With a little planning, the anxiety can be taken down a couple of notches. Starting a conversation with a lender to know exactly how much home you can afford will keep you from wasting time looking at houses over your budget. Sharing your financial situation with an experienced professional can alert you to, and potentially resolve, any issues with your credit to prevent them from rearing their ugly heads during the underwriting process later. Contacting a Realtor who can outline the entire process and begin to set expectations is an important part of conducting a smooth transaction, and getting to know the local market early will allow you to recognize a good value.
Louisville has a range of properties from condos just over $100,000 to single family homes over $1,000,000. Like most places, some neighborhoods are more popular than others, and it's crucial to know how the individual areas are behaving when it comes to finally being ready to purchase.
This data does not reflect any monetary concessions that a seller may give to a buyer at the time of closing. These are usually granted as compensation for unexpected inspection items that have not been repaired, but they can be included for other reasons from time to time. Seller concessions affect the net amount that the seller walks away from the transaction with, and are a consideration for any buyers studying sales data in order to come up with a reasonable offer price. However, I've not included them today since my primary focus here is a snapshot view of the competitive offer situation.
Obviously, I can't summarize every single neighborhood in this post, but if you have narrowed down your areas of interest I highly recommend doing a targeted analysis. An area may not have made these charts because perhaps they only offer up one house a year, but that house may be scooped up immediately by a savvy buyer who knows there is little turnover there. Give me a call, and I'll be happy to pull the data you'll need to start feeling confident about your decisions. Besides, I like making the colorful charts.
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