Today was the day that GLAR, the Greater Louisville Association of Realtors release their weekly year-over-year tally of homes sold, and listed in the Louisville real estate market. As you can see 2017 still continues to see “challenges”, versus 2016.
For new listings we’ve seen a drop of just over 50 units, which for people looking for homes means far fewer homes on the market. Last year we saw a similar situation, but not so dramatic, so inventory is definitely lacking in the market, indicating it continues to be a sellers market
For sellers of real estate we actually saw an uptick, but that may be because we are seeing better weather this year for the same week versus last, which could be bringing more people into the market, therefore more homes sold. I know myself I’m seeing conditions being more like a spring market, and we’re only in January.
With all this being said what does it mean to you? What it means is if you’re a seller, you continue to be in a very strong market position, where you can demand higher pricing for your home. Of course that higher price, should be with the guidance of a Realtor so that they can make sure that you don’t over price, and price your home right off the radar of buyers.
I’ve seen some sellers going in too aggressive on pricing, only to find their homes sitting on the market months later. There are many other reasons not to do that, such as the marketing is most effective on week one, and if you price your home too high for the market, often times the eyes don’t return.
For buyers, it’s crucial to make sure that you have someone working for you full-time, that makes sure that if the home of your dreams comes on the market, they let you know right away. You have to be ready, and be ready to buy a home, if the one you want comes on the market. That means know what you want, what you must have, the areas you would like to live. Just have a very clear idea of what your new home is going to look like.
For home buyers, that also means that you need to make sure your finances are in order, having spoken to a lender, gotten your letter of approval, and making sure the monies are in the correct accounts to be able to act quickly.
If you have questions, feel free to email using the links here, or text or call 502-619-4185. Have comments, please post them below in the space provided.
Statistics for Week of January 8th – 14th
Louisville Area New Listings – Condos & Single-Family
Jan. 8 – 14, 2016 = 405
Jan. 8 – 14, 2017 = 352
Louisville Area Sold Listings – Condos & Single Family
Jan. 8 – 14, 2016 = 233
Jan. 8 – 14, 2017 = 244