What helps our marketing of a home stand out?
Author: Bob | August 27, 2008
Homeowners need to have the best possible marketing for their home in these slower times. We’ve found our Videos really help do the job. Hoping to help other Realtors, I’m posting this video to help explain some of our success.
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Louisville Kentucky Homes Sales drop in July!
Author: Bob | August 1, 2008
First the good news, new numbers just out for home sales in Louisville Kentucky for July 2008 show only a 4.4% drop in sales prices from July 2007. Though a concern for local homeowners, there is comfort in the fact some cities are seeing 30-50 percent drops in home values. Louisville’s’ slight drop in home sales prices is tied directly to two problems:
1) The number of homes on the market (10,912 as of August 1 2008). That number is high because of the number of foreclosures and short sales on the market. Those homes are not only contributing to the glut of homes to choose from but there average sales price can be 20-40% below similar homes in a neighborhood. The 224 sales of the foreclosures and short sales homes added into the average sales price is artificially driving home values down.
2) The other problem our area is dealing with is a lack of buyers. The tightening of loan qualifications and elimination of some loan programs has made it very tough finding financing for some buyers. Additionally there is less relocating, plus 2nd and 3rd time local move up home buyers are waiting for their own homes to sell.
The bad news centers on the raw numbers. The number of homes sold in July 2008 compared to a year ago at this time is off 44%. The dollar volume of homes sold is down almost 50% (see charts below).
New loan incentives including a $7,500 tax credit for first time home buyers may help. But the truth is that the government sponsored tax credit is really a loan and some of us think it’s simply a new case of “voodoo economics”. See our story below.
Still want to sell your home? Our Medley Sokoler team is having great success in this down market. Call us for more information on why we’re so successful (502) 376-5483. We also have a series of reports available by e-mail that will help you be the first on your block to sell. Simply send an e-mail to request the series bob@weselllouisville.com or visit www.weselllouisville.com and send us an e-mail..
|
Dollar Volume of Sold Listings |
||||
|
|
2007 |
2008 |
Diff |
Chg |
|
JAN |
$135,145,084 |
$119,980,702 |
-15,164,382 |
-12.64% |
|
FEB |
$165,639,006 |
$144,451,131 |
-21,187,875 |
-14.67% |
|
MAR |
$241,904,595 |
$162,055,666 |
-79,848,929 |
-49.27% |
|
APR |
$225,233,733 |
$176,698,540 |
-48,535,193 |
-27.47% |
|
MAY |
$266,129,399 |
$202,298,547 |
-63,830,852 |
-31.55% |
|
JUN |
$299,857,565 |
$217,479,110 |
-82,378,455 |
-37.88% |
|
JUL |
$267,616,672 |
$179,701,282 |
-87,915,390 |
-48.92% |
|
AUG |
$10,545,949 |
$0 |
-10,545,949 |
0.00% |
|
Number of Listings Sold |
||||||||
|
|
JAN |
FEB |
MAR |
APR |
MAY |
JUN |
JUL |
AUG |
|
2007 S |
868 |
1027 |
1362 |
1325 |
1530 |
1578 |
1465 |
52 |
|
2008 S |
745 |
890 |
1015 |
1039 |
1189 |
1173 |
1016 |
0 |
|
%Diff S |
-16.51% |
-15.39% |
-34.19% |
-27.53% |
-28.68% |
-34.53% |
-44.19% |
-100.00% |
Topics: For Buyers, For Sellers, Trends | No Comments »
Has help really arrived for 1st time home buyers?
Author: Bob | July 30, 2008
You may have heard that on Wednesday, July 30, President Bush signed the recently-passed housing legislation (H.R. 3221) into law. The new first-time homebuyer tax credit went into effect immediately upon the President’s signature. What is all means to consumers is still being questioned. Some are hoping the credit will convert ”Just looking, thanks” home browsers into purchasers. But no one is really sure at this moment. Here are some items we do know:
1) The legislation has two principal objectives: to offer affordable government-backed mortgages to homeowners at risk of foreclosure, and to bolster Fannie and Freddie with a temporary rescue plan and a new, more stringent regulator.
2) A permanent increase in “conforming loan” limits. The law will permanently increase the cap on the size of mortgages guaranteed by Fannie and Freddie to a maximum of $625,500 from $417,000.
3) A new home-buyer credit. The new law includes a tax refund for first-time home buyers worth up to 10% of a home’s purchase price but no more than $7,500.
4) The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments.
5) A ban on down-payment assistance from sellers. The new law eliminates a program that has allowed sellers to provide down payment assistance for FHA loans. This alone could reverse everything the bill was designed to do.
6) The law would also increase to 3.5% from 3% the down payment requirement for borrowers getting FHA loans. Again this only makes it tougher for some to find the money to buy a home.
7) Bolster Fannie and Freddie - A late and controversial addition to the new housing law provides temporary authority for the Treasury to lend a financial hand to Fannie Mae and Freddie Mac if the Treasury deems it necessary to help stabilize markets. Concerns over whether Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500) will have enough money to weather future losses in the housing market has sent shares plummeting in recent weeks. Since the beginning of June, Fannie’s stock price has dropped 55% and Freddie’s plummeted 64%. For the past year, they’re both down over 80%.
Topics: Uncategorized | 1 Comment »
The flood gates have opened.
Author: Bob | July 3, 2008
The number of showings of our homes and buyers looking for homes started increasing in June. But as of July 1, the flood gates opened, at least for our Medley Sokoler Team at RE/MAX Properties East in Louisville Kentucky. I’m not sure why, maybe it’s because families are trying to find a home and get settled before school starts, maybe it’s a return of some faith in the economy. Whatever the reason we’re back to sales levels of 2006 and I could not be happier. Of course all that could change tomorrow, but let me enjoy the feeling while it lasts. Anyone else around the country seeing business return to the pre- slide days?
Topics: Trends | No Comments »
You Can Afford to Live in DOUGLASS HILLS
Author: Bob | June 27, 2008
Topics: For Buyers, For Sellers, Trends | No Comments »
Spread Out and Relax 605 Gentry Lane
Author: Bob | June 24, 2008
Live in a park like setting with this 5 Bedroom 3 Bath home. You’ll enjoy the 1.518 acres and a completely updated house. You’ll be greeted through the front double doors with a large foyer. The large eat-in kitchen features 2 pantries and plenty of counter space. The kitchen also includes a breakfast bar wood floors and is open to the Hearth room and its wood burning fireplace and wood storage closet that opens from the other side (garage) to stack wood. All in all the layout creates a very cozy Home.
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Louisville Named The Most Livable City In America!
Author: Bob | June 19, 2008
Stop the presses! If you’ve ever muttered the words “WHO ME..Live In Louisville Kentucky”, be prepared to eat your words. According to a report in the Courier Journal Newspaper, “The U.S. Conference of Mayors has awarded Louisville first place in its annual City Livability Award competition.” The best part about the award, Louisville won the large city category beating out cities like Las Vegas, Seattle and Orlando.
According to Louisville Mayor Jerry Abramson, “The U.S. Conference of Mayors was particularly impressed with the city-sponsored programs through the Healthy Hometown Movement that encourage our citizens to get moving and get healthy.”
In recent years Mayor Abramson has been responsible for revitalizing downtown Louisville and much of the surrounding area. Having moved here some 15years ago as a reporter/anchor at WHAS-TV, I can tell you the changes in Louisville have been nothing short of miraculous. Mayor Abramson will be too modest to admit it, but his hard working positive attitude towards Louisville has helped transform this city a national showplace.
Mayor Jerry Abramson will accept the City Livability Award at the U.S. Conference of Mayors annual convention this weekend in Miami. Twice before Louisville has won the Outstanding Achievement designation in Livable City awards, but amazingly this is the first time the city has won the top prize.
Though home sales had slowed in recent months, it appears slow down has started to reverse itself. Even with the dip in home sales, Louisville has still out performed most cities in the United States. If you currently live outside the Louisville Kentucky area and are considering moving to a new town, consider Louisville and become a believer in what an American City should be like.
Have questions about Louisville, call Bob Sokoler “The Medley Sokoler Team” (502) 376-5483.
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Looking For A Ray Of Sunshine On A Cloudy Day
Author: Bob | June 3, 2008
Spurred on by news reports of gloom, doom and rising gas prices. Generally, the news is not good for Louisville Kentucky area home sales. Anyway you slice or dice it there’s no getting around the fact that home sales have slowed down from May of 2007.
The number of homes that were actually sold in May 2008 compared to the same time last year was down 21% (see raw number below from The Greater Louisville Association of Realtors). The number of homes that went under contract in May 2008 compared to a year ago was down 23.5%.
Up until recently home prices have been slowly climbing in the Louisville area. But May 2008 compared to May 2007, the Median Sales Price of Louisville area homes was down 2 %, the average sales price down 3.3%. One more bit of bad news, Homes, on average, are sitting on the market 9 % longer than a year ago, from 77 to 84 days.
The number of homes on the market was 10, 669, that’s within a hundred of the past few months.
So what’s the problem? Well there are several from where I sit:
1) At the top of the list the News Media! Journalists lump what was a positive Louisville home sales market in with the rest of the country. Their reports act like a self profiling prophecy. Shout that she sky is falling loud and long enough and people actually start to believe that the sky is falling.
2) Gas Prices. We’re all thinking about the cost of gas, Fewer and fewer people are thinking about making a major purchase like a home.
3) Banks and Mortgage Companies have slowed down the loan process in two ways. They are delaying approvals of short sales and foreclosures hoping they’ll get a bigger and better offer from someone. The same lenders are requiring legitimate borrowers to jump through hoops to get approved for a loan.
4) People still think the bottom of the market hasn’t been reached yet.
5) Consumer confidence in our current administration is falling.
What’s the answer? Simple, NOW is the best time to buy. There is only one way to tell when the market bottoms out… that’s when it has already gone up and you’ve missed the boat by standing on the shore.
Interest rates are low, and may not go much lower. If you waited 2 months and the price of homes go down another 1 percent but interest rates go up 1 % you’ve actually lost money over the life of the loan. Call us, let us update your search criteria and let us help you, your family or friends find a home or sell your current home.
|
THE MONTH OF: May, 2008 |
|
Number of Houses Under ContractThis month: 1185 Last month: 1290
This month last year: 0
|
Number of Houses Sold & ClosedThis month: 1150 Last month: 1006
This month last year: 0
|
|
Average Selling PriceThis month: $166,324 Last month: $170,244
This month last year: $0
|
Average Days on MarketThis month: 84 Last month: 89
This month last year: 0
|
135,500 |
|
THE MONTH OF: May, 2007 |
|
Number of Houses Under ContractThis month: 1549 Last month: 1581
This month last year: 0
|
Number of Houses Sold & ClosedThis month: 1453 Last month: 1320
This month last year: 0
|
|
Average Selling PriceThis month: $171,993 Last month: $168,673
This month last year: $0
|
Average Days on MarketThis month: 77 Last month: 85
This month last year: 0
|
138,000 |
Topics: For Buyers, For Sellers, Trends | No Comments »
430 W Oak Street - Old Louisville Living with a country feel!
Author: Bob | May 28, 2008
430 W Oak Street - Old Louisville Living with a country feel! from Bob Sokoler on Vimeo.
A Spectacular and Stunning Old Louisville Treasure! Enjoy the space of a home in the suburbs but save gas and time by living in downtown Old Louisville. This totally renovated Italianate-style 3 bedroom 3 bath home offers charm with modern amenities. The charm will hit you the moment you enter the front door. To you right a gorgeous living room followed by a formal dining room with an enormous amount of light. There’s an amazing amount of storage under the staircase to your left and as you walk on the refurbished hardwood floors and head towards the kitchen you’ll pass a traditional butler’s pantry. The large eat-in kitchen has been completely updated with appliances and under counter lighting. (note the kitchen chandler will go with sellers) The main floor also has a full bath. Up the to the second floor where you’ll find large bedrooms. The master bedroom has an adjoining room that can be used for a study, exercise room or office. Another room on the 2nd floor is being used as a laundry room with closets for clothing and storage; it’s an amazing find in Old Louisville. The third floor has its own bedroom, enormous living room full kitchen and full bath and a view of downtown Louisville. Out the back door you’ll find a patio but don’t miss the private backyard through the gate. The fence and the back yard belong to this home! This house has an HVAC unit for each floor and the 3rd floor unit is a heat pump. You’ll love the total of 5 fireplaces in this home and the enormous amount of storage space in the basement.
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You have to see 3705 BRISTOL OAKS DR
Author: Bob | May 28, 2008
You have to see 3705 BRISTOL OAKS DR from Bob Sokoler on Vimeo.
Walk in the front door and we think you’ll be impressed. From the open living room to the dining room and into the kitchen this home has been completely updated. Speaking of the kitchen, inside you’ll find hardwood floors ceramic tile countertops, there’s a center island as well. The bathrooms have been updated, the back den cozy with a gas burning stone fireplace and built-in book shelves. All the paint colors and flooring throughout the home are neutral. The 1st floor master bedroom has a recently added room length closet with mirrored doors. Upstairs the bedrooms are nice size, in fact one is big enough to be used as both a den and office. The basement is not finished but there’s plenty of room for anything you want to build. We’ve saved the best for last, the back yard. Private, professionally landscaped, a fenced yard, large well maintained deck, patio with paver walkways, gardens and large trees with plenty of shade. This one is really worth visiting.
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