How is the Market?

You May Have Heard About A National Shift in the Housing Market--How Does That Affect Louisville?

Should you sell your home? Should you be on the market looking for a home? Find out all the answers from Principal Broker/Owner, Judie Parks and Broker/Owner, Dave Parks from Berkshire Hathaway HomeServices Parks & Weisberg, REALTORS®

Judie, the National News is talking about market shift, what does that look like in Louisville?

[Judie] We have had a shift; it’s not going to be as dramatic as the national shift yet. The main thing to keep in mind is this: it is still a great time to sell your house because we have low inventory. If you don’t price your house really well to begin with, you could be on the market a little bit longer than you anticipate. The other thing is interest rates have continued to go up and will continue to go up. Everyone should keep it in perspective. For us, it is still a very affordable market. The interest rates haven’t affected that much as far as being able to buy, it might affect how much you can buy. The one thing that is probably has been a big change now is that there are some sellers that are being asked to pay closing costs and prepaids for a buyer just because they are trying to get their rate down.

Dave, we know there’s all different price ranges when it comes to homes. Does price point make a difference as far as this market change or is it pretty uniform?

[Dave] It’s definitely not uniform. Different parts of the city are affected differently. You’re first thing to realize is other than inventory, the greatest impact on the cost of buying a house today is really interest rates. It kind of follows...

Buying a home during Covid-19

Ever since the beginning of the Covid-19 pandemic, we have been encouraged to only go out for essential purposes and our needs. Our needs have remained the same despite the world’s circumstances and one thing everyone needs is a home! Buying a home at this time may seem intimidating or like it is not a good idea, however there are definitely benefits to buying right now! Certain elements of homebuying have changed for safety protocols, however we are certain the homebuying experience is not compromised right now, it just looks different! Below you will find a list of reminders when buying your new home in this time period. The real estate market has not stopped and we hope you will not stop finding your dream home either! 

1. Be prepared for virtual home tours. 

To ensure the utmost safety of clients and agents, most showings will be virtual or by appointment. But, this can be a great thing! This gives you the opportunity to view more homes and not have to coordinate all the time it takes to schedule in person visits. Virtual home tours have been in existence, however now your realtor can zoom into details and personalize the tour to you and your needs. Be prepared to encounter some properties that are exclusively virtual tours. 

2. There is less buyer competition. 

Although the spring season is always hot for real estate, there are of course some that have decided to postpone the buying and selling of their home this year. Take advantage! There is more room to...