It seems foreign to me to be writing about a “seller’s market” after all these years. Since 2007 there has been an over supply of homes, creating a depressed real estate market here in the Louisville area and across much of America.
But here we are. Driven by much improved consumer confidence and incredibly low interest rates, buyers have been grabbing up bargains left and right, and homes that failed to sell last year are selling this year.
Why Are They Not Taking Advantage Of A Sellers Market?
While homes are now SELLING instead of just SITTING, they still are not enjoying much, if any, appreciation. Understandably, many home sellers are still waiting for home values to improve enough to make good economic sense. Stock is low and the buyers are lined up around the block wanting to buy. Buyer’s agents are singing the blues, complaining that they can’t find homes for their clients.
But Wait! Call In The Next 15 Minutes And…
Sorry, couldn’t help myself. But there are still a few bargains left. There are still many short sale listings and bank owned properties available, and most of them are very attractively priced. It can provide a great opportunity for that bargain you are looking for, but my best advice here is to be sure and link up with a real estate professional who is experienced with guiding you through all the pros and cons of buying a short sale or bank owned property. There is also a mountain of paperwork to work through, so once again, make sure you link up with a Realtor who knows the ropes.
Other Attractive Priced Homes Are Still Out There
Ready-to-buy buyers are finding it hard to be patient while they are also watching interest rates inching upward. It is important to remember that homeowners are still placing homes on the market, and prices have not spiked. Putting it in perspective, homes are still very affordable in the Louisville area and interest rates are still very low.
Ask your Realtor to add your search parameters into the MLS so that he or she will receive a notification the minute a home that is a fit for you hits the market. And there are several home search sites where you can register to receive immediate notifications as well, such as Search Louisville Houses or Oldham County Homes.