Louisville Winter Real Estate Market
A Glimpse into The Coming Market Conditions
It’s Holiday time in Louisville! And Louisville loves the holidays. People get involved in events and parties, the weather is chilly, and this all influences the local real estate market. But it also creates opportunity that the summer months do not. So, what do you need to know if you plan to buy or sell during the end of the year?
Supply and demand are economic forces that are at the heart of the matter when analyzing markets. We Realtors hear all the time in November and December something like this: “Yes, we are looking but we are going to get serious after the new year”. Seller should understand when listing in these holiday months, many potential buyers close up shop to focus on the busy season. DOM (Days on Market) increase typically around this time. There is still plenty of market activity, but homes may take a little longer to sell. Last year, during November and December, average DOM for the entire are was about 55. Compare to September of this year (about 46) and we see that the average house will take a week and a half longer to sell. The same number of listings from last year, on average, for this year, coupled with slightly slower sales means inventory is creeping up. Depending on where you are thinking of selling, you may have a little more competition this time of year.
Use this information to make your house stand out! If you and your neighbor are both selling, make sure your house is clean and maintained. Don’t put off those little handy-man jobs. Declutter and stage beautifully. Decorate for the holidays. People that are house hunting in November are often imagining themselves in their new home celebrating. Help fuel that dream!
The past few years have been plagued with buyers losing out on purchases even when offering above list price! Inventory is still historically low and as wages rise, interest rates drop, and a large generation of young people are seeking out their first home. Simply, there has been a shortage of affordably priced homes and this trend is national. My advice to buyers at this time is this: Do NOT pack up your search for the holidays! With interest rates still below 4% for qualified buyers, purchasing power is high. With fewer competitors, your buying power increases even more. So, buyers, put on those snow boots and get your agent out to hunt this winter! As a buyer, this is your time to shine!
People have predicted a shift in the market for a few years and it has yet to materialize. A balanced market is best for everyone (especially move-up buyers, who are both selling and buying). But we just haven’t seen that yet. Without a crystal ball, we must operate under current trends. If you would like more detail about current market conditions, reach out today!
Take advantage of this shift in the market! Call our preferred lender Dave Setters 502-468-4928 today to get pre-approved!