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The Hollinden Team Louisville KY Real Estate Blog

Is the winter a good time to look for a new home in Louisville, KY?

There are several ways to look at this.

Home Buyers that are relocating do not have much of a choice.  For example, the Ford Motor Relocation has brought an influx of workers into the Metro Louisville area from all across the country.  Most of these workers will start work by February 6th.  Knowing that it often takes 30-45 days to close on their new home purchase, the activity has been brisk as they know that time is of the essence.  Some of the new Ford workers have homes to sell first and will obtain temporary housing before making a home purchase here.  These relocation purchases will drag on for a while.

There are several other reasons that home buyers are looking in the winter.

  • Their lease runs out in the winter time.  They don’t want to sign another 12-month rental agreement, so they are motivated by the end of lease terms.
  • The buyers are current homeowners who are now under contract. They need a new home, now!!!
  • People are always looking for a bargain.  The Foreclosure or Short Sale house may be just what they need for themselves, or to fix up and flip. 
  • Along this same line, investors are looking for opportunities year around.
  • People looking for their “Dream Home”.  They keep an eye out for a few key properties.  When this home hits the market, our “dreamers” don’t want it to slip away.
  • A myriad of personal reasons.  At some point, they are just in the market and The Hollinden Team is there for them.

With all of our buyers, we tell them that the sellers are motivated.  If they were not motivated, homeowners would not have their house on the market in inclement weather. We know that the home buyers are motivated to be out bundled up for cold weather!

 If you have any questions about the Louisville KY home market, contact The Hollinden Team.

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Should I list my home in the winter?

 I have conversations with my sellers in the Louisville KY area frequently.  At this time of year, the question comes up about whether to leave the house on the market during the winter months, or even to have the listing active during the holidays.

I think that it comes down to motivation. 

How motivated are Mr. and Mrs. Seller?  I feel sure that the buyers are serious if they are out in Louisville’s winter weather.

So, what is at stake?

  • Inclement weather needs to be addressed.  If it snows, and it does snow in Louisville, the sidewalks need to be cleaned.  It is not a welcoming sight to the buyer’s eyes having to traipse through the snow to get to the front door.
  • Speaking of snow or rain, there needs to be an absorbent welcome mat inside the front door.  If need be, booties could be provided to protect the carpet.
  • The seller does not want to leave their cozy, warm fire; yet the buyers expect to have the house to themselves.  Sacrifices will have to be made.
  • If the sellers truly want their home sold; it has to be shown.  Refusing showings just insures that it will be on the market even longer.
  • There are fewer properties on the market reducing the competition.  Currently this amounts to 20% reduction from normal home inventory. For buyers that need to relocate or purchase immediately, this is a good thing for the sellers.

The Hollinden Team thinks that sellers need to rate themselves on a motivation scale from 1-10.  Is their home on the market to see what happens, or do they want to see it sold?  Contact The Hollinden Team in Louisville KY and let them give you more detail.

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Jefferson County Commissioner’s Sale on Liberty Street

I had not been to the Jefferson County Commissioner’s sale in a while and had the opportunity to attend with a friend yesterday. Since Louisville and Jefferson County has merged, this is basically the Louisville Kentucky foreclosure sale.  My friend had interest in a neighbor’s property and wanted some real estate expertise as he went to make his purchase.  I also went to see if much has changed; it hasn’t.

 The December 6th sale had 142 properties on the agenda.  32 of these, or 22%, were withdrawn before the sale.  Either restitution had been made, or the lender had some promise of a short sale occurring and postponed the foreclosure auction.

There were 7 properties that actually changed hands.  This is only 5% but is on track with all of the other sales that I have attended.

Most of the sales were 2/3 of the Jefferson County Commissioner’s appraisal to avoid the right of redemption act.  There were a couple of sales below this number which gives the original owner a chance to repurchase their property.

Of note was a property the commissioner appraised at $17,000.  The bidding was fast and furious with the bidding ending at $43,000.  The weird part; the bank was the final bidder.  Jewell

There was another house that the commissioner appraised at $100,000.  The Jefferson County PVA has it valued at $112,900.  The bank made an initial bid of $160,125 and this was the only bid.  Obviously, there is something that I don’t know.

Back to my friend and his attempt to purchase a foreclosed home.  The bidding started at 2/3 and he was the only bidder against the bank.  There comes a point when the price becomes uncomfortable.   The buyer has to factor in the fact that he has not been in the property and has no control until he has paid for it in full.  In short, we walked away empty handed.

It is more of a sure thing to buy a bank-owned foreclosure once it is on the MLS.  You have the ability to at least see the interior of the home and will more than likely do a home inspection.

 If you want more information about the short sale process, foreclosures and short sales in the Louisville KY area, feel free to contact the Real Estate Experts at The Hollinden Team.

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