Home  |  Contact  |  Questions? Call Presley Realty at (502) 614-8783

The Louisville Real Estate Blog

Buying a Home

3 Tips to Success in Today's Real Estate Market

 

3 Tips to Succeed in Today’s Real Estate Market | MyKCM

In today’s highly competitive real estate market, where inventory levels are not keeping up with the constant stream of buyer demand, there are steps you can take to ensure you are most prepared for success when buying a home.

The 3 tips we are going to expand on today come from a recent blog by Trulia entitled, The Skinny on Skinny Inventory.

1. Be Prepared

“Homebuyers should talk with a lender, real estate agent, and a home inspector BEFORE finding a home to make an offer on.”

Being intentional, pre-approved, and prepared will set you up for the accelerated time tables that come with a highly competitive market. If you are the most prepared buyer interested in a home, if you have already secured financial approval, and if you are ready to move fast, your bid will be that much more attractive to a seller.

2. Think Strategically

“Starter homebuyers don’t have a home to sell and can be flexible on closing dates compared to homebuyers who are also trying to sell at the same time.”

...

69% of Buyers are Wrong About Down Payment Needs

69% of Buyers are Wrong About Down Payment Needs | Simplifying The Market

69% of Buyers are Wrong About Down Payment Needs

According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market.

Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership....

Pre-Approval Should Always Be Your First Step

Pre-Approval Should Always Be Your First Step

Pre-Approval Should Always Be Your First Step | MyKCM

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the ...

Saving To Buy A Home?

...

The Connection Between Home Prices & Family Wealth

The Connection Between Home Prices & Family Wealth | Simplifying The Market

The Connection Between Home Prices & Family Wealth

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over...

Are You 1 of the 59 Million Planning to Buy This Year?

Are You 1 of the 59 Million Planning to Buy This Year? | Simplifying The Market

Are You 1 of the 59 Million Planning to Buy This Year?

According to a ...

The Impact of Homeownership on Civic Involvement

The Impact of Homeownership on Civic Involvement | Simplifying The Market

The Impact of Homeownership on Civic Involvement

The National Association of Realtors recently released...

First Comes Love... Then Comes Mortgage?

First Comes Love… Then Comes Mortgage?

According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again...

3 Questions to Ask If You want to Buy Your Dream Home

3 Questions to Ask If You Want to Buy Your Dream Home | Simplifying The Market

3 Questions to Ask If You Want to Buy Your Dream Home

If you are debating purchasing...

Day Dreaming about Your Perfect Home? Know What You WANT vs What You NEED

Daydreaming About Your Perfect Home? Know What You WANT vs. What You NEED | Simplifying The Market

Daydreaming About Your Perfect Home? Know What You WANT vs. What You NEED

...

Thinking of Making an Offer? 4 Tips for Success

Thinking of Making an Offer? 4 Tips for Success | Simplifying The Market

Thinking of Making an Offer? 4 Tips for Success

So you’ve been searching for that perfect house to call a...

How Low Interest Rates Increase Your Purchasing Power

How Low Interest Rates Increase Your Purchasing Power | Simplifying The Market

How Low Interest Rates Increase Your Purchasing Power

Buying a home is more affordable than renting in 66% of US Counties

Buying a Home is More Affordable Than Renting in 66% of US Counties | Simplifying The Market

Buying a Home is More Affordable Than Renting in 66% of US Counties

...

You need a professional on your team when buying a home

You Need a Professional on Your Team When Buying a Home | Simplifying The Market

You Need a Professional on Your Team When Buying a Home

Many people wonder whether they should hire a real estate professional to assist them in buying their dream home or if they should first try to do it on their own. In today’s market: you need an experienced professional!

You Need an Expert Guide if You Are Traveling a Dangerous Path

The field of real estate is loaded with land mines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move into can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.”

A great agent will also have relationships with mortgage professionals and other experts that you will need in securing your dream home. 

You Need a Skilled Negotiator

...

Why Pre-Approval should be your first step

Why Pre-Approval Should Be Your First Step | Simplifying The Market

Why Pre-Approval Should Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach. 

Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

“It’s...

The Top Reasons Why Americans Buy Homes

The Top Reasons Why Americans Buy Homes| Keeping Current Matters

Last week, the inaugural “Homebuyer Insights Report” was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding homeownership.

Consumer Lending Executive, D. Steve Boland, explained:

“Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones.”

Boland went on to say:

“The path to homeownership is a journey and can be as overwhelming as it is exciting. For many people, this is the single most significant financial transaction they will ever make.”

This was evidenced in the report when they asked today’s homebuyers to define homeownership. Their answers tell the whole story.

Bottom Line

Homeownership has always been a part of the American Dream and survey after survey confirms this will always be the case.

...

Home Ownership is a Great Investment!

Don't Be Fooled... Homeownership Is A Great Investment! [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Harvard University's Joint Center of Housing Studies recently released the top financial & emotional reasons to own a home.
  • Owning is a good way to build up wealth that can be passed along to your family as it is usually a form of "forced savings."
  • Whether you rent or own, you are paying a mortgage. Yours when you own, your landlord's when you rent.
...

The Mortgage Process: What You Need To Know [INFOGRAPHIC]


The Mortgage Process: What You Need To Know [INFOGRAPHIC]

The Mortgage Process: What You Need To Know [INFOGRAPHIC] | Simplifying The Market...

What If I Wait Until Next Year To Buy A Home?

What If I Wait Until Next Year To Buy A Home? | Simplifying The Market

What If I Wait Until Next Year To Buy A Home?

Study Again Finds Homeownership to be a Better Way of Producing Wealth

Study Again Finds Homeownership to be a Better Way of Producing Wealth | Simplifying The Market

Study Again Finds Homeownership to be a Better Way of Producing Wealth

According to the...