If you’re “old” like me, you might recall the phrase: “a stitch in time saves nine.” Or a more contemporary, “You can pay me now, or pay me later” from a Fram oil filter commercial. My point is doing your homework up front saves both time and money. It’s the smart thing to do and in real estate, it’s essential if you want to make a smart buy.
Just because the housing market has taken a dip here in Louisville, doesn’t mean that every property’s asking price is a good deal. Sure there are bargains to be found, but doing the research is the key to determining which homes are amazing deals and which are price at market value.
Louisville Isn’t Las Vegas
First, buyers need to understand that Louisville doesn’t have the large cycles of places like Florida, California or the gambling capital of Nevada. So when our prices dipped in 2008, it wasn’t a large drop like we saw in those cities, but rather a very modest drop of -2.7%.
Local expert, John Cosby, agrees:
“The market in Louisville has not been that bad, so to recover, it doesn’t have to come that far and I think in the next three years, you’re going to see real estate values go way up,” said Cosby.
A great deal of information is readily available, for free, on the Internet. But consider the source. Some information is slanted to paint a particular picture and ultimately get you to pay a subscription fee. A good number of free foreclosure lists are merely that, ploys. Because foreclosures are a hot topic in the media, scam artists play on that and catch a good number of unsuspecting victims.
At the end of the day, it’s best to get your information from an expert. A Realtor® has both the access to the data, as well as, the Code of Ethics to utilize it in an appropriate manner.
If you truly want to find a great deal in Louisville real estate, I recommend that you speak with a Realtor® today. Then you’ll be in the best position to take advantage of this market before prices return to normal.