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Home sales have slowed down yet again.
By Bob | August 1, 2010
The Numbers
The new July numbers for Home Sales in Louisville are out and as we suspected sales have slowed. In July 2010, 999 homes closed compared to 1276 July 2009, down about 22%.
Louisville Homes going under contract have also slowed in July 2009, 1119 went under contract, that compares to 1284 in 2009, that’s down about 13 %.
Why
Several factors are slowing Home sales in Louisville and the rest of the country.
1) The tax credits are gone and buyers who were going t buy this summer sped up their timetable to take advantage of the $8000 1st time home buyer or $6500 move up buyer tax credit.
2) Buyers are hoping another tax credit may be coming from the government (we have heard nothing about that).
3) Buyers are concerned about the economy and about their jobs. Many buyers are afraid their jobs may disappear in 6-9 months so their afraid to purchase a home.
4) Buyers have: had a short sale, foreclosure or just have bad credit and because banks are requiring good credit to get a loan a purchase is out of the question.
5) Buyers have homes that they can’t sell so they have to rent if they’ve moved here from another state.
Looking ahead
We’ve received a number of calls and e-mails from potential renters and other agents look for a place to rent. So many requests that we’re creating a rental manage arm of our business.
We’re also getting call from investors looking for a good purchase. As a result we’re creating an investment arm of our team.
We feel the market has bottomed out, but it make take 3 or more years before the price of Louisville Homes return to the pre 2008 prices
July 2010
|
This month: 1119 Last month: 1118 This month last year: 0 |
This month: 999 Last month: 1477 This month last year: 0 |
|
This month: $176,838 Last month: $170,037 This month last year: $0 |
This month: 79 Last month: 76 This month last year: 0 |
145,000 |
July 2009
|
This month: 1284 Last month: 1331 This month last year: 0 |
This month: 1276 Last month: 1174 This month last year: 0 |
|
This month: $171,793 Last month: $166,022 This month last year: $0 |
This month: 89 Last month: 84 This month last year: 0 |
140,000 |
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
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