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Cherie Suchy

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New home sales

7/25/2013

New home sales beat economists' forecasts for June, rising 8.3 percent to the best pace in five year, according to USA Today.  This is good news for the real estate market in general, and especially for Louisville, where new home sales have been in the doldrums for the past 5-6 years.  This year's Homearama is drawing huge crowds at two locations -- Rock Springs (out Hwy. 22) and Locust Creek (out Shelbyville Rd.).  Homearama showcases the latest in architectural design, green technology, home theater/sound systems, and interior design.  Homearama this year runs through July 28; for more information go to http://hbal.com/signature-events/homearama

Seller's Market

7/15/2013

We continue to be in a slightly seller's market in the Louisville area, primarily due to low inventory of listings.  We are seeing very short "days on market" and even bidding wars on houses in certain areas ( especially Highlands, St. Matthews, East End, Crescent Hill) that are priced right and show well.  More buyers are looking for properties that are "move-in ready" rather than ones that need work, even cosmetics.  If you are contemplating selling, it will pay off to freshen your paint, update fixtures/hardware, make needed repairs, and even look into having your home staged.   I am looking for listings in St. Matthews, Graymoor-Devondale, St. Regis Park, and the Highlands!

Thunder Over Louisville!

4/14/2012
Next weekend is Thunder!  If you've never experienced it, it's just amazing.  I believe it is still the biggest fireworks display in the United States, all free for viewing along Louisville and Jeffersonville's waterfront.  An airshow precedes thunder, beginning mid-afternoon.  This year's airshow is being billed as the largest one ever for Thunder.  Be prepared for massive crowds; everyone jockeys for a spot at Waterfront Park.  The nicer the weather, the bigger the crowd.  And just be prepared for it to take a long time to get home; patience goes a long way! 

EASIER TO GET MORTGAGE IN 2012

4/5/2012
DSNews reports that lending guidelines will looses with the improving housing market:

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes the clearest sign yet of an improvement in mortgage credit conditions.

In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.

While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.

Additionally, Capital Economics says any improvement in credit conditions wont be significant enough to generate actual house price gains, and potential ramifications from the euro-zone pose a threat to future credit availability.

Good News in Real Estate!

4/2/2012
This was published in today's Daily Real Estate News from the National Association of Realtors:

Some real estate markets are reporting that home buyers are having to pay more than asking price to get the home they desire, as the supply of for-sale homes has shrunk, Bloomberg News reports.

Bidding wars were a common part of real estate in 2006. But when the market turned from a sellers market to buyers market, more sellers started seeing lowball bids than high bids. Now times are slowly changing, and bidding wars are being reported in several markets, such as in Seattle, Boston, Silicon Valley, Miami, and Washington, D.C., Bloomberg reports.

The inventory of homes for-sale is near a six-year low. Mixed with the low inventory, the job market has been improving and buyers are being lured to the record level of affordability in the housing market. Existing-home sales and pending home sales are up more than 8 percent compared to a year earlier, the National Association of REALTORS® recently reported. Trulia Inc. also reported that falling home values and low mortgage rates have made home buying a better deal than renting in 98 of the 100 largest metro areas.

GO CATS!!

4/1/2012
How 'bout them CATS?!?!

Kentucky Derby time!!

3/29/2012
It's Spring in Kentucky and that means it's getting close to Kentucky Derby Festival time!  Here are a few of the highlights of the Festival:  Friday, 4/20 is the They're Off! Luncheon; Friday, 4/27 is the Balloon Glow; Saturday, 4/28 is the Great Balloon Race; Wednesday is the Great Steamboat Race.  For more info on the many events, go to http://kdf.org/search.cgi?category=events.  And, of course, Friday, May 4 is Kentucky Oaks Day (Louisville's Day at the Races!), and the first Saturday in May is the big event, the 138th Run for the Roses, the most exciting 2 minutes in sports!!!

Great restaurant

3/24/2012
Tried a new restaurant on East Market -- Rye:  it was wonderful!  Great food, and interesting bar with original and delicious cocktails.  If you haven't tried Ghyslain's on East Market (behind Creation Gardens), their food is delicious too!  They're open for lunch and dinner (gets crowded at lunch; best to go early or late).

Lending in the Louisville area

3/23/2012
Based on my own recent experiences, plus conversations with colleagues, it seems that large, national banks are poor choices for mortgage lending.  After being in loan process for more than 6 weeks, I have had 2 different buyers (using 2 different national banks) turned down for mortgages.  Both had be pre-approved, and were well along in the process.  After being turned down by banks, both buyers ulitmately got their mortgages from a mortgage broker.  If you want information a reputable, experienced mortgage broker, give me a call or shoot me an email!
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