Louisville, KY Real Estate Podcast with JP Pirtle

The market continues to be strong in Louisville. To get more perspective, we’re going to look at the numbers we saw this June and compare them to the numbers we saw in June 2016. Let’s get to it.

Inventory remains extremely low. Last year, the 5,000 homes we had on the market represented a huge need for more inventory, but it has since dropped even further. Right now, there are only about 4,300 homes on the market. Our absorption rate has dropped from 3.5 to under three months.

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Homes are selling faster and for more money on average.

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The average sale price has increased from $207,000 last June to $223,000 right now. That’s more good news for everybody. Not only are homes selling for more money on average, they’re selling faster too. Last year, homes were selling in an average of just 61 days. That number has since dropped to 52. 

Interest rates are at about the same level they were last year, but they have dropped slightly. Right now, our partners at Statewide Mortgage say you’re looking at a 4.125% rate on average.

Quote of the month: “When you get right down to the root of the meaning of the word ‘succeed’, you find that it simply means to follow through.” - F.W. Nichol

There’s our market recap for June 2017. If you have any questions about it or would like more information, give us a call or send us an email. We look forward to hearing from you.

We have great news to share today. Our team has had a wonderful year so far and we’ve been growing tremendously. We want to thank everyone who has helped us grow to this point and also announce the addition of our newest real estate office, right down the street from our current one.

Our office is at 8225 Shelbyville Road, and we want to fill it up with team members and independent agents alike. We need your help to do this. Why would someone choose to work on our team?

We spend hundreds of thousands of dollars per year on advertising and marketing to create name and brand recognition. When you’re with Dream JP Pirtle Realtors, that brand recognition will help you out a ton in this area.

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We provide our agents with guaranteed leads.

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One thing we provide our agents with is guaranteed leads. We get up to 1,000 leads a month, so we need agents who want to work hard to get these leads served and make an unlimited amount of money. Some other advantages to working with our team include:

If you or someone you know is interested in learning more about our team or a career in real estate, contact John Holtzinger at [email protected] or by phone at 502-458-2722. We look forward to hearing from you soon.

I am coming to you today because I need your help. My team is in need of an experienced property manager.

We are looking for someone with high energy, enthusiasm, character, honesty, and property managing experience. That means we are looking for someone who has managed apartments or houses before.

In this position, you will be managing both houses and apartments. You will be responsible for collecting rents, making deposits, executing leases, and managing our maintenance people to get repairs done on rentals and flips.  

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Email us your resume today!

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This is a full-time position with a guaranteed weekly salary, bonuses, paid vacation, and paid holidays. If the right person can get the job done in 30 hours a week, we will consider making this a part-time position. However, a full-time property manager is preferred.

If you are applying for this job, you have to love property management. We are looking for someone to start immediately, so if you or anyone you know is the right fit for the job, email your resumes to Ami Vera ([email protected]) and Jody Cooper ([email protected]).

We look forward to hearing from you!

It’s almost summertime here in Louisville. I hope everyone won a bunch of money at the Derby recently. Today I’d like to discuss a quick market recap. I’ve got the latest numbers from April 2017 and I’m going to compare them with what we saw in April 2016. 

Our market is doing great as you may have heard, but there is a growing problem. I’m talking about the lack of inventory for buyers to choose from. This isn’t a problem for sellers, but it makes things much more difficult for buyers. 

We sold 1,500 homes in April 2016, but only sold 1,380 this April. The average sale price has shot up from $186,000 to $202,000 in the last year as well.

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Our active listings are at a historically low level.

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We are seeing big changes in the average days on market, which is down from 82 in April 2016 to just 58 days right now. Homes are moving a whole lot faster, even if there haven’t been as many of them.

The absorption rate, or how long it would take to just sell off the current inventory if nothing else came on the market, is down to about 2.5 months this year from 3.36 months in April 2016.

Our active listings are at a historically low level. We only had 4,800 last April, but now that number has dropped even further to 3,800.

Interest rates are up from last year but are holding stable for now. They’re right around 4.5% right now for a 30-year fixed rate, which is up about 1% from last year. If you need more information about where rates are today, we’d love to connect you with our preferred lender.

If you have any questions for me, give me a call or send me an email. I would love to hear from you.

Quote of the month: “There is only one small letter between the words can and can’t. That one letter will totally change your life.” -Fireball.

Another great month is on the books for our real estate market. According to the statistics, now is a great time to be both a buyer and a seller. Buying a Louisville home? Get a full Home Search Selling your Louisville home? Get a free Home Value Report The numbers are in for February 2017, and it was another great month for our market. Today I want to compare last month’s statistics with those from February 2016 to get a broader sense of where things stand.  We sold almost 1,100 homes this February, which is about the same amount we sold in February 2016. From February 2016 to February 2017, our average sale price rose from $172,000 to $190,000. Our average days on market dropped from 93 days in February 2016 to 76 days in February 2017. “ February was another great month for our market. ” During that same time, our absorption rate (or however many months it would take to sell off our current inventory) dropped from 3.3 months to 2.45 months. Our number of active listings also dropped from 4,600 in February 2016 to 3,600 in February 2017.  That last statistic is important to note because that drop in active listings is what’s driving the market as far as pricing goes. There is a lot of demand and not a lot of inventory, which makes now a great time to sell your house. Interest rates have also gone up a little bit. Last February, they were in the 3.5% range. This February,  they were closer to 4%. This increase is something we’ve been anticipating, and rates may continue to rise as the year progresses. This makes now not only a great time to sell, but also to buy.  Now that the statistics are out of the way, it’s time for my quote of the day: “Press on. Nothing in the world can take the place of persistence.” That’s from Ray Kroc, one of the co-founders of McDonald’s.  Our office is growing, so if you know any agents that would be interested in joining our team, please don’t hesitate to refer them to us. If you have any questions about our market or are looking to buy or sell a home, feel free to give me a call or shoot me an email. I look forward to hearing from you!

How does the January 2017 real estate market compare to the January 2016 market? We’ll go over the latest numbers today.  Buying a Louisville home? Get a full Home Search Selling your Louisville home? Get a free Home Value Report The numbers are in for January 2017, so we thought we would compare them to the market stats from January of 2016.  So far, 2017 is off to a great start. As you know, 2016 was the best year we ever had thanks to you. Now, how is the market doing?  This January, there were 972 home sales; in January of 2016, there were 949 home sales. The average sales price went up as well, jumping from $188,000 in 2016 to $197,000. The average days on market dropped from 92 days in 2016 to 74 days in January of 2017. “ 2017 is off to a fantastic start! ” If we look at the absorption rate, which is the number of months it would take to sell all of our current inventory, you’ll see that inventory dropped from 3.51 months in January of 2016 to 2.6 months this January.  The number of active listings also dropped, from 4,800 last January to 3,800 this January. That means there aren’t as many homes coming on the market. Since inventory is already low, now is a great time to sell your home.  Of course, everyone is talking about interest rates. According to Statewide Mortgage, our preferred lender, this January the average interest rate was at 3.75% with a 4.7% APR. In January of 2016, interest rates were at 3.65% with a 4.7% APR.  As you can see, 2017 is off to a great start. Before I go, I’d like to share the quote of the day:   “Teamwork makes the dream work.”  I’m not sure who originally said that, but one of my employees, Tracy, shared that one with me. Thanks, Tracy!  If you have any other questions about our current real estate market, give me a call or send me an email. I would be happy to help you!

What's going on in the Louisville market? Today we're taking a looking at December 2015 through December 2016 to get an idea of how things changed over the course of last year. Buying a Louisville home? Get a full Home Search Selling your Louisville home? Get a free Home Value Report Today I wanted to take a quick look back at the market from 2016. It ended up being the best year we ever had, buying and selling more than 500 homes. That's all because of your business and referrals, and I appreciate it from the bottom of my heart. To examine last year's market, we will compare December of last year to December 2015. In 2016, we sold 1,357 homes compared to about 1,310 homes in 2015. Last year's average sales price was $194,000, which was down from $198,000 in 2015. The average days on market for 2016 was 69 days compared to 79 days the previous year. The absorption rate—how long it would take to sell the current inventory—was around 2.93 months versus 3.8 months the year before. The average number of listings in December 2016 was 4,349 homes compared to 5,300 active listings on the market in December 2015. We're seeing that inventory is very low, and it's helping home sellers get a much higher price for their homes. “ Low inventory is helping home sellers get a very high price for their homes. ” Interest rates have finally begun to tick up. A year ago, the average 30-year fixed-rate mortgage interest rate was about 3.25%, and this year, they're about 3.8%. I know we've been talking about them going up for years, but they have actually started to rise and will continue to do so.  If you have any questions about our market, you or someone you know is interested in joining our team, or you're looking to buy or sell a home in the Louisville market, give me a call or send me an email soon. I'd love to hear from you! Finally, I want to leave you with the quote of the month from George Washington Carver, who said: "90% of all failures come from people who have a habit of making excuses."

Our team is growing and we are looking to add some new agents. By working with our team, you will have a lot of things going in your favor. Buying a Louisville home? Get a full Home Search Selling your Louisville home? Get a free Home Value Report We have great news to share today. Our team has had a wonderful year so far and we’ve been growing tremendously. We want to thank everyone who has helped us grow to this point and also announce the addition of our newest real estate office, right down the street from our current one. Our new office is at 8225 Shelbyville Road, and we want to fill it up with team members and independent agents alike. We need your help to do this. Why would someone choose to work on our team? We spend hundreds of thousands of dollars per year on advertising and marketing to create name and brand recognition. When you’re with Dream JP Pirtle Realtors, that brand recognition will help you out a ton in this area. “ We provide our agents with guaranteed leads. ” One thing we provide our agents with is guaranteed leads. We get up to 1,000 leads a month, so we need agents who want to work hard to get these leads served and make an unlimited amount of money. Some other advantages to working with our team include: A full-time trainer whose job is to help all our agents perform their very bestA full-time administrative staff, listing manager, marketing manager, ISA, and moreNo royalty fees, monthly fees, desk fees, or sign feesAggressive commission splitsVery low caps If you or someone you know is interested in learning more about our team or a career in real estate, contact John Holtzinger at [email protected] or by phone at 502-458-2722. We look forward to hearing from you soon.

We’ve seen a lot of changes to our market in just one year. Inventory is down, sale prices are up, and interest rates remain low. Buying a Louisville home? Get a full Home Search Selling your Louisville home? Get a free Home Value Report This September has been a hot month in terms of temperature. It has also been a hot month for our real estate market. We’ve got an update for you today that compares where we were at last September compared to where we are right now. We’ve seen a lot of encouraging signs in just a year. At the end of August 2015, there were about 6,100 listings. At the end of August 2016, there are only about 5,000. Drops in inventory creates higher demand and low sales. Our inventory at the end of August 2015 was almost five months. Right now, our inventory is down to 3.5 months. Homes are selling a lot faster than they did last year. Here are a few more interesting statistics we thought we would point out: The average sale price increased from $200,000 in August 2015 to $207,000 in August 2016.The average consecutive days on market has dropped from 75 days a year ago to 61 days today.The number of sold homes has gone from 1,586 last August to 1,670 this August. In addition to these numbers, we keep hearing that interest rates will go up. So far, they haven’t. They have actually dropped to 3.5%. It’s a great time to lock in a great rate on a home purchase. “ Interest rates still haven’t gone up either. ” I’ll leave you with my quote of the month. This one comes from Roger Staubach: “Confidence is the result of hours, days, weeks, and years of hard work and education.” A great quote from a great quarterback. If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.

Buying a Louisville home? Get a full Home Search  Selling your Louisville home? Get a free Home Value Report  To let you know what’s going on in the real estate world, I want to talk about the month of June and give you a 2nd quarter market recap as we compare some current numbers to what was happening in June of last year. This June was a great month, and so was the entire 2nd quarter. The number of houses on the market was 4,900, compared to 6,100 last year. This lower number of houses for sale has created a market that just keeps getting hotter and hotter. The absorption rate (how many months it takes to sell the current inventory) in 2016 is 3.4 months, as opposed to 2015’s rate of 4.8 months. The average sale price of June 2016 is $211,000, whereas last year’s was closer to $205,000. The average days on market for 2016 is 59, down from 2015’s average of 81 days.   “ June was a great month, and so was the entire 2nd quarter. ” There were 1,800 houses sold in June 2016, versus 1,890 houses sold last year. The higher number in this case can be attributed to last summer being the starting point of the whole market improvement. Right now, interest rates are holding at 3.6%, which is phenomenal. Last year they spiked up a little bit to 4.25%. Overall, it was a record-breaking month for our company. We bought or sold approximately 55 houses. For this we give many thanks to the people who’ve given us our referrals and repeat business. I wish you all a happy July, and hope you have a great summer. We’ll talk to you again in three weeks with another market update. If you need any free advice or a CMA, please feel free to contact us by phone or email.