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Wakefield Reutlinger Realtors Newsletter 1st Qtr 2016

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  • 7/24/2019 Wakefield Reutlinger Realtors Newsletter 1st Qtr 2016


    REAL ESTATEWakefield Reutlinger Realtors, a Berkshire Hathaway Affiliate 1st Quarter 2

    Jan 1Jan 1Jan 1Jan 1----Dec 31 2013Dec 31 2013Dec 31 2013Dec 31 2013 Jan 1Jan 1Jan 1Jan 1----Dec 31 2014Dec 31 2014Dec 31 2014Dec 31 2014 Jan 1Jan 1Jan 1Jan 1----Dec 31 201Dec 31 201Dec 31 201Dec 31 201

    Houses SoldHouses SoldHouses SoldHouses Sold 11775 14540 16279

    Median Selling PriceMedian Selling PriceMedian Selling PriceMedian Selling Price $175,513 $10,054 $191,333

    !"erage Da#s on M%!"erage Da#s on M%!"erage Da#s on M%!"erage Da#s on M% 105 95 5

    &ear %o Da%e a% a 'lance Single (a)il# and *ondo&ear %o Da%e a% a 'lance Single (a)il# and *ondo&ear %o Da%e a% a 'lance Single (a)il# and *ondo&ear %o Da%e a% a 'lance Single (a)il# and *ondo

    +ni%s Sold Januar# 1+ni%s Sold Januar# 1+ni%s Sold Januar# 1+ni%s Sold Januar# 1 Dece)er 31Dece)er 31Dece)er 31Dece)er 31 Median Price Januar# 1Median Price Januar# 1Median Price Januar# 1Median Price Januar# 1----Dece)er 31Dece)er 31Dece)er 31Dece)er 31

    The Greater Louisville area housing market ended2015 on a high note with existing home sales up

    12.5% compared to Decemer o! 201". #ales !or the$ear were also roust up 12%. &ome sales in'e!!erson (ount$ were up 1)% and up *.+% in ,ldham(ount$. The median price !or all areas in 2015 wasup 5.-% compared to 201" and the average pricewas up +.2%. The average price !or 'e!!erson (ount$ was /10*+" and the median price was /152500.n ,ldham (ount$ the average price was /21"+*and the median price was /255000.

    The Greater Louisville ssociation o! 3ealtorsreports that u$er interest is still strong utavailale listings that are move-in read$ and ina!!ordale price ranges remain hard to come $.nventor$ o! availale properties in the GreaterLouisville area is 21% lower than a $ear ago.

    4. #. home sales in Decemer reounded strongl$!rom ovemer6s lackluster results as a portion o!closings in ovemer were temporaril$ held ack $the introduction o! new mortgage disclosure rules!rom Dodd-7rank. #ales o! previousl$-owned homessurged 1".*% in Decemer compared to ovem

    er. (ompared to one $ear earl ier Decemer6s sales pace was up $ *.*%. #ales !or the $earwere up a health$ *.*%. The median existing home

    Louisville and National Market Updateprice !or all housing t$pes in Decemer /22"100 up *.+% !or the $ear. Total hou

    inventor$ at the end o! Decemer dropped 12and is now ).-% lower than a $ear ago.

    2016 Housing Market Outlook

    National Association of Realtors: 8ent up mand sustained 9o growth and improving invtor$ conditions will e the main triggers puing the expected gains in new and existing hsales. 8rices expected to rise 5% to +%. #ales!orecast to slow to a 1% to )% gain due to sloeconomic expansion and rising mortgage rates.

    reddie Mac: The )0-$ear !ixed rate mortgagelikel$ average elow ".5%. &ome prices will modto a "."% increase driven in part $ the reductiohome u$er a!!ordailit$ and reduced demand

    result o! 7ed tightening. :xisting home spro9ected to increase )% and new housing starincrease 1+%.

    annie Mae: ;ortgage rates expected to edggraduall$ to around ".2% $ end o! 201+. The po! total home sales should moderate to "% thohousing starts will accelerate to 1*%. &ousa!!ordailit$ will likel$ e a challenge in mmarkets as home prices continue to escalate.

    Cont. on p


    ALL THE WAY HOME...425-0225

    Wakefield ReutlingerRealtors

    Proudly WelcomesNew Agents

    Megan Bianchiand

    Jamie Mick!

  • 7/24/2019 Wakefield Reutlinger Realtors Newsletter 1st Qtr 2016


    Page 2

    The Demand Institutes research reveals several unmet housingrelated desires gaps between what Americans say they have currentlyand what they say they want in their next home. Could thesesatisfaction gaps motivate them enough to want to moveThe following are the top !" housing desires# ran$ed according tothe satisfaction gap. %ind out what these movers li$ely will besearching for in their next home &and what you may want toemphasi'e if your listing has any of these features()1. Very energy efficient with lower monthly utility costs

    2. Requires little or no renovation or improvements

    3. Has an updated kitchen with modern appliances and fixtures

    . ! home " can stay in as " get older

    #. Home is located in a desira$le neigh$orhood

    %. &its my $udget' without requiring sacrifices

    (. )ffers a lot of privacy from neigh$ors

    *. Has a lot of storage space

    +. Has a good landlord that is responsive to maintenance requests

    1,. "s a good long-term investment

    hat are the /nmet Housing0esires of overs !R.com

    ine a leading source !or economicdevelopment trends has ranked

  • 7/24/2019 Wakefield Reutlinger Realtors Newsletter 1st Qtr 2016


    Real Estate Ins ider Page

    #esign $rends %o"ing to Ho"es Near &ou in 2016Mi%cell ParerHouHouHouHou

    $'o-tone kitc(en ca)inets. $ with the lower cainets $pla$ing with various wood tones and deeper

    colors to take $our kitchen in two di!!erentst$le directions.

    %olored stainless steel appliances! =lackstainless steel is making a u>> on &ou>>. n apoll nearl$ two-thirds o! &ou>>ers sa$ the$would consider the dark alternative to shin$silver metal. @#hown here is LG6s new =lack#tainless collection.A ot into the darknessB&ead to the light with Chirlpool6s #unset=ron>e !inish.

    *+tra-large-for"at tile! Large-!ormat tiles@such as 12 $ 2" inchesA have een makingan appearance in kitchens and athrooms !orsome time now ut e on the lookout !orextra-large-!ormat ones.

    or"al dining roo"s!ot ever$one takesthe leap to turn the dining room into an o!!iceor media room. 7or homeowners who entertain!reuentl$ a designated space !or gathering!or special meals isn6t negotiale and the$6repouring attention into these rooms.

    Nic(e appliances! Looking !or a little addedluxur$ in the kitchenB #team ovens promise to

    cook !ood more thoroughl$ and healthil$ thanmicrowavesE warming drawers give cooks a littlewiggle room to deliver hot meals to !amil$ and

    guestsE induction cook tops save space and aresa!er !or homes with $oung kidsE and kimchire!rigerators o!!er !ans o! the popular e appliances !adeawa$ leaving ehind air$ !luid spaces that servemultiple !unctions while looking arel$ there.

    Living roo"s t(at ditc( t(e tec( for fa"il-!Cso much screen time throughout the da$ anight homeowners are looking !or a carespite where the$ can read a ook chat w

    !riends and !amil$ or 9ust sit uieThus the rise o! living rooms dvoid o! digital distraction.

    .itc(ens t(at e")race opennand ra' "aterials! The inhersimplicit$ in open shelves and rmaterials pla$s a ig part in arel$ there kitchen we mentionearlier. :mrace these and the rwill !ollow.

    /unroo"s! sunroom is a tdream space !or man$ homeowne:ven those who don6t have the luxuo! having or adding one are !ind

    wa$s to carve out a special sun-

    drenched corin their homes.

    unc(ed-up '(ite kitc(ens!Chite kitchwalls and cainets and even countertopsman$ cases is a trend that will continue $ears to come. To avoid a too-sterile lohowever man$ designers and homeownare learning to punch up an all-white spawith smart color!ul details through tile !loto-ceiling ookcases raw materials and mor

    ;an$ would-e u$ers are still unaleto take advantage o! toda$6s homea!!ordailit$ ecause the$ can6t securemortgage approval. The$ entered themarket on the wrong side o! the Fu$low sell high euation and now arelocked out sa$s Laurie Goodmandirector o! The 4ran nstitute6s &ousing7inance 8olic$ (enter. 8rograms arenow eing o!!ered to help out this groupo! u$ers.

    Less traditional credit-scoring factors:7amil$ memers who are not on thedeed can contriute to the overall tall$o! household wealth.

    %ounting utilit- cell p(one andrent )ills to'ard pa-"ent (istor-:F3ight now i! $ou don6t pa$ utilit$

    ills on time it hurts $ou ut i! $ou dopa$ on time it doesn6t help. This willallow credit companies such as 7(,to score a lot more people than e!ore.

    There is also a push to a closer !ocuson overall emplo$ment histor$ ratherthan a person6s longevit$ with a singleemplo$er. 7or example stead$ em

    plo$ment o! ) 9os with ) emplo$ersin ) $ears would e considered.

    Ne' loan products )enefitting )u-ers

    across t(e spectru":

    Whats New in the Mortgage Business:Loosening the Rules

    ccording to Laura #teier o! &ome#ervices Lending in Louisville thereare a variet$ o! new products with lessstringent reuirements than we haveseen since Dodd-7rank went into e!!ect.

    Down pa$ments on conventional loanscan now e gi!ted an$ or all amounts.8reviousl$ at least 5% had to e the

    orrower6s own mone$.

    The minimum down pa$ment !or aconventional loan is now )% insteado! 5%.

    The ational &ousing 7und @&7A hasgrant mone$ up to 5% o! the purchase

    price to e used !or down pa$ment

    and?or closing costs. t is non-repa$ale

    and the orrower does not have to e a!irst time homeu$erE however there areincome limits. 7or our area /*)*15!or 7& loans and /-*"0 !or conventional.

    nvestors can now !inance up to +properties including their primar$residence when previousl$ it was onl$ "


    "he reserve re-uirement of ;/months of PI"I has 1een eliminatedfor 1orroers purchasin a neprimary residence 1ut still oninand makin payments on their old


  • 7/24/2019 Wakefield Reutlinger Realtors Newsletter 1st Qtr 2016


    s is not intended to solicit a currently listed property.ormation is deemed reliable, but no t guaranteed.

    6511 Glenridge Park Place, Ste. 10

    Louisville, KY 40222Wrealtors.co!

    ! $ou6re seeking to purchase a home in an area with tight inventor$onditions it6s important to assume that there is going to e competitionrom other u$ers e read$ to uickl$ make a solid o!!er sa$sharon Hoss president o! the ,rlando 3egional 3:LT,3I


    or u$ers to have the est chance Hoss recommends the !ollowingwhen attling low inventoriesJ

    Have finances in order!=u$ers should know how muchouse the$ can reall$ a!!ord and repair an$ credit issues. The$hould have their down pa$ment read$ to help avoid an$ dela$s.

    et pre-approved! pre-approval !or a mortgage is a stepe$ond getting pre-uali!ied and can put u$ers into a etterosition.

    3dentif- contingencies!=u$ers should know what their contingenciesre and which ones the$ will re!use to negotiate awa$.

    Make -our list!&ome u$ers would e wise to determine whichome !eatures are a Fmust have and which !eatures are a Fnice-to-

    ave up!ront so the$ can move more uickl$ in !inding a home.

    Make -our )est offer!n hot housing markets u$ers manot get a chance to make a second o!!er. The$ ma$ e wise to sutheir ver$ est o!!er at the start.

    ,e read-!=u$ers in tight housing markets need to e easaccessile and prepared to make decisions uickl$. The$ ma$ to respond !ast to an$ uestions aout their o!!er i! the$ don6t

    to risk losing out.

    Source: Here Are 7 Tips to Secure a Home When Inventory Is o!"# HingWire %&ec. '" 2()*+

    Tips !or =attling Low nventor$

    4he percent of adults who say that thequality of a home5s landscape and yardwould affect their decision on whethepurchase a home or not' according to a

    new survey $y the 6ational !ssociation 7andscape 8rofessionals.

    $(e percent of contracts t(atare settled on ti"e 'it( nodela-s!124 identified a financingissue5 4 (ad (o"e inspectionpro)le"s5 and 74 (ad anappraisal issue!

    *ind# Dros%e, 8roer !ssocia%e

    *ind# as een a successul eal%or: i% ;aeield eu%linger eal%ors or 7 #ears Se ro"ides

    )an# ser"ices ro) )are%ing #our roer%# and nego%ia%ing oers, %roug %e o)e insec%ion and

    reairs, u %o %e closing and e#ond

    *ind# as an !ssocia%es Degree in *o))ercial !r%, and in addi%ion %o crea%i"e )are%ing, se is also

    aulous a% s%aging roer%ies or sale %o el sellers o%ain %e es% oer and rice or %eir o)e

    It can be challenging and stressful when you take that big step of buying your first house, or

    selling in a tough market. It helps to have a professional on board who can make the journey a little bit easier.

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