PRLog (Press Release) - Jan. 23, 2013 - LOUISVILLE, Ky. -- Use this Guide to the Louisville Real Estate Market for 2013 to help you make decisions when buying or selling a home in the area.
The Louisville Real Estate Market begins 2013 with home buyers poised to take advantage of low interest rates coupled with sellers who will gain from additional demand. These are among many forces that will continue to drive the steady growth that the Louisville market has experienced since last year.
Many of the opportunities that will be afforded to home buyers and home sellers in the Greater Louisville Area in 2013 will be driven by economic growth and change within the area. With major corporations such as UPS, GE, Humana and the healthcare industry in general, plus a thriving inter-economy of chef-owned restaurants, interesting pubs, shops, stores and other lifestyle options, Louisville's broad economic outlook is positive and likely to experience growth.
This results in first time home buyers, plus an influx of persons relocating for work-related reasons putting demands on the market. In addition, local residents are able to afford more housing as their needs expand and spur additional demand.
Sellers in the Louisville area need to recognize this market as a good opportunity to sell their home for a reasonable price and terms. There is enough demand that the market can sustain a better inventory of desirable homes. The key is having a desirable home that is well-maintained and expertly marketed.
It is worth seriously considering selling this year to take advantage of a rare combination of low interest rates and a limited inventory of desirable homes. It concentrates motivated buyers into the most desirable homes, resulting in more favorable selling terms.
Buyers in Louisville need to do their due diligence and seek out the best homes for their needs and wallet. The market in early 2013 is already showing signs of strength that will find buyers able to afford more desirable homes, but be in competition for those homes and face the associated challenges. Buyers will experience multiple offers frequently for the best homes and they will find that failing to act fast will potentially cost them a good home.
Home buyers in the area need to focus at least five years into the future and consider how a home that interests them would appear to the market at that time. Will it need major updates? Will it be desirable for the typical buyer or does it have features that will limit future buyers? Does the market support the price being paid for the home given market trends?
With the Louisville market in a period of change, you have to consider your potential future selling terms, including the cost of any needed updates, when deciding on a price to pay for a home. Make sure that you make reasonable allowances for your costs to prevent over-paying for a home.
The Louisville Real Estate Market is again showings positive signs of growth, which will propel it into 2013. Home buyers will find the market moderately active and potentially challenging in many areas. They need to carefully consider their offers and negotiating strategies to secure the most desirable homes.
Home sellers in the Louisville area have an opportunity to sell their home for a reasonable price and terms, but they need to prepare the home for the market to stand out from the competition. High-tech marketing is a must.
Overall, these are positive forces, almost a rare win/win for home buyers and home sellers in Louisville. Buyers are benefiting from the improving economy and low interest rates. Sellers are benefiting from renewed demand and a lack of desirable inventory. It stands to reason that Louisville in 2013 will enjoy a robust year in the local housing market.