in Louisville

2010-06-17T06:00:17-07:00

The Federal Reserve Bank of St. Louis said recently that overall, conditions in and around Louisville are slowly improving, but employment has lagged behind thus far. They issued their report in their quarterly assessment. They said that manufacturing, housing markets and auto sales are improving in Louisville and nearby areas such as Southern Indiana, Elizabethtown, Bowling Green, Owensboro and Evansville, IN. Southern Indiana and the western half of Kentucky are part of the St. Louis Federal Reserve Bank. The Fed also reported that January 2010 building permits issued in the area rose by larger percentages than the national average, with permits up by 55 percent in Louisville and a whopping 237 percent in Elizabethtown. In addition, the Fed said that home prices in each area either made modest gains or trended slightly lower, but decreased less than the national average for the last quarter of 2009. The fact that employment was down overall in the region with every sector but government and education/health services losing jobs has toned down the Fed's enthusiasm. Nevertheless, manufacturing, an employment sector hit especially hard by the economic downturn, showed modest gains recently, and the Fed expected that trend to continue. The Fed report stated that commercial real estate in Louisville continued to lag behind residential real estate sales as industrial vacancies downtown and suburban office vacancies rose. With commercial real estate trending downward and residential real estate showing modest gains, now is a good time to take advantage of Louisville real estate market conditions. For the area's best selection of residential and commercial real estate, call Louisville Properties today at 502.744.9504.

Commercial Real Estate Lenders Facing Mixed Future

2010-06-15T06:00:21-07:00

Despite growing losses on their commercial real estate investments and against conventional investing wisdom, stock shares of banks heavily invested in commercial real estate have been rallying recently. While many investors remain justifiably wary of investing in such banks, others are betting that the predictable hits from commercial real estate losses will not be as severe as expected. Goldman Sachs is estimating that around 7 percent of commercial real estate mortgages will go into default at some point. However, as of April 2010, banks that have issued large commercial real estate loans are reporting that only 2.5 percent have gone in to default. The unexpectedly low rate of bad commercial real estate loans leads some investors to believe that although more losses are expected in the near future, the losses will be spread out over time as will their impact on balance sheets. Other investors remain wary, citing low commercial real estate default rates in a reeling commercial market as evidence that these losses are being artificially lowered. There is precedent for this as it is not uncommon for the lender to restructure commercial mortgages in the hope that restructuring will help keep the debtor from defaulting on the loan. Despite the current volatility in most commercial real estate markets across the country, bank stocks have recovered to the point that some appear to be fully valued. Nevertheless, many industry analysts predict that commercial real estate mortgage defaults will worsen in the coming year, and if that occurs, banks heavily invested in commercial real estate could quickly lose favor with investors. If you're thinking about buying Louisville commercial real estate as an investment or to expand your business, no one in the Louisville area has a better selection or offers better service than Louisville Properties. If you're selling Louisville commercial real estate, Louisville Properties can help you as well. The realty agency offers a wide range of options for sellers. For more information about commercial or residential real estate in Louisville, call Louisville Properties today at 502.744.9504. Resource link: http://online.wsj.com/article/SB10001424052702304703104575174350530025786.html?mod=WSJ_Markets_section_Heard

Kentucky Real Estate Market Healthy According to Report

2010-06-10T06:00:03-07:00

The National Association of Realtors Local Market Report indicates that home sales in Kentucky and construction growth are much higher in 2010 than the previous year. The report claims that growth for the fourth quarter of 2009 increased 37 percent above the same quarter in 2008 and outpaced the national average. The report also shows that the Kentucky real estate market exceeds the national average in several important trends. Citing Lexington as an example, the report said that the city enjoyed a 1.8 percent jump in home sales in the fourth quarter of 2009 compared to a 4 percent decline overall for the U.S. as a whole. Furthermore, the report suggests that Lexington and other Kentucky real estate markets are quite affordable compared to most markets across the country and continue to outperform the national average. The Builder Market Health Index cited Lexington as the 23rd Healthiest Builder market in the U.S. for 2009. "This is great news for the community. In addition to housing affordability, the real estate industry groups employ thousands of people and provide over 20 percent of Lexington's economy," says Todd Johnson, Home Builders Association of Lexington (HBAL) Executive Vice President. Louisville, just down Interstate 64 from Lexington, also compared favorably to the national average and continued to score well in terms of affordability and construction growth according to the report. If you're thinking about taking advantage of current market conditions and buying or selling Louisville real estate, call Louisville Properties today at 502.744.9504. It offers buyers and sellers a variety of professional services such as flat-fee listings, property management, commercial real estate listings and much more. Call today at 502.744.9504 for all your Louisville real estate needs. Resource link: http://www.lex18.com/news/local-real-estate-market-healthy-report-says

Real Estate Problems Fueling Rental Scams

2010-06-08T06:00:00-07:00

A sad fact of life is that some people will take advantage of others who are going through a difficult period in their lives. The nation's housing and unemployment problems have created a situation where scam artists are resurrecting an old scam and defrauding people who are already suffering financial duress. The trick involves a "landlord" accepting a deposit from prospective tenants to hold a rental property for them and then disappearing. The vast numbers of foreclosed homes have created lots of opportunities for scammers to defraud renters hoping to rent them. Christine Minnehan, director of legislative advocacy for the Western Center on Law and Poverty, said, "In the past year, (these scams) have risen enormously because of all the vacant properties that are so much easier for this kind of scam to operate in." This scam, called "landlord impersonation," only works if the victims are willing to provide deposits in cash, which makes it very difficult for law enforcement officials to trace and catch these thieves. Making matters worse, most victims are reluctant to report this type of con, which is also in the scam artists' favor. "What you have are primarily young, unsuspecting victims who truly believe they're entering into a legitimate rental agreement," said Adam Christianson, sheriff of Stanislaus County. "Before you know it, the real (property manager) shows up and says, ‘Why are you here?' Then they're out on the street and also out the money for first and last month's rent and deposit." If you're thinking about buying or selling Louisville real estate, there's nothing dishonest about having Louisville Properties assist you. The agency has the experience, resources and expertise to help you buy or sell real estate in the Louisville area, and it offers an array of services from which to choose. Call today at 502.744.9504 to talk to a Louisville real estate expert! Resource link: http://www.google.com/hostednews/ap/article/ALeqM5h4I9bP0XPDnrN_ShlvGuEuSOqdHwD9F1HK4G2

Open Houses Remain an Important Home Selling Tool But Not Without Headaches for Homeowners

2010-06-03T06:00:03-07:00

In a survey released by the National Association of Realtors in 2009, 46 percent of homebuyers said that they used open houses as part of their research, but only 12 percent reported buying a home because they saw it during an open house. With the virtual tours and all the other home-selling marketing tools the Internet provides, the impact of open houses may have dimmed somewhat, but there's still no better way to showcase a home for sale than an open house. However, home sellers know that this necessary form of marketing a home is not without its headaches. They must perform necessary tasks such as these: Put away most personal objects Thoroughly clean the home Fix cosmetic flaws Stage the home properly Get out of their own home for a morning or afternoon Hide their valuables In addition to the predictable tasks, the dirty little secret of open houses is that there is a whole other set of considerations and even hazards that current homeowners must sometimes endure to attract that one qualified homebuyer who sincerely wants to buy the home. Any Louisville real estate agent or realtor will tell you that some of the people at open houses aren't buyers at all; they just want to get out and walk through someone else's home. This leaves homeowners dealing with the aftermath, which includes the following: Scuffed and stained floors and walls Missing tableware and other items Broken fixtures Unlocked windows and doors that thieves unlock during their walk-through for returning later Other unintended and unpleasant surprises If you're thinking of selling your home in the Louisville area, contact Louisville Properties today at 502.744.9504. The agency offers a variety of services for home sellers such as flat-fee real estate listings for FSBOs, full-service real estate brokerage services and much more.

No Recovery in Louisville Real Estate Prices Expected Until 2012

2010-06-01T06:00:35-07:00

Louisville real estate analysts predict that Louisville housing prices have not reached bottom and probably won't until the end of 2010. They also believe that prices won't regain their highs of spring 2008 until sometime in 2012 according to a report recently released by technology company Fiserv. Although they expected Louisville home prices to continue their slow decline, they tempered this news with the prediction that the loss will be very modest, around 2.3 percent. Among 383 metropolitan areas in the United States, Louisville's slight 2.3 percent loss is the 33rd smallest. This is good news for Louisville real estate professionals and homeowners alike. Fiserv analysts said that they used the Case-Shiller Home Price Indexes to develop their forecasts as they measure the average change in home selling prices in a particular market. Analysts also used Moody's Economy.com and the Federal Housing Finance Agency to create the Louisville real estate market forecast. The market analysis predicts that real estate prices in some of the hardest-hit communities for declining home values will continue to decline with Merced, CA showing drastic declines of 73 percent. Home prices there and in other troubled markets aren't expected to recover until 2039 or after. The median price of Louisville homes sold by members of the Greater Louisville Association of Realtors in 2009 was $132,000. Although Louisville housing market conditions may favor buyers for now and the next several months, an experienced Louisville real estate agent like the one at Louisville Properties can tell you that these predictions may or may not turn out to be true. Many different factors can affect Louisville real estate prices. There is one sure thing when it comes to Louisville real estate: Louisville properties will have the best selection in the area for commercial and residential real estate. Call today at 502.744.9504 if you're thinking about buying or selling real estate in the Louisville area. Resource link: http://www.courier-journal.com/article/20100408/BUSINESS/4080334/1008/NEWS01/Report++Louisville+home+prices+won+t+rebound+until+2012

Fair Housing Act Remains Relevant for Housing in Louisville and Other Markets

2010-05-27T06:00:36-07:00

The Fair Housing Act was signed into law 42 years ago this month and is a powerful reminder of the past as well as the challenges of the present and future. President Lyndon Baines Johnson signed the Fair Housing Act in April 1968 after a heated debate in Congress. The law came into effect shortly after the Rev. Martin Luther King was assassinated. It protects anyone in the United States from discrimination in finding and maintaining housing based on race, color, religion and national origin. In 1974, the law was amended to also include discrimination against gender. In 1988, the law was amended again to protect individuals from housing discrimination based on handicap or disability and family status (defined as the presence of minor children in the family). Some senior citizen complexes are legally exempt from this amendment. This law has been tested repeatedly since its passage, addressing issues such as the "steering" of some home shoppers to certain areas and a process called "redlining," which describes an organization's refusal to provide services to a specific area based on "a particular protected class." The U.S. Supreme Court has also addressed advertising, home appraisals, tax assessments and many other issues over the years under the provisions of the Fair Housing Act. Although this piece of legislation has helped countless homeowners over the last 42 years, when you're looking for the perfect Louisville home for sale, it pays to be discriminating in terms of price, location, features and other attributes. That type of discrimination is perfectly legal and very much encouraged. If you're looking for a Louisville home or real estate in the Louisville area, no one has a better selection than Louisville Properties. Call today at 502.744.9504 to speak to an experienced Louisville realtor. Resource link: http://www.courier-journal.com/article/20100412/OPINION02/4120316/Community+Challenge+|+Fair+housing+still+faces+obstacles

Obama Administration Aims to Provide Foreclosure Prevention for Struggling Homeowners

2010-05-25T06:00:57-07:00

The Obama administration has launched a new set of initiatives to help struggling homeowners keep their homes and avoid bankruptcy. If successful, more homeowners would be able to stay in their homes, property values would stabilize and the country's deepening foreclosure crisis would bottom out. The administration's first efforts, launched last year, lowered interest rates in order to reduce monthly payments, but did little to address the fact that moderately lower monthly payments offer little assistance for borrowers who have lost their jobs. Critics also said that the Obama administration's initial efforts offered little or nothing for homeowners who are underwater on their mortgages and lack the ability or inclination to keep paying mortgages that exceed the plummeting value of their homes. In addition, critics stated that participation in the original plan was mostly voluntary with some incentives offered to lenders to join, but lenders were not compelled to work with homeowners. The new plan includes the following: Assistance for borrowers who are underwater and/or unemployed If the borrower has no job, participating lenders will be required to help in some cases Borrowers who are receiving unemployment benefits will have their payments lowered to no more than 31 percent of their income, and lenders will be required to participate Any unpaid amounts will be added to the loan's principal and will be repaid later Other measures If you're struggling to find the right Louisville homes for sale or Louisville real estate agent, call Louisville Properties today at 502.744.9504. No one has a better selection of residential and commercial Louisville real estate, and if you're selling your home in the Louisville area, money-saving flat-fee brokerage services are offered. To speak with an experienced Louisville real estate agent, call 502.744.9504 today. Resource Link: http://www.nytimes.com/2010/04/05/opinion/05mon1.html?th&emc=th

HUD Investigating 'Admin Fees'

2010-05-20T06:00:22-07:00

The Department of Housing and Urban Development has recently issued a ruling that any charges in addition to a real estate agent's commission are illegal if no extra services are provided. In recent years, some real estate agents and brokers have been adding extra fees to their commissions to generate more revenue. In most cases, no extra work or services were provided, and these fees were called a variety of names such as processing charges, convenience charges and others. The fees were charged to both sellers and buyers at closings. Fees charged by a brokerage firm in Alabama involving around 30,000 transactions led to the HUD ruling, but the agency and the National Association of Realtors warned real estate professionals across the country not to tack on extra fees for work not performed. Until this ruling, HUD did not provide any detailed guidelines about what charges are legal in the real estate industry. HUD general counsel Helen R. Kanovsky summed up the new ruling concisely. She said that federal law does not govern how much real estate brokers can charge their clients for their services, but it does govern how brokers and real estate agents disclose their compensation to their clients. Brokers' and agents' commissions may be expressed by "using a flat fee, a percentage of the sales price, or a combination" of the two. It is unfortunate that some real estate brokers have taken advantage of their clients and charged them for services that they did not deliver. However, if you're looking for an honest flat-fee Louisville real estate broker who will be happy to explain services and the fees for them, call Louisville Properties today at 502.744.9504. This Louisville discount brokerage has many years of experience helping clients and has earned a reputation for being honest and dependable. Resource Link: http://www.latimes.com/business/custom/yourmoney/la-fi-harney21-2010mar21,0,2521592.story

Some Lenders Taking a Proactive, Helpful Approach with Delinquent Borrowers

2010-05-18T06:00:07-07:00

Struggling homeowners who are late on their payments and don't answer the door or their phones are a sadly familiar situation for lenders who genuinely wish to help them keep their homes. Despite many attempts to help them refinance their mortgages, many homeowners are unable to act due to fear and/or embarrassment and other factors. Some lenders are going well out of their way to help homeowners keep their homes. They are hiring credit collection agencies not to harass homeowners for payment, but to literally knock on their doors to help them pursue alternatives to foreclosure. Loss mitigation firms are exploring new ways to get embarrassed mortgage holders to talk to their creditors in order to stem the tide of foreclosures that are devastating many communities. They have sent gas cards that they can only activate by calling their lenders and have employed other innovative methods to persuade people to overcome their shame and work with lenders while they still can. These firms understand what they are up against and say that while many troubled borrowers won't answer their doors or phones, some understand that they need to do something to help themselves. One credit counselor summed up the troubled borrowers mindset succinctly. She said, "It's a scary and confusing period" for troubled borrowers. "They're just not thinking as clearly as normal. Some are embarrassed, some are very angry." It is very important that these people receive the help that they need to remain in their homes. If you need help finding Louisville homes for sale, contact the experienced Louisville real estate agent at Louisville Properties today. No one else has a better selection of commercial and residential Louisville real estate, and he can help you find the perfect property for your needs now and in the future. Call today at 502.744.9504. Resource Link: http://www.latimes.com/business/custom/yourmoney/la-fi-lew28-2010mar28,0,7294195.story

Some Homeowners Struggle with the Reality of Repeated Home Foreclosures

2010-05-13T06:00:28-07:00

The loss of one's home to foreclosure can be devastating, and millions of Americans are intimately familiar with this kind of financial and emotional trauma. A Southern California couple is facing their third foreclosure in the past year. The couple, who lost two homes to foreclosure in March 2010, has been forced to declare bankruptcy, and is fighting to stay in their current home. The nation's foreclosure crisis has hit the Los Angeles metropolitan area especially hard as improper lending practices made it easy for people to take on mortgages that they couldn't afford. Other metro areas hit hard by foreclosures in the last couple of years include the Phoenix and Las Vegas housing markets. Once a rarity, multiple foreclosures have become much more common as people with easy access to credit bought multiple homes when property values showed no signs of slowing down. Lax lending standards allowed lots of people to get into the real estate investing business, and when the music stopped, they were left upside-down on homes that they bought for hundreds of thousands of dollars. The couple struggling to keep their only remaining home says that they would not have had the foreclosures or the bankruptcy had their health and the economy not taken a turn for the worse. Bad luck, a workplace accident for him, a pedestrian accident for her and a souring economy created a lethal financial tsunami for the couple, and their future is far from certain. This couple's situation is far from unique. Many couples, single parents and singles are fighting to keep up with their mortgage payments. If you're looking for a smaller, more financially manageable home for sale in Louisville or the surrounding area, contact a Louisville realtor at Louisville Properties today by calling 502.744.9504. Resource Link: http://www.latimes.com/business/custom/yourmoney/la-fi-cover-foreclose21-2010mar21,0,3077981.story?page=2

New Government Program Seeks to Help Struggling Homeowners

2010-05-11T06:00:20-07:00

The federal government has created more programs to help struggling homeowners keep their homes. The government has to walk a tightrope of sorts to help homeowners having problems making their mortgage payments while ensuring that homeowners who are struggling but continue to make their mortgage payments on time don't become angry. The new programs are designed to help the more than seven million households that are behind on their mortgage payments as well as the 11 million who are upside-down on their mortgages or owe more than their homes are worth. White House officials say that if the plans work as intended, struggling homeowners will be able to keep their homes through payments they can afford with mortgages that more closely resemble current market values. If successful, the programs would significantly reduce foreclosures and stabilize housing markets across the country. "We're walking that delicate balance to make sure these solutions are sustainable and not temporary," said David H. Stevens, Commissioner of the Federal Housing Administration. However, if the bold plan does not achieve its goals, it could result in embarrassment for the Obama administration and make them devise another plan to accomplish the same goals again in a year or less. Critics say that the programs lack any teeth as none of them has the force of law, and lenders say that they have no good reasons to participate in the programs. While the effectiveness of these programs may be in doubt, if you're looking for residential or commercial Louisville real estate, there's no doubt about who has the best selection and service in the area. Louisville Properties has the experience to exceed clients' expectations. Call today at 502.744.9504. Resource Link: http://www.nytimes.com/2010/03/27/business/27modify.html?scp=1&sq=Administration%20Plans%20Program%20to%20Cut%20Mortgage%20Debt%20of%20Troubled%20Borrowers&st=cse

Bank of America Reduces Mortgage Balances

2010-05-06T06:00:36-07:00

It comes much too late for many people who have lost their homes in foreclosure, but is welcome news for many homeowners struggling to hold onto their homes. Bank of America announced recently that it has started to forgive some mortgage debt to help stressed homeowners keep their homes and avoid bankruptcy. If Bank of America is your mortgage lender, don't pick up the phone yet because participation in the program is by invitation only. The Obama administration and Congress have been urging lenders to loosen lending to stimulate the economy and provide a much-needed lifeline to prospective homebuyers who are having difficulty getting home financing. It remains to be seen whether the BoA program will inspire other lenders to launch similar programs to help distressed homeowners. After a brief surge in home sales last summer and fall largely attributed to the government's popular homebuyer tax credit program, home sales and selling prices are down again in most markets across the country. The new program has angered many homeowners who have kept up with their payments and have been trying to refinance their mortgages to save money, but have had little success due to tight lending practices. The timing of BoA's announcement just happened to coincide with the news that it had reached a settlement with the State of Massachusetts over predatory lending claims. While Bank of America's reputation may be bruised, if you're looking for homes for sale in Louisville, Louisville Properties has an excellent reputation for good business practices and exceptional customer service. This Louisville realtor has been helping people buy and sell homes, commercial real estate and other properties in the area for years. To speak with Jim Powell, an experienced Louisville real estate agent, call him today at 502.744.9504. Resource Links: http://www.latimes.com/business/custom/yourmoney/la-fi-harney28-2010mar28,0,26637.story http://www.nytimes.com/2010/03/25/business/25housing.html?th&emc=th

Short Sales Offer Options for Distressed Homeowners

2010-05-04T06:00:30-07:00

Homeowners who have lost their jobs or are suffering other types of economic distress may be thinking foreclosure is the only option. However, short sales have become hot over the last year or so, and there is every indication that they will become even hotter in the coming months when the federal government begins providing incentives to lenders to close short sales. "Banks have ramped up short sale approvals," said one spokesman for a company that connects short sellers with buyers. "They're hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales." A short sale is a financial arrangement where a lender allows a homeowner to sell a home for less than he or she owes on it. It works for homeowners because they can get out from under that debt obligation. It's an attractive option for lenders for these reasons: Even though they take a loss, they can get much more of the investment back than they would in foreclosure If the home goes into foreclosure, they assume ownership of the home and have to deal with their loss on the mortgage and taxes, maintenance and other costs If the home goes into foreclosure, many foreclosures sit on the market for months or more and can be vandalized, stripped of plumbing fixtures, etc. It is much better to facilitate the transition from one owner to another so the house doesn't sit vacant and depreciate Short sales have gained in popularity recently and accounted for 17 percent of all residential real estate sales in February 2010. If you're looking for Louisville homes for sale, but want a great deal, you may wish to consider buying a short sale home. For more information and the area's best selection of Louisville real estate, call Louisville Properties at 502.744.9504 today. Resource Link: http://money.cnn.com/2010/03/29/real_estate/short_sale_explosion/index.htm

Time Running Out on First-Time Homebuyers Tax Credit

2010-04-29T06:00:44-07:00

Time is running out on folks who want to take advantage of the government's first-time homebuyer tax credit program. First-time homebuyers can qualify for up to $8,000 in tax credits while current homeowners who wish to purchase a larger home can qualify for up to $6,500. In order to qualify, homebuyers have to sign a sales contract by the end of April 2010 and close on the home before the first of July. After great success last summer and early fall, lawmakers extended the tax credit program late last fall, but there is no indication that they will extend the program again. Lawmakers have shown disappointment that the extension did not produce the same boost in home sales that the initial phase of the program created. There are different theories about why the extension has resulted in lackluster response, but at least one analyst has an opinion about it. Nicolas Retsinas, director of Harvard's Joint Center for Housing Study, believes that people assumed that Congress would continue extending the program, causing prospective home hunters to wait for warmer weather to look for their next home. "The credit's influence and impact has waned considerably," he said. Because time is running out on this program, a refresher on who can qualify for the tax credit is helpful: Buyers who have not owned their own homes in the last three years may earn up to $8,000 in tax credits Buyers who have owned their homes for five consecutive years in the past 8 years may earn up to $6,500 Buyers who earn less than $125,000 annually or $225,000 or less for couples Homes priced at $800,000 or more do not qualify for the tax credit If you're looking for Louisville real estate and you wish to take advantage of the tax credit, time is running out! Since time is short, you may want to contact an experienced Louisville realtor like Louisville Properties who can save time by only showing you homes in your price range and neighborhoods that interest you the most! For more information from an experienced Louisville real estate agent, call 502.744.9504 today. Resource Link: http://money.cnn.com/2010/03/30/pf/taxes/homebuyers_last_chance/index.htm?hpt=C2

Tips for Staging Homes in Louisville

2010-04-27T06:00:44-07:00

Staging your home for sale is an art form. There are several reasons why people should consider staging their homes when they are going on the market to be sold. A staged home looks bigger. It looks cleaner. In addition, you're providing a neutral, cheerful feel to the home that suits all potential buyers. If you're looking to sell, learn more about how staging homes in Louisville can help sell your home more quickly and possibly closer to asking price. You can stage your home in one of two ways. You can always do it yourself to cut costs, or you can hire a professional stager to come into your home and tell you the best ways to make your home more appealing during open house time. Empty homes for sale are great, but oftentimes, people like to see how furniture looks in specific rooms. It provides a visual; buyers can envision living there. Moreover, if you're still occupying the house, having it empty isn't an option. This way, you can live in the home comfortably during the sale. The best tip for staging each room in your home is this: Remember that less is more. Get the clutter out of the house. Remove personal items from view. Pack up pictures off the mantle and replace with a decorative vase or scented candle arrangement. Take away small, unnecessary pieces of furniture and leave the essentials. The kitchen shouldn't boast tons of appliances lining the countertop. Put the coffee maker in the cupboard and consider having a decorative bowl of fruit as the focal point of the counter space. These small details make the difference when it comes time to accept the offer. Staging homes in Louisville is a smart and effective decision. If you're ready to put your home on the market, call Louisville Properties at 502.744.9504.

Successful Home Sales in a Slow Louisville Real Estate Market

2010-04-22T06:00:40-07:00

Even though home sales are on the rise after an economic downfall, the market is slower than it has been in past years. The values of homes overall remain less than what they were before the economy took a dive. However, note that just because home sales are slow in the Louisville real estate market, selling isn't impossible. There are several ways you can better prepare your home to weather a tough market. For starters, make all the necessary repairs. The majority of buyers that would have been satisfied with a fixer-upper are now looking for a move-in ready home. This includes roof repairs, plumbing issues and simple paint jobs. Secondly, you need to be realistic in how you price your home. Agree to list your home in the price range of other homes in the area. Sometimes it's difficult to take less than what you feel your home is worth, especially now in a slower Louisville real estate market. It may also be less than what you paid when you originally purchased it, and that can be a low blow if you've made many improvements. Finally, retain an agent who has a good record. This is more important now than ever. If your agent is averaging six months to sell a home, that's a long time. You're going to want to find someone known to sell fast. Not all Realtors™ are created equally. You need to make sure your house is listed with an agency that knows how to get homes sold. Contact Louisville Properties at 502.744.9504.

Avoid Louisville Homeowner Tax Errors: Maximize Your Refund

2010-04-20T06:00:29-07:00

It's tax time again! Preparing your federal and state income taxes is stressful enough. If you now own a home, there can be a whole new level of questions to which you might not have the answers. Making mistakes on your taxes can mean many things. You can end up owing more than you need to if you don't maximize your deductions. You deserve the refund you're entitled to get, and avoiding these Louisville homeowner tax errors will help you get your check and reduce your chance of an audit. The keyword we want to remember here is "points," a simple term used to describe charges from a borrower to obtain the mortgage. It also describes mortgage fees, lender fees and other costs incurred. It's only when they're interest paid in advance that you can claim them as tax deductable and only when your loan applies towards improvements of your home. You must have paid the same amount of cash (if not more) into your home mortgage as the amount of points that are paid. The amount paid out cannot surpass the price normally charged in your area. You must also use the cash method when it comes to accounting for your expenses. State your income the year you obtain it and deduct the expenses in the tax year in which you paid the points. As far as property tax is concerned, if you paid the taxes owed by the seller at closing, you can't deduct that amount. You have to consider it as part of your costs in the property. Hopefully you'll have a pleasant tax season in 2010, and remember if you're interested in commercial property or home ownership in Louisville, contact Louisville Properties at 502.744.9505.

New IRS Tax Credit Guidelines for the Louisville Real Estate Market

2010-04-15T06:00:07-07:00

February 12, 2010, marked the date for information provided by the International Revenue Service that will affect homebuyers in the Louisville real estate market. There are new guidelines for the two tax credit programs that have been created to assist in the country's failing home owning circumstance. The credit is $6,500 for previous homeowners buying new (or resale) homes, and first-time buyers are receiving an $8,000 credit. Of course, there are qualifications that the buyer(s) must meet before they are deemed eligible for the tax credit. The new guidelines are clearing up discrepancies in the paperwork. Specifically, the documentation that buyers need to provide to receive their credits was altered to help prevent fraudulent credit claims. The abuse of the program was discovered in early 2009, and federal monitoring is now in place to stop fraudulent transactions before they are processed. All information about the tax credit, as well as the proper documentation process to receive your tax credit refund, can be located on the IRS website at www.IRS.gov. It should be noted that because of the tightened program, the process of receiving the credit would be considerably longer due to the monitoring. The IRS is estimating that checks will be sent to buyers between four and eight weeks after the paperwork has been given the "all clear." Despite the added paperwork and time required to receive this credit, the program is still a great opportunity for first time and repeat homebuyers. If you're looking for a home, the Louisville real estate market has something to offer everyone. Call Louisville Properties today at 502.744.9505 and get more details on property listings in the area.

Preparing Yourself and Family for Louisville Homeownership

2010-04-13T06:00:28-07:00

You may be in the market to purchase your first home. By now, perhaps you've sat down and thought about the positives of Louisville homeownership. You're aware that a home means equity, a line of credit for expenses and home improvement, the tax credits available, and even the dignity that comes with owning your residence. You may be concerned about being able to make a monthly mortgage payment while dealing with the upkeep of a home and other life expenses. You don't have to feel trapped in your residence; get your questions answered well ahead of time by reputable realtors, lenders and mortgage counselors. One of the best things you can do before you decide to buy a home is get your debt under control. The amount of debt in your name will have an effect on the amount of money you'll be qualified for towards a mortgage. If you have a large amount of debt, the best advice is to work hard towards paying it down. Don't think of it like you're putting owning a home on hold; think of it as working towards the goal of buying one! You should be aware of your credit situation before you start the process of buying a home. Your bank can assist you with credit checking and, of course, this goes hand in hand with the pre-qualification process. Knowing what you can afford before you begin home shopping and sticking to what your cost limit is will help you live comfortably in the long run. Many renters worry about the term "house poor." Preparation helps to avoid this being an issue. If you're ready to take the plunge and get the house you've been waiting for, Louisville Properties is ready to help you get started. Call today at 502.744.9505.

Possible Rise in Louisville Homeowner Equity

2010-04-08T06:00:36-07:00

Recent statistics are showing that Louisville homeowner equity could be on the rise. In general, homes in the United States are showing rising equity levels, which is great news for people interested in buying or selling their homes. Improvement across the board is showing slight increases in numbers, but increases nonetheless. This information hasn't been widely publicized as of yet, but the government is running extensive surveys about homeowner equity. It's been several long years of watching equity and value levels slide in homes all over the United States, and Louisville properties went right along with the slide. However, the new studies slowly being released show that the pattern of low levels is gradually starting to rise. Hopefully, these "bits" of reported improvement will start to balloon into larger numbers within the next few years. Major cities all over the United States felt the economic hardships and housing downfall the hardest. These are cities like San Francisco, Los Angeles, Detroit, Miami and Tampa. Reports are proving now that negative equity is getting pushed to the wayside, even in these areas. Louisville homeowner equity is expected to rise right along with the rest of America. Even the cities that were the hardest hit in the recession—like Phoenix—are reporting brighter futures for owning a home. The market is improving; the numbers are finally starting to show results. If you're interested in buying a home in the Louisville area, contact Louisville Properties today by calling 502.744.9505.

This is the Season for Slow Home Sales in Louisville

2010-04-06T06:00:40-07:00

In general, all over the United States, the winter months (especially January) slow everything down. Retail profits decline all across the board. This also includes home sales in Louisville. Less favorable weather can be partially to blame, but also because these past few months came right after a major set of holidays (Thanksgiving, Christmas, New Year's). Finances are generally lower this time of year as many people are playing catch up from holiday spending. One realtor in the Louisville area reports that as of January 2010, "homes in the 80,000-150,000" ranges are selling well. It's the "high priced homes that are moving slowly." These winter-month home sales can mean great deals for buyers. If a seller is putting their home on the market for reasons other than just wanting a new residence,—relocation, financial problems, etc.—you have yourself a motivated seller. They have reasons that branch out beyond the personal desire to acquire a new home. The buyer has a better chance of being able to put in an offer under the asking price and having it accepted. In reality, if you can wait until spring to list your home, it's the best option for getting it sold quickly and possibly closer to the listing price. However, not everyone can wait for home sales in Louisville until after the colder, holiday months have passed. If you want to buy a home, you might have fewer options on the market in the winter months, but you could very well get more for your money. If you need a flat rate realtor in Louisville, contact Louisville Properties today by calling the office at 502.744.9504.

This is the Season for Slow Home Sales in Louisville

2010-04-06T06:00:20-07:00

This is the Season for Slow Home Sales in Louisville

2010-04-06T06:00:06-07:00

This is the Season for Slow Home Sales in Louisville

2010-04-05T14:18:29-07:00

Affordable Louisville Housing

2010-04-01T06:00:10-07:00

When the opportunity arises to purchase a home, the options can be endless and overwhelming. After several years of economic hardship greatly affecting the homeowner's market, the tides are turning and homes are starting to gain back value in significant numbers. As of now, affordable Louisville housing is possible and available. Currently in 2010, there is a wealth of options for homebuyers looking for safe and affordable housing in the Louisville area. The Housing Tax Credit is still current, meaning that first time homebuyers can receive $8,000 if they meet all of the criteria. There are also several other companies in Kentucky that provide financial support when buyers are in need of a little assistance. There are down payment assistant programs that help buyers secure a home up to $258,000. These homeowner options are made to be forgiving for buyers. Interest rates for borrowed money are low, and often people are given a substantial amount of time to repay the money borrowed for down payments. It's important to note, as with any assistance program, you need to meet certain criteria before you qualify for financial aid. There are also programs through the Kentucky Housing Corporation that if you qualify, you will receive aid that is instantly forgiven. This means no payment is required ever as long as candidates meet the standards for that specific aid. There are options for those who feel they cannot obtain safe and affordable Louisville housing. You'll never know until you actually start the process of shopping for the perfect home. To make it easy, contact Louisville Properties at 502.744.9504 and work with a flat rate realtor in the Louisville area.

Morgan Stanley Thinks the Country's Commercial Real Estate Troubles are Manageable

2010-03-23T06:00:10-07:00

The Wall Street Journal reports that analysts at investment bank Morgan Stanley believe that the country's commercial real estate problems are manageable. A team of six of their commercial real estate analysts said recently that the current problems that plague that sector of the nation's real estate market are "only a moderate headwind for the economy," and that commercial real estate values reached their lowest point last summer. The team forecasted that the country is heading towards a "multi-staged" and "gradual" recovery and expected real estate values to remain stable throughout 2010. They based their predictions on some movements in the investment property sector recently, among them CIM Group's move to pay off debts for their Drake Hotel property in Manhattan, Blackstone Group's move to buy Wachovia Corp.'s debt as part of a real estate investment trust, and other developments. However, others did not share Morgan Stanley's optimism. Jamie Dimon, Chief Executive of J.P. Morgan Chase & Co., announced that his company's losses on commercial real estate loans were expected to get worse in the coming year. While optimistic, Morgan Stanley tempered their enthusiasm for the commercial real estate market by saying that they expected commercial real estate losses for banks to worsen in 2010. They also told reporters that the challenges of refinancing commercial mortgage-backed securities were "substantial" and issued a warning that distressed commercial assets could continue to decline in value this year. Are you thinking of investing in Louisville commercial real estate? Call 502.744.9504 today to speak with the Louisville real estate expert at Louisville Properties. With years of experience assisting clients with all the Louisville commercial real estate needs, no one in the area knows more about how to help each client find the perfect property.

Outlook for Commercial Real Estate in 2010

2010-03-18T06:00:59-07:00

An article in The Richmond Times-Dispatch predicts that the nation's commercial real estate outlook won't look much better in 2010 than 2009. After a boom period over the previous years where developers, bankers and investors did very well, the economic downturn has hit commercial real estate in Louisville and other markets across the country especially hard. Long-term relationships between developers, bankers and investors have been hit hard as investors and bankers run for cover, and developers are forced to declare bankruptcy. Commercial real estate values across the country peaked in late 2007 and have dropped a precipitous 43.7 percent through October of last year according to a report issued by Moody's/REAL Commercial Property Price Indices. The biggest losses in commercial real estate values were from October 2008 to the same month in 2009 that showed year-over-year declines of 36.4 percent. One of the more accurate snapshots of the commercial real estate market is the number of delinquent loans for commercial real estate projects. From November 2008 to November 2009, the balance of delinquent commercial real estate loans soared from $7.03 billion to $37.93 billion, an astonishing 440 percent increase. While some industry watchers predict modest gains in commercial real estate values and sales in some markets, other markets are expected to continue struggling with few gains until late 2010 at the earliest. If you're thinking of taking advantage of the current drop in Louisville commercial real estate values to start a business, grow an existing one or buy as investment property, trust the Louisville commercial real estate expert at Louisville Properties. No other commercial real estate company in the Louisville area has more options from which to choose. Call today at 502.744.9504 or visit the website to find the best deals in Louisville commercial real estate.

Louisville Real Estate Owner Questions His Tax Bill

2010-03-16T06:00:26-07:00

Wave3 reports that a local man received quite a shock recently when he opened his property tax bill. Property taxes are due at the end of the year around the Louisville area, and when this owner of Louisville real estate opened his latest bill, he knew that something had to be amiss. Or at least he hoped so. The man owns a rental property on Bicknell Avenue that he estimates is worth around $48,500. "The tax bill we get 12 months later is $94,210. I can tell you there's not one house in this area that's in this condition, and in this shape and in this area that has sold for that amount of money," he said. The Louisville real estate owner felt that the value of his home and those near it had been assessed incorrectly, and he appealed the assessment to the Property Valuation Administrator. "On a majority of those properties they agreed because we had the comparable analysis of properties that sold in that area," the owner said. When the 2008 property tax bill came due, the owner said that he paid taxes consistent with a home of lesser value, but when the bill came 12 months later, it reflected a much higher appraised value. The Louisville real estate property owner also owns a house on Kahlert Avenue that also saw a steep appreciation in value and tax assessment. The man appealed to the PVA to reassess his properties, but got no response. He then contacted a local television station to investigate the situation and received a call from the PVA shortly thereafter promising to review his properties. Are you thinking about buying Louisville real estate? Hopefully you won't have to contact the PVA for an evaluation. Instead, call Louisville Properties at 502.744.9504 and have Jim Powell evaluate the homes in the neighborhoods and price range that you want. No one has a more complete listing of real estate in Louisville.

Sales of Existing Homes Up Sharply in November

2010-03-11T06:00:10-07:00

The Washington Post reports that even while sales of newly built homes languished in November, sales of existing homes were up sharply that month. Most of the boost in home sales was attributed to federal programs, particularly the homebuyer's tax credit, which inspired buyers to take action rather than continue watching the market. November's existing home sales represented the highest level of sales since February 2007 and boosted housing markets across the country by reducing the inventory of unsold homes. The National Association of Realtors said that sales of existing homes last November, which includes single-family homes, condos, townhouses and co-ops, rose 7.4 percent from October's sales. Year over year, November 2009 home sales were up 44 percent to an annual rate of 6.54 million homes—the highest yearly gain since these housing metrics started being tracked in 1999. The Realtors Association cited the tax credit and lower home prices as the largest factors that drove home sales. Michael Larson, a housing analyst at Weiss Research, had this to say about November's home sales, "Clearly, the tax credit and the feds meddling in the mortgage market has helped add an extra kicker to home sales in the short term, but that's not the only factor at work. As housing prices fall, home ownership becomes competitive with renting, and buyers start to come out of the woodwork." If you're tired of renting and want to take advantage of great deals on Louisville homes for sale, call Louisville Properties today at 502.744.9504 or visit the website. No other Louisville realty company has a more complete selection of Louisville homes for sale from which to choose.

Sales of New Homes Drop 11.3% as Effect of Stimulus Fades

2010-03-09T06:00:21-07:00

The Wall Street Journal reports that sales of new homes dropped more than eleven percent in November 2009 to a seven-month low. Real estate experts are cautiously optimistic about the country's modest, but steady economic gains. However, there is growing concern that new home sales and sales of existing homes could dive again after the federal homebuyer tax credit program expires in a few months. One real estate economist said, "The housing rebound has so far been largely supported by government programs, raising questions of sustainability as these programs end next year." Peter Newland, an economist with Barclays Capital, was more optimistic. "Growth may slow from its current pace; but even as the government's fiscal boost fades, wages and salaries can provide underlying support for consumer spending." The Commerce Department reported that the decline in home sales led to a seasonally adjusted rate of 355,000 new homes built, bolstered by a 7.4 percent increase in October that represented a surge in new home sales from previous months. This surge was attributed to the homebuyer tax credit scheduled to expire at the end of October but was extended. Their report also mentioned that new home sales typically comprise less than 15 percent of the total number of homes sold in the U.S. every year. New home sales in Louisville reflected the national average. Like other housing markets across the country, sales of new homes were impacted by the current inventory of new, unsold homes. If you're looking for a new or existing home in the Louisville area, call Louisville Properties today at 502.744.9504 or visit the website for the area's best selection of newly built and existing homes.

Home Sales Across the Country Drop Sharply in November

2010-03-04T06:00:38-07:00

Many Louisville real estate agents already know very well that the number of people across the U.S. getting ready to buy a home dropped sharply in November 2009. Housing experts say that housing markets across the country could be heading for a "double-dip" drop in sales where a decline in home selling prices is exacerbated by potential homebuyers who can take a bit more time in home shopping since the federal tax credit was extended. Adding the usual downturn in winter home buying, real estate agents all over the country could have some extra time on their hands. Recent home sales figures released by the government show that October home sales got a boost from the scheduled expiration of the federal homebuyer's tax credit. When the tax credit program was extended that month, buyers got several more months to bide their time and watch home prices for the best deals. However, Louisville home sales appear to have bucked the country's downward trend, at least for December 2009. Lisa Stephenson, executive vice president of Greater Louisville Association of Realtors, said recently that Louisville home sales in December might have been up sharply from November's home sales. She was waiting on the release of the official home sales numbers, but thought home sales in and around Louisville may have climbed 40 percent in December. Whether Louisville home sales will continue to buck the national trend in January has yet to be seen. Nevertheless, if you're thinking about using the federal tax credit to buy a Louisville home for sale, call 502.744.9504 or visit Louisville Properties website to see the area's best selection of Louisville real estate.

Louisville Home Decorating Trends for 2010

2010-03-02T06:00:22-07:00

Buying Louisville homes for sale allows new owners to make a fresh start and display their flair for decorating when it's easiest to do it—without having to move and work around furniture and fixtures in the way. Furniture trends are moving away from dark finishes towards lighter, honey-colored tones that make rooms look and feel lighter and more spacious. For wall prints, geometric patterns are en vogue, particularly bold patterns such as herringbone, ikats and Bargello designs that make a dramatic statement in any room. Other popular and trendy wall coverings getting a lot of exposure in decorating magazines include "new city brights" or rich, vibrant colors that add boldness and depth to any room. Another hot Louisville home decorating trend is maximizing the amount of natural light in every room, reducing dependence on artificial lighting during the day. Author and design consultant Barbara Schirmeister said that common decorating themes where colors and textures are consistent are on their way out. "Matchy-matchy combinations are declining and unexpected pairings are escalating," she says. She said that mixing new contemporary furniture with traditional home furnishings is hot right now, and people buying Louisville homes are incorporating these styles in unusual and unexpected ways. While these decorating themes are hot in Kentuckiana and elsewhere, when shopping for a Louisville home, buyers want anything but unusual and unexpected results. That's why more turn to Louisville Properties when looking for Louisville homes for sale. For the area's best selection of Louisville homes for sale, call Louisville Properties today at 502.744.9504 or visit their website for more information.

Conserve Energy in Your Louisville Home in Style

2010-02-25T06:00:03-07:00

The Louisville Courier-Journal has some great ideas to live green and save green without sacrificing your sense of style. Louisville homeowners are becoming increasingly adept at saving money on energy costs and reducing their carbon footprint. Both goals can be accomplished while displaying their sense of style. Like new Energy Star appliances, all of these energy-saving decorating ideas pay for themselves in no time at all through lower energy usage. Starting with the windows, a layer of heavy fabric sewn onto the back of the drapes helps improve their ability to insulate the home in cold and hot weather. Replace older windows with newer, more energy-efficient windows. They're pricey but also pay for themselves over time. Next, swap out incandescent light bulbs for new fluorescent or LED light bulbs. The color and quality of light provided by fluorescent bulbs has improved significantly in recent years and the new LED bulbs use even less energy. Make a ‘vampire energy' home audit. Vampire energy is the energy consumed at a low, but constant level by appliances that are left plugged in at all timers whether in use often or not. For the floors, buy large, warm area rugs that add a cozy feeling to your home, making it easy for you to resist the temptation to turn up the thermostat in cold weather. One of the simplest ways to live more ‘green' and save no energy costs is to keep afghans or other types of blankets draped across the chairs and sofas where you do most of your reading and TV watching. These are but a few of the ways that you can save money through lower energy usage in your Louisville home. If you're looking for a Louisville home for sale where you can begin your own Louisville home green campaign, call Louisville Properties today at 502.744.9504 or visit the website to browse the area's best selection of Louisville homes for sale.

New Federal Assistance Available for Louisville Home Buyers

2010-02-23T06:00:24-07:00

Kentucky Congressman John Yarmuth has been joined by Louisville Realtors, local homeowners and members of the Home Builders Association of Louisville to announce that more Louisville residents are eligible for a homebuyers tax credit than ever before. "The first-time homebuyer credit included in the Recovery Act has already helped hundreds of Louisville families fulfill the dream of homeownership and given a much-needed boost to the local housing market," said Congressman Yarmuth. "Congress extended the credit last week, making it easier for sellers to find a buyer and for buyers to afford the home they want." President Obama recently signed new legislation that extends the deadline for first-time homebuyers to qualify for up to $8,000 in tax credits from December 1, 2009 to April 1, 2010. First-time homebuyers may also be eligible for tax credits of $6,000 and $4,000 until December 2010. The extension of the tax credit program also increased income caps for eligible buyers and expanded eligibility for tax credit for current homeowners. Some of the more notable changes in the program include: Maximum income levels to qualify for the tax credit have been raised from $150,000 to $225,000 for families, and $75,000 to $125,000 for individuals, enabling many more prospective Louisville homebuyers eligible. Louisville-area homeowners who have lived in their current home for at least five years who want to move into a new home may qualify for a $6,500 tax credit. Members of the U.S. Armed Services who are deployed overseas may qualify for the first-time home buyer tax credit until April 31, 2011 Looking to take advantage of the homebuyers tax credits on the purchase of a Louisville home? Contact the Louisville real estate specialist at Louisville Properties today by calling 502.744.9505. Let his experience and expertise help you find the Louisville home of your dreams!

New Louisville Condo Development Transforms Building into the Marseilles of Cherokee Road

2010-02-22T08:53:16-07:00

Looking for a Louisville condo for sale? A development group purchased and transformed the 19th Century Cherokee Triangle home, previously divided into eight apartments, into a new Louisville condominium building called The Marseilles of Cherokee Road Condominiums. The new Louisville condo building's address is 927 Cherokee Road—close to Eastern Star Drive—and has been renovated, reconfigured and expanded to accommodate six condos as part of a $1.2 million development. Part of the building's renovations included a new addition to the back of the structure and the interior was gutted and made into luxury condos. One of the developers, Robert Dockery, owner and manager of Bob Dockery Entertainment near Los Angeles, is a Louisville native who wanted to transform the "eyesore" into a model for older apartment buildings in the Highlands neighborhood. "While it's been a long and complicated undertaking, we think the end project is really going to be dynamic," Dockery said. "The aim has been to blend historic features with state-of-the-art-type amenities that people expect today." Each new Louisville condo for sale has advanced audio and video systems and high definition cable connections already built into the walls. Dockery said that two of the condos are very near completion and each will be used as models, complete with furnishings. Prices for the units range from $256,000 to $499,000. If you're looking for the perfect Louisville condo, call Louisville Properties today at 502.744 9504. No other Louisville real estate professional has more experience helping people buy and sell Louisville condos for sale.

2010 Expected to be Another Rough Year for Commercial Real Estate

2010-02-17T06:00:58-07:00

Real estate industry analysts are forecasting that 2010 will be another tough year for commercial real estate with prices expected to hit bottom, creating market difficulties not seen for generations. However, they also said that like any other depressed market, there would be unique opportunities for savvy investors with deep pockets. They say that the 2010 commercial real estate market will be an exercise in the survival of the fittest, with only the strongest developers and investors still around by the end of the year. In other words, commercial real estate analysts expect market conditions to get much worse before they recover with 2010 being the year that many creatively financed real estate deals made at the height of the commercial real estate boom coming due. Regarding all the loans coming due in 2010, one analyst said, "So that's a whole lot of mortgages that have to be refinanced. And how they get refinanced is the problem that's out there. No one knows where the money is coming from. Most of these deals are underwater or have little or no equity in them and the lender's not going to give you an 80 percent loan anymore. They're going to give you a 60 percent loan." He called mortgage-backed securities the commercial real estate sector's Frankenstein monster, saying that some lenders will be willing to extend mortgage terms while others will have no choice but to repossess some properties. If you're thinking about buying Louisville commercial real estate to start a business, expand an existing one or as income property, there's never been a better buyer's market than right now. For the area's best selection and most complete listings of Louisville commercial real estate, call Louisville Properties today at 502.744.9505.

Tax Credit Drives Home Sales across the Country

2010-02-10T06:00:28-07:00

Sales of existing homes received the biggest boost in a decade due to the first-time homebuyers tax credit, fueling hopes of a rebound in struggling real estate markets driving some Wall Street stocks higher. Foreclosures, plunging real estate values and job losses still plague many markets, particularly in California and Florida, while economic indicators in some markets are causing bidding wars for homes in select cities. Overall, home sales across the country are up 36 percent above their lowest point in January 2009. Real estate analysts cited the looming expiration of the federal first-time homebuyers tax credit as the principal reason October home sales rose sharply. Congress extended the tax credit program in October until next spring. The National Association of Realtors released home sales figures recently that fueled a stock rally on Wall Street, pushing the Dow Jones industrial average up more than 132 points. Real estate analysts projected that the tax credit extension will sustain most housing markets across the country through 2009, but expected the nation's overall economy to benefit only slightly from increased home sales. They cited several factors that are preventing the economy from recovering such as slow job creation, rising foreclosures, reduced spending by consumers, and sluggish new home construction. If you're thinking of buying Louisville real estate and taking advantage of the federal tax credit, your window of opportunity has been extended but won't last forever. With housing prices down overall in and around Louisville, the time to buy is now. Whether you're buying or selling Louisville real estate, call Louisville Properties today at 502.744.9505 for superb customer service and a Louisville real estate professional who gets results!

Many Home Sellers Lowered Asking Price in the Last Year

2010-02-03T06:00:54-07:00

This article reports something that Louisville real estate agents already know—many home sellers are willing to lower their asking price to facilitate the sale of their home. More than a quarter of homeowners across the country wishing to sell their home reduced their selling price at least once in the last twelve months, according to real estate search firm Trulia. The company says the average sale price reduction was 10 percent, but almost half (40 percent) of the top 50 major metropolitan real estate markets across the country saw selling price reductions above 30 percent. Homes sold in the Northeast saw the highest rate of price reductions with 29 percent of home sellers settling for less than their asking price. Coming in second for reduced home selling prices was the Midwest with 28 percent, followed by the West with 25 percent, and the South with 24 percent. "With mortgage rates still low and the expansion of the tax credit to trade-up buyers, we could see significant inventory, both new and shadow inventory, hit the market during the next four to six months," said Pete Flint, Trulia co-founder and CEO. "Inventory levels this quarter are poised to be atypical of a normal real estate market, which could create tremendous pressure on sellers to price their homes competitively and move their property before the tax credit expires on April 30th." Some metro areas experienced notable drops in home asking prices with Kansas City leading the way at 59 percent, Colorado Springs at 43 percent, Omaha at 39 percent, Louisville at 37 percent, and Milwaukee at 30 percent. Thinking about taking advantage of lower home asking prices for Louisville real estate? Call Louisville Properties today at 502.744.9505 for the area's best selection of residential and commercial real estate.

Louisville Home Sales Rise in October

2010-01-27T06:00:54-07:00

The Greater Louisville Association of Realtors reported that its members sold 1210 Louisville homes last October, which represented the fourth consecutive month of gains over 2008 year-over-year. President of the local realty group, Linda Gibson Cecil, called the sales figures "very encouraging." Until this past July, monthly home sales in the Louisville real estate market has posted steady declines for almost two years. "It gives you hope that this is not an anomaly, that this is actually a trend," Cecil said. She said that the Louisville real estate market continued to enjoy a boost from the federal government's $8,000 first-time homebuyer tax credit that helped the sale of Louisville homes, especially in the $90,000-$125,000 sales range. She went on to say that a surge of Louisville homes for sale went under contract in the middle of October, a clear indication that prospective homeowners were trying to get their deal closed before the tax credit program expired. The tax credit program was initially set to expire on Dec. 1, but it has been extended to June 2010 and has been amended to include a $6,500 tax credit for current homeowners who wish to sell their home and buy another. Homebuyers have until April 30 to get a home under contract and have until June 30 to close the transaction. October represented the second-busiest month for Louisville real estate professionals, having sold 1276 homes last July. Another positive trend for Louisville real estate was a modest rise in median sales prices. In October, the median sales price was up slightly to $133,500, up from $130,000 the previous October. Thinking about taking advantage of the homeowner's tax credit before it expires? Call 502.744.9505 today and talk to the Louisville real estate professionals at Louisville Properties. No one has a better selection of Louisville real estate of all kinds from which to choose.

Obama Administration Looking to Boost Homes Sales by Modifying Short Sale Guidelines

2010-01-20T06:00:14-07:00

The Obama administration has requested that the U.S. Treasury Department provide guidance, financial support and sales measures for short sales in an effort to kick-start the U.S. housing market. The Home Affordable Foreclosures Program is expected to provide financial incentives and streamline procedures for the completion of short sale real estate transactions that have been blamed for clogging the mortgage loan pipeline. Short sales favor real estate agents and mortgage lenders as they are the last opportunity for homeowners to avoid foreclosure if they are unable to have their mortgage modified. In most cases where a home is sold via a short sale, the home is in reasonably good shape, unlike foreclosed homes where the home can be damaged by angry homeowners or looters after the home becomes vacant. Short sales benefit lenders and real estate professionals as the home is more or less in better condition, and can be sold far more quickly and easily than a foreclosed home. Short sales also help the home seller who wants to get rid of the debt obligation of their mortgage before the lender begins the foreclosure process. Further, if a lender accepts a short sale offer, the lender may forgive the difference between what is owed on the mortgage and the short sale price, or the deficiency balance. Initial reports on the program's success say its effectiveness has been very limited. "The incentives, first announced in May, expand the government's Home Affordable Modification Program known as HAMP, which has seen limited success in lower payments for distressed homeowners." The HAMP incentives for completing short sales include $1,500 in relocation expenses for borrowers, servicers would receive $1,000 per transaction, second lien holders can receive up to $3,000 of the sales proceeds if they release their liens, and other incentives for lenders and borrowers alike. Looking to get a great home by buying a Louisville short sale? Call Louisville Properties today at 502.744.9504 for the area's best selection of Louisville real estate.

Historic Guthrie Coke Building Sold

2010-01-13T06:00:09-07:00

A group led by a noted local restorer of historic Louisville real estate bought the Guthrie Coke Building at Fourth and Chestnut. Local architect and developer Bill Weyland is the leader of a group that recently redeveloped another old Louisville building just a block away—the Henry Clay—the old YWCA building at 3rd and Chestnut. The four-story Guthrie Coke at 570-574 S. Fourth sold for $1.2 million, has 36,523 square-feet of space and is on the National Register of Historic Places. The Guthrie Coke was built in 1883 and was owned for many years by noted Louisville citizen James Guthrie. The Coke family was related to the Guthrie family. Weyland said it will likely be a year or more before he starts renovating the historic piece of Louisville real estate, citing the struggling economy. His plans for the building include a mixed-use project with retail or other commercial uses for the ground floor and 20 or more living spaces, probably apartments, on the upper three floors. "We are going to hold it until we've got an opportunity to redevelop it as a full-blown historic rehab," Weyland said, adding that "we have some existing tenants in the building who will continue to be there until we are ready to redevelop." Weyland has been the lead developer on many notable Louisville real estate projects over the last several years, including Market Street's Glassworks project, the Louisville Slugger Museum and Factory, and others. One of his other Louisville real estate projects is the Whiskey Row Lofts on West Main Street, and he has been chosen by Louisville's City Council as a co-developer for the Liberty Green development. Looking for a historic piece of Louisville real estate or something more contemporary? Call the Louisville real estate experts at Louisville Properties today at 502.744.9504.

New Louisville Condo Development Transforms Building into the Marseilles of Cherokee Road

2010-01-06T06:00:03-07:00

Louisville Housing Coalition Focuses on Area Housing for the Poor

2009-12-31T04:22:28-07:00

The Louisville Courier-Journal recently reported an expected shortage of affordable Louisville housing for low-income residents. A group supporting the construction or allocation of increased housing for low-income residents wanted to know how the scheduled demolition of Sheppard Square would affect affordable housing in and around Louisville. The Metropolitan Housing Coalition has requested that the planned demolition of Sheppard Square and other projects receive a second look from the Louisville Metro Housing Authority. "One thing that is missing, it seems, is a clear vision for what the housing authority is doing long-term—so that's where that recommendation is coming in," said Phoenix Lindsey-Hall, the coalition's development director. The Louisville Metro Housing Authority announced in August 2009 that it was seeking a $20 million grant from the federal government to demolish the Sheppard Square public housing complex in Smoketown and build mixed-income apartments and houses in its place. Critics of the authority's plans are concerned that the demolition would make the current shortage of affordable Louisville housing even worse. Phil Tom, board member of the coalition, stated that it was very important for the housing authority to address concerns about the Sheppard Square project. "How are we going to do this project and do it well and, again, make sure the families that are currently living in Sheppard Square are going to have housing available to them?" Tom asked. Louisville's slogan is "It's Possible Here." It is a city that values its residents of all socio-economic backgrounds. If you are moving to the Louisville area, and looking for the best selection of virtually every kind of Louisville housing, visit Louisville Properties' website or call 502.744.9504 today for the most complete selection of Louisville homes for sale.

Pending Home Sales Rise Six Percent in September

2009-12-29T04:18:08-07:00

The HousingWire.com report provides very welcome news to real estate professionals in most markets across the country. The National Association of Realtors reported that pending home sales on signed contracts were up for the eighth consecutive month in September. The NAR reported that pending sales rose 6.1 percent from August to September and were 21.2 percent higher than the previous September. "What we're witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month," said NAR chief economist Lawrence Yun. "Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery." Home sales on a regional basis improved significantly in every region but the Northeast. The home sales index in the Northeast dropped 2 percent but rose 4.9 percent in the South, 8.1 percent in the Midwest, and 10.2 percent in the West. While some real estate markets continue to struggle in the current economy, the overwhelming majority are showing improvements ranging from modest to very good. Except for markets in the Northeast, sales results continue to show signs of stabilization after a very rugged 2008. If you're a prospective homebuyer watching the Louisville real estate market closely, right now may be the best time in years to check out Louisville homes for sale. This buyer's market won't last long, so call the experts at Louisville Properties today at 502.744.9504 or visit www.LouisvilleProperties.com and browse the area's most extensive listings of residential and commercial real estate in the Louisville area.

Auction for Unsold Louisville Condos at Waterfront Park Place

2009-12-24T04:16:05-07:00

The Louisville Courier-Journal reports that the remaining Louisville condos at the posh luxury condominium tower, Waterfront Park Place, will be auctioned. The 23-story Louisville condominium building has 15 unsold units that will be auctioned to bidders submitting sealed offers, according to the spokesperson for Waterfront Park Place, Barbara MacDonald. She reported that Eleanor Bingham Miller, who achieved sole control over the building in 2007, is eager to move on to other projects after her involvement of nearly ten years. "She is looking to move on," MacDonald said. "It's a pretty long period of time for any developer to be involved in a property." MacDonald said that she knew the auction would appear that the owner was desperate to sell the remaining Louisville condos in the building, but she reminded reporters that auctions are not an uncommon way to sell condos in Louisville and elsewhere. Waterfront Park Place's main glass tower at 222 E. Witherspoon St. was finished in 2004 with 77 condominium units. Twelve of these units remain unsold with the six-story "Terrace" addition having three unsold condos out of twelve. Sale prices for condos in Waterfront Park Place have ranged between $350,000 and $2.4 million, according to records on the Jefferson County property valuation administrator's online database. As recently as early November 2009, the Greater Louisville Association of Realtors listed seven of the building's condos for sale with prices ranging from $389,000 to $1.39 million. MacDonald said that the fifteen remaining condos up for auction would be sold in three groups with one "absolute" sale in each group, meaning that the developer will accept the highest bid for that sale with no minimum price. Are you interested in purchasing a Louisville condominium? Call Louisville Properties today at 502.744.9504 or visit their website for Louisville's best selection of condos.

Billionaire Sees 'Crash' in Commercial Real Estate

2009-12-22T04:07:24-07:00

DSNews.com reports that billionaire investor, Wilbur Ross, says that the U.S. is at the very beginning of a "huge crash in commercial real estate" and that he would exercise "extreme caution" before investing in this sector of real estate. "All of the components of real estate value are going in the wrong direction simultaneously," Ross said in a Bloomberg interview. "Occupancy rates are going down. Rent rates are going down and the capitalization rates—the return that investors are demanding to buy a property—are going up." The Moody's/REAL Commercial Property Price Indices have fallen almost 41 percent since October 2007, according to Bloomberg. Ross expects that it will get much worse before it gets any better. Ross, CEO of WL Ross & Co., says that office space in commercial buildings has and will continue to be hit very hard as these buildings are losing tenants at an alarming rate. He cited the fact that office vacancies in the U.S. hit a five-year high of nearly 17 percent in the third quarter of this year, and shopping center vacancies have reached their highest rates since 1992. "I think it's going to take quite a while to work itself out," Ross said. "Our methodology is to make a great big list," he said. "What's everything we can think of that's either wrong with the industry or that we just plain don't like about it? Then we start work on another list. If we had control of this industry, what would we do to fix each one of those problems? Once we feel that there is a reasonable likelihood that the second chart kind of equals the first chart, that's when we get ready to do something." If you're thinking about taking advantage of current market conditions in Louisville commercial real estate, call 502.744.9504 or visit the website of Louisville Properties today.

Homebuyer Tax Credit Extended

2009-12-17T04:10:54-07:00

Congress passed a compromise measure extending unemployment benefits and the $8,000 tax credit for qualified first-time homebuyers, in spite of recent revelations on widespread mistakes and suspected fraud in the popular program. The tax credit program was scheduled to end on Nov. 30, 2009, but the homebuyer extension will cover homes under contract by April 30, 2010. In another welcome development for the real estate industry, the tax credit is not limited to first-time homebuyers. People who have owned a home for at least five years may be able to receive a $6,500 tax credit if they buy a new home. Income limits for eligibility in the tax credit program has risen, allowing many more homebuyers to qualify for the program. The program will cost an estimated $11 billion—in addition to the $10 billion spent so far—on the current program. The extension provided some much-needed political capital for one of the biggest proponents of the extension, Harry Reid D-Nevada, who faces a very tough election next year in the state with the most claims for the first-time homebuyer credit per capita than any other state. Are you thinking about taking advantage of the homebuyer tax credit by buying a home in the Louisville area? Call the Louisville real estate experts at Louisville Properties today at 502.744.9504. No one knows the Louisville real estate market better and with the current buyer's market and tax credit, there's never been a better time to buy.

Homes in Louisville Neighborhood Zoned for Industry

2009-12-15T07:51:21-07:00

An article published recently in the Louisville Courier-Journal reported that Louisville Metro Planning and Design Services' staff are studying better zoning for homes in the Prewitt Acres subdivision. The merger of city and county zoning classifications that happened decades ago led to the subdivision near Southside Drive and New Cut Road zoning for industrial use instead of residential. Design Services staff members expected to report their findings to the Louisville Metro Planning Commission before a public hearing on the zoning issue. Homeowners in the subdivision are to receive notification by mail before the hearing, according to a spokesperson for the city planning staff. The proposed zoning change would affect 47 single-family lots on Lillian Way, Marytena Drive and Lora Drive that have M-2 industrial zoning, including three lots partially zoned for residential land use. An M-2 zoning designation permits a wide range of industrial uses—including railroad freight, lumberyards, automobile assembly plants, flea markets, food-processing plants and many other uses. The spokesperson said that the Prewitt Acres subdivision was approved for E-1 zoning outside the old Louisville city limits in 1959, a zoning classification in Jefferson County before it began using Louisville's classification system. Currently, zoning prevents homeowners in the subdivision from adding on to their houses or erecting other buildings on their property. One Prewitt Acres homeowner—one of a few remaining original homeowners in the subdivision—said he had trouble getting a permit to build a garage a few years after he and his wife bought their house in 1960. However, he said he eventually was granted the permit "on a wink" after a county official told him he would need to state a business purpose for the building.

Discount Real Estate Brokers Backed by FTC

2009-12-12T04:32:17-07:00

The Wall Street Journal reports a bit of news that discount real estate brokerages have been eagerly looking forward to for some time. The article said that the Federal Trade Commission has ordered an affiliate of the National Association of Realtors in the Detroit region to stop certain practices that the federal agency determined illegally discriminated against discount real estate brokers. The FTC made the announcement in early November 2009, and the unanimous decision was the most recent of a series of clashes about competition issues between government antitrust regulators and the NAR. Federal regulators repeatedly pushed the nationwide realty group to abolish rules that marginalize discount real estate brokers at the local, state and national level. The FTC filed the case against Realcomp II Ltd. in October 2006. Realcomp operates a Multiple Listing Service (MLS) that covers properties in and around Detroit and the rest of southeastern Michigan. Local realtor associations own the company. A MLS provides and maintains a database of homes for sale in a given area and enforces the rules for real estate brokers who use that information. The FTC had challenged the legality of Realcomp's rules that blocked some types of listings from being available to prospective homebuyers on Realtor.com and other websites that allow users to browse homes for sale. These blocked listings—also called "exclusive agency" listings—are popular with discount real estate brokers who provide limited services for flat fees instead of charging a percentage of a home's sale price. Are you looking for a Louisville real estate broker to assist you with the a flat fee Louisville MLS listing? Call Louisville Properties today at 502.744.9504 to speak with a fully licensed and experienced discount real estate broker.

Fed Report says Louisville Area Economy Mixed

2009-12-10T07:44:03-07:00

The Federal Reserve Bank of St. Louis's Burgundy Book—a financial report issued quarterly about economic activity in Louisville, Little Rock, St. Louis and Memphis—said that the health of Louisville's economy was mixed this past summer. Published in September, the report said that car dealerships and general retailers declared some successes that were tempered by low sales in some sectors. Manufacturing declined but the service sector showed signs of stability. Louisville real estate and construction sectors declined, while agriculture and banking showed mixed results. The Fed report said that half of the general retailers and a third of the car dealers surveyed reported that their sales were up in July and the first week in August, compared to the same period a year earlier. However, one-third of the respondents in each group reported decreased sales for the same period. The report said that manufacturing in the Louisville area continued to decline, but the declines were not true for all manufacturing firms and industries. Firms that made products with coal and oil, chemicals, fabricated metals, railroad technology, and plastics all stated that they were planning to expand. The report said—contrary to other sources that monitor Louisville real estate—that Louisville home sales experienced double-digit declines while the industrial, suburban and downtown office vacancy rates rose that quarter. Louisville banks reported a decrease in lending activity for commercial and industrial loans, but lending for consumer loans and residential mortgages was mixed. Other mortgage lenders said that home loan delinquency rates had stabilized and people were putting more into savings, but at a slower pace than in previous quarterly reports.

Louisville Commercial Real Estate Down, But Not As Much As Other Areas

2009-12-08T07:36:40-07:00

One Louisville commercial real estate property owner said he hadn't been able to find a tenant for his small retail building he co-owns on Shelbyville Road in 15 months. This Louisville Courier-Journal article reports that the owner's building had never been vacant for longer than a month in 25 years. "That ought to tell you something," the developer said. "I believe it's a sign of the market." He said that at least 10 percent of retail space in the Louisville commercial real estate market is empty, the highest rate of vacancy in five years, but still lower than the national average. More than one million square feet of Louisville retail space was vacated in 2008, according to CBRE-Louisville, a local commercial real estate analysis firm. The firm cited the bankruptcies of major retail chains Circuit City and Linens 'n Things as leading causes of the empty storefronts. One Louisville commercial real estate agent said that there hasn't been this much vacant retail space in the area in 20 years. However, in what could be a sign of market stabilization, retailers filled more space than they vacated in the first half of 2009, according to CBRE's midyear report of shopping centers. National retailers are asking the company to watch for vacant commercial real estate in good locations for when the economy recovers from the current recession. "They are saying, ‘Revisit all the vacant boxes and tell us where do you think we might be able to strike?'" one analyst said. "That is a positive sign." The CBRE said that Louisville's commercial vacancy rate may seem grim, but it is still better than the current national average of 11.7 percent. "Louisville is not tremendously overbuilt," like southern Florida or Arizona markets that are reeling much harder from the real estate bubble, he said. If you need help buying or selling commercial real estate in Louisville, the experienced real estate agents at Louisville Properties can help. Call us today at 502.744.9504.

Louisville Foreclosed Homes Up for Auction are Great Deals

2009-12-03T06:55:51-07:00

Foreclosed homes in Louisville that have been sitting vacant and tough to sell are selling unexpectedly well at local real estate auctions. Online real estate auction company, Auction.com, held an auction at the Seelbach Hotel recently that brought out a wide range of people interested in buying Louisville foreclosed homes. "They bid on the property and if they win the property we put them in contract today and within 30-45 days, they close on the property. It's really that simple," said Bob Michealis, vice-president for online auctions for Auction.com/REDC. The Auction.com's low starting bids on their website upset some potential bidders who felt they had been misled. Examples of the low starting bids included $129,000 for a $400,000 home or $500 for a $102,000 home. "It's very misleading and it's a sales tactic," said one man who has bid in countless auctions. He said that he works as a consultant for private investors who buy properties like the ones up for bid Monday. "You can't get houses for $500 or $1000." The company said that even though some homes advertised on the site had very low starting bids, a buyer's reserve on each property was not advertised for each Louisville foreclosed home. Buyer's reserves are the lowest dollar amount that the banks that own the foreclosed homes would accept. If a bidder does not meet the buyer's reserve on a given foreclosed home, the banks can choose whether to accept the bid. One frequent foreclosed home auction attendee cautioned other potential buyers to come prepared to the auction. He said, "Just do your homework and you will find a bargain." He said that when people buy Louisville foreclosed houses at auction, they often forget that a buyer's premium of around five percent is often added to the purchase price. If you need assistance buying or selling Louisville Real Estate, please contact Louisville Properties for professional assistance at 502.744.9504.

Louisville Home Sales Up for Third Straight Month

2009-12-01T06:34:53-07:00

Members of the Greater Louisville Association of REALTORS® sold 15 percent more homes in September 2009 than they did the previous September, which represented the third consecutive month of improvements in sales. Louisville REALTORS® sold 1160 homes and condos that month, compared to 1012 Louisville homes and condos sold in September 2008. Jan Scholtz, president of the Louisville REALTORS®, said that the improved sales this past September are an indication that the Louisville real estate market is continuing to recover and stabilize. Louisville REALTORS® also reported a hike in median sales price that month from $131,000 a year ago to $132,000. This past July, Louisville real estate professionals broke a streak of declining sales that lasted two years by reporting 1276 transactions that represented a 26 percent increase from July 2008. The next month, local realtors sold 1084 homes, a 12 percent increase from August 2008. Scholtz said that the sales gains in July and August were primarily due to the $8000 federal tax credit that motivated first-time homebuyers to buy starter homes in and around Louisville. However, she said that September was the first indication that the first-time homebuyer tax credit program was having a measurable effect on the broader Louisville real estate market. She said REALTORS® were hoping to see a "trickle-up" effect when the owners of starter homes are ready to sell and move into bigger Louisville homes for sale. "They are allowing the starter-house seller to move, and we are seeing that now throughout the industry," she said. The National Association of REALTORS® lobbied Congress aggressively for an extension of the tax credit program and lawmakers enthusiastically supported the extension. Scholtz predicted the continuation of positive home sales in the area, even if there had been no extension of the tax credit program. "I'd say we've got at least another six months of residuals from this," she said. For help with Louisville Real Estate, contact the professional brokers at Louisville Properties today.

Few Using Kentucky's Tax Credit for First-Time Homebuyers

2009-11-26T06:50:57-07:00

As the federal tax credit program for first-time homebuyers is ending, some Louisville homebuyers are taking advantage of Kentucky's lesser-known $5000 tax credit for buying a new house. Kentucky's tax credit went into effect last July 26 and although it cannot be combined with the federal tax credit, Louisville real estate professionals say it is having a positive impact on home sales. The state's tax credit can only be applied to the purchase of a new house not previously occupied. Valeria Cummings, spokesperson for the State Department of Revenue, said that the tax credit program approved 70 Jefferson County homebuyers since the program launched. Across Kentucky at least 414 buyers received approval, which means that more than $2 million in tax rebates have been passed on to homebuyers thus far. The state tax credit program is set to expire on July 26, 2010, once Kentucky has approved $25 million in rebates—whichever comes first. "It was hoped by offering the credit, more people would look at buying homes which could only help improve the economy," Cummings said. One of the first homebuyers to qualify and take advantage of the state program was a couple who bought a $350,000 house off Urton Lane in Middletown. They said they were ready for a bigger home after the birth of twins a few months previously. However, they said that getting the house for $50,000 off the asking price was the most powerful motivator—not necessarily the rebate. "It (the credit) was certainly the icing on the cake," he said. "But more important was the opportunity to buy a brand new home at a tremendous discount." The intention of the state tax credit is to help move a huge inventory of new unsold homes in the Louisville area. If you would like to take advantage of the first-time homebuyers credit, you must act quickly. The offer is set to expire in a few days. Contact Louisville Properties and our professional brokers will help you find the right home for you.

Real Estate Industry Looks at New Trend to Sell Vacant Homes in Tough Market Conditions

2009-11-24T09:04:27-07:00

Real estate professionals have known for years that a furnished home sells much faster than a vacant one. Homeowners and real estate professionals across the country are turning to the process of virtual staging in an effort to sell the many thousands of vacant homes across the country. According to testimonials from real estate agents using this technique with great success, it generates strong buyer traffic at a fraction of the cost of traditional home staging methods that have been used for years as an effective means of marketing a property for sale. A company called Virtually Staging Properties uses a process to transform listing photos of vacant homes into interiors that have been designed professionally via a proprietary image library of artwork, furnishings and accessories. The transformed images lend a realism and authenticity unmatched by other virtual techniques. Starting at as little as $225, the home seller or agent can invest in having their pictures of the vacant house transformed into a "lived-in' home and when prospective buyers arrive for a real tour of the home, they can view the same pictures they saw on their virtual tour for perspective. One REALTOR® who has successfully used this technique said, "With 87 percent of buyers using the Internet to search for their next home, vacant homes are at a distinct disadvantage. Nearly all are uninspiring, with each one looking just like the next one and the next one after that. A vacant property needs to stand out for some reason other than having the lowest price." The virtual staging company does not hide a home's flaws or misrepresent the property, and clients are required to tell potential buyers that the property has been virtually staged. Packages are available in three- to five-photograph packages with prices ranging from $225 to $325. If you are having trouble selling your Louisville Real Estate, contact Louisville properties at 502-744-9504 for professional assistance.

Pending Home Sales See Sixth Straight Increase

2009-11-19T08:57:24-07:00

A report released recently said that more Americans signed contracts to buy a home in July than in June, marking the longest streak of increases on record. The National Association of REALTORS® pending home sales index rose 3.2% in July after rising by 3.6% in June, which is 12% higher than July 2008, and marks the sixth straight increase since record-keeping began in 2001. The report vastly improved on forecasts by some economists who predicted a much more modest increase of 1.5 percent. Signed real estate contracts are usually considered an indicator of the health of the real estate market because they frequently take weeks, or in some cases months, to complete. NAR chief economist, Lawrence Yun, said that momentum in the housing market has clearly taken a turn for the better. "The recovery is broad-based across many parts of the country," he said. "Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit." People taking advantage of the tax credit for first-time homebuyers are regarded as the biggest part of the rise in home sales, but the tax credit program is scheduled to expire on November 30 and members of the NAR are concerned about what will happen when it does. The NAR said that the affordability of homes also contributed to the rise in home sales. "The average middle-income family can now spend less than 25% of monthly income to buy a median-priced home," Yun said, adding, "Housing payments as a percentage of income in 2009 are at a record low. As long as home buyers stay within their budget, mortgage payments will be very manageable."

New IRS Rule will Help the Country's Struggling Commercial Real Estate Sector

2009-11-17T08:26:56-07:00

Commercial real estate owners and developers will get some much-needed flexibility to rework their mortgages or receive loan extensions under a new federal tax rule that could provide some relief to a deeply troubled sector of the real estate market. The new Internal Revenue Service rule will affect loans that are backed by office parks, office buildings, shopping malls and other types of commercial real estate that have been securitized and sold to investors. The owners of commercial real estate that have been battered by tighter lending policies and plummeting property values have had a very difficult time negotiating with lenders on extending and refinancing loans. Many owners are perilously close to defaulting on or already have had to default on loans, particularly loans taken out a few years ago when the commercial real estate market was hot. Typically, commercial mortgages take long periods of time to rework or extend and without this new rule, many more owners would default on their loans, worsening an already reeling commercial real estate market in most areas of the country. Many Real Estate Mortgage Investment Conduits—or Remics—and so-called grantor trusts, popular securitization vehicles for commercial mortgages, have been reluctant to rework or extend loans that aren't in default or at risk of defaulting within 6 or 12 months because they fear losing their tax-exempt status. Due to the uncertainties inherent under the conditions, borrowers are very reluctant to invest in maintaining and renovating properties they may lose when these commercial mortgages come due. According to lender Deutsche Bank, $153 billion of securitized commercial real-estate loans are coming due by the end of 2012, and close to $100 billion of those will face difficulty refinancing. The new rule would grant lenders some room to negotiate with borrowers who are still current on their mortgage payments and the change applies to all loan modifications made after January 1, 2008. If you need help with Louisville Real Estate, Louisville Properties is here to help. Call us at 502-744-9504 today.

Louisville Reports Fewer Home-Building Permits

2009-11-15T07:46:06-07:00

The U.S. Commerce Department said recently that home building permits, an indicator of future construction trends, fell last September by the largest amount in five months. The decline came at an unfortunate moment while Congress is considering whether to extend the tax credit for first-time homebuyers. The Commerce Department said that new home construction rose a meager 0.5 percent that month to a seasonally adjusted annual rate of 590,000 units—a weaker than expected showing. Building permits for Louisville homes and other construction were also down for September. So far this year, Louisville and nearby towns issued 592 building permits for new single-family homes. This represents a significant decline from the 789 permits issued for the previous September, according to the City's Codes and Regulations Department website. The home construction industry nationwide has been struggling to recover this year after a steep collapse last year that helped plunge the nation's economy into the worst recession since the Great Depression. The building sector in Louisville and across the country has been plagued by rising unemployment and tighter access to credit for mortgages and other loans. The industry is very concerned that things will get worse if the federal tax credit for first-time homebuyers expires in November as scheduled. The homebuilding industry says that extending and expanding the federal tax credit program for another twelve months would generate almost 350,000 jobs and $11.6 billion in additional tax revenues. Home and apartment construction rose in the southern United States in September by 7.1 percent. However, all other regions showed declines with building activity falling 8.8 in the West, 1.8 percent in the Midwest and 5.5 percent in the Northeast.

Louisville's Economy Still Struggling in 2009 2Q But Housing Prices Up Slightly

2009-11-12T09:07:46-07:00

During the second quarter of 2009, some parts of the country saw modest gains in economic recovery, but Louisville's economy still appears to be struggling according to a Metro Monitor study released recently by the Brookings Institute. In a ranking of 100 metro areas in the U.S. measured by the unemployment rate, gross metropolitan product, housing prices and percentage of change in employment, Louisville's economy ranked in the lower half. Most of Louisville's economic problems were, in part, the number of automotive and auto-parts manufacturing businesses and financial-services companies, according to the Institute. Of the 100 largest metropolitan areas in the country, only twelve showed greater declines in gross metropolitan product from their peak quarter to the second quarter of 2009. In the second quarter of this year, the Louisville housing market saw a 1.5 percent increase in prices between the second quarter of 2008 and the second quarter of 2009. Louisville real estate agents welcomed the modest gain in prices, however slight, as a sign that the area's real estate market was on the cusp of recovery. Given the diversity in Louisville's housing market, area real estate professionals are confident that Louisville commercial and residential real estate will rebound in the near future after suffering the same problems that metropolitan areas across the country are experiencing. They expect the city's residential real estate market to experience measurable gains before the commercial market as business development in the area is expected to remain flat or only see slight gains for the near future. If you need help the help of a Louisville real estate professional, please contact Louisville Properties at 502-744-9504.

Some Flood-Prone Louisville Homes to be Purchased

2009-11-10T08:23:05-07:00

Some Louisville residents may be moving soon if the Metro Sewer District's plan, along with the Army Corps of Engineers, provides an option for owners of Louisville homes in flood-prone areas to move elsewhere. The proposal would buy Louisville houses in these areas and homeowners given the option to sell and move. The proposal is still in the development process, but the flooding in the Louisville area in August gave it some momentum. "I've been here 48 years. We've had this problem for 48 years. Every time it rains really hard, we get the problem. Everything floats downhill," said J.D. Marshall who lives on Maple Street. On August 4, many residents like Marshall found their house, car and neighborhood mostly under water from torrential rains. "It took 7 minutes. Before I could even wake them up, the water was in the house," said Marshall. Bud Schardein, Metro Sewer District director, said that thus far, Maple Street is the only part of town that his office and the Army Corps of Engineers have identified as a part of town that could be permanently evacuated and transformed into what he called an "urban green or recreation" space. "It's a complicated process and it has to be approved by the federal government," said Schardein. He says if approved, people in areas prone to flooding would have the option to leave, but would not be forced from their homes. Marshall said he wouldn't have to be forced to move from his Maple Street home. "I'd be the first to go. I'd say back the truck up and let's go. I'm tired. Can't take it no longer," Marshall said.

First-Time Homebuyers Running Out of Time

2009-11-05T09:03:15-07:00

Folks who want to take advantage of the tax credit for first-time homebuyers are running out of time. Unless Congress votes to extend the program—and some legislators are for it—the tax credit of up to $8000 will expire in December. Given the length of time that it takes to arrange financing, home inspections and all the other requisite tasks to take care of when buying a home, homebuyers are cautioned to get a contract in place before the end of October. In order to qualify for the tax credit, the purchase must be finalized before November 30. Real estate agents and mortgage lenders say they expect to be able to accommodate the extra work as homebuyers scramble to get deals done before the deadline, but are advising against waiting until the last moment. In fact, many are recommending that homebuyers have a home under contract by October 15. "We are doing purchase loans in under 30 days right now," said Sharon Decker, director of mortgage lending for Fifth Third Bank. "But if there is a big surge (in applications), all the lenders will be behind the eight ball." The Louisville real estate market has already experienced a flurry of activity on lower-priced homes in the area, and the looming deadline could bring another round of buyers making offers on houses. Buyers who qualify for the tax credit can receive up to $8000 depending on the purchase price of the home. The program has become very popular and has provided a much-needed boost to real estate professionals and markets across the country. Lobbyists for the real estate industry are lobbying Congress to extend the program and around 15 bills have been proposed thus far.

Alternative Ways to Sell Your Home

2009-11-03T09:00:24-07:00

When it's time to sell your home, it is easy but a little expensive to go the traditional route and hire a real estate agent to help you sell your home. They have the resources, contacts and infrastructure in place to facilitate the sale of your home and relieve you from having to do the legwork yourself. However, it has never been easier than right now to sell your home yourself using alternative home selling methods such as: For Sale by Owner (FSBO) Finding FSBO home selling resources and strategies on the Internet is easy. Many communities have their own FSBO websites that make selling your home much easier than it used to be. They provide tools to build a page for your home with a map, pictures, contact information and plenty of showcase space. Flat fee MLS listings Instead of paying a commission to a real estate professional to sell your home, some brokers offer flat fee listings on the Multiple Listing Service so anyone in the country can browse your MLS listing. However, when the home sells, the seller still must pay a 2.5 to 3 percent Buyer's Agent Commission to the broker who brings a buyer but it is still much less expensive that the typical 4 to 7 percent a traditional broker will charge. Low cost brokers These brokers market your home for sale at a very competitive price, which can save a home seller a significant amount of money through greatly-reduced sales commissions. They handle all the paperwork, vet the qualifications of potential buyers, help you negotiate the best price and much more. The unequaled marketing power of the Internet allows home sellers to pursue other methods to sell their home that save them money and attract qualified buyers. There's plenty of information online that people can use to sell their home and, if homeowners are willing to do some of the work themselves, they could save many thousands of dollars. If you are looking to sell your home in Louisville with a flat or low fee broker, please contact Louisville Properties at 502-744-9504.

First-Time Home Buyer Tax Credit Information

2009-10-28T09:35:41-07:00

The government's first-time home buyer program is one of the very few bright spots in a generally lousy real estate climate. We've put together a short list of requirements to help people gain a better understanding of the requirements of the program and take advantage of the many benefits the program offers. $8,000 Qualified first-time home buyers are eligible to receive up to $8,000 in tax credit or ten percent of the price of their home. To qualify, the home must be the buyers' principal residence. Who are first-time home buyers For the purposes of this program, the government defines first-time home buyers as someone who hasn't owned their own home in at least 3 years. When the plan is in effect The tax credit is in effect for homes purchased between January 1 and December 1, 2009 only. However, newly proposed legislation extends the program until December 1, 2010. Income limits for eligibility In order to qualify, first-time home buyers must have an adjusted annual gross income of $75,000 or less and couples buying a home together must earn less than $150,000 annually. Commitment As part of the tax credit program, first-time home buyers must agree to live in their new home for at least three years to qualify for the credit. If they move within three years, they must return the amount of tax credited to the government; however, there are exceptions made for divorce, the homeowner's death and a few other situations. If you're thinking of buying a home and taking advantage of the tax credit, right now is an excellent time to do so. However, unless Congress extends the program, your window of opportunity is closing fairly soon so don't procrastinate! If you are looking to buy a Louisville home, Louisville Properties is here to help. Give us a call today at 502-744-9504.

Purchasing Foreclosure Property

2009-10-21T13:11:02-07:00

Home foreclosures have received a lot of coverage in the media for the last 18 months. The number of people losing their homes has skyrocketed as the economy has flagged. People who bought their homes at the top of the market are so upside-down on their loans that many are simply walking away from them. The situation has communities and states scrambling to deal with the steadily increasing amount of vacant foreclosed homes. However, foreclosures can be a real bargain for home buyers if they exercise some caution. Many homes in foreclosure were owned by people with little or no equity in the home, and that is a huge disadvantage to buyers as the lender will try to recover as much of their investment as possible. Another "buyers beware" note is that most foreclosed homes sell "as is." In some cases, the previous home owner bitterly vandalizes or sabotages the house and necessary repairs to make the home livable may eat up the attractive 30 percent price reduction. When considering the purchase of a foreclosed home, you should also think about the financial considerations that may have nothing to do with the home itself. Depending on whether your buy the foreclosure at an auction, a pre-foreclosure sale by the owner or through a real estate company, if a lender cannot inspect the home first, they probably will not be willing to issue a mortgage for it. Prospective buyers should also be diligent about having a title search performed on a foreclosure they are interested in buying. If the home went into foreclosure, it's possible that the former homeowner used the house as collateral and there could be liens against the home that will be uncovered during a title search. When considering the purchase of a foreclosed home, let the buyer beware. If you are interested in buying a foreclosure or other Louisville Real Estate, please contact Louisville Properties at 502-744-9504.

Refinancing Your Home

2009-10-16T13:36:38-07:00

If you're thinking about refinancing your home, it can save many thousands of dollars over the life of a mortgage; however, home refinancing is not without peril. You have to be willing to make a sober assessment of your financial situation and conduct your own research before making the decision to refinance (refi) your home. There are potential pitfalls to a refi if you aren't careful. An old and enduring rule about refinancing says that it only makes sense to refi if you can shave two percentage points off your current interest rate. A lower interest rate is certainly helpful, but your prevailing concern should be how long it takes to break even on a refi. For instance, when closing on a home, there are usually points paid on a refinance. If you don't plan to stay in the home long enough to realize the savings, a refinance does not make financial sense for you. Next, make sure the new mortgage will actually save you money. For example, a mortgage with a variable interest rate for 15 years instead of 30 years might sound attractive initially. However, when interest rates go up, so will your monthly payment. Mortgages for shorter periods of time can save you a ton of money over time, but make sure that you can comfortably afford the higher monthly payments. It's a good idea to shop around with different lenders to see which offer the most favorable terms. While it may be more convenient to refinance through the lender that issued the mortgage since they have all the documentation, shopping around for the best rates is smart money management. Most of all don't be afraid to ask tough questions when refinancing your home. Driving a hard bargain might inspire the loan officer to shave a few more points off the interest rate in order to make the deal! If you are looking to buy or sell Louisville Real Estate, Louisville Properties can help. Please contact us and 502-744-9504 today.

Advice for FSBOs

2009-10-14T13:22:01-07:00

If you're a homeowner that wants to save money by selling your home the For Sale by Owner (FSBO) route and don't mind doing your own marketing, there are some steps you can take that will help prevent your home from languishing on the market. Here is some Internet marketing advice for FSBOs: Join a local FSBO group Many communities have local FSBO groups that already have a website and have lots of tips and tools for selling your own home. They generally allow someone to build a page for their home, provide contact information and have a template that homeowners can fill use to provide pertinent information about the home. List Your Home on the MLS The main disadvantage to selling your home as a FSBO is the exposure you lose out on with your local MLS. A real estate agent or broker lists your property on your local MLS for everyone interested in buying a home to see. What few people realize is that you can list your home on your local MLS for a flat fee. Local flat fee MLS services are low cost alternative to high cost real estate agent commissions. Virtual tours In the Information Age, a single picture of the front of the house just doesn't cut it. A decent digital camera makes it easy to take a number of pictures of the home and upload the images to your home's FSBO page so that potential buyers can take a virtual tour of the home. Provide as many pictures as the FSBO site will allow and encourage site visitors to set up an appointment to see the home. Proactively market your FSBO Visit local forums, real estate sites and other web sites that cater to your community and proactively market your home by providing links to your home's page. Also take part in relevant discussions and mention the features of your home like cherry cabinets, granite countertops, Jacuzzi, etc. If you are willing to invest some of your leisure time to raise awareness about the sale of your home, choosing the FSBO route could save you thousands of dollars. Even if you aren't tech-savvy, you can market your home online with just a little effort. Once you get started, you might even find that you enjoy marketing your own home! If you are looking to sell your home in the Louisville, Kentucky and need professional advice, please contact Louisville Properties at 502-744-9504. We have the knowledge and expertise to make your sales process an easy one.

Tax Incentives to Owning a House

2009-10-08T16:24:28-07:00

Buying a home is a major financial commitment; however, taking this step affords the owner many significant tax benefits that they can enjoy year after year. The federal government has created these tax advantages in an effort to promote home ownership across the country. The tax rebate for first-time home buyers makes owning a home an even better deal. Here is a brief outline of the tax incentives of owning a home: Tax-deductible mortgage interest Any interest a homeowner pays on a mortgage is deductible from their income taxes up to $1 million. In addition, if they take out a home equity loan, they may be able to deduct the interest on that loan up to $100,000. Property tax deduction Any local or state property taxes that a homeowner pays on their property are deductible from their income tax. However, any money in an escrow account to pay future taxes is not deductible from income tax. Tax-free profits When a homeowner sells their home at a profit, that money is not taxed up to $250,000 for a single homeowner or $500,000 for a couple. There are conditions, i.e., a homeowner can only claim this type of exception every two years; however, a partial exemption may apply to any profit from selling a home under unforeseen circumstances. Deductible moving expenses If a homeowner buys a home at least 50 miles closer to their place of employment than their last home, the government allows the homeowner to claim moving expenses as a deduction. Naturally, there are some conditions that apply, such as the need for the homeowner to work full-time for at least 39 weeks the next year. Still, most of these conditions are very easy to meet for the overwhelming majority of homeowners. In order for homeowners to maximize the tax benefits of home ownership, they should speak with their financial advisor or accountant. The practical money-saving aspects of home ownership are benefits that a homeowner can enjoy year after year. If you need help buying or selling Louisville Real Estate, please contact Louisville Properties at 502.744.9504.

Fed Report Disappoints Louisville Real Estate Professionals

2009-10-06T06:13:54-07:00

The Federal Reserve issued its Beige Book report for July 2009 recently and the report indicated that the rate that economic activity declined in Louisville, other Eighth District cities and towns had moderated somewhat since the last report. When Business First of Louisville asked their contacts in Louisville commercial real estate and local home construction industries about current market conditions, they claimed disappointment in the slow progress of the government's stimulus bill and the relatively small size of local projects it has funded. Louisville homes sales also continued their decline according to the report. Compared to the same period in 2008, Louisville homes sales for May 2009 were down 35 percent in Louisville, 22 percent in Memphis, 32 percent in Little Rock and down 13 percent in St. Louis. Housing permits for single-family homes built in Louisville were also down 44 percent, down 56 percent in Memphis, down 30 percent in Little Rock and down 37 percent in St. Louis. The number of outstanding loans from small- and medium-sized banks in the Eighth District was also down 1.3 percent from early April 2009 to the middle of June. The report also looked at other Louisville industries and indicated that the decline had slowed in area manufacturing and service sectors. Area auto dealers reported mixed results. Demand for Louisville residential and commercial real estate remained fairly weak. Announcements of layoffs include Louisville's education, aerospace, information, medical services, business support, electrical equipment, frozen food and auto parts and auto manufacturing sectors. However, the dour economic news wasn't all bad. Companies that make fabricated metal products, paper, rail technology, health and social services, furniture and plastic products expected to expand their facilities and hire workers to staff new positions in the near future. If you need Louisville Real Estate assistance, please contact Louisville Properties at 502.744.9504.

Louisville Seeking Federal Grant to Develop Sheppard Square

2009-09-30T09:15:49-07:00

Louisville officials are lobbying for a $20 million grant from the federal government to help offset the costs of razing the Sheppard Square public housing complex in Smoketown and develop mixed income homes and Louisville apartments. The proposed project would level the 326-unit complex and would be Louisville's third project in the HOPE VI federal program that intends to destroy the barracks-style public housing projects built in the 50s and 60s and disperse the concentrations of poverty. The project is expected to cost $200 million and the Louisville Metro Housing Authority has not yet lined up the rest of the financing needed to fund the project, but agency executive director Tim Barry says he's confident the rest of the funding can be secured. "The fact that we have done this twice before and the fact that this is smaller—we are comfortable we can put together a budget that will pay for this," Barry said. Officials say that funding for the project would come from a similar mix of private and government sources like the projects that built Park DuValle in western Louisville and Liberty Green east of downtown. The housing authority promises to replace the 326 units lost when Sheppard Square is razed just as it did with the other projects by building or purchasing new public housing throughout the city. For over a decade, Louisville housing and planning officials have been developing plans to revitalize the Shelby Park and Smoketown neighborhoods with an eye on what the areas would look like without Sheppard Square. Patricia Bell, a resident of Shelby Street and president of the Smoketown Neighborhood Association, said both the neighborhood and public housing residents stand to benefit if the complex is taken down. "I think public housing has served its place," she said. "But to me, I never felt it was always good to stack people in predominantly ethnic groupings into a situation where it seems like they can't get out, or there is no way out."

How-To for FSBOs

2009-09-23T13:47:46-07:00

Selling your Louisville home and saving money by doing it yourself via the For Sale By Owner (FSBO) route is much easier than you may think if you're willing to do some research and handle the marketing yourself. Many people have discovered that the FSBO tools and resources available online make it much easier to accomplish this and the money you'll save makes a sizable down payment on your next home! Here is a brief how-to for FSBOs: Stage your home – Staging your home makes it easier for potential buyers to imagine how they and their furniture will fit into your home. It is also a very effective means of pre-packing for your move. Don't over-price your home – If you're asking more than comparable homes nearby are selling for, most prospective buyers won't even contact you and you're setting yourself up for a long wait. Over-pricing is the single biggest reason why FSBO homes languish on the market month after month. List Your Home on the Local – You don't have to pay a high priced broker to get your home listed on your local MLS. Many local brokers and National firms are offering flat fee listing packages today as a competitive options. For national flat fee agencies, just Google "Flat Fee MLS Listing". If you live in the Louisville area, learn more on Louisville Flat Fee MLS Listings here. Consider hiring a real estate lawyer – It will erode a bit of your FSBO savings but in the end, it's a very smart move to have a real estate lawyer protect your interests. It will provide peace of mind to have an objective set of eyes looking over everything and help you deal with the closing. Use Internet marketing – If your FSBO home isn't online, your home will not attract much attention. Take pictures and upload them to a local FSBO website. Use the tools on that website to market your home. Just as you're probably looking online for your next home, so are potential buyers! Print home information sheets – Home shoppers tend to visit several homes in one afternoon and having home information sheets on hand for them to reference later is a very good way to increase top-of-mind awareness. Using these and other how-to FSBO tips is a great way to save money and control more of your home selling process as well! If you would like to maximize your home's exposure, you can list it on the Louisville MLS for a Flat Fee. Louisville Properties offers flat fee listing the provide FSBOs with all the advantages of a high cost Broker.

Louisville Home Sales Up in August

2009-09-16T08:44:14-07:00

Louisville real estate professionals report that 1084 single-family homes and condominiums sold in the area this past August, which represented a 12.3 percent increase from August 2008, but a slight decline from July's home sales in the Louisville metro area. The increase in home sales for August over the previous year was the second straight month for members of the Greater Louisville Association of REALTORS®. July's sales interrupted a streak of nearly two years of lagging sales by posting 1276 home and condo sales, a 26 percent increase over July 2008 home sales. Greater Louisville Association of Realtors president Jan Scholtz stated that the number of homes and condos sold in August indicate the continuing stabilization of Louisville's housing market. "It's the first-time home buyers that are making the market positive right now," she said. Many first-time buyers are motivated by an $8,000 federal tax credit. She said that Louisville area home sales are expected to continue to show improvements at least through December 1 when the tax credit program for first-time homebuyers is expected to end. If the tax credit program does not extend, she said consumer confidence will determine how the Louisville real estate market performs. Louisville homebuilders and realtors remain optimistic that the tax credit program will cause a "trickle up" recovery that will boost sales of more expensive homes in the area as first-time homebuyers move to larger homes with more amenities. The median selling price for homes sold in August 2009 was $136,800—down from $140,000 in August 2008, although a significant improvement from February 2009 $119,000 median selling price.

Louisville's Phoenix Hill Neighborhood is an Urban Renewal Success Story

2009-08-27T17:17:06-07:00

While dire economic news and forecasts dominate the media in Louisville and other parts of the country, some good news about Louisville real estate showed up in a most unlikely source. A report on the Philadelphia website, Philly.com, recently discussed a Louisville neighborhood's success story. Twenty-five years ago, Louisville's Phoenix Hill neighborhood was a typical example of urban blight with rows of abandoned houses and unkempt properties. Since then and thanks to Louisville homeowners who saw the neighborhood's potential, Phoenix Hill is a model of urban renewal with an active and engaged neighborhood association. David Kinloch is one of those homebuyers who took a chance on one of the vacant homes and is now enjoying the benefits of living in the revitalized Louisville neighborhood. "We were told that you couldn't build new housing inside the old city of Louisville," said Brown Kinloch, a renewable-energy developer. "We proved that not only could you do it, if you made them affordable . . . they'd sell right away." The grassroots strategy of reclaiming decaying neighborhoods has also taken hold in neighborhoods in other American cities that are struggling with similar problems. In cities such as Detroit, Philadelphia, Cleveland, Pittsburgh and others, community groups and local governments are working together to buy properties, create parks and attract business. It's not easy and requires a great deal of work, but it is working and Louisville's Phoenix Hill neighborhood is one of the country's best examples. If you're thinking of buying or selling a home in Phoenix Hill or another Louisville neighborhood, contact the Louisville real estate expert at Louisville Properties by filling out a contact form or call 502.744.9504.

Preservation Louisville Presents 2009 List of Endangered Real Estate

2009-08-25T17:13:50-07:00

An organization created to save Louisville's distinctive and vanishing homes and buildings recently presented its 2009 list of endangered properties. An article published in the Louisville Courier-Journal describes a presentation given by the organization that was an overview of the group's successes and its current targets of endangered Louisville real estate. The program was presented at Bearno's Building on Louisville's architecturally rich and diverse Whiskey Row. Speakers at the presentation included Marianne Zickuhr, executive director of Preservation Louisville Inc., Robert Griffith, president of the board of directors of Preservation Louisville, Anne Arensberg, the Kentucky adviser to the National Trust for Historic Preservation, and Mark Dennen, executive director of the Kentucky Heritage Council. The group is dedicated to preserving Louisville's unique architectural flavor and its eclectic mix of shotgun houses, Victorian frame houses, distinctive and historic commercial buildings and other noteworthy examples of Louisville real estate. The city's endangered shotgun houses comprise 10 percent of the total housing stock in Louisville and exemplify a popular Southern style of homebuilding in the late 19th and early 20th centuries. This style of house was extremely popular with homebuilders and homebuyers throughout the south from New Orleans to as far north as Louisville. The group has targeted several buildings in addition to the shotgun houses found in downtown Louisville and in other areas of the city. The list of endangered buildings includes the Louisville Water Co. block, a Victorian house at 2225 Frankfort Ave., Engine 7—the city's and the nation's oldest firehouse, the University of Louisville Dentistry Department, the old industrial Park Hill district, as well as other properties on Whiskey Row and the Samuel Ouerbacker House, 1735 W. Jefferson St. If you're looking to invest in a historic Louisville residential real estate or commercial property or a newer home or building in and around the city, contact Louisville Properties today by filling out a contact form or calling direct at 502.744.9504.

Energy Efficiency a Common Theme at Homearama 2009

2009-08-20T17:10:44-07:00

This year's version of the annual Louisville Homearama showcase of new home designs and ideas provided examples of new home features, such as elevators, wine tasting rooms and dog washing stations, along with far more practical home attributes intended to increase a home's energy efficiency. The Courier-Journal said that twelve of the thirteen entries in the Homearama show will receive the federal government's Energy Star rating and eight targeted the more stringent designation of Green Build Kentucky. Homebuilders say that increased awareness and focus on decreasing energy use around the house is reflected at all price levels of Kentucky's homebuilding industry. They say the shift in consumer demand along with federal tax credits for energy-saving windows, insulation and kitchen appliances is having a real impact on home construction and design. Bob Weiss, executive vice president of the Home Builders Association of Kentucky said, "As we start educating our members, we'll see a lot more homes getting into it. The builders are starting to see this can be a marketing tool." Since the Green Build Kentucky program launched in April 2008, the program has experienced a slow start, but organizers say that the program has really started to take off in recent months despite the slow economy and Kentucky's history of relatively low utility costs. Homebuyers are responding positively to single-family homes with the Energy Star label and the state's share of Energy Star homes jumped from just 7 percent in 2007 to 25 percent in 2008. If you're selling a Louisville Energy Star home or thinking about buying an energy-efficient home in the Louisville area to save money on utilities, fill out a contact form or call Louisville Properties at 502.744.9504 today.

Louisville Judges and Politicians Launch Foreclosure Prevention Program

2009-08-18T17:08:21-07:00

An article published in Business First of Louisville discusses a progressive and innovative project to prevent more homes from foreclosure in and around the Louisville area. The report claims that Jefferson Circuit Court Judges, Louisville Metro Mayor Jerry Abramson and U.S. Rep. John Yarmuth joined together to launch what they are calling the Foreclosure Conciliation Project. The program is designed to encourage mortgage lenders to explore alternatives to foreclosure that will help more Louisville-area residents to keep their homes. Louisville area judges have agreed not to require the sale of a foreclosed home before the homeowners have a chance to meet with the lenders. Not only will the program help homeowners remain in their homes, fewer foreclosed homes will also help Louisville neighborhoods by reducing vacant houses that are frequently targets of vandalism. Homeowners who get involved with the Foreclosure Conciliation Project will learn about options that they can pursue to keep their home such as forbearance agreements, loan modifications and other alternatives to foreclosure. In a press release issued by Louisville Mayor Abramson, he said, "Having a clear plan to follow will make this process less traumatic and more educational for homeowners." In 2008, 3264 Jefferson County home foreclosures were filed that led to 2408 homes being sold at foreclosure sales. This year is looking even grimmer for foreclosures, and experts claim that if current trends continue, foreclosure filing will near 5,000 before the end of 2009. Chief Judge Jim Shake said in the press release, "A foreclosure sale displaces families, disrupts neighborhoods and drains wealth from our community. If we can use our resources to encourage communication, offer alternatives and prevent significant losses to families and neighborhoods, then we as a community have a responsibility to do that." Anyone interested in investing in Louisville foreclosed properties or other types of Louisville homes for sale can contact Louisville Properties by filling out a contact form for a timely response or calling 502.744.9504.

Louisville Company Purchases Commercial Real Estate

2009-08-13T17:05:59-07:00

A recent report on Louisville's Business First website claims that Louisville-based company Industrial Services of America, Inc. has reached an agreement to buy commercial real estate adjacent to its Grade Lane operations. The company has agreed to buy the property from a company owned by Harry Kletter. Industrial Services, Inc. intends to buy two parcels of land from Harry Kletter Family Partnership LLC for 500,000 newly issued shares of Industrial Services' common stock. According to a press release about the Louisville commercial real estate transaction, the deal is valued at $3.2 million based on Industrial Services' current share price of $6.40. The parties expect the sale to close in August 2009. A portion of Industrial Services' new metal shredder is currently located on parcels of the land in the deal and the company currently rents the land from Harry Kletter. Industrial Services, Inc. buys, processes and markets scrap metals and recyclable materials in addition to providing waste management programs for commercial clients. If you're a business owner looking for Louisville commercial real estate to expand operations or an owner of Louisville commercial property looking to sell, contact the Louisville commercial real estate expert at Louisville Properties. They offer the full spectrum of commercial real estate services, including property management solutions that make owning investment property easy and lucrative. To contact the experienced Louisville commercial property professionals at Louisville Properties, fill out a contact form for a timely response or call them direct at 502.744.9504.

Louisville's Recovery from the Recession Lagging behind Other U.S. Cities

2009-08-11T16:58:04-07:00

Louisville real estate professionals, merchants and other businesspeople got some unwelcome news recently when the Brookings Institute published a report that indicated Louisville is lagging behind other U.S. cities in recovering from the recession. Key economic indicators for the first quarter of 2009 presented to elected officials from Louisville showed that while the city was showing some signs of recovery from the recession, it was not recovering as quickly as hoped. The report ranks 100 metropolitan areas around the U.S. in several categories and the greater Louisville area—which comprises 13 Indiana and Kentucky counties—ranked in the lower half of cities in four of six categories. In unemployment, Louisville ranked 78 out of 100. In the total economy produced by the Louisville area, or gross metropolitan product, the city was 99 for the first quarter of 2009. In average wages, Louisville ranked 95. However, the news wasn't all bad for the Louisville metro area. Louisville home prices ranked 24 and in real-estate owned properties, the city came in at 46. Reacting to the news, Greater Louisville Project representative Carolyn Gatz had this to say, "Well, I think the data shows—and most of us know—that the recession has hit our community very badly. I think that's true in what they call 'older industrial cities,' cities that are trying to make this turn from a 20th century economy to a 21st century economy. That's why today we're going to be talking about the interplay between education and jobs, 21st century jobs, and I think the Brookings data just showed what a challenge and what a sense of urgency we as a community need to have to deal with these issues." If Louisville home prices and the federal tax credit for first-time homebuyers has you thinking about buying a home in the area, call the Louisville real estate experts at Louisville Properties today at 502.744.9504. You can also contact them through their contact form for a fast response. With many years of experience helping area resident buy and sell Louisville real estate, they can help you sell your home quickly or assist you with finding the perfect Louisville home for sale.

Louisville Homes Sales Only Slightly Down in June

2009-08-06T15:54:29-07:00

An article about Louisville-area home sales in June that appeared in the Courier-Journal provides some welcome news for Louisville real estate professionals. The article claimed that members of the Greater Louisville Association of Realtors sold 1,175 homes in June 2009, a figure that shows only a 1.3 percent decline in sales from the previous June. With housing markets across the country struggling with flagging home values, foreclosures, sluggish sales and other difficulties, many Louisville real estate agents perceive a slight decline in home sales as a positive. In spite of the modest decline, the number of homes sold in the Louisville area was the most in a single month so far this year. Overall, Louisville-area home sales were down 19.7 percent for the first six months of 2009 compared to 2008. However, Louisville realtors and homebuilders claim that the federal tax credit for first-time homebuyers is boosting sales and they expect that trend to continue as the November 30 deadline for the credit nears. Louisville's median home selling price as of June 2009 was $136,000, a slight decline from the previous year, but only a 3.5 percent drop. Louisville Realtors® Association President Jan Scholz predicted that a high percentage of first-time homebuyers would help to keep median home prices lower for the rest of 2009. She added that Louisville home sales would continue to strengthen for the rest of the year. Looking for Louisville real estate services? Call Louisville Properties today at 502.744.9504 or fill out a contact form for a fast reply. If you want to buy a home, sell a home, need flat-fee FSBO listings, property management or more, Louisville Properties offers the full spectrum of real estate services!

Why Flat-Fee Listings are Valuable to FSBOs

2009-08-04T15:27:53-07:00

A recent article about FSBOs published in the Edmonds Beacon discusses the advantages of real estate owners selling their own property without a real estate agent or realtor. It's a timely article as most folks are looking to trim expenses wherever possible with the nation's economy continuing to struggle. However, while owners stand to save some money by selling their homes themselves, a modest investment in flat-fee listings can make a huge difference. Here's why flat-fee listings are valuable to FSBOs: Realtor MLS listings. Making an investment in flat-fee listings puts your FSBO home on the Multiple Listing Service, which allows real estate agents to find your home for sale for their clients. Listings on the Internet. When people are looking for a home to buy, they're looking at real estate online from the comfort of their home. An online listing makes it easy for people to discover the features of a FSBO and see relevant information, such as number of bedrooms, bathrooms, closets, lot size, etc. Virtual tours of your home. A flat-fee listing allows a FSBO owner to post up to 20 images of a home and lets online shoppers take a ‘virtual tour' through their Internet connection. Even the most descriptive words and phrases cannot ignite a potential buyer's imagination quite like a photograph. Yard signs. A buyer will oftentimes be ‘just driving by' when they see a For Sale sign in the yard of a home they eventually buy. Yard signs may be the oldest form of FSBO marketing but they're still very effective! If you're a homeowner thinking about going the For Sale by Owner route and want to know more about how flat-fee listings can help you sell your home quickly, call Louisville Properties at 502.744.9504 today or fill out a contact form!

What Buyers Should Know about Real Estate Auctions

2009-07-30T03:56:36-07:00

The rise in home foreclosures and distressed properties around the country has created unique investment opportunities for prospective homeowners who are willing to take a chance on a house in order to save some money. After a lender has taken possession of a property and has failed to find a buyer, they may choose to sell the home through an auction house just to get some return on their investment. This Washington Examiner article explained some of the things that buyers should know about Louisville real estate auctions. By the time a home is offered at an auction, a buyer can be sure that there are no liens or financial problems associated with the property as the bank will have cleared the title on the home. Generally, auction houses host three types of auctions: Reserve auctions – The most common type of auction, reserve auctions involve sellers who have a minimum price in mind that isn't published. The seller can choose to accept, reject, or counter any bids on their property—even the highest bidder's offer. Absolute auctions – Absolute auctions are fairly straightforward. There is no reserve price on a property and a home is sold to the highest bidder regardless of the size of their offer. Minimum-bid auctions – In a minimum-bid auction, the seller publishes the minimum offer they are willing to take for the property and take the highest bid offered by buyers. Although it is not mandatory for auction buyers to have a real estate agent assist them, it is a good idea to have one, especially for first-time homebuyers. A Realtor® can counsel the homebuyers on what a given property is actually worth and help the bidders make an informed decision about buying one house or another. When you need an all-around Louisville real estate agent who has knowledge and experience in real estate auctions, rely on LouisvilleProperties.com to make the process fast and easy! To contact Louisville Properties, call 502.744.9504 or fill out the contact form.

Things to Consider When Choosing a Real Estate Agent

2009-07-28T03:52:56-07:00

An article that appeared in HometownAnnapolis.com brings up a helpful topic for home buyers and home sellers to consider: what to look for in a real estate agent. Many people interested in buying or selling a home don't invest much thought in which real estate agent they choose to assist them with the process. However, the right agent can make a huge difference in how smoothly your sale or purchase goes, and the article outlined a few of the things to look for in a real estate agent: Knowledge of the market – This is invaluable to buyers and sellers, as a real estate agent's knowledge of the market can help with pricing strategies, making an offer that won't insult the seller and inform their clients' decisions in countless, but very helpful ways. Experience – There is no substitute for experience. An experienced real estate agent who has assisted buyers and sellers in hundreds or thousands of real estate transactions is a huge asset for any client. They have seen countless deal-makers fall apart and can prevent buyers and sellers from making the same mistakes. Negotiating skills – Real estate agents with good negotiating skills can finesse many challenging impasses in real estate deals and help the buyer and seller appreciate each other's point of view. Negotiating skills can make all the difference between a deal falling apart and the parties reaching an accommodation. A resident's perspective – Look for a real estate agent who has lived in the area for many years and can save you a great deal of time by helping you find real estate in towns and neighborhoods that fit your lifestyle. This is especially helpful for people relocating to an area. Perhaps the most important thing to look for in a real estate agent is also the most subjective. Look for a real estate agent with whom you are comfortable and who invests the time to understand what you are looking for in a home or a buyer. When you need an all-around Louisville real estate agent who has knowledge and experience in real estate transactions, rely on LouisvilleProperties.com to make the process fast and easy. To contact Louisville Properties, call 502.744.9504 or fill out the contact form.

What's the Difference between Realtors®, Real Estate Agents and Brokers?

2009-07-23T16:44:21-07:00

A recent article that appeared in the Washington Examiner discusses a topic that many people want to know: what is the difference between Realtors®, real estate agents and real estate brokers? With the federal tax credit drawing more and more first-time home buyers to the real estate market, many people have no idea about what differentiates one type of real estate professional from another. Here are some brief explanations of the differences: Real estate agents – real estate agents have passed any licensing requirements of the state or states where they conduct business. They have also passed the real estate exam issued by the state or states as well as a national exam. Real estate brokers – brokers are real estate agents who have several years of experience selling real estate, have passed additional education courses and have passed their state's real estate brokers exam. They are licensed to buy and sell real estate and are able to open their own real estate business. Realtors® – A realtor is a real estate agent who has taken additional classes on real estate ethics, is a member of the National Association of Realtors® and agrees to uphold the stringent business principles outlined in the ethics class. Most real estate agents take the extra classes and invest the time to become Realtors®, but there are several different ways that a Realtor® or real estate agent can perform their duties. The majority of real estate professionals are independent contractors who are professionally affiliated with a real estate firm. It can be a difficult business to gain traction in, as most home buyers and sellers prefer to work with real estate agents with many years of professional experience. Instead of relying solely on experience, home buyers and sellers should seek out a Realtor® with whom they are comfortable. When you need an all-around Louisville real estate agent who has the knowledge and experience in real estate transactions, rely on LouisvilleProperties.com to make the process fast and easy! To contact Louisville Properties, call 502.744.9504 or fill out the contact form.

Home Foreclosures Hitting Louisville Especially Hard

2009-07-21T03:35:02-07:00

An article on home foreclosures that recently appeared on WLKY.com cites a Louisville Courier-Journal report that claims there are more than 6,000 vacant homes in and around the city. The vast majority of these homes are foreclosures. The abandoned properties have become neighborhood eyesores, and city leaders are growing concerned about the hazards that these homes present. In early June 2009, Louisville hosted a national conference that focused on home foreclosures and some Louisville residents said that the conference is long overdue. Prentice Hawkins, a home craftsman who restores old, dilapidated homes, said, "A lot of them I wish I could purchase. I really do because I like doing this kind of work. I hate to see houses in the neighborhood like that going from a nice house to a boarded up house. It really brings the neighborhood down." A large concentration of Louisville's foreclosed homes is in the city's upper west side. The Director of the National Vacant Property Campaign, Jennifer Leonard, claims that Louisville's foreclosure problems are not unique. "What's happened over the last couple of years with the foreclosure economic crisis, though, is that cities all across the country large and small, rural, suburban, really strong market cities, and mid-market cities are having increasing problems with vacant properties and abandonment," she said. She also said that it is in Louisville's best interests to take strong, proactive measures to reduce the amount of foreclosures throughout the city. Foreclosed homes adversely affect entire communities through neglect, increased rodent populations, lower property values and many other undesirable attributes. Often, foreclosed properties sit vacant for many years and then they become a burden on taxpayers, as the city frequently has to pay for razing the home and removing the hazard. If you need more information on how to avoid foreclosure, visit the governement's Guide to Avoiding Foreclosure. If you would like to invest in Louisville foreclosure properties, feel free to call 502.744.9504 or fill out our contact form for a fast reply!

Empty Nesters Fuel Boom in One Segment of Kentucky Real Estate Market

2009-07-16T03:28:58-07:00

Kentucky business news source, The Lane Report, claims in a recent article that one sector of Kentucky's housing market is going strong while other segments flag in the economic downturn. Baby boomers nearing retirement age are driving sales in condominium-style housing, which allows owners to experience a lifestyle with much less property maintenance than a stand-alone home. During a period where Kentucky home sales are down around 40 percent, condo sales represent the lone bright spot in a sluggish housing market. Louisville realtor Mira Farmer said, "This type of buyer is looking for maintenance-free living, yet is not ready to go into assisted living or ‘retirement' communities. Most of these buyers want smaller house payments as the majority of them are either on fixed incomes, or have lost a significant amount of their retirement in the past few months due to the downturn in the economy." Many empty nesters are weary of mowing lawns, shoveling snow, painting, tree trimming and all the other maintenance that goes with owning a home and Kentucky condo developers are responding to the demand for a more leisurely lifestyle. Also called "garden" or "patio" homes, newer ranch-style condo designs are growing increasingly popular with buyers as they allow owners less stress and more time to travel and explore other leisure pursuits. Condo developers say that this emerging demographic favors upscale features such as glassed-in sunrooms, screened porches, brick patios, first-floor master bedrooms, granite countertops and other amenities. In spite of the current performance of the economy in Kentucky and the country as a whole, builders claim that the economic downturn presents unique opportunities for Kentucky home buyers and are hoping that the current uptick in condo sales will continue. Despite the state of the economy, there perhaps has never been a better time to buy in Kentucky. Builders hope buyers will take advantage of the vast number of properties on the market, low interest rates, competitive options and incentives available to help empty nesters improve the quality of their lives. Contact Louisville Properties today if you would like to buy or sell a condo in Louisville. Call 502.744.9504 or fill out a contact form for a fast reply.

Louisville Home Prices Higher in May 2009

2009-07-14T03:23:23-07:00

The Louisville Courier-Journal recently published an article claiming that Louisville home prices rebounded slightly in May 2009. The Greater Louisville Association of Realtors said that the median price of homes sold by its members in May rose 1.5 percent over homes sold in May 2008. The median selling price in May was $137,000 and this is the first monthly gain in Louisville residential real estate since January 2008. Jan Scholtz, the association's president, said that Louisville realtors who belong to the organization greeted the news with enthusiasm. "Obviously we're elated," said Jan Scholtz, "We just think there is a little bit of easing of the lack of consumer confidence." However, Scholtz also cautioned members against placing too much emphasis on the impact that a one-month hike in Louisville home prices might have on the Louisville real estate market. She said that she expects the market's median home selling price to experience an overall drop for 2009, mostly due to the amount of first-time home buyers taking advantage of the federal tax credit. The program is intended to boost home sales around the country by offering qualified first-time home buyers up to $8,000 in tax credit toward the purchase of a home until December 1, 2009. Scholtz claims that first-time home buyers accounted for around 70 percent of all Louisville home buyers. She also said that since first-time buyers tend to purchase less expensive homes, the median selling price of homes in the Louisville area is down. Members of the Greater Louisville Association of Realtors reported selling 921 homes in May 2009, which was a 20 percent drop from the same period a year earlier. If you would like more information regarding Louisville real estate services, feel free to contact Louisville Properties by phone at 502.744.9504 or fill out a contact form for a fast reply!

Foreign Investors Expect U.S. Real Estate Market to Recover in 2010

2009-07-09T16:19:16-07:00

A recent article in the Market Watch section of the Wall Street Journal claims that foreign real estate investors predict that the U.S. housing market will rebound in the second quarter of 2010. The Association of Foreign Investors in Real Estate (AFIRE) issued a survey to its more than 200 members, and respondents expect to triple their investments over the final six months of 2009. The survey also indicated that over two-thirds of AFIRE's members plan to invest in real estate in the U.S. before the end of 2009. Just below one-third of the members claimed that they are more optimistic in the recovery of the U.S. real estate market now than they were at the beginning of the year, only 16 percent claimed that they were more pessimistic, and 53 percent said that they feel about the same now as they did at the beginning of 2009. Respondents said they expect the real estate markets in Washington, D.C., New York City and San Francisco respectively to lead the market recovery and identified those markets are prime targets for investment. Boston and Los Angeles rounded out the top five U.S. markets for foreign investors and respondents expected commercial office buildings to recover first, followed by multifamily housing and industrial property. Their expectations represent a shift in opinion from the last time AFIRE members were surveyed when respondents favored multifamily real estate investments over commercial office buildings for their investments. Founded in 1988, the real estate investors association and its members represent 20 different countries around the world. Real estate professionals around the U.S. who have been eagerly looking for a turnaround in the country's real estate market are cautiously optimistic about the possibility of a market rebound in all sectors of the market. If you would like more information regarding Louisville real estate services or would like a quote to list your property, feel free to contact Louisville Properties by phone at 502.744.9504 or fill out a contact form for a fast reply!

Real Estate Investment Opportunities are Plentiful for Savvy Investors with Cash

2009-07-07T16:15:07-07:00

The economic slowdown and depressed real estate values in many markets have created investment opportunities for perceptive investors with deep pockets. Individual investors with cash on hand buying foreclosed homes at bargain prices have boosted home sales figures over the last several months, and there are indicators that a similar trend is underway in the commercial real estate market. A recent CNN.com article about commercial real estate investing claims that some real estate investment trusts (REITs) are raising capital to buy distressed commercial properties while their value is low and hoping to cash in later when the economy rebounds. REITs allow investors to invest in real estate without having to deal with getting approved for financing or the administrative hassles of taking possession of a piece of property. In addition, according to New York real estate research firm, Real Capital Analytics, now is a good time to invest in commercial real estate as the firm estimates that there is around $90 billion in "distressed' commercial real estate on the market. The firm describes distressed commercial real estate as property in foreclosure or property that is owned by someone who is either in default or has declared bankruptcy. Real Capital editorial director, Peter Slatin, claims that conditions will be favorable for commercial real estate investors for several years in addition to the current investment opportunities. "On top of those properties, there are hundreds of billions more in debt coming due in the next few years," said Slatin. "Some REITs are getting prepared for that." Savvy commercial real estate investors around the country are watching the commercial real estate market very closely, and many are buying distressed properties specifically for the purpose of selling them to REITs. These conditions may present a unique investment opportunity for those with cash or access to lines of credit.

Foreclosures Continuing to Rise across the Country

2009-07-02T16:10:09-07:00

The number of homeowners delinquent on their mortgage payments and the number of home foreclosures rose to record levels in the first quarter of this year. Interest rates on home loans climbed as the government's efforts to contain falling home prices appeared to lose momentum. The foreclosure report on Bloomberg.com claims that the delinquency rate climbed from 7.88 percent to a seasonally-adjusted 9.12 percent, and the number of home loans entering foreclosure rose to 1.37 percent. The Mortgage Bankers Association said that the 1.37 percent jump represented the largest increase in history and that the 9.12 percent jump in foreclosures was also an all-time record since they began tracking in 1972. The housing decline—now in its third year with no sign of a turnaround—has thus far resisted government efforts to reverse or stabilize foreclosure and delinquency rates. In a sign that job losses across the country are fueling a new wave of foreclosures, prime fixed-rate mortgages to the most creditworthy borrowers accounted for the single largest share of new home foreclosures at 29 percent. Jay Brinkman, the MBA's chief economist, said in a recent interview, "If people don't have a paycheck they can't support a mortgage. The longer the recession lasts, the more people run through their savings reserves, leading to higher delinquencies and higher foreclosures." Right now, one in every eight American homeowner is either late on a house payment or their home is already in foreclosure as the economy continues to shed jobs and people fall behind. The MBA claims that around half of the latest wave of foreclosures is in four states: Nevada, Florida, California and Arizona. If you're thinking about buying a foreclosed Louisville home as an investment or primary residence, visit LouisvilleProperties.com for the area's most extensive Louisville real estate listings and foreclosures.

Downtown Louisville Condo Decline Reflects National Trend

2009-06-30T16:05:17-07:00

The worldwide economic downturn is affecting housing markets everywhere, including condominium projects in downtown Louisville. A recent article in the Louisville Courier-Journal claims that some downtown Louisville condo projects are being delayed and others turned into rental properties as slow sales and uncertainty about job security deter skittish developers and potential condo owners. The Courier-Journal reviewed 12 different downtown Louisville condo projects and found that 5 of them—mostly larger projects with a combined total of 760 units—are now on hold with one project in foreclosure. Of the 7 condo projects that were completed or partially completed in the last several years, only 77 of 287 units have sold. The decline of downtown Louisville's condo market reflects a national trend. The median price of condominiums across the country has dropped 20.2 percent over the first 3 months of this year according to the National Association of Realtors. In the Louisville metropolitan area, condo prices have dropped 11.1 percent from this time last year to $113,600. Louisville Metro Mayor Jerry Abramson agreed with local developers and Louisville real estate agents who claim that the current setback in downtown condo prices and development is temporary. "It's not good, but we're really strong compared to our sister cities around the country," Abramson said in an interview. He said he's confident the same downtown attractions that started the condo building boom a few years ago "will reignite the investment of folks looking for a downtown experience." If you're looking for a downtown experience and are interested in owning a condo in downtown Louisville, make LouisvilleProperties.com your first stop. The site is the premier online resource for people interested in buying or selling Louisville real estate of any kind, and offers the full spectrum of real estate services for buyers, sellers and investors.

Louisville Home Prices Drop Despite Tax Credit

2009-06-25T16:00:53-07:00

A recent article in the Louisville Courier-Journal claims that the selling price of Louisville homes dropped again in April according to figures provided by the Greater Louisville Association of Realtors. They report that the median selling price of Louisville homes fell by 2.3 percent in April 2009 and is down by 6 percent for the first four months of the year. Members of the group report that they sold 787 homes in the Louisville metropolitan area in April which represents a 22 percent drop from the same period last year. The number of days that Louisville homes for sale remained on the market before selling increased to an average of 136. But the association reports increasing interest recently and members are hopeful that the federal tax credit of up to $8000 for first-time home buyers will inspire wary buyers to get off the fence and take advantage of the tax credit. But the drop in Louisville home selling prices is not as steep as the drop in prices nationwide. The National Association of Realtors claim that in the first quarter of the year, the median selling price nationwide dropped 13.8 percent over the same time period the previous year to $169,900 for an existing single-family home. The association claims that about half of all home sales across the country were deeply discounted foreclosure or distressed properties which pulled down the median selling price across the country. The median selling price for April 2009 in the Louisville real estate market was $129,000. If you're looking for Louisville foreclosures, Louisville homes for sale, or any kind of Louisville real estate, visit LouisvilleProperties.com—the area's premier source for information, services, and up-to-date listings of Louisville homes, condos, multi-family residences and real estate.

Pending Home Sales in the US at a Seven-Month High

2009-06-23T15:58:07-07:00

An article in the Christian Science Monitor claims that pending home sales across the country climbed in April for the third month in a row and are now at their highest level since last September. Pending home sales are real estate transactions where a buyer signs a contract, but the deal has not yet closed. Pending home sales are regarded as a bellwether of the real estate market and real estate professionals across the country are hopeful that the upward trend will continue. The National Association of Realtors (NAR) says that the pending home sales index climbed 6.7 percent over the previous month to 90.3, which is also higher than the same period a year ago. This is one of several early indicators that suggest the economy may be heading towards a recovery. Lawrence Yun, NAR's chief economist, said, "The $8000 first-time buyer tax credit is beginning to impact the market. Since first-time buyers must finalize their purchase by Nov. 30 to get the credit, we expect greater activity in the months ahead and that should spark more sales by repeat buyers." The largest climb in pending home sales occurred in the Northeast, which reported a hike of 32.6 percent from one year ago. Pending home sales in the South slipped over the same period, but remains 3.5 percent above last year's levels. The NAR also reported that housing affordability rose in April to its second-highest reading ever and nearly eclipsed the record set in January of this year. If the federal tax credit has you thinking about purchasing a home in Louisville, start your home search at the area's premier source for Louisville real estate services and information at LouisvilleProperties.com!

New York Company Invests in Louisville Area Landmark

2009-06-18T15:54:06-07:00

A recent article in the Louisville Courier-Journal provides very welcome news to supporters of a longtime Louisville area landmark. The former Colgate-Palmolive plant in Clarksville renowned for its huge clock has been purchased by Active International, an advertising and trading company based in New York. Before Colgate bought the plant in 1921, the building was a Kentucky state prison. The famous clock—40 feet in diameter—is one of the world's largest and has been clearly visible from anywhere in downtown Louisville since it was built in 1924. The almost 60-acre site located just off Interstate 65 in Clark County was purchased by Active International in April one and one-half years after Colgate-Palmolive closed the plant. The plant and the other buildings on the property has been on a list of the 10 most endangered landmarks in Kentucky, and local historical preservation buffs had been hoping that the main building with the huge clock could be saved from the wrecking ball. The site remains "on our radar screen," said Laura Renwick, community preservation specialist in the southern regional office of the Historic Landmarks Foundation. But the foundation is "hopeful" about the site, she said, "with a commitment from the new buyer and the interest the town has in seeing the key components being preserved." Along with the famous plant, around 20 buildings containing almost 1 million square-feet of space remain on the site, but Active International did not disclose the purchase price or reveal its plans for the historic landmark. If you're looking to buy or sell your own piece of Louisville real estate, historic or not, point your web browser to the area's premier web site for Louisville real estate services— LouisvilleProperties.com! No matter what your Louisville real estate needs may be, you're certain to find what you need, including Louisville property management!

How to Sell Your Home

2009-06-16T15:44:17-07:00

Every homeowner has a unique set of needs when it comes to selling a home. Some people excel at getting the word out and meeting with potential buyers. Other homeowners take to the paperwork and marketing like pros. Depending on the strengths a homeowner has, there are several ways to sell a home. Here's a comparison of three common ways to sell your home: For Sale By Owner (FSBO) For the homeowner who does not mind doing some extra legwork, the FSBO route can save a bundle in agent's commissions. However, deciding to sell your home without a sales agent can expose you to a lot of pressure. You are responsible for marketing your home, answering potential buyer questions and being available for showings. On top of these tasks, you are responsible for the paperwork that a sales agent usually handles. Good FSBO Candidates: Confidant, Educated, DIY Homeowners Flat Fee MLS Listings Flat Fee MLS listings are a good choice to augment a FSBO strategy. With a single fee, you can list your home with the REALTORS®'s MLS, plus one or more local real estate websites. Since most homebuyers work with a buyer's agent, choosing a flat fee real estate listing service puts your home in front of professional agents who are actively seeking homes. Good Flat Fee MLS Listings Candidates: Any Home Seller without a Seller's Agent Full Brokerage Service A full brokerage service handles virtually all aspects of a home sale. Marketing, showings, listings, paperwork and other tasks are handled by a professional real estate agent. This top-notch service comes at a price: the agent's commission. However, if you are unable to spend the extensive time needed to market and sell your home, a full brokerage service may be a good choice. Full Brokerage Service Candidates: Extremely Busy Homeowners Which way is the best way to sell your home? Take stock of your available time and honestly examine your skills as a salesperson. Once you understand what you are capable of, you can make an informed choice that will allow you to recoup the investment in your home. If you have any questions about Louisville real estate services, feel free to call 502.744.9504 or fill out our contact form for a fast reply!

Flat Fee Real Estate Listings

2009-06-11T15:34:42-07:00

As more sellers turn away from agents as a way to increase profits, flat fee real estate listing services have emerged as a way to reduce seller costs while still taking advantage of the real estate listings network. Here's a look at the common features of flat fee listing services. The basics of a flat fee listing service are simple: A single fee covers listings in the Realtor's Multiple Listing Service (MLS), which gets your property in front of hundreds of professional agents. Since an overwhelming majority of homebuyers contract with an agent, getting your property on the MLS is a huge step toward the sale of your home. In addition to the agent's MLS, many flat fee listing services place your property on several Internet real estate sites. Better flat fee listing services will get your property listed on real estate websites with local reach, such as LouisvilleProperties.com, as well as nationally recognized sites like Realtor.com or HomeAdvisor.com. Some flat fee real estate listing services provide a yard sign. This important marketing tool attracts the attention any potential homebuyers researching your neighborhood. Usually, a sign will include space for your contact information so you can convert a casual once-over into a serious inquiry. A key lockbox is a common extra included with a flat fee listing service. A key lockbox enables agents to schedule viewings more often and frees you from the hassle of being present at showings. When it comes to the sale, not all flat fee real estate listing services give you equal value. If you are interested in flat fee real estate listing services, please read the details of the service agreement. Some service providers will lock you into a specific commission rate with the selling agent. Other services may restrict your right to sell on your own. Double check these details now and save yourself a nasty surprise at sale time. If you have any questions about Louisville real estate or Louisville property services, feel free to call 502.744.9504 or fill out our contact form for a fast reply!

Tax Rebate for First-Time Home Buyers Ends Soon

2009-06-09T13:45:55-07:00

The December 1, 2009, deadline to get the first-time home buyer income tax credit for Louisville real estate purchases is fast approaching. Under the provisions of the American Recovery and Reinvestment Act of 2009, first time home buyers who purchase a home between January 1, 2009, and December 1, 2009, will qualify for up to $8,000 in income tax credit. According to a recent ruling by the United States Department of Housing and Urban Development, the first-time home buyer tax rebate is available up front to finance loans meant to cover closing costs, purchase a lower interest rate or to put up more than the minimum required down payment. This credit does not need to be repaid, provided the home buyer retains possession of the house for at least three years. However, if the purchaser sells the home before the end of the three-year time limit, he or she will need to repay the amount. In order to qualify as a first time home buyer, the purchaser or the purchaser's spouse must not have owned a residential property for three years prior to the credit-earning purchase. The actual amount of the income tax credit is equal to 10 percent of the purchase price of the home, up to a maximum possible rebate of $8,000. This amount may be reduced depending on the purchaser's income. The cutoff income to receive the maximum tax benefit is $75,000 for singles and $150,000 for married couples. For those making more than the cutoff income, there is a reduction in the total amount of the first-time home buyer rebate. A single first-time home buyer with an income range of $75,000 to $95,000 is eligible for a portion of the tax credit, as well as couples filing jointly in the income range of $150,000 to $170,000. If you have any questions about Louisville real estate services, feel free to call 502.744.9504 or fill out our contact form for a fast reply!

Real Estate Experts Fear a New Chill in Home Sales

2009-01-07T04:29:04-07:00

Even though homes sales have increased for three straight months, the combination of several factors have real estate professionals concerned about a winter slowdown for home sales. The two biggest contributors to surging home sales over the last several months—artificially low interest rates and the federal tax credit for first-time homebuyers—will end. The New York Times reports that mortgage defaults and distress sales are on the rise in the middle and upper price ranges of homes, and millions of homeowners are so upside-down on their mortgages that they are essentially locked into their home for many years. "Plenty of pain yet to come," said Joshua Shapiro, Chief United States Economist for MFR. He is forecasting an imminent resumption of price declines. Home sales this past summer gave hope that housing markets were somewhat stabilized. The federal tax credit program prompted many homebuyers to stop waiting for a better price and buy a home. However, consumers across the country seem very much aware of the financial difficulty that lies ahead, as indicated by October's unexpected drop in the consumer confidence index. Right now, foreclosures are the only sector of the real estate market that has remained hot as investors and first-time homebuyers take advantage of these opportunities. Many experts forecast more foreclosures in the near future. Nevertheless, growing concerns about the nation's housing market inspired lawmakers to extend the first-time homebuyers tax credit that has resulted in nearly 400,000 home sales. If there was no extension of the program, the real estate industry could have faced a very long and quiet 2009. Falling home prices have made Louisville homes for sale an uncommonly good investment. If you're looking for Louisville real estate for a primary home or income property, call 502.744.9504 or visit the website of Louisville Properties today.

Website Provides Fraud Watch for Homeowners and More

2009-01-05T04:26:06-07:00

Mortgage fraud continues to plague homeowners, and lenders and criminals are constantly creating new ways to separate people and mortgage lenders from their money. However, a new website provides free assistance to prevent homeowners from becoming victims of a new and especially problematic type of fraud called "house theft." The new site—ePropertyWatch.com— monitors public documents associated with a home and promises to let homeowners know if there is any illegal activity, such as a forged deed that fraudulently transfers a home's title, in connection with their home. The site also provides informal home appraisals and other tools to track real estate activity in a homeowner's neighborhood and much more. In scams called "house theft," a thief assumes "ownership" of a home so that they can sell it to other criminals who have secured a loan on the property. The fictitious "seller" then splits the take with anyone else in on the scam. Incidents of mortgage fraud jumped 36 percent in 2008 over the previous twelve months to almost 64,000 cases, according to the FBI's annual report. The site uses a combination of home selling prices in the user's neighborhood, recent appraisals, foreclosures and other neighborhood-specific information to estimate any home's current value. It provides long-term changes in the median selling prices of a zip code. Users can sign up to receive emails when a new lien is placed on their home or when their home's assessed value changes significantly. While mortgage fraud may be on the rise, there's nothing unsavory about finding your perfect home or selling one quickly with the assistance of LouisvilleProperties.com. This Louisville real estate professional has many years of experience assisting clients and has the area's best selection of Louisville homes for sale. Call today at 502.744.9504.