A little bit of good news for buyers finally…
GLAR – The Greater Louisville Association of Realtors released their stats for Louisville real estate for June 19th – 25th. For once, there is a bit of good news for the buyers of homes.
If you look at the numbers below, for the first time in many weeks, we actually saw a small increase in new listing activity. This is for the week of June 19th – 25th, year-over-year. Numbers showing the activity tracked by GLAR.
The increase (though small) is great news for buyers, since it may show the long climb is starting. Where we may see more inventory of homes coming on market. This will allow for stabilization of home prices perhaps,or we can hope. The continued march of prices near, at, or even exceeding list prices at closing as been a real burden on buyers.
How the lack of real estate listings in Louisville has hurt the buyer
The first-time buyer has been especially affected by the odd market of the past year plus. They often view shopping for a house, like they do for a new pair of shoes, trying to get a deal. Then it doesn’t happen, and they get quite frustrated, or discouraged. Sometimes a home or two have to get away, before they realize that real estate doesn’t really work that way. That a deal in real estate is sometimes, not a deal, or very hard to come by.
For seasoned buyers, it has been as difficult, since they may not have been in the market for decades. They find themselves shocked at how the processes have changed, and the detail and data available to them. They are even more blown away to find out that, sure they have lots of equity in their current home, but it may take most, if not all that to get into a new home!
Will more real estate inventory end the good times for sellers?
For sellers, it does not mean that the good times have ended. I know myself, I have a lot of buyers sitting on the sidelines waiting to buy, so there are buyers out there. They have not been able to find anything that meets their needs, wants, or budgets yet. Maybe these trends, that is if it is one, will allow that to happen.
I really think that there is a lot of pent-up demand for homes at the moment, which could allow us to have a very strong fall selling season.
Take a look at the Louisville Real Estate stats below, and if you have any questions, feel free to text or call 502-619-4185. You can also contact me using the space/tabs provided.
Listings-Residential Single Family & Condo
June 19 – 25, 2015 = 544
June 19 – 25, 2016 = 546