About the Louisville Real Estate Market
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The real estate market in Louisville and the
greater metropolitan area has maintained a lively momentum, as more and more
people are attracted to the region's strong economy, high rate of employment,
excellent school system and safe community. Local listings are up by 11% since
last year. The past year's sales of existing homes have surpassed industry
expectations and resulted in a 6.5% increase over the previous year reflecting
a vital and dynamic market.
New home sales too are on the rise with a 4.8%
increase forecast by the year's end. With a high inventory (over 6300 single
family dwellings listed in the greater metropolitan area during the past few
months), and competitive interest rates (current rates have been averaging
5.5%), the market is currently smiling on those who ready to buy.
Affordable mortgage interest rates add to the
favorable market conditions at a time when families are relocating. However, as
we enter fall and more families settle in for the school year, the ratio
between buyer and seller is expected to equalize. The national median cost for
an existing home is expected to rise by 7.5 % by the year's end and new home
prices are expected to rise by 8.9%. Numerous relocations, first time buyers,
move-up buyers and those investing in real estate continue to flood the local
market.
All in all real estate in Louisville continues
to be a good choice due to the area's popularity, central location and high
quality of life.
Real Estate Tips
Buyers Remorse >First Time Loans
Most first-time buyers can qualify for a mortgage loan, but they may need help from parents to make the down payment or closing costs on their home. There are loan programs that minimize the down payment and closing costs for first-time buyers. These programs usually require that 3 to 5 percent of the purchase price come from the buyers' funds, not from a loan or gift. Most lenders ask for the last three months' bank records. The borrower will be asked to reveal the origin of any large deposits. If the money comes from the homebuyer's parents, the lender may not consider those funds when qualifying the buyers.
Parents who are planning to help their children finance a home should transfer any funds several months before the house-hunting process begins. If it is a loan rather than a gift, a formal re-payment agreement should be drawn up between parents and children to eliminate potential misunderstandings or future complications with either estate.
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Real Estate Trivia
| Q |
What does the term ARM stand for?
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| A |
An ARM is an Adjustable Rate Mortgage, a loan where the interest rate is tied to an economic index that fluctuates with the market. |
 See More Real Estate Trivia > |
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