Educates you on market conditions and has a trusting relationship to make the call on when to offer and when to keep looking.
The current state of the Louisville real estate market lends itself to pretty interesting conversations. The one conversation all real estate agents need to consistently have with their buyers is the state of the market. Currently, buyers are faced with an inventory down 30% from 10 years ago with available units averaging right around 3000. With such low inventory, Realtors in Louisville saw average days on market for listings drop to 48 days compared to 59 days a year ago. The Louisville Real Estate market also saw a 3.7% increase in home sales and a 5.3% increase in home price. The average home price in Louisville was just over $200,000. As with most markets across the country real estate has seen a steep appreciation value due to the market corrections of 2007-07 and 2011-12. Appreciation during those periods was minimal if not backwards so buyers have not adjusted to the buying power applicable today. When a buyer, especially a 1st time or move up buyer, has preconceived notions about buying power it is imperative for their real estate agent to manage expectations. You cannot get a 2000 square foot home in St. Matthews that is move-in ready with an open for plan for $200,000. That is a unicorn, a mythical creature that does not exist. The nuisance of relationship and professional sensibility emerges in these situations. Buyers have to trust their real estate agents. The relationship should be forged on spirited optimism married with ridged realism. Buying a house for sale in Louisville is best enjoyed with a full time professional, committed to your wants and needs paired with the ability to communicate the current market conditions in a fruitful and productive way.