Tips on How to Be Wise in Buying Louisville Real Estate in a Seller’s Market

If you are hunting for your next home in Louisville, there are a few things you need to know. As the largest city in Kentucky, Louisville is more than just horseracing and baseball bats. It has its perks, including drawing in job opportunities as it is ranked 18th in affordable housing and healthcare jobs.

Considering Louisville as your home can be a great move. It is known as Derby City and is famous for its natural beauty. Currently, Louisville is for the sellers with houses selling like hotcakes in the city. The fact that it is named as the 6th best place to live in the country because of the affordable properties and other benefits, many people are looking into living in Louisville just like you. This means you are in for a tight competition. So hire a professional broker Brandon Priest to buy a property in Louisville.

Robust Housing Market

Real estate in Louisville may be for the sellers but buyers can still take advantage of the hot properties in the city. Many reasons why it is exciting to be a resident in Louisville include paying less for living expenses – about less than 30% of income.

It is even reported that the local homes in the city continue to increase their appreciation values. It is an ongoing trend for years now, although the progress is slower particularly when compared to the national average. For instance, homes in Louisville have gained approximately $7,500 in the average value. Meanwhile, the average home in the whole country gained almost $15,000.

Nevertheless, this is not to say that the city’s real estate is not booming. It is, in fact, a strong economy, especially with the affordable housing. These things are expected to help maintain the health of the market.

Louisville Real Estate in Numbers

According to the data for November this year alone, the number of homes sold is 864. The average sale price of the properties is $170,000. The homes sold fast as there were some that were taken in just a few days. The average number of days on the market, however, is 40 days.

There were a total of 18 new constructions in October, which benefited the November homebuyers. Unfortunately, the number is not enough. Based on the data, it is clear that the inventory of homes is low in contrast with the number of buyers.

How to Triumph in a Seller’s Market

The demand is high and it seems that the trend will continue for the years to come. It means that the housing market in the city is in favor of the seller. Although there is a huge increase in the home prices in the area, several people looking for homes are still interested. Unluckily, they usually find that the property they want to buy is not available anymore.