Cold weather and the government shutdown kept many buyers and sellers on the real estate sidelines in January. Louisville area home inventory fell 7% to 3,750 active listings or a 2.5 month supply of homes. The total number of properties sold was down 11% vs prior year. And, the average home was on the market for nearly 70 days.
Our local real estate market continues to re-balance as reduced buyer activity is matched with low home supply. The Greater Louisville Association of Realtors President commented that, "Our market has about 3 months of inventory, so it's still technically a seller's market, but it really depends on your neighborhood." She added that, "In today's market, on average, listings that do sell are taking about 2 months to go under contract."
Winter is a great time to list as there is less competition from other listings, and buyers are serious this time of year. What's your home worth? Click this link for a Free Market Snapshot
on local market activity. Professional home staging and architectural photographs are key and we provide both.Buyers:
Mortgage interest rates have fallen nearly 1/2 percent over the last few weeks. That makes this a great time to snap up a historically low rate. Waiting can be expensive as home prices and interest rates are both forecast to continue rising. We can help you find the right home! Be sure to get pre-approved for financing before you look. We have a great partner to help make that happen.