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April 2021
*Data from GLAR MLS stats report 2/2021
Our clients who are interested in buying a "move-up" home are asking us about that process. They know that now is a good time to sell yet they are unsure about how to navigate the buy/sell process. Will they pay crazy money for their next home?
Let's take a look.

Using Area 03 as an example (Clifton, Crescent Hill, St. Matthews)
*Data from 4/16/2019-4/16/2020 vs. 4/16/2020-4/16/2021 GLAR MLS

Selling the starter home:
  • 2-3 bedrooms, 1.5+ bathrooms, 1200-1500 sqft.
  • 4/2019-4/2020 average sales price $254,842
  • 4/2020-4/2021 average sales price $270,818
  • Average market value increase of 6.2%
Buying the move-up home:
  • 3-4 bedrooms, 2+ bathrooms, 1800-2400 sqft.
  • 4/2019-4/2020 average sales price $361,396
  • 4/2020-4/2021 average sales price $388,999
  • Average market value increase of 7.6% 
Moving up will cost more, but these numbers are not daunting. In theory, the difference in a seller's current interest rate and today's lower interest rates will help offset an increase in the monthly payment.
The key is proper planning. A contingency offer based on selling a home isn't viable in a fast market, yet some sellers are uncomfortable with selling before finding their new place.


Strategies:
  • Secure interim financing. Let's you buy before selling your current home.
  • Have a Plan "B". Move in with relatives, short-term lease, temporary housing.
  • Ask for a longer closing time frame in your sale. This gives you more time to look before Plan "B."
  • Offer to rent back from your buyer. This allows you to stay in place for a bit longer.
  • Keep your current home. Use it as an investment property. We can show you how/why you would!
We are glad to consult with you to craft a strategy that works for your situation. Just because the market is fast doesn't mean you should sit on the sidelines and wait it out if you want to improve your living experience.

NOTE: Interest rate increases coupled with a rise in housing costs will put pressure on affordability for buyers. We know these factors will come into play at some point in the future and this will create a market slow down. If you want to make a change and have a home to sell, it is better to work with the market you know vs. an unpredictable future. Give us a call, and we can talk over scenarios and specifics.

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Trails, paddleboard
Outdoors & Free!

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Land Between The Lakes
Elk & Bison Prarie
View herds super close
So much wildlife - $5 car

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NEW LISTING
1901 Richmond Drive
$400,000
LEARN MORE
NEW LISTING
1438 S 6th Street
$245,000
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NEW LISTING
UNDER CONTRACT!!!

408 Blue Rose Court 
$160,000
LEARN MORE
NEW LISTING
UNDER CONTRACT!!!

2509 Dorma Avenue
$195,000
LEARN MORE
1429 Everett Avenue #3
$225,000

 
LEARN MORE
5301 Indian Woods Drive
$335,000
LEARN MORE
The Levy Condominium
133 S 3rd Street #305
$165,000
LEARN MORE

Pending Listings

  • 1908 Janlyn Road
  • 1501 Anna Lane
  • 114 Crescent Avenue E4
  • 1226 Bates Avenue 
  • 5800 Coach Gate Wynde #313
 

Recently Sold

  • 1522 Thackeray Drive 
RATES
As of April 16, 2021

11:30 AM
Courtesy: Mortgage Network
 
Conventional 30 YR. 3.125% 
Down from 3.25% last month

Conventional 15 YR. 2.375%
Down from 2.5% last month

FHA/VA 30 YR. 2.75%
Down from 2.875% last month
FRESHEN YOUR SPACE!
Winter is over. Finally. It is time to open up and bring the outside in (ok, you can leave the pollen at the door ;-)
 
A few ideas:
  • Hang a spring wreath on the door.
  • Freshen accessories (think pillows, curtains, towels).
  • Plant a few herbs or go big and do a vegetable/flower garden.
  • Choose a new wall color.
  • Rework the mulch. There is nothing crisper than that black mulch contrast.
  • Invest in new patio furniture. It is time to invite friends for an outside chat.
  • Stain the deck- don't forget the fence if it is wood.
  • Add an ornamental tree or shrub. It will boost your spirits.
NEWS UPDATE: Bagel accuses cream cheese of smear campaign.
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317 Wendover Avenue, Louisville KY 40207

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Parker & Klein Real Estate · 317 Wendover Avenue · Louisville, KY 40207 · USA

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