A New Year - Opportunity Knocks in Louisville Real Estate

While 2007 became a year of market change that brought challenges to both buyers and sellers, 2008 is poised for recovery. The lending 'crisis' of this past year caught buyers off guard and left sellers in a lurch. In addition, sellers hoping to cash in on the previous years' boom, or ones in financial trouble, found themselves swamped in inventory with few buyers.

Luckily for all of us, Louisville's real estate market is somewhat isolated from the rest of the Nation and mostly influenced by the local economy which remains strong. With Ford electing to keep open the two Kentucky plants, plus the growth seen by UPS and other local employers, Louisville's job base and therefore real estate purchasing power remains intact.

We did go through a period of increased inventory, plus the foreclosure rate is abnormally high, so the market is still fragile. The inventory will correct itself some throughout the winter months, but will probably remain higher than average for Louisville. The counter to that problem is the lending industry responding to the demand for mortgage options for first-time buyers, plus consumer confidence increasing as the economy stabilizes.

This next year will continue to be a year of change and adjustment for the market, but buyers and sellers armed with solid market information who are willing to flex with the market should be in a favorable position. It will be a good year to buy, and for those sellers who take the time to make cost effective updates, it will remain possible to sell for a fair market price.

I encourage anyone considering selling their home or making a purchase this next year to take the time and become completely informed regarding the market before making any commitments. Secure competent, knowledgeable guidance and representation and learn how to save yourself money by comparing all available options. You can contact me through my website, Louisville Real Estate, if you would like discuss this post. Good luck, I hope you have a successful year buying or selling a home!