Louisville Properties Blog

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

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

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.

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.

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.