For more info head to our website: http://www.weselllouisville.com/inc/pmisc?pid=1796

Interesting news about buying a new construction Louisville home.  An extra $5000 tax credit may be a reality for buyers of Louisville Real Estate that is brand new . We received word that HB 394 was passed in the House Appropriations & Revenue committee and now moves to the full House and Senate. The passage of this bill will allow us to use the KY tax credit along with the 1st & 2nd time homebuyer Federal tax credit and it will be retroactive!!  I’ll keep you updated on this bill.

 The official release was as follows:

House Bill 394, filed by Rep. Tommy Thompson, and co-sponsored by Rep. Bob Damron, Rep. Scott Brinkman, Rep. Ron Crimm and Rep. David Osborne, passed unanimously out of the House Appropriations & Revenue Committee, and will move to the Senate after passage in the full House.

This bill allows qualified buyers of new homes to utilize the state tax credit of up to $5,000 in conjunction with the Federal First Time Home Buyer Tax Credit of $8,000 for first time home buyers and $6,500 for repeat home buyers.

Prior to its passage, the bill was amended in Committee to also be retroactive for those individuals who were unable to take advantage of the state tax credit due to language incorporated at the Federal level in November of 2009, which inadvertently made the state tax credit of no consequence.

So buyers of new construction may be getting an additional $ 5000 dollars from the state of Kentucky.

For more info e-mail us or head to www.weselllouisville.com

• Fantastic Louisville Home on the Golf Course
• Contemporary styling
• Abundance of flair
• Light Oak wood floors
• Formal dining room
• Two story vaulted great room
• Eat in kitchen
• Screened in patio
• View of the 3rd green.
• Large master bedroom
• Walkout basement

For more information about us, head to www.weselllouisville.com or www.louisvillehomestoday.com.

Are you a Louisville Home Buyer Purchasing Louisville Real Estate or homes in other parts of the U.S.? New info has just been posted (2/8/2010) by the National Association of Home Builders regarding form 5405 as well as instructions for home buyers using it to claim the $8,000 first-time buyer credit as well as repeat buyers seeking to claim the $6,500 credit.

The updates to the form include information on the extended purchase date window (tax credit-qualified homes must be under contract prior to May 1 and close before July 1). Note that even though the revised Form 5405 still references the “First-Time Homebuyer Tax Credit,” it is also intended to be used by repeat home buyers, who must have lived in a single principal residence for five of the last eight years prior to purchasing their new home for which they plan to claim the tax credit.

What is new is that beyond these updates, the IRS is also requiring additional documentation for homebuyers who claim the credit for purchases after Nov. 6, 2009. Buyers must now provide a copy of the HUD-1 form or, in cases where that form is not used, a certificate of occupancy for a newly constructed home. For purchases taking place after April 30, a copy of the signed sales contract must also be supplied. Meanwhile, in order to claim the $6,500 repeat buyer tax credit, homebuyers must attach one of the following for five consecutive years of the last eight to demonstrate that they meet the repeat buyer qualifications: a Form 1098 reporting mortgage interest; a property tax statement; or home insurance records.

Tax credit buyers should also know that, due to the new documentation requirements, those claiming either the $8,000 first-time home buyer credit or the $6,500 repeat-buyer credit cannot e-file. As a result, taxpayers should be prepared to wait at least 12 to 16 weeks to receive their refunds.

To get a copy of the form needed to file for the tax credit download the form by clicking here: http://www.louisvillehomestoday.com/agent_files/IRS 5405.pdf

 For more information about us, head to www.weselllouisville.com.

The New Year has started off in the right direction for Louisville Kentucky Real Estate. New Louisville Home Sales Numbers are in for Jan 2010 and they are up some 25% over January 2009. There were 702 Louisville homes selling last month compared to 529 the year before ( that number actually hit 802 homes in January 2008). It means the market is coming back but it still has a way to go.  The number of homes going under contract last month was also up (772) compared to a year before ( 707). 

The bulk of homes sold was in the 100,000-160,000 price range. That’s the perfect price range for first time buyers trying to take advantage of the $8000 tax credit. We expect to see this price range heat up even more as we get closer to the April 2010 deadline (to be under contract) and June deadline (to have closed).

There was more good news (at least on the surface) for the number of days a home sat on the market in January 2010. The average DOM was 81 last month compared to 92 days the year before. However, closer examination shows that sellers are apparently changing realtors more often because of frustration with their home not selling. That resets the short-term clock but not the continuous days on the market (CDOM) clock. The average continuous days on the market in January 2009 was 125.46 compared to 126.09 in January 2010.

The bad news for sellers was the average selling price of homes. It was down from 160,018 in January of 2009 to 155,995 in January 2010. Part of th reason for that drop is because there are more first time buyers in the market.

February 2010 has started strong. Our phones are busy ringing at The Medley Sokoler Team offices with buyers asking questions about homes on the market in the Louisville area. It may be another month or two before we see actual sales of homes kick into high gear.

That means buyers looking for a deal should be out in the market place now when there are fewer buyers. Sellers may be more accepting of a lower offer right now. Later on in the year, sellers will see more showings of their home and that will raise hopes for sellers that more than one offer may be heading their way.  

For more information head to www.weselllouisville.com or www.louisvillehomestoday.com

So what is a Short Sale and why are you hearing so much about them? Buyers pursue short sales to get a good deal. So when we send you a listing with a price for a home that looks too good to be true, it usually means that the home is either a short sale or a foreclosure. You might want to think twice about making an offer on a pre-foreclosure, short sale or foreclosure home. It’s not as simple as you may believe, and we’re seeing some offers take up to 9 months to close.

In fact on average many of my Louisville home buyers have waited 4 to 6 months to close on a short sale, sometimes longer We’re certified to handle short sales through CDPE (Certified Distressed Property Experts). We know there are ways to speed up a short sale by having complete packages ready to go to the bank on our listings. But when we represent a buyer who wants to buy a short sale we don’t represent, we’re at the mercy of the selling agents experience (or in many cases lack of it).

A short sale actually means the seller’s lender is willing to accept a discounted payoff to release an existing mortgage. The problem is that just because a property is listed as a short sale doesn’t mean the lender will accept your offer, even if the seller accepts it.

The main problem is the seller has to have a hardship before a bank will accept a short sale. It may be because of a loss of job, medical problem, divorce etc. All short sales are sold AS IS which means neither the bank or the seller will make repairs. Many of the homes we see are in need of a lot of repairs because the seller doesn’t have the money to repair the problems. So the home sits in trouble until someone comes along and buys it. 

Another problem if the offer on the property from the buyer is too low, even thought the seller may accept it, the many may not. So it’s a real crap shoot. For 1^st time buyers looking for the $8000 tax credit, a short sale is not the way to go.

For more info on selling your home head to www.weselllouisville.com

·         Amazing water front property

·         Gated community

·         Harrods Creek

·         4,400 spacious square feet

·         1 1/2 story walkout

·         5 bedrooms

·         4 full and one half baths

·         Vaulted foyer

·         Formal dining room

·         Study/Office to the right

·         Spacious great room

·         Great room

·         Maintenance free deck

·         Enormous backyard

·         Granite countertops

·         White raised-panel cabinets

·         White tile flooring

·         Luxurious first floor owner’s suite overlooks Harrods Creek

·         For more info head to www.weselllouisville.com

·        Golf Course home

·        High contemporary styling

·        Abundance of flair

·        Light Oak wood floors

·        2 story foyer

·        Vaulted ceilings

·        Designer chandelier

·        2 story vaulted great room

·        Triple atrium

·        Vent-less gas fireplace

·        Large eat in kitchen

·        Large master bedroom

·        Walkout basement

·        Private cul-de-sac lot with breathtaking views of golf course & woods

·        Polo Fields

·        Louisville Real Estate

·     For more info visit www.weselllouisville.com

·      WOW FACTOR

·      Louisville Real Estate

·      Leaded glass front door

·      Hardwood floors

·      Formal dining

·      2 story great room

·      Gas fireplace

·      Custom cherry kitchen cabinets

·      Granite counter tops

·      Stainless steel appliances

·      Ceramic tile

·      First floor large master suite

·      Master bath with his and hers walk-in closets

·      Duel vanities

·      Separate shower

·      Self-cleaning, heated bubble tub

·      Private water closet

·      Screen enclosed deck with ceiling fan

·      Trek (maintenance free) boards.

·      Arbor Ridge

·      Oldham County

·         Great example of Louisville Real Estate for a great price!

·         Perfect for 1st time buyer or someone ready to downsize!

·         3 bedrooms, 2 full baths offers an extra finished 20 x 8 bonus room that has been finished with a window and is currently being used as a playroom.

·         The home features a large master suite, with two walk-in closets. The upstairs second bedroom also has a walk-in closet.

·         The 1st floor bedroom could be the master.

·         The oversized vaulted 17 x 19 great room showcases a wood burning fireplace with a gas starter and opens into the very open and spacious gourmet kitchen

·         The home has one of the largest backyards located in Oakhurst! The house also features a 16×16 deck along with a 10×11 patio.

For more info head to www.weselllouisville.com

Why move to Louisville? Forbes Magazine will tell you! A new report on Forbes.com rates the

Louisville Kentucky ranked 24^th easily beating cities like Indianapolis (ranked 40), St Louis (ranked 44) and Cincinnati (ranked a whopping 70).

Louisville get’s it’s best score, (ranking 17^th) for our lower real estate takes. Our worst score (66^th) was for Unemployment. The report quotes Kermit Baker, a senior researcher at Harvard University’s Joint Center for Housing Studies.”These are sleepy little markets that have fallen under the radar screen in terms of turbulence in housing, they didn’t go through much of a boom or bust.”

That in fact is the key to Louisville’s success. Our 3% home appreciation (on average per year) has kept us from out-pricing the real price of homes

To gather the rankings, that offer most bang for the buck, Forbes looked at the country’s 100 largest Metropolitan Statistical Areas–geographic entities defined by the U.S. Office of Management and Budget. They then used a variety of data including foreclosures as a percentage of home prices; vacancies; unemployment rates; a three-year job-growth forecast; a three-year home-price forecast; housing affordability; median real estate taxes; and median travel time to work.

The top 3 cities were Omaha Nebraska, Little Rock Arkansas and Jackson Missouri. The bottom 3 were New York City, Miami and LA. For more information about Louisville Home Sales and Louisville Real Estate, head to www.weselllouisville.com

1) Tax break for buying a home The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30. 

2) The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

3) The credit would be available only for the purchase of principal residences priced at $800,000 or less.

4) The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

The Real Estate Sales numbers for Louisville Kentucky are in for September 2009 and the picture is loud and clear! The number of homes sold up 13 percent from September 2008 and up 4 percent from September 2007 (see raw data below). Additionally, the number of homes going under contract in September 2009 compared to September 2008 up 23 percent. When compared to September 2007, the numbers are  up 14 percent.  That is amazing!

The reason is simple the $ 8000 tax credit. How can I tell? Easy, look at the area breakdown for sales and average prices (see below), based on the average price of homes many of the sales were 1^st time homebuyers. Other higher sales prices are coming from home owners moving up to a 2^nd home. 

Yet, our lawmakers in Washington are about to do battle with each other trying to decide if they should continue, stop or expand the $8000 dollar tax credit. Do they understand that home sales drive the economy?  Apparently it’s not clear to all lawmakers. Everyone from builders and  construction crews to electronic stores selling new flat screen TV’s for the new homes and thousands of  stores and manufacturers who supply the sofas, sinks, lights and paint all benefit from the tax credit. The recovery in this country is in danger sliding backwards if the tax credit expires on November 30, 2009.

Our lawmakers have the power to expand the tax credit for all home buyers. But do they get it? We’ve written our representatives, I urge to do the same. They may not listen (nothing new there) but at least we can try. Let them fight over the health care issue and the war in Iraq, the tax credit is a no-brainer for anyone smart enough to see the results below.   

 September 2009

September 2008

September 2007

It’s enough to make your blood boil! At a time when home sales should be brisk, new government regulations, ultra tight mortgage requirements and overworked (and angry) appraisers have slowed down home sales in Louisville Kentucky and around much of the rest of the country. On the surface the sales numbers are better than a year before but they could and should be a lot better! To understand what’s going on we need to examine two separate sets of numbers. To start with the number of homes sold in August 2009 was up 11% over the same month in 2008

The second part of this equation focuses on the number of homes going under contract in August 2009, that number wasn’t as good as the month before (down 6%) , but homes going under contract in August 2009 were actually up 15 % from the year before.

Simply put the numbers show buyers are still out there looking for homes. Many of them are 1^st time buyers but as those 1^st time buyer homes sell, the sellers of those homes will move up the buying chain.  But putting all sellers and buyers through government hoops to get approvals will only hurt the home sale market. Additionally if the government doesn’t extend or expand the $8000 1^st time tax credit, sales could grind to a halt.    

The answers to the problem are simple. Put a moratorium on the new appraisal standards until all bugs can be worked out. Keep mortgage companies from requiring 1^st born children as collateral for a loan. Finally extend and expand the tax credit from $8000 for 1st time home buyers to $15,000 for all buyers. Add an extra $10,000 tax credit for anyone buying a new home or contracting with a builder to build a new home. Finally allow all buyers to purchase foreclosed property and make low interest loans available to those foreclosure buyers to hire builders and contractors to repair those homes. Now we’ve got a recipe to put the country back on track and a shot in the arm to the economy! Head to www.weselllouisville.com for more info.

August 2009

August 2008

August 2007

After watching the video feel free to call the Bob Sokoler and Medley Sokoler Team at (502) 376-5483 or head to www.weselllouisville.com or www.stoplouisvilleforeclosures.com.

Louisville home sales for July 2009 jumped. Louisville saw a 21% increase in home sales from July 2008. The numbers were still 13% below the levels of July 2007 (before the housing market tanked).  There’s another great sign that the Louisville housing market has recovered, homes going under contract in July 2009 compared to the year before were up 32%.

Peak performing sales prices were in the 100,000- 160,000 and 200,000-250,000 price ranges. The success of the month of July points directly at the $8000 first time home buyers tax credit and lower interest rates. At the same time people living in those entry levels homes were able to buy their next home which would typically be in the 200,000-250,000 price point.

What all this means is simple, the first time tax credit works just look at the amazingly successful cash for clunkers car traded-in program that was extended this past Friday. Shouldn’t our government realize by now that extending and even better, expanding the home buyer tax credit program would go a long way to moving the housing market forward!  

For more info on the Medley Sokoler team head to www.weselllouisville.com.

July 2009

July 2008