The Louisville, Kentucky Real Estate Market Outlook

The real estate market in Louisville, Kentucky is thriving like in many other parts of the country. However, the market has its challenges that are affecting either property buyers or property sellers. This article highlights on the city’s real estate market outlook, putting more emphasis on the Louisville homes for sale. The idea is to update both property buyers and sellers on how the market is now and what they should expect in the near future.

  1. The Is A Shortage of Homes for Sale in the City 

For those planning to buy homes in the city, it is worth noting that the number of Louisville houses for sale is very low and the trend is expected to continue in the near future. This is because the number of new properties constructed in the city is on the decline due to the high cost of building and lack of land. Consequently, the scarcity of inventory has pushed the demand upward and the market is currently in favor of the sellers.

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  1. Home Buyers Should Be Prepared For Higher Prices. 

Those planning to buy homes in Louisville should do so now because prices are not coming down anytime soon. If anything, home prices in the city are expected to continue rising if the current trend is something to go by. For instance, the average selling price for homes in January 2017 was $194108. This is a major increase compared to the January 2016 and January 2015 average prices, which were $187392 and $166740 respectively. This shows that homes selling prices have increased by about 16 percent in just two years. Based on this trend, it is evident that homes are going to cost more in the near future.

  1. There Is Plenty of Inventory in the Market for Pricey Homes 

Home sellers in the city have responded rapidly to the rising demand for home by increasing their asking prices. Consequently, there is a plenty inventory of expensive homes with the asking price above $500000. This means that those desperate to own a home in Louisville can still get their dream home, as long they are ready to dig deep into their pockets.

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  1. Buying a Home on Mortgage Is Now More Expensive Than Before 

Those planning to buy properties in Louisville on borrowed capital should be prepared to pay more money when repaying the loans. This is because mortgage rates have been increasing gradually and the trend is expected to continue in the near future. However, the increase in mortgage rates in the city has not reached the alarming stage and home buyers have nothing to worry about. Nevertheless, those planning to buy homes for sale Louisville can save some money if they do it now when mortgage rates are still low.

  1. More Laws Have Been Introduced To Regulate the Market

The local authorities in Louisville have introduced more laws to regulate the real estate market in the city. Some of the newly introduced laws that are effective from March 2017 include the requirement by landlords to register all their properties located in Louisville Metro with the city’s Metro Government. Failure to obey these laws results in fines that are calculated on a daily basis per unit property. This means that those planning to buy rental homes in the city should make sure they are conversant with new laws established to regulate the real estate market.

 

 

 

Las Vegas and Surrounding Areas Real Estate Market

The Las Vegas real estate market is currently booming and 2017 has started with a tremendous rise in the home market. This means that the number of people buying homes in Las Vegas and its neighborhoods is on the rise. Las Vegas homes for sale are going like hot cakes and investors are making good money. This article highlights the real estate market trends in Las Vegas to project how the 2017 is likely to be a great year for both property buyers and sellers.

  1. The Number of Properties Sold Is On the Rise

The real estate market in Las Vegas and its environs is booming and the number of town homes, single-family houses and condominiums have increased tremendously in the first month of 2017. The median price of the houses sold in the city during the first month of 2017 was $238000. The situation is expected to be even better in the coming months and investors will make good money.

Las Vegas home

  1. This Is the Right Time to Buy and Sell a Home in Las Vegas

For homebuyers, this is the right time to acquire a property in Las Vegas and its surroundings because there are numerous properties in the market and prices are still relatively affordable. Prices are expected to continue rising and those planning to buy a home in the city of Las Vegas and its environs can save good money if they do so now. On the other hand, homes for sale in Las Vegas are extremely in demand. Both single-family homes and condominiums are currently highly demanded in the city. Generally, the market is about to reach stability and business is very good.

  1. Some of the Popular Neighborhoods in Las Vegas

Although the real estate market in Las Vegas is generally doing great, there are neighborhoods where the market is doing even better. These include Spring Valley, Sunrise Manor, Henderson Nevada and Summerlin. Henderson homes for sale have taken a sharp increase in price. On the other hand, the areas where the real estate market has lagged behind in the city lately include Downtown East, Huntridge, Meadows Village, and Downtown Las Vegas.

  1. Foreclosed Properties Are On the Decline

The once underwater market is recovering rapidly and the number of foreclosed properties has declined tremendously in the recent past. This means that homebuyers are now in a position to pay their mortgages and distressed properties are less in the marketplace. The number of distressed properties in the city of Las Vegas and its neighborhoods is a shrinking figure and the market is rapidly approaching stability.

  1. No Bubble Is Expected Anytime Soon

The Las Vegas real estate market has undergone a rapid recovery process in the last four years. This is a remarkable growth in a market that was affected most by the 2008 crisis. However, many people have expressed their worries that there could be another bubble in the city soon, considering the high rate at which properties are coming up in the city. The truth is that the city’s real estate market growth is as a result of the demand and supply forces and another bubble is unlikely to happen anytime soon. If anything, the market is approaching stability and will be even better in the near future.

 

How to Build a Real Estate Portfolio From the Ground Up

Building an investment portfolio is a dream for every person looking for a source of passive income or planning for his or her retirement. However, some people confuse real estate investing with a get-rich-quick scheme and a way of making easy money. What many people do not know is that it requires hard work, patience and self-discipline to build a real estate portfolio. It can be a long and daunting journey and if you are not well prepared, you can easily lose hope along the way. However, this does not mean that it is impossible to build a real estate portfolio from scratch. If you have what it takes, you can start small and before you know it, you are a real estate industrialist. Here are some basic tips on how you can build a real estate portfolio from scratch.

  1. Start as Early as Possible

Many people start building their real estate portfolio when they are supposed to be enjoying fruits of their hard work. It is better to get started as early as possible when you are younger and energetic. The idea is to start investing as soon as you have the financial capability. That way, you will have acquired enough property by the time you reach your forties to generate adequate passive income. This is better that struggling to build your real estate portfolio when you are about to retire.

  1. Develop your Investment Structure

It is important to develop your investment structure to guide you on the path that you want to take as a real estate investor. For instance, you can invest in a unit trust, family trust or discretionary trust depending on your choice. Some of the factors that may determine the type of investment structure to choose include your risk profile as an investor. Whether you are investing alone, with your family or with unrelated parties. You can choose a combination of different investment structures for your real estate portfolio.real estate portfolio

  1. Start small and watch your real estate portfolio grow

Many people do not make it in real estate investment because they think it is a way of making immense wealth overnight and you need to be wealthy to invest in real estate. What they do not know is that you do not need to be wealthy for you to invest in real estate. You can start small and grow your investment portfolio with time. If you have limited financing, you can start with small properties and work your way up to bigger things by re-investing your returns. For instance, you can start by acquiring or building a single rental property and add more as you accumulate more revenue. This is better than waiting to gather adequate finances to build all your properties at once because what you invest today will have appreciated by the time you acquire your future property.

  1. Do not just invest, look for good deals

The idea behind real estate investment is not acquiring property so that you can be called a property owner, but to generate more revenue out of it. It is therefore important to look for real estate deals that will make you more money within the shortest time possible. When you overpay for a property, it becomes difficult to recover your money back from the investment.

  1. Get financed

It is wise to maximize on bank loans and private lenders to fund your purchases than using your readily available cash. The idea is to buy as many properties as you can on loan and use your readily available cash for emergencies and upgrading the property. Remember that the more properties you can buy the bigger your portfolio and the profit that you get to enjoy!

  1. Work with a winning team

As you work to build your real estate portfolio, it is important to join hands with other like-minded persons. Remember that there is no man who is an island of knowledge, therefore no investor who knows everything about real estate. It is wise to join other like-minded persons and create action plans together on how you can build your real estate portfolios. Talk with experienced persons in real estate investment and exchange ideas on how to acquire more properties. Two minds are better than one and you will not only share ideas but property acquired will be yours alone. You can also seek professional advice from a real estate investment broker as an individual or as a group on how to build real estate portfolio.

A Buyer’s Guide to San Diego Real Estate

san diego real estate

Owning a home is still part of the American dream, regardless of the real estate crisis that hit the country in 2008. The good news is that the real estate market has recovered in many parts of the country and people are now willing to buy homes. Recent real estate analysis shows that it is gradually becoming more economical to buy a home than to rent in many parts of the country. In this article, I will take a look at the San Diego real estate market; my goal is to help people who are planning to buy a home in the area. Remember that buying a home is more than renting and it is important to make sure you are comfortable with the property you are buying before signing any papers. The following guide can make your work easier as you hunt for San Diego homes for sale. There are just seven steps, but these are all very crucial when buying real estate in San Diego.

  1. Choose your realtor and build a relationship

It is very important to include a realtor when buying real estate in San Diego if you really want to find what you are looking for. Local realtors know where to get good deals and can advise you accordingly. A realtor will also help you with paperwork, making it easy and quick to buy the home of your dreams. The first step when buying a home in San Diego is, therefore, to select a reactor and establish a good relationship with him or her.

  1. Get your finances ready

Demand for real estate in San Diego is quite high and I can freely tell you that it is a first come first serve the market. By this, I mean that a home may be listed and before you get your finances ready, another person would have already bought it. It is, therefore, important to make sure your mortgage is pre-approved before you start hunting for a home to buy in San Diego. You need to be ready all the time to pay for a home before someone else takes it.

  1. Identify the property to buy and have it inspected

Once you have your finances ready, the next step is to identify the home you want to buy and have it inspected. This is where your realtor comes in because he/she is supposed to help you to identify several listed properties and guide you to choose the most favorable. The realtor should also help you have the property inspected to make sure it is in good condition and meets your expectations.

  1. Write an offer to purchase to the seller

Once you have identified the property that you wish to buy, the next step is to write an offer to purchase it from the seller. Again, your realtor should help you structure an effective offer and guide you accordingly on all matters pertaining to buying the property. At this point, your money should be ready because you may be required to make some deposits.

san diego real estate

  1. Presentation of the offer and seller’s response

Your realtor should be able to present your offer to the seller or seller’s agent and give you a prompt response. Here the seller may accept the offer, reject the offer or even counter the offer. Your realtor should help you review the seller’s response and advise you on the way forward. Your realtor should be able to help you reach an agreement with the seller soonest possible.

  1. Open an escrow account

You need to open an escrow account and deposit your money there if your offer is accepted and a purchase agreement signed by all parties. The Escrow is supposed to hold the money and release it to the seller after all the transactions are completed or according to the purchase agreement. You need to make sure that you own the home and all paperwork is completed before money is released to the seller. Your realtor should help you with all the transactions and guide you on how money should be released to the seller.

  1. Close escrow and the deal

This is the last step when all the conditions of the purchase agreement have been met and all parties are satisfied. The ownership of the home is transferred over to you and all necessary records have been filed with relevant authorities. All balances are paid, you become the new homeowner and the deal is closed. Your realtor will help you finalize all the transactions and close the deal.

 

Basic Tips for Your First Home Purchase

Buying your first home is a very thrilling experience and you can be tempted to make irrational decisions if you are not careful. Owning a home is part of the American dream and every person wishes to buy a home and forget about paying rent every end month. However, there are several factors to consider when buying a home to avoid regretting afterward or straining your finances. After all, owning a home is not the only thing in life and you need to move on smoothly afterward. It is also worth noting that owning a home comes with other hidden costs that will require money such as doing repairs and renovations. For those who want to buy their first home and forget about the landlord, the following are the basic tips that you need to consider for your first home purchase.

1. Make sure you understand the total costs of the purchase

Many first time homebuyers are not keen enough to confirm the total costs of the purchase. Some first-time homebuyers are excited and consider only the selling prices when deciding which property to buy. What the majority of them do not know is that the fact that you have saved half the selling price of the home that you want to buy and you can get the other half as a mortgage does not mean you can afford that home. The truth is that there are other hidden costs, other than the price of the home, which you need to know. For instance, you may be required to pay for stamp duty, inspection and realtor fees among others.

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2. Take advantage of first-time homeowner concessions
This is a very important aspect to consider when buying your first home if you want to cut down the costs. Some states give first-time homebuyers various incentives to encourage people to own homes. Therefore, you can save good money in duties and fees through first-time homeowner concessions in your state.

3. Get inspection report for the home you want to buy
It is important to make sure you have inspection reports of the home that you want to buy before signing any papers. The majority of the first time homebuyers forget to ask for inspection out of excitement or because they assume the property is in good condition. Consequently, first-time homebuyers end up buying properties with numerous problems such as structural faults, water and pest damage and faulty systems among others. It is, therefore, important to get a professional to inspect the property so that you can be sure that the home you are buying is in good condition. You can also use the inspection report to negotiate a better price if the property has some problems that need repairs or renovations.

4. Make sure you understand all aspects of the property
It is important to make sure you have understood all the aspects of the home that you want to buy before making any payment. Many people are carried away by emotions and the aesthetics of a property when buying their first home and ignore other important aspects that are very crucial to the property. It is, therefore, important to make sure you have considered all aspects of the property such as the local council regulations, the crime rate in the area, weather conditions, positioning of the home, access to social amenities and another aspect that may affect your life. It is important to get a real estate expert to help you evaluate the home to make sure no important aspect of the property is ignored.

5. Make sure you stick to your budget
Buying your first home is a very pleasurable experience and if you are not careful, you can end up exceeding your planned budget. This can leave you racked with doubts and resentment after you have drained all your finances and probably enter into debts. It is, therefore, important to plan well and stick to your budget when buying your first home. You need to understand your financial capability and look for homes that you can afford to pay for without much struggle. You also need to consider your future needs and those of your family members when buying your first home relative to your future income. If buying the home can strain you financially afterward, then you should consider a cheaper home or even continue renting until when you are financially ready to buy your dream home.

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