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June 2021

Are We Headed For A Slow Down?
Louisville is a seller's market.
Statistics indicate a seller's market in Louisville. The average sales price is up 11% over last year, and inventory is lower by almost half. The Louisville market has less than one month of inventory available as of May. Six months of inventory is considered a balanced market. More than six months indicates a buyer's market and less than six months points toward a seller's market. The new construction segment is experiencing labor shortages and material cost increases, which puts pressure on affordability, quality, and completion dates.
LINK HERE  YTD January - April from 2011-2021
LINK HERE  Month at a glance April 2011-2021

Is the tide starting to turn?
The local market has proven to be finicky over the last few weeks. Some homes draw multiple offers for well over the asking price. Other homes linger until a price reduction, even though they are in great shape and in desirable areas.

Nationwide, pending sales have slowed, which is a lead indicator of a cooling market LINK TO BARRON'S ARTICLE.

Agents in our office share information about what we are noticing in current market trends. We network with agents in Louisville and in other parts of the country. "Buyer Burnout" is coming up in conversations. Some buyers are opting to step onto the sidelines for a while as they have become frustrated with the buying process. They are tired of competitive bidding situations, they worry about paying too much, and some cannot find a quality home within their budget. 

Agents are also talking about "Seller Stubbornness."  Sellers are eager to capture the highest sales price possible. After choosing a strong list price, they can be hesitant about making a price adjustment if they meet buyer resistance. During the inspection period of the contract, they might resist negotiating with the buyer on repairs. When buyers pay a premium for a home, they are more apt to have buyer's remorse and can be sensitive to flaws pointed out in an inspection. Due to these dynamics, we see more homes listed again as "back on the market."

How does this play out in live time?
  • Buyers may view homes but may be slow to offer-fearing a bidding war.
  • Buyers may wait to see if there is a price reduction before offering.
  • Buyers may choose to terminate contracts due to "buyer's remorse" or inspections.
  • Homes may not appraise for full contract value due to quickly escalating prices.
What can buyers and sellers do?
  • Learn about the differences between this market and the 2008 lending debacle. LINK HERE BLOOMBERG REPORT and  LINK HERE HOUSING INFLATION ARTICLE.
  • Trust your Realtor to guide you when it comes to offers, negotiations, and inspections.
  • Trust your instincts-don't get caught up in winning at all costs. 
  • Have patience. There is a constant flow of homes coming into the market. Give it time.
  • Remain reasonable. Even if it is a seller's market, that power position only stretches so far. 
  • Watch interest rates. Higher rates + same income = less buying power/price resistance.

4th of July @ Waterfront
Concerts, Kid's Area
Fireworks @ 10PM
Outdoors & Free!
Link Here

Summer Sundays
Whitehall Estate Gardens
Ticketed Concert Series
3011 Lexington Rd.
Link Here


 
NEW LISTING
222 Mockingbird Gardens Drive
$1,249,000
LEARN MORE
NEW LISTING
3809 Grandview Avenue
$450,000
LEARN MORE
The Levy Condominium
133 S 3rd Street #305
$158,000
LEARN MORE

Pending Listings

  • 309 Tyne Road 
  • 5301 Indian Woods Drive 
  • 1901 Richmond Drive
  • 1280 Lydia Street
  • 2512 Browns Lane 
  • 737 N Hite Avenue #4
 

Recently Sold

  • 1908 Janlyn Road
  • 1501 Anna Lane
  • 408 Blue Rose Court 
  • 2509 Dorma Avenue 
  • 1438 S 6th Street 
  • 1429 Everett Avenue #3
  • 166 E Ashland Avenue
  • 2745 Grinstead Drive #112
RATES
As of June 15, 2021

2:00 PM
Courtesy: Mortgage Network
 
Conventional 30 YR. 3.125% 
Unchanged from last month

Conventional 15 YR. 2.375%
Unchanged from last month

FHA/VA 30 YR. 2.875%
Up from 2.75% last month
ROAD TRIP!
School is out and it is time to hit the road. Make some epic memories this year right from the comfort of your own country! Here are a few ideas for road trips (and a few road trip movies for those extra hot days)!
 
Sure To Please Ideas:
HAPPY FATHER'S DAY DAD JOKE:
"How do you follow Will Smith in the snow?" "You follow the fresh prints."
Be sure to share us with your friends!
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Parker & Klein Real Estate · 317 Wendover Avenue · Louisville, KY 40207 · USA

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