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...