Providing More Than a Key to the Front Door

Insider

REAL ESTATE
Wakeeld Reutlinger Realtors, a Berkshire Hathaway Aliate

TESTIMONIAL
Thank you for constantly
and consistently offering
prompt and personalized
service!
-- Ali

Olmsted Parks
Conservancys Annual
Fundraiser
Plan to attend the
BEST COSTUME PARTY
IN LOUISVILLE!
Saturday October 29th at
the Executive Aviation
Hangar at Bowman Field
Mellow Mushroom
volunteer night in
Cherokee Park
Free pizza after working.
September 1st, 6pm
Community service hours?
Be a Junior Park Steward.

The Parklands
Zootopia movie night!
August 12th, 8:30pm
Woodland Pavilion, FREE!
Friends of Parklands Picnic
an annual member perk
August 21st, 4 to 6pm Broad
Run Park, or come early for
ranger led walks.

3rd Quarter 2016

Louisville and National Market Update

remain at their highest annual pace since
February 2007.

Existing home sales for the Louisville area

slowed in June, coming in essentially flat from
a year ago. However, year-to-date, they were
up 8.3% compared to the first half of 2015.
Median prices for the first half of 2016 were up
1.9% and the average price was up .4% versus
the first half of 2015. The median price was
$168,000 and the average price was $207,619.
Inventory continues to be a problem, with available
properties down 20.6% for the Greater Louisville
Area and down 24.8% for Jefferson County
from June 2015 levels. Homes that are priced
correctly and in move-in-ready condition
continue to sell quickly.

Lawrence Yun, NAR Chief Economist, said

sales gain this year through June cap off a solid
first half of 2016 for the housing market.
Existing sales rose again last month as more
traditional buyers and fewer investors were able
to close on a home despite many competitive
areas with unrelenting supply and demand
imbalances, he said. Sustained job growth as
well as this years descent in mortgage rates is
undoubtedly driving the appetite for home
purchases.

National sales maintained an upward trajectory

in June and increased for the fourth consecutive
month, spurred by first-time buyers, according
to the National Association of Realtors.
Existing home sales climbed 1.1% in June over
May. Sales are now up 3% from June 2015 and

However, he said, Looking ahead, its unclear

if this current sales pace can further accelerate
as record high stock prices, near-record low
mortgage rates and solid job gains face off
against a dearth of homes available for sale and
lofty home prices that keep advancing.

LOUISVILLEReal

Estate

U P D A TE

Month at a Glance

June Unit Sales of Single Family and Condo

June 2014 June 2015 June 2016
Houses Sold

1523

1873

1801

Avg. Selling Price

$200,557

$205,264

209,910

Median Selling Price

$155,000

$167,950

$170,700

2014

2015

2016

6797

7691

8330

Avg. Selling Price

$174,744

$190,525

$191,278

Median Selling Price

$141,000

$155,000

$158,000

Year to Date at a Glance - Units Sold January 11-June 30

Houses Sold

P age 2

Warm Metals are IN!

Want to make better use of your outdoor space
without spending a lot of money? Try these three
simple tricks that can make all the difference
between using your backyard and just looking at
it. = Romantic lighting can really add drama and
whimsy to an otherwise dull outdoor space. Try
stringing lights over a patio for a look that recalls
street cafs and romantic restaurant patios. If you
dont have natural hanging spots for your lights to
hook onto, install a simple, wood pole with a loop
or hook screw on top. You can install the poles
directly into the ground, or attach them onto
your pre-existing railings or a heavy base. = Potted trees and bushes can divide designated areas, provide shade in the summer heat and create privacy. Consider Skyrocket juniper trees,
bamboo or arborvitae to start. You may want to
ask your local plant center for ones that grow well
in your area of the country and how they survive winter, if that is a consideration. = Add
a chimenea. If you live in a climate where its
cooler at night and you want to extend the life of
your patio past summer, add a simple, small
chimenea. These are fire pits with a round, open
belly and a thick pipe on top. The fires start quickly, dont get too hot or too big, and are more easily
controlled than a traditional open fire pit.
Source : Certified Residential Specialist

While there are certainly

still plenty of homeowners
clamoring to swap out
their polished brass
fixtures from the 90s,
the warm metals are in
fact making a comeback.
Yes, even polished brass,
and more surprising, unlacquered polished brass!
But if you are not quite
ready to embrace brass
again, how about gold or
polished nickel? Manufacturers are coming out
with even more finish
options in the warm
tones. Polished nickel is
making a splash in glamorous
art deco inspired baths,
brushed gold pairs well
with modern minimalist
kitchens, rose golds and
coppers are showing up
in lighting and furniture (and iPhones!). These warm metals add a
unique and opulent touch to your space, and work very well with the
aforementioned white on white trend!
Source : Splash Galleries Inc.

Get Ready for a Baby Boomer Sell-Off

Baby boomers and others aged 55 or older, comprising up to several million current home owners, say they plan to move
to rental units in the next few years, according to Freddie Macs newly released
55+ Survey of housing plans and perceptions of those born before 1961.
The Senior Shift
An estimated 6 million home owners and
nearly as many renters
prefer to move again and
rent at some point, the
survey shows. More than
5 million say they are likely
to rent by 2020.
"When a population this
large expects to move into
less
expensive
rental
housing, we have to
expect it will create significant new pressure on
both the supply and cost of
existing affordable rental
housing,"
says
David

Brickman, executive vice president of

Freddie Mac Multifamily.
Seventy-one percent of nearly 6,000
home owners and renters surveyed
say they plan to rent their next home.
The top factors that they say are very
important in influencing their next
move are: affordability (60 percent);
amenities needed for retirement (47

percent); living in a community where

they are no longer responsible for caring
for the property (44 percent); and being
in a walkable community (43 percent).
Respondents also say they dont want to
move far next time they move. Thirty-one
percent say they would likely relocate to
a different neighborhood in the same
city, while 23 percent say they would like
to move to a different property in the
same neighborhood. Eighteen percent
say they would like to move to a different
city in the same state and 24 percent
would move to a different state.
Nearly 6 out of 10 of the 55-plus renters
surveyed say they prefer to either
move closer to their families or in with
them. Hispanic single-family renters
were most likely to say they would like to
move closer to family, while AsianAmerican renters were the most likely to
say they plan to move in with their adult
children one day.
Source : Freddie Mac

P age 3

Real Estate Insider

What Matters Most to Millennial Homebuyers?

Millennials aren't buying homes as status
symbols or long-term investments. They
are purchasing homes that will provide an
easier life-style than their parents, and less
risk.
Here are some deciding factors for young
buyers who are looking for a new home.
They are financially conservative when it
comes to taking out a loan. Putting down a
higher down payment, and not taking out
the highest available loan amount is
important.

Why You
Need a
Realtor...

They want to live close to an urban

They prefer technology friendly, energy
efficiency systems and the use of
center that offers a multitude of activities.
renewable, reclaimable building
They don't mind less square footage
materials.
and fewer bells and whistles than
Many enjoy an industrial, yet
the previous two generations.
uncluttered and comfortable over They want an open floor plan for more
all feeling.
socialization and casual
Turn-key condition. Younger buyers
living spaces inside and out.
prefer having time to pursue their
They want low maintenance interiors
hobbies and interests instead of
and exteriors that require minimal time
working on their homes.
and care.

Starting
the process

Closing

Moving? Buyer or Seller?

How to Smooth Out Your Home Inspection Experience.
To the Seller:
Before going on the market:
Address those nagging issues you may
have neglected over the years.
Fill out the sellers disclosure of property
condition THOROUGHLY. Detailed
disclosure about past issues and repairs
not only helps the home inspector and
buyer, it ensures a smoother process for you.
Before the home inspection:
Clean up and clean out. Of course it
makes a good first impression on any
potential buyer, but it really helps out at
home inspection time. Inspectors are not
going to be moving your stuff to get to
what they need to see. Not being able
to do thorough inspections can sour the
experience for the buyer, and subsequently,
you.
At time of the home inspection:
Provide free access to attic space, crawl
spaces and storage areas.
Make sure the inspector can see as much
of walls and floors as possible, especially
in the basement.
Take Fido the pup and Prissy the cat
with you! Or at the least crate or contain
them where they cant interfere. Pets
running around is not only hard on the

inspector, but could be hard on your pets

(and your neighbors) if they get out
during one of the many times the doors
are opened.
After the home inspection:
DONT PANIC if the buyer presents you
with a laundry list of items to repair.
Work with your Realtor to determine
how best to address the problems based
on your contract and particular situation.

To the Buyer:
Before the home inspection:
Make sure you hire a reputable home
inspector who provides a detailed report
with pictures.
Know what to expect:
Ask questions about what the home
inspection will cover and not cover.
From your previous visits, prepare a
list of questions
you have about
the
property,
anything
you
have
noticed
that
concerns
you. Share the
sellers
disclosure.

At time of the home inspection:

Spend time with the inspector if possible.
You can learn how the various systems
work, and how to maintain them. If a
problem is found, the inspector can show
you firsthand what the malfunction is.
Make sure you find the water shut-off
valve and electrical panel!
The inspector doesnt have x-ray vision
and cant predict the future, but can give
you a rough estimate of life expectancy
of certain items such as the roof, HVAC
and water heater.
After the home inspection:
DONT PANIC if the inspector presents
you with a long list of problems. All houses
have issues, even new construction.
Everything is fixable, replaceable or
upgradable, even mold and radon. Think
of it as a comprehensive To-Do List for
you, the new homeowner. Some items
need to be addressed right away, some down
the road. For items needing immediate
attention, your Realtor can help negotiate
with the seller for repairs and/or concessions. You may take on some of the smaller
items yourself and budget for the others
later on.
Work with your Realtor to determine
how best to address the problems based
on your contract and particular situation.

Ellen Kronauer,

REALTOR

Ellen is a Louisville native with strong ties to the community she loves
and calls home. For the past 32 years, she has been caring for patients
as a registered nurse.
Im so excited to be starting a new chapter in my life and pursuing a
long time dream! I have always had a passion for real estate and I love
working with people.
Whether you are buying or selling your home, Ellen would love the opportunity to
work with you to make your home dreams come true. For all your real estate needs,
contact Ellen at 502-552-3436 or ekronauer@WRrealtors.com

6511 Glenridge Park Place, Ste. 10

Louisville, KY 40222
WRrealtors.com
502-425-0225

Providing More Than a Key to the Front Door

This is not intended to solicit a currently listed property.

Information is deemed reliable, but not guaranteed.

Which Comes First? Buying or Selling?

This is a tricky question for most homeowners. The ideal scenario is to put your
home on the market, get it under contract,
have plenty of time to find your dream
home, and then close on them both the
same day. This is next to impossible to pull
off, especially without a tremendous
amount of stress. Buying and selling real
estate often hinges upon time-sensitive
factors.
Let's say you have your home under
contract. Then, a few weeks later, it falls
through for any number of reasons such as
home inspections, financing, low appraisal,
loss of employment, etc. This could mean
you may be stuck with two mortgage

payments. Most people are not in the

position to do this.
If you do try to buy and sell simultaneously,
prior to putting your home on the market,
consider the following:
- Pack up everything you can and remove
any and all clutter.
- Call in experts to look at your HVAC,
electrical
system,
plumbing,
and
roof. Make any repairs that are necessary.
- Use a professional real estate agent who
knows the market.
- Price your home realistically.
- Keep the big picture in mind! Don't get

stuck on small snags in the deal.

- No one wants to move twice. However,
locating temporary living quarters may be
the smart thing to do. Before putting your
home on the market, consider networking
to locate people who would be willing to
rent out extra space for a short period of
time.
Getting your home sold first allows you
piece of mind in knowing exactly how
much money you have to purchase the next
home. Be flexible about temporary housing. It
is way less stressful than owning two
homes at once.