I get this questions a lot: “So, Justin, How’s the Real Estate Market?”. Many times people don’t really want the answer to this question, it’s just a conversation starter. But, depending on who you ask, you might hear something like, “Oh, it’s doing well”. I used to say similar things from time to time, but I decided that if I want to actually do someone a service when they ask me that question, it would be better to answer the question, “how’s the real estate market” with real examples, numbers, and statistics. After all, it’s my job as a Louisville Realtor to know the health of the market, and to understand where it fluctuates and what drives it. I’m talking about truly knowing the market, not just telling people, “oh, it’s great” or “I’m super busy right now” like a lot of Realtors will tell you. I’m going to breakdown the why, and explain to you how much better the Louisville real estate market is today versus last year at this time. Home ownership is very affordable right now.
Recently I attended Keller Williams Realty’s annual convention in Orlando, FL. It’s an amazing time to gain knowledge, analyze market trends, and become a better Realtor for my clients. I studied a lot of charts and graphs over the course of the convention, but a few of these graphs stood out to me as absolutely astounding. You hear people talking about mortgage interest rates a lot these days. You may hear people say “money is cheap”. The truth is that our interest rates have been so low for so long that people don’t really hear it when someone tells them that rates are low. I feel that I wouldn’t be doing my job if I didn’t mention it. RATES ARE LOW. They are. Home ownership is more affordable now than it ever has been, and I think these two graphs will explain why: