Kristin Lally

Buyers in a Seller's Market

We are experiencing a crazy Seller's market right now, both nation-wide and in our Louisville Market. We are seeing low inventory and multiple offers on new listings, rising well beyond list price. According to the Greater Louisville Association of realtors, April home sales were up 15.8% over last year, average sales prices were up nearly 10% and the average number of days on the market are nearly cut in half. Interest rates are still very low, and, as we begin to emerge from the pandemic, we see that people are ready to get moving again. 

It may seem overwhelming to dip your toe in the waters when considering to purchase a home in this frantic environment. Here are some professional tips to consider when preparing to buy:

GET PRE-APPROVED - Getting pre-approved by a reputable lender is a great way to prevent potential heartache and to help set your expectations before you even step foot inside a potential home. With the current multiple offer situation on new listings, I recommend avoiding homes at the top of your price range and definitely not above it. Doing so will likely lead to frustration and disappointment.

Sellers and their Realtors will look at pre-approval letters at the time you make an offer and look for legitimate lenders who have checked your credit, verified your income, identified the type of loan you need, and various other important factors. A pre-approval letter that provides as much detail as possible helps the Seller know you’re a good, serious candidate who will work in earnest to get to the closing table with the least amount of hiccups.

DETERMINE WHERE YOU WANT TO LIVE - Before you start looking at homes, talk to your Realtor and do some research about different areas. I always recommend driving in the day-time and night to make sure certain areas are right for you.

Determine what is most important: Proximity...

Louisville area statistics, Q1'20

Snapshot of 1st Quarter, Louisville Area

Here's a glance at the Q1 Louisville real estate stats for 2020. If you'd like more specific information about your area or home feel free to contact me!

Q1'20 Real Estate Statistics

About the author: Kristin Lally is a REALTOR and Broker Associate with the Kristin Lally Team and RE/MAX Properties East. In the Happy Homes Business!