Thinking about moving? Apparently, you are among the masses shifting the real estate market right now. Short Version: There was a $50k profit margin projected on the last home I ran comps on and she had only owned the home for 2 years! If you’re thinking about moving it is because you SHOULD BE! Some of these neighborhoods are jumping up 15-20% in value right now because the demand is so high.
“New listings were down 12.1% and 8% respectively. In the 10 biggest metros nationally, the overall inventory of homes for sale plunged 40.2% in the burbs and 13.4% in urban areas. That shortage has caused prices to spike. List prices were up 7.3% in the suburbs and 7.7% in the cities at the end of August.” And that’s nationally, in Louisville I have personally seen neighborhood prices increase over 22% in some neighborhoods, in the last 12 months alone in some cases.
“Asking prices also rose faster in the suburbs [vs. Urban areas] as a lack of homes for sale coupled with a surge in demand for larger abodes with large backyards drove them right up, according to Realtor.com.”
In short, there are waaaaaaaaaaaaaaayy more buyers than sellers right now. And that’s making the sellers that decide to list their homes now very, very happy. If priced right, move-in ready Houses and condos for sale in Louisville, (and in the surrounding cities), are FLYING off the market in hours unless we [as Listing agents] recommend requiring 24 hour response time for all offers. By then there will be multiple offers no doubt and usually, an extended deadline called for, allowing even more offers to accrue. I say accrue because that’s exactly what it does — I was just involved in a multiple offer situation against sixteen other offers. 16. That is unprecedented. Even at the peak of the sellers market here a few years ago it didn’t reach those numbers. Buyers are bidding $15-20k over asking price and losing. It is insane. Prices are up for all neighborhoods across Jefferson and the surrounding counties near Louisville, KY. Sellers are seeing substantial profitability increases, even in a short period of time — $50k profit margin projected on the last home I ran comps on and she had only owned the home for 2 years!
Now is the time to sell! See how much your home could appraise for in this market.
While jumping into this hot market may mean you’ll have to buy quickly, We can connect you with lending options that allow you to buy first then sell; helping your navigation through this market be considerably less stressful. We even have special contract provisions to protect sellers that also need to purchase a home at the same time; Ask us how, we’d love to help! For more real estate insights and strategies, follow us at
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Site: https://www.realestatestraightshooter.com/
Sources: https://www.realtor.com/news/trends/urban-versus-suburban-home-demand-coronavirus/
 | About the Author: Crystal Corrigan is the CEO & Top Producing Realtor of Bullseye Real Estate Group at Keller Williams Louisville East. She has been in the real estate business since 2009 and has helped people to buy and sell over $20Million dollars of real estate in Louisville and the surrounding counties. |
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