Each year I update the data required to determine, where is the best bang for your buck in Louisville real estate. I began this practice back in 2014. I’ve added a couple new Louisville real estate areas to the mix but what has been most striking was the contrast between the most expensive areas and the best values.
Except, this year that’s not the case.
The most eye-popping thing this year is the huge increases we see in so many of these areas. Heck, 9 out of the 24 areas covered saw double-digit increases in the sold price per square foot. My goodness!
The trend started last year with increased home values across Louisville and has kept its strength into 2017. Average home appreciation according to government statistics typically runs about 4% for Louisville, Kentucky. Current numbers are blowing those averages out of the water.
The housing market is ever changing. Why would the twenty-tens be any different? I’m presenting these tips for millennial home buyers because due to your particular preferences and the speed of our real estate market, home buying today is a bigger challenge than a decade ago.
I hope these six tips will help you going forward. If you have any specific questions, I’m happy to help, please contact me.
Tip #1: Should You Even Buy?
The first tip, and most important, is whether you should even buy a home at all. Some should. Others shouldn’t. How can you tell?
So, you want to know how fast are homes selling in my area? Well, if you live here in Louisville, KY I can tell you. Otherwise, you’ll have to continue searching my friend.
Even better, I will give you more! I won’t just give you an easy-to-find, city wide metric. Nor will I used generalized terms like “blazingly fast” but instead, I’ll give you the up-to-the-minute raw data. Yeah, I’m pretty much a data nerd. 😉
But since I’m a nice nerd, I’ll give you this information first, for free. Secondly, I’ll also give it to you in picture form and then also the raw data. I aim to please.
Now that I’ve been in “the business” for almost a dozen years, I’ve learned a thing or two about what makes the most successful real estate agents. There are other factors as well, but these traits come first.
Get these down and you’re well on your way to real estate success!
Most real estate business is through word of mouth. True story. So, when someone asks their friend, “Do you know a good Realtor?” Only those that had great experiences with their trusted Realtor, will enthusiastically share that agent’s name.
What began as a simple experiment three years ago has now become a yearly obsession! I must complete this year’s version of the Choker’s Index at all costs! You know why? Because I need to be able to identify the teams that will wreck your brackets.
If you’re not familiar with the Choker’s Index, it’s a deep-dive into the data that surrounds which NCAA men’s basketball teams have a historical record of choking the big game and thusly… destroying your bracket. It’s heady stuff.
I hear you cry, “But this isn’t real estate? What’s going on Tre?!?”
During the course of 2016, there were 17,882 properties sold via our MLS system. 15,725 of these were your standard, single-family residences (SRF)… the rest fall under different structural varieties.
Out of this vast array of Louisville real estate properties, just 44 sold for $1,000,000 or more. 34 of these most expensive Louisville homes were SFRs, then 6 farms, 3 condos, and 1 controversial property finally sold via auction.
For this piece, let’s focus on the most incredible homes that traded hands last year. Who’s with me? Want to know which was the most expensive home sold in 2016? Here we go!