The Wall St. Journal wrote an article yesterday entitled For Some, It’s Finally Time to Dive Into Housing Market. Of course, they picked an extreme case to use as their example, as the real estate market in Phoenix, Arizona has been extremely volatile over the past decade and a half. I doubt you’ll see a price drop from $340,000 to $220,500 in less than two years in Louisville’s market, but you never know.
But the truth of the situation applies to us here in Louisville KY just the same. For people moving up from lower-priced housing to more expensive housing—whether that’s someone who stops leasing an apartment and buys their first home; to, a family selling their starter house and purchasing a larger, nicer home—conditions in the Louisville housing market are very favorable to people making this kind of move.
I’ve written about this topic several times in the past but after looking at the real estate market in 2008, more experts are coming around to believe that 2009 is going to be a much better year for real estate in our country.
When you also include the $7,500 tax credit for first-time homebuyers it adds to the attractiveness for this group of home buyers. Please talk to your Realtor to see if you qualify. More information about the Senate Stimulus Bill, as it relates to this tax credit can be found here. (Editor: article was taken down.)