4416 SARATOGA HILL RD, by Bob Sokoler, www.weselllouisville.com

Wow…Here’s a well maintained Brick ranch, with split-bedroom floor plan. This home has plenty of room to grow! Through the entryway with wood floors you enter the vaulted great room with fireplace, mantle and framed with windows. The dining room is currently being used as a play room for the kids but has a tray ceiling. The master bedroom suite has a vaulted tray ceiling and separate Jacuzzi style tub and separate shower in the bathroom. The large eat-in kitchen has cherry finish cabinetry, ceramic floor, & bay window in eating area which overlooks gorgeous deck and park-like back yard. There’s plenty of privacy in the back! The basement has been partially finished and features a wet bar, several areas to entertain and additional room that could be used as a bedroom. Within walking distance of clubhouse.

We really hope you enjoy reading these blogs as much as I enjoy writing them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

6304 SOUTHSIDE DR, BY Bob Sokoler, www.weselllouisville.com

Here’s a home with a great amount of space and upgrades for the price! Enjoy an all brick ranch with maintenance free living. There’s a large open Living Room with an area that could be used for dining. The kitchen features new cabinets, a new countertop and new stainless steel microwave. There’s also a outside entrance from the kitchen to spacious fenced in back yard. 3 good sized bedrooms and all rooms have hardwood floors and brand new windows. All closets are good size and there’s a pull down attic for additional storage. The full bath has ceramic tile. Other features include a brand new HVAC and new front and rear doors.

 If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

11312 ARBOR WOOD DR, BY Bob Sokoler, www.weselllouisville.com

Updated Roomy and very Popular “Cambridge” model home ready for you right now. You’ll find 9 foot ceilings on the 1st floor, a Huge family room with bookcases & fireplace and a very open floor plan that still retains a traditional flair. This home includes a 2 story entry way, Formal living room and dining room with crown molding, chair rail, wainscoting and trey ceiling. The great room is wide open to the eat in kitchen and offers a tremendous amount of open space. Never feel shut away in the kitchen again while making dinner! The kitchen has an abundance of cabinets and counter top space. Black appliances and a breakfast bar. Upstairs the Master suite features a large bedroom, dual vanities, ceramic tile, whirlpool tub & separate shower. You’ll love the enormous walking in closet. There are 3 other large bedrooms 2 with a with Jack-&-Jill bathroom. There is also an additional storage space over the garage with entry thru the bedroom being used as an office. Out back an amazing covered patio that extends almost the entire length of the home. If you do a lot of entertaining this is a must see in person! The large back yard is tree lined for additional privacy.

I hope you enjoy reading these blogs as much as I enjoy making them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

6004 PINE VIEW CT, by Bob Sokoler, www.weselllouisville.com

Looking for a great home in Southern Indiana? Check out the video of our listing at 6004 Pine Ciew Court.

You’ll love some of the features:

• Large Ranch with popular split floor plan in great condition.
• Kitchen has been upgraded and features a breakfast bar, lots of cabinets & all appliances including refrigerator to stay.
• Large entry foyer opens to spacious great room with vaulted ceiling & ceiling fan.
• Master bedroom is very large with lots of light, large walk-in closet and master bath. Rear door opens to enlarged patio & huge back lawn.

I hope you enjoy reading these blogs as much as I enjoy making them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

Where are the Louisville Home Buyers?, By Bob Sokoler, www.WeSellLouisville.com

Sellers all over the Louisville - Southern Indiana area whose homes aren’t getting showings or offers are asking the Big Question – Where are the Buyers!

Well, here’s the answer (at least right now): They’re on hold!   The latest info from the Greater Louisville Association of Realtors (Southern Indiana number are worse) show homes going under contract in June 2010 were down to 1119  from 1331 in June 2009 when the market wasn’t exactly popping’ either.

The average interest rates are so low right now 5.5-5.75 % you have to wonder why the slowdown in sales!  The answer comes from the buyers and renters who are out there right now. I spoke to a renter this past Friday in depth, he told me he doesn’t know if he’ll have a job in 6-9 months. So even though he can afford to buy right now he wants to rent just in case.  We can understand that it’s getting harder and harder for many Americans, to see the glass as half full…The oil washing onto the shores of the Gulf of Mexico, the war in Afghanistan and the continued reporting on the jobless rate has many people are scared.

Many weekend open houses are mostly empty, more serious buyers are taking what seems like years to decide on a home and, when they do, their offers so low that sellers don’t know how to counter reasonably. 

None of us can say if the economy will improve. What we in the real estate biz do know is that most every seller can improve the odds of a satisfying, realistic sale by presenting a finished product for the here and now market.

So, here are10 Tips for Achieving Top Dollar in the Middle of the Pessimism Bubble:

10 Tips for Achieving Top Dollar in the Middle of the Pessimism Bubble:

1. Introduce your home to the market with as many recent updates as humanly possible. Clean carpet, Fresh paint,  refinished wood floors and well-lit rooms are important details well worth exploring.

2. De-clutter your home to the point where a buyer asks “Does anyone actually live here?”

3. Replace old carpeting.

4. Clean out the basement, secure dangling wires, tune up systems, check for wood-destroying pest invasion and treat appropriately.

5.  Make curb appeal a priority! That means trim bushes/trees, edge & mulch; consider outside painting and roofing updates where needed.

6.  Check and upgrade (paint) and clean up the condition of your garage.

7.  Stay ahead of the market when it comes to pricing.

8.  Understand the power of “right pricing” – a cutting edge number that statistically brings in more buyers. If you miss that number, readjust as soon as possible or the market will leave you behind. Remember, some houses ARE selling fast — when the price is right.

9.  Make sure you’ve followed up on staging the house for ultimate dramatic effect before each showing. That means turn on lights and music. Open Shades and blinds and let the light in. Pickup and put away toys. 

10. For those of you reading this planning to list with a realtor demand professional photos, lots of them. In our area you want at least 20 good pictures on the internet, where you home will doubtlessly find its buyer, image is everything.

803 FOXGATE RD, by Bob Sokoler, www.weselllouisville.com

Sellers are being transferred out of town. This amazing home has been updated with granite countertops, stainless steel appliances new light fixtures and more. The 2-story brick and cedar home is located in top east end neighborhood and is ready for you right now! You’ll find an open great room floor plan that features a vaulted ceiling with a brick fireplace, wet bar, skylights, and hardwood floors. The large eat-in kitchen upgrades that include those granite countertops and stainless steel appliances along with lots of cabinet space have transformed this into a beautiful gourmet kitchen. The formal dining room also features a trey ceiling, and hardwood floors. The 1st floor also features 2 large bedrooms with walk-in closets, a full bath, and a 1st floor laundry. There’s a new rich wood staircase to the 2nd floor. Upstairs you’ll find a large master bedroom (with more beautiful wood floors) also his & her walk-in closets, master bath with large whirlpool tub, and separate shower / water closet. There’s also a 4th bedroom and a balcony/loft area that could be used as an office that overlooks the great room. The lower level walkout has a large family/game room and 1/2 bath along with plenty of storage. The large deck and very treed and level private backyard (the property goes well beyond the back fence) makes this home a real find! New landscaping out back. Basement just painted. Close to everything!

I hope you enjoy reading these blogs as much as I enjoy making them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

10705 COPPER RIDGE DR, By Bob Sokoler, www.weselllouisville.com

Enjoy the very contemporary Montego floor plan by Ball Homes and live in comfort and style without breaking the bank! This 3 year old - 3 bedroom 2 bath open floor plan home has been well cared for! Upgrades include an enormous stamped patio, very large fenced in back yard, built in book shelves on either side of the gas fire place and designer nook wall. The home has a very open floor plan and is enhanced by volume ceilings, large windows, and an open staircase that overlooks the family room. The entryway offers a formal living room to the right (currently being used as an office) and large formal dining room to the left. Ahead of you a very large 2 story family room with an amazing amount of windows to let in a tremendous amount of light. The eat-in kitchen is equally impressive with stainless steel appliances, recessed lighting, an abundance of cherry cabinets and counter top space for the chief in your family! All bedrooms are roomy and the jack-and-jill design of the hall bath is perfect for shared use. The master bedroom and bath share a vaulted ceiling and are complemented by a shared plant shelf. The master bathroom has a double bowl vanity, separate shower and garden tub with 4×4 glass block window that really lets the light in. The master closet is exceptionally roomy! Don’t miss the large storage room above the 2 car garage that is accessible thru a doorway in bedroom 2. Copper Ridge is in a fast developing area with the Summit shopping area 4 minutes away, Brownsboro Crossings 3 minutes away so are restaurants, Costco and banking. Also, the Gene Snyder Freeway and Interstate 71 are just a few minutes’ drive from your front door. Agents are related to sellers.

I hope you enjoy reading these blogs as much as I enjoy making them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

Elegant, Upgraded and Open Floor plan! The home has everything a growing family needs including plenty of space to spread out. A front porch then glass front door with sidelights and finally wood floors great you as you walk into this 4 bedroom 2 bath contemporary styled home. There’s a large formal dining room to your left and ahead the entry to a large Two story great room! In here you’ll love the tons of light pouring in from 3 Palladium windows surrounding a gas fireplace with mantle. Continue into the Upgraded kitchen with cherry cabinets, black appliances, convection micro-wave, recessed and pendant lighting and a center island with breakfast bar. The walk-in pantry allows you to stock plenty of food! The 1st floor master bedroom suite is large, with trey ceiling and recessed lights. The Master bathroom has double vanities, ceramic tile, separate Jacuzzi style tub, walk-in shower and walk-in master closet. Upstairs the kids will love the 3 good size bedrooms and large (in some cases walk-in) closets. In the basement, a tremendous amount of room to entertain or let the kids run wild. The large built in shelving entertainment center and computer space will keep all gadgets neat and safely stored. Out back a large deck for more entertaining and plenty of room to play games with the kids in the yard. The upgrades in this home including flooring, lighting fixtures, pantry and basement. Sellers are being transferred out of state.

I hope you enjoy reading these blogs as much as I enjoy making them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

·         Location, Lifestyle, Updates, No stairs to climb and a garage!

·         You’ll love this first floor condo with a patio that opens to a beautiful courtyard and includes: new paint, new carpet and all meticulously maintained!

·         You’ll enjoy the 2 large bedrooms and 2 full baths split floor plan that offers great space and privacy, each bedroom has its own walk-in closet.

·         The large living room is open to the dining room and Kitchen which features a breakfast bar and room to spread out.

·         You’ll find new updated lighting fixtures and all appliances will stay with this condo including the Refrigerator (which is brand new) and washer and dryer (in a laundry room off the kitchen).

·         Other Amenities include additional storage (down the hall), a large pool (see the photos), tennis courts, club house and private fitness center. Worthington Glen offers Low maintenance living at a very affordable price.

·         The monthly fee includes water, trash removal, outdoor landscaping, lawn care, exterior building maintenance, interior common area cleaning/maintenance, and snow removal! Worthington Glen is a fast developing area with the Summit shopping area 3 minutes away, Brownsboro Crossings 2 minutes away so are restaurants, Costco and banking.

I hope you enjoy reading these blogs as much as I enjoy making them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

The bigger concern for some home sellers is that homes over $180,000 are sitting on the market. There are several reasons for that:

1. Buyers are waiting for the government to issue another tax rebate.
2. There is fear over the economy and higher priced buyers are willing to sit and wait.
3. Fewer companies are hiring employees and transferring them into Louisville.
4. Buyers  are waiting for more distressed properties (Foreclosures and Short Sales) to come on the market
5. Because lending institutions have cracked down on lending money, any credit challenged buyers are forced to sit and wait until their credit rating improves.

The simple truth is: There are no plans for the government to issue another tax credit for Louisville Home buyers (at least at this writing), Homes have come down in price and in Louisville at least, homes may be at the bottom of their price drop! Interest interest rates are at an all time low (4.75) and we have lenders who can lend money even with some credit issues.
Looking to buy a home? We can help! Want to sell? We are getting the job done every day. Look at our featured homes and some of the videos we create for them.

June 2010

June 2009

TOTALS REPORTS
SOLD/ACTIVE RESIDENTIAL LISTINGS

                     Residential Unit Sales        Total   Unit Sales

                      0-2        3         4+      Resid     Condo/    Total

 PRICE CLASS/TYPE    Bedrm     Bedrm     Bedrm     Sales     Co-Op     Units

 $29,999 OR UNDER      41        34         8        83         2        85

 $30,000 -  $39,999     6        12         2        20         0        20

 $40,000 -  $49,999     9        23         3        35         1        36

 $50,000 -  $59,999     7        19         1        27         5        32

 $60,000 -  $69,999    13        22         3        38         5        43

 $70,000 -  $79,999    12        22         3        37        11        48

 $80,000 -  $89,999    11        35         2        48        10        58

 $90,000 -  $99,999    13        37         7        57        13        70

$100,000 - $119,999    14       102        16       132        32       164

$120,000 - $139,999    15       110        30       155        20       175

$140,000 - $159,999    10        69        32       111        10       121

$160,000 - $179,999     9        58        25        92        18       110

$180,000 - $199,999     7        48        26        81         9        90

$200,000 - $249,999     1        81        56       138        20       158

$250,000 - $299,999     2        27        65        94         8       102

$300,000 - $399,999     0        18        59        77        12        89

$400,000 - $499,999     0         6        36        42         2        44

$500,000 OR OVER        0         1        31        32         0        32

Total Types:          170       724       405      1299       178      1477

Average Price:     $82,512  $140,975  $265,154  $172,040  $155,337  $170,027

Median Price:     $129,950  $129,950  $240,000  $143,000  $129,900  $141,000

Average DOM:        61.52     64.65      83.1     69.99    116.18     75.56

Average CDOM:       85.97     99.13    148.01    112.65    202.66    123.49

We hope you enjoy reading these blogs as much as we enjoy writing them! If you have any questions about Louisville Real Estate or Luxury Louisville Homes, or REMAX Properties East, as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me at (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com  

10705 COPPER RIDGE DR, by Bob Sokoler, www.weselllouisville.com

Enjoy the very contemporary Montego floor plan by Ball Homes and live in comfort and style without breaking the back! This 3 year old - 3 bedroom 2 bath open floor plan home has been well cared for and is a perfect example of Louisville real estate! Upgrades include an enormous stamped patio, very large fenced in back yard, built in book shelves on either side of the gas fire place and designer nook wall. The Louisville home has a very open floor plan and is enhanced by volume ceilings, large windows, and an open staircase that overlooks the family room. The entryway offers a formal living room to the right (currently being used as an office) and large formal dining room to the left. Ahead of you a very large 2 story family room with an amazing amount of windows to let in a tremendous amount of light. The eat-in kitchen is equally impressive with stainless steel appliances, recessed lighting, an abundance of cherry cabinets and counter top space for the chief in your family! All bedrooms in this luxury Louisville home are roomy and the jack-and-jill design of the hall bath is perfect for shared use. The master bedroom and bath share a vaulted ceiling and are complemented by a shared plant shelf. The master bathroom has a double bowl vanity, separate shower and garden tub with 4×4 glass block window that really lets the light in. The master closet is exceptionally roomy! Don’t miss the large storage room above the 2 car garage that is accessible thru a doorway in bedroom 2. Copper Ridge is in a fast developing area with the Summit shopping area 4 minutes away, Brownsboro Crossings 3 minutes away so are restaurants, Costco and banking. Also, the Gene Snyder Freeway and Interstate 71 are just a few minutes’ drive from your front door. Agents are related to sellers.

We hope you enjoy reading these blogs as much as we enjoy writing them! If you have any questions about Louisville Real Estate or Luxury Louisville Homes, or REMAX Properties East, as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me at (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com  

Thinking about buying a new home? Jerico just did. In fact he built a Dominion Home and had a great experience. His only problem was stress… self imposed stress.

In fact we find that building a new home can be both fun but also stressful. Dominion Homes makes the experience easy, they have a central location for picking finishes and upgrades. But as a buyer you always want more. That’s what Jerico went through; even with a budget he was second guessing himself. It’s a common problem. Listen to Jeraco’s words of advice. He’s a great guy and if you see him walking along the street welcome him to Louisville!  

Ready to build a Louisville or Buy a great Louisville home? We’re always just an e-mail or phone call away from helping

I hope you enjoy reading these blogs as much as I enjoy writing them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com  

by Bob Sokoler, www.weselllouisville.com
The country charm of a farm house with a large modern 580 square foot addition, close to the city and more than 3 acres to spread out! This is a one of a kind find in Jefferson County with 3 bedrooms (there’s a 4th room upstairs that could easily be converted to a bedroom). The new 1st floor Master Bedroom suite has a walk in closet, bathroom windows and light galore with a sliding glass door that opens to a large private deck. The large family room and its windows bring views of the private backyard into the house. A wrap around rear deck helps you relax 12 months a year. The large kitchen has a breakfast bar and plenty of counter and cabinet space. What was the original living room is now being used as a large formal dining room. A second bedroom and second bathroom round out the 1st floor. Upstairs, another large bedroom and large family room. There’s also a fourth room currently being used for storage. Outback, 2 one car garages and enough land to farm or board several horses.

I hope you enjoy reading these blogs as much as I enjoy writing them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com  

 Style, Elegance and a WOW factor! Walk into a grand entryway with beautiful hardwood floors greeting you. To your left a large formal living room which leads into a large formal dining room. The gourmet kitchen will excite you with Granite countertops, a brand new GE profile wall oven, brand new GE microwave new Kitchen Aid dishwasher (November 2009). Hickory cabinets, recessed and under cabinet lighting and for energy efficiency, one of several “SolaTube” lights that bring in sun and moon light saving on lighting costs. There’s an informal dining area off the kitchen and beyond that an amazing focal point of the home a magnificent garden room with walls of energy efficient windows and sliding glass doors, gas fireplace and alcove for TV ( the TV will remain with the house). Additionally just around the corner, an enormous great room with wood/gas fireplace, mantel, flanked by built-in shelving and built-in cabinets on either side. There are 2 other good sized bedrooms and then you come to an enormous master bedroom suite. The Bedroom is large with a double trey ceiling. The Master Bathroom has just been updated, with amazing spa type features that will put a smile on your face every time you enter it. There’s a double vessel bowl vanity, Jacuzzi style tub, private water closet, beautiful tiled shower with seat, The entire bathroom has matching tile on the floor and walls. Don’t miss the enormous walk in closet in the master bathroom. The walkout basement has another family room with wood burning/gas fireplace, full bath and a tremendous amount of storage Out back on the wooded lot a lower patio with swing, you’ll be able to swing among the trees here! and above it a fantastic deck with gazebo. Other features include: a Weber gas grill with direct gas line to house, wired for ADT security, Hepa pure air system, Many Window treatments stay with the home, Karistan rug and foyer mirror to remain, Fireplace screens will remain Patio swing will remain. Storage shelves & cabinets remain in garage in garage/basement. This home has never had animals in it or smokers. Great Neighbors! For more info head to www.weselllouisville.com

Here’’s great example of Louisville Real Estate, and a Luxury Louisville Home!

7 Bedroom 4 bath

Golf Course & Lake Views

Two story entryway

Large dining room

Double story great room

Gourmet kitchen features granite and Corian countertops, travertine tile backsplash, Kitchen aide Stainless Steel Appliances, circular breakfast bar and an abundance of cabinets.

Circular eating area with tongue and groove ceiling.

Large master bedroom is striking with similar views of the lake and golf course

Luxury master bathroom offers whirlpool type soaking tub, large separate shower, double vanity, ceramic tile and vaulted ceiling.

California style master closet offers an amazing amount of storage.

Upstairs 4 more large bedrooms all with California style closet inserts and 2 more bathrooms, one a Jack and Jill.

Two Bars on separate ends, media area, another gas fireplace, 2 more bedrooms and full bath.

Outback extensive landscaping and premium ornamental fencing, patio and water fall pond. All overlooking the golf course and lake.

Other features include circular drive and daylight windows in finished lower level, Hot tub will stay. Natural gas hookup on patio for grill, Patio shaded in evening for entertaining, Smart lighting throughout home, one block from LFCC club house. Just 3 blocks from new Stopher Elementary School and 1 block from The Palmer Pool.

I hope you enjoy reading these blogs as much as I enjoy writing them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

Another series of numbers to review are the number of homes sold and closed in May. The numbers totaled 1346, up 420 homes from a year ago. Naturally, some of those sales were carry over’s from March and April when the buyer tax credits were in effect.  

Other factors between May 2010 and May 2009 were also encouraging. For example the average selling price of a home in the Louisville Area increased from $153,613 in May of 2009 to $160,569 in May of 2010. Additionally the average number of days on the market for a home in the Louisville area shrank from 87 in may of 2009 to 81 in May of 2010.

It’s all positive news for the Louisville Real Estate area. Hopefully home sales will continue to increase and prices will rise for sellers. For buyers, as sellers come out of hiding and place their homes on the market, more inventory will mean more competition for a sale and that should keep prices of homes from skyrocketing. Our phones have been ringing off the hook and we’ve added another agent to our team to handle the volume.

May 2010

 May 2009

I hope you enjoy reading these blogs as much as I enjoy writing them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

By Bob Sokoler - We Sell Louisville.com

You better believe the tax credit helped, many buyers and sellers are sorry it’s over (at least for now)! Hundreds if not thousands of new Louisville home buyers worked hard to be eligible to get the $8000 tax credit (and move up buyers a $6500 tax credit), it all ended Friday.  But not before some record numbers were recorded for Louisville Real Estate going under contract.  The numbers almost doubled from a year ago, 2109 in April 2010 compared to 1138 in April 2009 (See below).

For months the pundits have been spouting off on the financial legitimacy and practically of the tax credits. The problem is unless you’ve been in the trenches with the buyers (like the Medley Sokoler Team) you can only guess at the tax credits success or (lack of it). Take it from us, the sales figures are way up. Our Medley Sokoler Team sales were up 200% in April from the year before. We’re now desperately looking for more listings to sell.

Without question first time Louisville buyers took advantage of the tax credit and though some sideline coaches say these people would have bought anyway, there’s no way for them to really know that. In fact many of our first time buyers told us that talk of an $8000 check from Uncle Sam convinced them to move out of the apartment and find a home. The Louisville real estate home sales numbers comparing the first 4 months of 2009 to 2010 in the $100,000 - $450,000 were way up (see below).

The real losers in all of this are owners of higher priced homes. Homes above the $450,000 price point are sitting on the market. Maybe someone on capitol hill will come to the rescue? Wait a minute this is the same administration who wants to tax those homeowners more. Forget I even mentioned lawmakers would come to the higher priced homeowner’s aid. What was I thinking!

April 2009 

I hope you enjoy reading these blogs as much as I enjoy writing them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483 or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

By Bob Sokoler, We Sell Louisville: Will the home buying tax credit be extended past April 30, 2010? Hundreds of thousands of Louisville home buyers and sellers are hoping to hear the word “yes”! The debate among realtors, lobbyists and politicians has already started. Not much is being said publically, but the battle lines are being drawn even as you read this. The facts from the trenches (those of us who are active realtors like our Medley Sokoler team) are clear. Thousands of Louisville home buyers are taking advantage of the governments $8,000 (for 1^st time buyers) and $6,500 (for move up buyers living in their current home 5 or more years). I can tell you 40-50 percent of our sales are directly attributed to people buying Louisville homes only because of the tax credit. Under the current guidelines, April 30, 2010 is the last day to write a contract and get it accepted (the home will have to close by June 30^th 2010 to qualify for tax credit).

The pro extension groups point to several reasons the Tax credit should be extended:

1)       Offset the Federal Reserve ending its program of buying mortgage backed securities.

2)       Offset the recent rise in mortgage rates

3)       It could prove to be a smart political move in during election year.

4)       Already one million homes have been sold to date, largely due to the tax program.

5)       The new HAFA short sale program will mean the short sale deals are gone. Banks will only   except 8-10% of market value of a home (instead of 20-28%).

So far there’s not much talk being heard from Capitol Hill. But we expect that to change as the April 30 deadline approaches!

I hope you enjoy reading these blogs as much as I enjoy writing them! If you have any questions about Louisville Real Estate as a buyer or a seller please e-mail me directly at bob@bobsokoler.com , call me (502) 376-5483, or visit our websites www.weselllouisville.com or www.louisvillehomestoday.com

Planning to buy a Short Sale or already have an offer in on a short sale? You need to read this! New government guidelines meant to help distressed home sellers and their banks sell a home in a short sale may actually hurt the chances of achieving that goal and anger potential sellers and buyers. Our Medley Sokoler Team handles a number of short sales and this week we’ve seen the HAFA program have devastating repercussions.  

The Plan: On Tuesday April 5^th banks have the option of adopting the Federal Government’s Home Affordable Foreclosure Alternatives or “HAFA” guidelines (see understanding HAfA here). In short HAFA pushes lenders to help eligible homeowners by quickly and effectively implementing short sales or deeds-in-lieu. The government will provide financial incentives to lenders that carry out foreclosure alternatives through the program’s guidelines set forth in Supplemental Directive 09-09 Revised.

The Problem: Up until this past week, banks were approving short sales of up to 28 percent off a home’s fair market value. That means a $200,000 home could sell for $146,000. That was a great deal for the buyers and it relieved the banks from having to foreclose on the property. But under the new HAFA guidelines, many banks will accept only 8-10 percent of the fair market value of a home. That means a bank may require a sales price of $180,000 on that 200,000 home. Still a good deal but when you have buyers seeing approved home sales prices much lower than the 8-10 percent now being accepted, there are going to a lot of angry home buyers asking why did things change on them!

More Fallout from HAFA: Additionally this week we’ve seen banks like Bank of America respond to a short sale offer with a simple rejection to an offer instead of a counter offer for a minimum sales price they would accept. While this is meant to speed up the time it takes a bank to respond to an offer (the goal of HAFA), it will create more paperwork and delays which will actually drag out the time it takes for a short sale to be approved. Buyers will have to resubmit an offer (and possibly the entire contract) and repeatedly do that until they back away or go high enough for the bank to accept.

The Wait: With buyers up against the $8000 first time home buyers tax credit deadline for being under contract by the end of April, buyers will have to make a decision to stay with their offer on a short sale property or jump to another home not in a short sale.  

Down the road: We’ve seen 3 of our short sales tanked this week because of the new HAFA program. There are more rejections to come and the buyers (as of right now) don’t understand why. Yes we can challenge the banks rejection with items like an inspection report or Comps in the area, but the bottom line is short sales are going through an evolution that may force extinction or major revision. Either way, for the time being, buyers and sellers will be the ones that loose.