Disturbing news for Louisville Home Sales!
Disturbing news for Louisville Home Sales!
New numbers just released by the Greater Louisville Association of Realtors show home sales taking a nose dive for March of 2008. When compared to March 2007, the number of homes that went under contract in the Louisville Kentucky area was off 27 % (see charts below). The number of homes that actually closed (typically went under contract in January or February of this year) was off 20%. The numbers are a sharp turnaround from February of this year when there was a 13% increase in the number of homes that went under contract.
Donna Miller Davis a Loan Office with Mortgage Network in Louisville Kentucky says “underwriters for lenders around the nation are requiring more documentation and better credit ratings from potential buyers”. Donna also says “even people with great credit are paying more for loans in fees and higher interest rates”.
The average selling price for a home was down 9% from a year ago. The only bright spot in the numbers was the average days on the market for homes down from 88 in February of 2008 to 84 last Month. The number of homes on the market as of April 1, 2008 was 10,218 that’s about the average number (give or take a few hundred) that have been on the market over the winter.
Looking to sell your home this year. Here are some tips to help:
1) Make any repairs needed.
2) Freshen paint along baseboards and doors to remove scratches.
3) De-clutter
4) Stage all rooms
5) Call or e-mail the Medley Sokoler team for an accurate CMA and other tips for selling you home in this market.
March 2008
|
Number of Houses Under Contract |
|
|
|
|
130,000 |
March 2007
|
|
|
|
|
|
140,000 |
