Erik Hitzelberger - Louisville & Bullitt County Real Estate

Kentucky Supreme Court overturns Sex Offender Law

Thu, 01 Oct 2009 21:51:00 -0500

Three years ago the Kentucky legislature passed a law banning convicted sex offenders from living within 1000 feet of schools, playgrounds, and day care centers. Today, the Supreme Court threw out that legislation by a 5-2 vote. According to the AP, the justices ruled, "the law is punitive because lawmakers applied it retroactively to sex offenders convicted before the restrictions were imposed."

As a parent, the possibility of a sexual predator harming one of my children is mind-numbingly terrifying. It is part of the reason I do not use their names in public settings online. However, I have a hard time believing this law had any real benefit with regards to protecting children. Kids run and play everywhere. If an offender is going to repeat, the location of his/her residence in relation to a school is of little consequence.

Despite the fact that Louisville is the 7th Safest City (pop 500,000+) there are still registered sex offenders in living in every zip code. If you are concerned and can stomach the results, here is the Kentucky Sex Offender Registry.

Photo courtesy of Mara66 on flickr.

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

I specialize in the following areas of the Metro Louisville Area: Prospect, Middletown, Jeffersontown (J-Town), Fern Creek, Okolona, Shepherdsville, Mt Washington, Hillview, Brooks and Pewee Valley. Click the following links to learn more about Louisville and Bullitt County Real Estateor to Search for Louisville Homes

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Louisville Events: St James Court Art Show

Thu, 01 Oct 2009 15:47:47 -0500

The St James Court Art Show begins Friday Oct 2^nd and will continue through Sunday October 4^th. This year marks the 53^rd time that artists have gathered for the annual event that was voted Best Art Show in the Nation during 3 of the last 6 years.

This year, over 750 artists from throughout North America will be displaying their works for an expected 300,000 patrons. In fact, more people come to Louisville for this event than for the Kentucky Derby. Categories include Clay, Glass, Leather, Jewelry, Metal, Mixed Media 3D, Photography, Sculpture, Wood, and several others.

The show is held in the heart of Old Louisville. Booths will be setup in St James Court as well as along Third St, Fourth St, and Magnolia Ave. Official participants will be proudly displaying the 2009 Art Show Exhibitor Booth Cards and wearing similar buttons. Be aware that some homeowners allow non-participants to setup in their yards around the event.

Old Louisville neighborhood associations use proceeds from the show for the benefit of the local community. Beautification and restoration projects are completed as well as other philanthropic endeavors.

Hours:

Fri - 10a-6p
Sat - 10a-6p
Sun - 10a-5p

For more information, go to http://www.stjamescourtartshow.com

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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How's the Louisville Real Estate Market? - Sept 28,2009 Version

Mon, 28 Sep 2009 00:22:44 -0500

Louisville real estate conditions are so fluid I considered adding a time stamp in the title. Month-to-month variances in each area can be huge and I expect it to get more interesting as the year ends and the $8000 first time home buyer credit nears its expiration date. I'd really like to tell you the water is fine and everyone should jump in the real estate pool, but you really need...

The Straight Truth

The bottom is behind us. That being said, we are still in a trough and the recovery will not be quick. Lending standards and appraisal standards have and will continue to hamper growth. In typical fashion, the fallout from the practices that lead to last fall's meltdown caused overreaction. The elimination of seller-funded down payment assistance programs and 100% financing coupled with tightened credit scores has removed 20-30% of buyers from the market. Many of them would make good homeowners, but will have to wait for another year or so.

The $8000 tax credit and 5-6% interest rates have been beneficial. Early this year, investors and first-time home buyers were the main market players. The credit drove interest and inspired confidence in buyers. As a result areas like PRP, Okolona, and Valley Station bottomed a little sooner. Several buyers were actually surprised at how much they could afford because of low rates.

We have just recently started to see a trickle-up effect. J-Town, Fern Creek (Area 7), Middletown (Area 8), and Anchorage (Area 9) are seeing more activity. That being said, Louisville homes that are even slightly overpriced are just languishing. Sellers who want to test the market are receiving 'F's and those who 'know what their homes are worth and refuse to give it away' are finding that they are going to get to live in said home for the foreseeable future.

As proof that real estate is hyper-local, the Highlands (Area 2) and St Matth

ews (Area 3) were nearly immune from any declines in price. In fact, both areas saw continued appreciation despite a slight decline in sales. At the same time sales in a few select neighborhoods were 20-40% foreclosures

Unemployment in Louisville continues to be high, but appears to have peaked. Major corporations like Ford, GE, Yum Brands and UPS have reaffirmed their commitment to the area and some are hiring (although none are likely to replace the full complement of workers laid off). The Norton-Anthem spat may even get resolved and bring more stability to the large medical workforce.

Supply is also greatly reduced. Many would-be sellers are waiting out the storm and fewer homes are on the market. These shadow-sellers have simply decided they don't need to sell and therefore aren't going to list their home. For some this is a good decision, for others it is not. I sold my personal home in 13 days and traded-up. So, it can be done.

All of this boils down to a few simple realities. Overall demand is down because fewer buyers have the resources to buy a home. The blow is being lessened by good prices, great interest rates, tax incentives, and investor activity. So far, the decreased demand has generally been countered by decreased supply and Louisville home values are essentially flat.

The next few months will be interesting. Historically, Louisville home sales drop from this point until February. Additional uncertainty is caused by the pending expiration/extension/enhancement of the tax credit. If the balance described in the preceding paragraph can be maintained until spring, the recovery will be much smoother. If demand falls off for any reason though, it will be a bumpy ride to say the least.

If you want to buy or sell a Louisville home, call a real estate agent who can guide you through the process. One absolute certainty is you need someone working for you who understands the market and won't sugarcoat or spin the truth. Accurate analysis and timely insights are required for you to achieve your goals. Consultations are free so call (502) 921-3989 now.

See Also

--photo courtesy of makelessnoise on flickr

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Louisville Events September 25 - October 2nd

Fri, 25 Sep 2009 23:32:48 -0500

Things to do in Louisville

Tired of sitting at home?

Looking for something different or unique to do in Louisville?

Pick one or two events from this list and go have some fun!

F.A.T. Friday Trolley Hop

When: September 25

Where: Frankfort Avenue

What: A tour of dozens of galleries in the Frankfort Avenue art district. The event takes participants to several different art galleries, retail shops, and dining establishments located on Frankfort, Mellwood, and Story Avenues.

Louisville Irish Fest

When: September 25-27

Where: Bellarmine University

What: The Louisville Irish Fest is a celebration of Irish culture and heritage, featuring traditional Italian food, music, dancing, and, of course, beer.

The Bluegrass Balloon Festival

When: September 25-27

Where: Bowman Field

What: The Bluegrass Balloon Festival is Kentucky's largest hot air balloon race, even bigger than the Kentucky Derby Festival Balloon race. There are also a ton of free events and attractions for adults and children, including an art festival, balloon glow, kid's fun zone, beer and wine garden, live music, and an automobile and airplane show.

Captain's Quarters Regatta and Art Show

When: September 26-27

Where: Captain's Quarters Restaurant

What: Pull up your anchor and sail over to Captain's Quarters Restaurant at the end of September for the Captain's Quarters Regatta and Art Show. This event attracts more than 2000 people each year, including individuals from as many as four states and generally more than 200 artists.

Fall Antiques Market

When: September 27

Where: Locust Grove

What: The annual Fall Antiques Market brings professional antiques dealers from the South and Midwest to Louisville where they sell and display their products on the Locust Grove lawn. Though the show features primarily American country antiques, formal furniture, jewelry, and silverware will also be up for sale.

Taste of Louisville

When: September 29

Where: Crown Plaza Hotel

What: A Tasting Event sponsered by the Kentucky Restaurant Association. Dozens of area restaurants and beverage producers will be on hand to show off their finest food and drink.

Waterfront Wednesday

When: September 30

Where: Waterfront Park

What: Waterfront Wednesdays are free concerts at Waterfront Park sponsored by 91.9 WFPK.

---Photo courtesy of The Pug Father on flickr

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Spam Sucks, but this is Worse

Thu, 24 Sep 2009 12:58:14 -0500

Imagine my surprise to receive the following reply to my emailed request for showing instructions...

I apologize for this automatic reply to your email.

To control spam, I now allow incoming messages only from senders I have approved beforehand.

If you would like to be added to my list of approved senders, please fill out the short request form (see link below). Once I approve you,....

The message went on to state the benefits of me completing the form and assured me I would only have to do this once.

Somewhat stunned, I decided that once was too often to deal with this foolishness. So, I called first thing in the morning. No one answered. Perhaps he also has a pre-approved call list?? Regardless, I left a message and finished scheduling appointments.

Try This Before Selecting An Agent

If you are a prospective home buyer or seller, contact your real estate agent a couple of times before deciding to work with him or her. Make sure they answer or reply in a reasonable amount of time. You most likely have questions anyway. Use this as an opportunity to kill 2 birds with one stone.

Of course agents have closings, showings, training, and personal lives that may prevent us from answering the phone or responding immediately. If you do not receive a response in a couple of hours be nervous, in 4 hours be skeptical, until the next day be fearful. If it happens more than once, put down the phone and back away slowly. Actually, run as fast as you can in the other direction.

If you are looking for a Louisville real estate agent who will answer and/or return your calls, texts, and emails, contact me immediately.

Photo courtesy of vic15 on flickr

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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What Are You Afraid Of?

Wed, 16 Sep 2009 23:26:57 -0500

Fear Not!

Tonight, a cancer survivor and former chicken-catcher stood side-by-side on a Hollywood stage and awaited the results of a vote that would change one of their lives forever. Kevin Skinner and Barbara Padilla have vastly different backgrounds, but one very important commonality. When an opportunity presented itself, they jumped at it.

The easy route is to simply lament your lot in life and do nothing. The problem, of course, with this strategy is that no possible good can come from it. Without taking a chance, neither Kevin nor Barbara would have been on that stage. Without taking a chance, you will never have the opportunity to realize your full potential.

Do you want more business?

Are you afraid to knock on doors? Are you hesitant to write a newsletter? Are you reluctant to post to your blog? Why? What's the worst that can happen? Someone might tell you to get the heck off of their property or toss your hard work into the garbage or chastise you for ending a sentence with a prepostion. So what? These aren't the people you are interested in dealing with anyway. Besides, it's not like you have to stand in front of millions of Americans and smile while someone known as "The Hoff" makes fun of your background.

Stepping out of your comfort zone is the only way to big successes. This is true whether you are trying to start a company, to buy a home or to win America's Got Talent. You may fail at times, but this will only make the rewards that much sweeter. Remember, if you don't take a chance, you'll never be on that stage.

Good Luck!

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Louisville Homes ~ Area 8 Real Estate Market Report ~ August 09

Sun, 13 Sep 2009 12:09:51 -0500

Louisville Real Estate Market Report for Area 8 (40223, 40243, 40245)

This report analyzes property sales trends for Louisville homes over the last few months and versus the same time period last year. The report includes number of Louisville homes sold, average listing price, average sales price, days on market (DOM), and current inventory as well as analysis for buyers and sellers.

Area 8 of the Louisville MLS covers homes for sale in Douglass Hills, Hurstbourne, Middletown as well as areas outside of the Gene Snyder expressway. Zipcodes for this area include 40223, 40243, and 40245. In addition to those already mentioned, some of the larger subdivisions in this area are Lake Forest, Locust Creek, Owl Creek and Polo Fields

See Also: Louisville Real Estate Map

Search for Louisville Homes

Key Points

Another solid month of sales! At the beginning of the year, sales were off 30% from last year. During the last the months, the number of homes sold in this area of Louisville is only down by 10%. Clearly confidence is returning to the Louisville housing market. This area has been a little slower to recover as prices tend to exclude first-time home buyers. However, as more trade-up consumers enter the market, sales will continue to improve. Area 8 is a highly desirable section of Louisville and a good number of people are activiely looking to buy here.
In these rapidly changing times, property valuation is critical and expertise is essential. Sellers need to find a Louisville real estate agent who can help them price, prepare, and promote their home correctly. Buyers also need a local expert who can help them find the ideal home and achieve a successful closing.

How to Sell a Louisville Home

How do Buyer's Agents Get Paid?

Additional Market Reports (July 09)

Louisville Homes - Area 7 Fern Creek, Hikes Point, J-Town
Bullitt County Homes
Shepherdsville Homes
Mt Washington Homes

First Time Home Buyer Tax Credits for Louisville Home Buyers

$4500 Down Payment Assistance - Get Down payment Assistance money through KHC.
$8000 Tax Credit - Get an $8000 Tax Credit on your 2008 or 2009 Tax return when you buy a home.
$8000 Tax Credit Amended - Find how how to use the Tax Credit for a portion of your downpayment

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

I specialize in the following areas of the Metro Louisville Area: Prospect, Middletown, Jeffersontown (J-Town), Fern Creek, Okolona, Shepherdsville, Mt Washington, Hillview, Brooks and Pewee Valley. Click the following links to learn more about Louisville and Bullitt County Real Estateor to Search for Louisville Homes

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Louisville Homes ~ Area 7 Real Estate Market Report ~ August 09

Sun, 13 Sep 2009 11:48:44 -0500

Louisville Real Estate Market Report

Area 7 of the Louisville MLS covers homes for sale in FernCreek, Hikes Point, and Jeffersontown (J-town). Some of the larger subdivisions in this area are Breckenridge Meadows, Glenmary, Little Spring Farm, Orchard Lakes, Saratoga Springs and Saratoga Woods.

See Also: Louisville Real Estate Map

Search for Louisville Homes

Key Points

Home sales have definitely picked-up in this area of Louisville. Through the first 3 months of the year, the number of homes sold was off by 40%. That number is down to 8% now. We are seeing the trickle-up effects of existing homeowners being able to trade-up once first time home buyers jump into the market. The $8000 tax credit is certainly making a difference.
For sellers, this is an indication that you can sell your Louisville home if you have a Louisville real estate agent who understands how to help you prepare, price, and promote your home.
Buyers should take note that selection is great. As word spreads that buyers are actually taking advantage of the low interest rates, tax credits, etc, more sellers are putting their homes on the market. If you want to live in this part of Louisville, you should certainly be able to find a home that meets your needs. When you find a home that you really want, make a strong offer based on a comparative market analysis. Homes are selling 3-5% below list price. Low-balling someone with an offer of 90% or worse may well cost you the home.

Additional Market Reports (July 09)

Louisville Homes - Area 8 Douglass Hills, Hurstbourne, Middletown
Bullitt County Homes
Shepherdsville Homes
Mt Washington Homes

First Time Home Buyer Tax Credits for Louisville Home Buyers

Time is Running Out
$4500 Down Payment Assistance - Get Down payment Assistance money through KHC.
$8000 Tax Credit - Get an $8000 Tax Credit on your 2008 or 2009 Tax return when you buy a home.
$8000 Tax Credit Amended - Find how how to use the Tax Credit for a portion of your downpayment

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Louisville Named to Money's Top Places to Retire

Fri, 11 Sep 2009 23:29:12 -0500

Louisville is 20th Best Place to Retire

Citing the addition of bike lanes on city streets, a thriving arts district, and a plethora of things to do downtown and by the river, Money Magazine ranked Louisville Kentucky in their Top 25 Best Places to Retire. Rating criteria included housing affordability, 'bang for your buck', and local ammenities. Based on these requirements, it is obvious why Louisville is on the list.

With average Louisville home prices hovering just over $150,000, residents can definitely focus more of their money on enjoying amenities the city has to offer. Among the locations of interest were Louisville Slugger Field, the Muhammad Ali Museum, the Kentucky Museum of Art & Craft as well as the 85-acre Louisville Waterfront Park. For those unfamiliar with the city, Louisville also offers dozens of parks with biking and walking trails, several challenging private & municipal golf courses, and an abundance of shopping. If you like to travel, Louisville airport is conveniently located at the Watterson Expressway and I-65.

Considering relocating to Louisville? Whether you are looking for a retirement home, just entering the workforce or somewhere in between, call (502-921-3989) or email me and I'll be glad to help.

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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So you think you outsmarted the crowd because you skipped the $8,000 first time homebuyers tax credit

Tue, 08 Sep 2009 22:38:04 -0500

There has been a lot of speculation recently regarding the proposed continuation of or even extension of the $8000 tax credit. In a recent post, one author even hypothesized that by foregoing the tax credit, homebuyers could actually save more money. The rationale being that demand would sharply drop off and prices would follow. This may be true in her area, but it is not true in Louisville.

Jeff Belonger, one of the nation's top FHA experts and former Louisville resident, also disagrees. In his detailed response below, he captures the problems with this reasoning. In short, you are throwing away a sure thing for the hope of something better. Ever heard the one about a Bird in Hand? The risk certainly does not outweigh the meager rewards.

While you read Jeff's post, consider that the average home price in Louisville is around $150,000. A $20,000 drop in prices would be more than 13% in lost value. With the exception of select neighborhoods, Louisville home values didn't drop 13% at the lowest point in the market and aren't about to do so on December 1st.

Please remember, real estate is local. Find an area expert who knows the market you are in and listen to him or her. National news and out of area bloggers will only cost you money.

**Remember: Time is running out.

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

How smart do you think you are? Do you think you can outsmart people, just because you read some good advice, yet it failed to share with you the opposite side of things. That has been one of my biggest fears and pet peeves when it comes to blogging. And another? That many blogs are opinions, not facts, yet they sound like facts.

Janet Guilbault wrote this interesting post that makes a good point : Outsmart the crowd : Skip the $8,000 tax credit & wait to buy - She talks about skipping the first time homebuyers tax credit in hopes that you could get the house of your choice for $20,000 less. She adds that winter is around the corner and the market should be slower, which could get you that price reduction. Again, some good food for thought, yet forgetting some very key points to her opinion. And just for the fact, in my opinion, this is a risk. Are you willing to chance your $8,000 tax credit? Let's look at this further....

RISK – CHANCE – HOPE – LUCK – FALSE HOPE

Again, Janet states that you should skip the $8,000 tax credit, because you could get a better deal on a house in the winter months. And because there wouldn't be as many buyers in the market, because of the first time homebuyers tax credit of $8,000 would not be available. Overall, I feel really strongly against this kind of advice.

Here are my thoughts on why you should be careful of such advice :

Reduced property values - You got the house for $20,000 cheaper, and based on a $250,000 mortgage, that would save you $120 a month. So you didn't get the $8,000 tax credit. It would take you 5.5 years to save that tax credit with your monthly savings.

Interest Rates - Do you have a crystal ball? Do you know where mortgage rates will be in December? You get that new house for $230,000, yet the rate increased .375 of a percent. Your new savings will now only be $64 a month. That means that it would take you 10.4 years to save that $8,000.

Real Estate Market - Do you know how appraisals truly work? Do you understand that an appraisal is an opinion from a certified appraiser? Not one house is the same and in many cases, not all appraisals of that same house are the same. I could give you many examples of specific homes in recent months, having a few different appraisals that could vary from $3,000 to $20,000 in value.

$8,000 tax credit in your pocket - You now have the $8,000 in your pocket 2 months after settlement. What could you do with that monies?

- Use the money to fix up the house.

- Use the money to pay off some credit cards, which could save you more money in the long run.

- Possibly pay back some debt to those that helped you get into your new home.

- Save for any housing emergencies that could happen at any moment.

Waiting for a possible increase to the tax credit, possibly a $15,000 tax credit - So you take Janet's advice and say to yourself, maybe they will extend the tax credit or raise it to $15,000. Ouch, in my opinion, that is a huge risk. If you are actually in the market now, why play the market? If you come across your home now, but it now, don't roll the dice.

Real Estate Market - Each real estate market is different. In my opinion, even the experts can't truly predict what the housing market will do. Some have said that we have hit bottom. Some say it could be a year. But then again, in some markets, prices have increased already. In Janet's post and in a few of the comments, some people have stated that there will be a correction to this. Again, it's an opinion, not a fact.

$20,000 reduced value - You don't physically see this money. You don't get 20k in hand. And what happens if the house was over-priced to begin with? What happens if values don't increase in 5 years? The only equity is that equity that you build yourself. In 5 years, you knocked your principal balance down by $16,000.

Conclusion : Janet ended her post with this ... "If you save $20,000 on your house, do you care if you sacrifice an $8000 tax credit? Probably not. (But don't expect anyone in the real estate industry to talk about this until AFTER the rebate ends)."

Well, I will still be talking about it, no matter if the tax credit continues or ends. I am all about educating the consumer, sharing both perspectives on real estate and mortgage issues. And yes, I would care if I sacrificed the tax credit, especially based on what I stated above. Especially if interest rates went up a half of a percent by December. In my opinion, I can go to Vegas and or Atlantic City to gamble. But why gamble on free money, money that you don't have to pay back. We are in a very tight economy now. I don't think many of you have money to gamble with as you did several years ago. (I don't want to get into the statement of free money, because yes, as tax payers, we are paying for that)

Lastly, excellent time for first time homebuyers. Home values are lowest in the last 5 years, with interests being close to the lowest in several decades, and $8,000 given to you if you qualify.

IMPORTANT REMINDER – The $8,000 first time homebuyers tax credit ends on November 30^th, 2009

FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- Mortgages -

Experience & Knowledge at its BEST !!!

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!

Copyright © 2009 by Jeff Belonger of Infinity Home Mortgage Company, Inc

How to Waste Money on Staging

Mon, 07 Sep 2009 21:58:20 -0500

If you either have to or decide to vacate your house while it is for sale, you have two choices. You can leave the home empty and hope buyers can visualize their belongings in the rooms. Or you can hire a professional Stager to bring in furniture/accessories in an attempt to make the home more appealing to buyers. If you choose the later, you obviously want the cost to be offset by either a faster sale or higher price.

Assuming you choose the second option, your desire to have the home maintained in pristine condition should be even higher. You are now paying a mortgage plus a rental fee for the furniture. However, you put all of this money at risk, if you don't either check on the home yourself or have someone do it for you.

Luxury home buyers in Louisville should not have to cut through spider webs in the basement a la Indiana Jones in the opening scene of Raiders of the Lost Ark. They should not have to overlook a multitude of dead insects in the kitchen and living room. Nor should they have to try to erase the memory of 2 dozen dead flies in the jacuzzi tub. This really does not promote the emotions you are paying to obtain.

Now, one could argue that these are minor inconveniences that are easily remedied. That the staging will help buyers focus on the positives and move on. I might even agree. But I promise you, when she finds a dead bat in the master shower, she heads for the door immediately. She does not look at the furniture (or the entire upstairs for that matter) and your money is wasted.

If you are looking for a Louisville real estate agent who would be more than happy to monitor you vacant home, please call 502-921-3989.

As tempting as it is, I will not be showing a photo of said shower. The above photo is courtesy of vladeb on Flickr.

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Everything You Want To Know About Louisville Homes That I Can't Tell You

Sat, 05 Sep 2009 22:53:33 -0500

Louisville Information

Your questions are innocent. They are well-intentioned. In fact, they are normal.

What are the schools like?

Are there children in the neighborhood?

What is the crime rate?

My response may seem anything but normal. In fact, it may seem a little idiotic.

I can't answer that, but here's a website you can go to and find out.

If you are reading this, my response may be acceptable. In fact, it might be welcome. You can get all of your questions answered at your convenience. You might even learn a few things you hadn't thought to ask. On the other hand, the response is a bit dissatisfying when you are sitting beside me in the car.

Before you write me off as a complete moron, please understand my reply is not due to lack of area expertise. Instead, it is due to knowledge of the law. Specifically, Fair Housing Law. These well-intentioned edicts were put forth to prevent discrimination against the protected classes (race, color, religion, national origin, gender, familial status, and the disabled). Intended or not, the consequence of the statutes is I am forbidden to answer even the most innocent of questions related to people not property.

If your questions about Louisville homes for sale involve market data, house values, community info, or directions to the nearest Lowe's, I can most certainly help. But the only info you are getting out of me with respect to the human side of neighborhoods is this...

Schools

Jefferson County Public Schools (Louisville)

Bullitt County Public Schools (Shepherdsville / Mt Washington)

Oldham County Public Schools (PeWee Valley / Crestwood)

Demographics

ZipSkinny.com

US Census Bureau

Note: When using ZipSkinny, the default zip code for Louisville is 40243 (Middletown). You can enter a different zip in the upper right hand corner.

Crime

http://www.louisvilleky.gov/metropolice

http://spotcrime.com/ky/louisville

Note: The mapping function on the SpotCrime site is easier to use than the LMPD site.

**Declaration of Indepence photo courtesy of Caveman 92233 on flickr.

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Louisville Magazine's Calendar of Tasting Events

Tue, 01 Sep 2009 22:24:52 -0500

This month's edition of Louisville Magazine was packaged with a spectacular EATS guide. While I haven't had time to digest all of the restaurant info, one of the items I was most thrilled to see was the "Taste Calendar." Louisville Tasting Events are generally hosted by charities and feature amazing food and drink from a wide-variety of local restaurants, cafes, breweries, wineries, and distilleries. The fact that an event benefits a worthy cause is icing on the cake.

My wife and I attended our first Taste of Derby Festival earlier this year and had a great time. Since, then we've either missed or have been unable to attend other similar events. However, now that I have this calendar, my attendence rate should skyrocket.

If you enjoy eating and drinking (who doesn't?) make sure to add these dates to your list of must-do things. For more information, visit the website or call the number under the event. I hope to see you there!

Taste of Louisville –Sept 29, 2009-Crown Plaza Hotel

KY Restaurant Association

www.kyra.org

A Tasteful Affair – Oct 5, 2009 – Jefferson Club

Sister Cities of Louisville

www.sclou.org

Signature Chefs Auction of Louisville – Nov 5, 2009 – Galt House

March of Dimes

www.marchofdimes.com/kentucky

Desserts First – Jan, 2010 – Louisville Downtown Marriot

Girl Scouts of Kentuckiana

www.kyanags.org

Chocolate Dreams – Feb 22, 2010 – Churchill Downs

GuardiaCare Services

www.guardiacare.org

Sushi in the City – Mar 2010

Family Scholar House

www.familyscholarhouse.org

Taste of Derby Festival – Apr 20, 2010 – Louisville Slugger Field

Dare to Care Food Bank

www.daretocare.org

Taste of Oaks – April 29, 2010

Easter Seals of Louisville

502-584-9781

Taste of Frankfort Avenue – June 27, 2010

Clifton Center

www.cliftoncenter.org

Best of Louisville Bash – July 22, 2010 – Mellwood Arts and Entertainment Center

Louisville Magazine and MS Society

www.nationalmssociety.org

Tasting Extravaganza – Aug 24, 2010 – The Olmstead

KY and IN Stroke Association

www.strokekyin.org

* * * * *

Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Louisville Homes ~ Area 7 Real Estate Market Report ~ July 2009

Sat, 29 Aug 2009 23:03:38 -0500

Louisville Real Estate Market Report

See Also: Louisville Real Estate Map

Search for Louisville Homes

Key Points

Home Sales in this area of Louisville have really picked up! Except of June, this month had the highest number of sales since 2007.
While sales price is down, this is not a declining market. Certainly, there are some neighborhoods that are struggling woth foreclosures and short sales. However, this area of Louisville remains desirable and many home sellers are able to get a fair price. First time home buyers are as much the cause of the average price drop as anything else. These buyers are taking advantage of the $8000 first-time home buyer tax credit and tend to purchase entry-level homes.
For sellers, this is an indication that you can sell your home if you have a Louisville real estate agent who understands how to help you prepare, price, and promote your home.
Buyers should take note that selection is great. As word spreads that buyers are actually taking advantage of the low interest rates, tax credits, etc, more sellers are putting their homes on the market. If you want to live in this part of Louisville, you should certainly be able to find a home that meets your needs.

Additional Market Reports (July 09)

Louisville Homes - Area 8 Douglass Hills, Hurstbourne, Middletown
Bullitt County Homes
Shepherdsville Homes
Mt Washington Homes

First Time Home Buyer Tax Credits for Louisville Home Buyers

Time is Running Out
$4500 Down Payment Assistance - Get Down payment Assistance money through KHC.
$8000 Tax Credit - Get an $8000 Tax Credit on your 2008 or 2009 Tax return when you buy a home.
$8000 Tax Credit Amended - Find how how to use the Tax Credit for a portion of your downpayment

* * * * *

Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliancein Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Louisville Homes ~ Area 8 Real Estate Market Report ~ July 2009

Thu, 27 Aug 2009 22:59:45 -0500

Louisville Real Estate Market Report for Area 8 (40223, 40243, 40245)

Area 8 of the Louisville MLS covers homes for sale in Douglass Hills, Hurstbourne, Middletown as well as areas outside of the Gene Snyder expressway. Zipcodes for this area include 40223, 40243, and 40245. In addition to those already mentioned, some of the larger subdivisions in this area are Lake Forest, Locust Creek, Owl Creek and Polo Fields

See Also: Louisville Real Estate Map

Search for Louisville Homes

Key Points

Back-to-Back strong months for sales! Not since this time last year have we sold 150+ homes in a 2-month span. Further, there are several reasons to be optomistic the worst is behind us. First, activity from first-time home buyers has been stron over the last few months. Due to the price ranges in this area, there has not been a strong direct effect. However, as more first-time home buyers make purchases, more existing home owners are trading up. Area 8 continues to be a highly desirable section of Louisville and a good number of people are activiely looking to buy here.
While the Sales Price to List Price ratio is low versus other areas of Louisville, the average sales price is creeping back up. This was slightly inflated by a handful of sales above $500,000, but still shows a strengthening trend that needs to be watched.
In these rapidly changing times, property valuation is critical and expertise is essential. Sellers need to find a Louisville real estate agent who can help them price, prepare, and promote their home correctly. Buyers also need a local expert who can help them find the ideal home and achieve a successful closing.

How to Sell a Louisville Home

How do Buyer's Agents Get Paid?

Additional Market Reports (July 09)

Louisville Homes - Area 7 Fern Creek, Hikes Point, J-Town
Bullitt County Homes
Shepherdsville Homes
Mt Washington Homes

First Time Home Buyer Tax Credits for Louisville Home Buyers

$4500 Down Payment Assistance - Get Down payment Assistance money through KHC.
$8000 Tax Credit - Get an $8000 Tax Credit on your 2008 or 2009 Tax return when you buy a home.
$8000 Tax Credit Amended - Find how how to use the Tax Credit for a portion of your downpayment

* * * * *

Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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How to Sell a Louisville Home - Tease them with Photos

Mon, 24 Aug 2009 23:52:41 -0500

Give Buyers What They Want

Buyers love to look. Good photos satisfy this urge and make them want to see more. Poor photos and disturbing and may be a turn-off. Only having one photo says "the inside is a disaster." I have had multiple buyers (including my wife) refuse to go see homes that don't have photos.

Even if the house needs a little work, it is better to give prospective buyers an understanding of what they are getting than to surprise them when they step in the house. This serves no purpose other than wasting everyone's time including your own.

My Own Story

We recently decided to sell our home and purchase a new one. During the search process, we looked at hundreds of homes online. Unless the price was ridiculously low, we skipped every property that had no photos. We also discounted many that had few or poor quality photos. Like many buyers, I have neither the time nor the energy nor the desire to look at a home where the agent and home owner don't care enough to add decent photos.

Four Simple Rules

Your real estate agent must have a wide-angle lens or be willing to hire a professional to take photos.
Your agent must take as many pictures as possible and place them on the MLS.
Whenever possible, photos of neighborhood or nearby amenities should be included.
If you don't like the photos, be proactive and tell your agent to retake them.

This the 6th post in a 7-part series. For more, click the following links...

How to Sell a Louisville Home - Part 1 - Overview
How to Sell a Louisville Home - Part 2 - Why Price Matters
How to Sell a Louisville Home - Part 3 - Comparative Market Analysis
How to Sell a Louisville Home - Part 4 - Preparing your Home
How to Sell a Louisville Home - Part 5 - Paperwork

* * * * *

Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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How to Sell a Louisville Home - The Paperwork

Sat, 22 Aug 2009 23:47:30 -0500

How to Sell a Louisville Home - Part 5

When you are ready to sell your Louisville home, there are a handful of documents that need to be signed. Some of these documents are designed to disclose the roles and responsibilities of the sellers (you) and their real estate agent. Others detail the property characteristics and make sure that all material information is correct and will be available to buyers.

The process is not quite as painful as you may believe. I'll complete as many of the forms as possible prior to our meeting. Of course, I want you to ask as many questions as you need in order to understand each document in detail.

Listing Documents

We will primarily cover 7 forms during the listing appointment. The basic purpose of each and a few relevant details are shown below.

1) Consumer Guide to Agency Relationships

As a Kentucky real estate agent, I am required to review this document with you at our first meeting or prior to any discussion relating to confidential information. I will discuss the different forms of agency relationships (Buyer, Seller, Dual) and cover how my fiduciary responsibilities would apply in each case. I'll also review the fact that our brokerage does cooperate with other brokerages and the Fair Housing requirements.

When you sign this document, you are acknowledging that you have received it and under the contents. This does not obligate you to use my services in any manner.

2) Listing Agreement

This is the contract between you and my brokerage to list your home for sale. Your home address and the terms of the listing (price, commission, length, etc). Unlike the Consumer Guide, this is a legally-binding contract. By signing this document you are committing to move forward with RE/MAX Alliance representing you.

3) Greater Louisville MLS Input form

This form has roughly 7,342 fields to be completed. Fortunately for you, I will complete most of it when I complete your CMA. However, it is critical that we review the data carefully. Any mistakes here could cause your property to come up ,or worse not at all, during searches.

4) Seller's Disclosure

In Kentucky, we have a 3 page Seller's Disclosure that must be completed for residential home sales unless a builder is offering a 1-year warranty.

You are responsible for revealing any and all known issues that have arisen since you owned the home. DO NOT under any circumstances stretch, bend or hide the truth. Buyers understand that things happen. As long as you have corrected the problem (or made a concession) those who like your home will be willing to move forward. It is a huge understatement to say courts tend to side with buyers when it is determined the seller omitted an issue. So, DISCLOSE, DISCLOSE, DISCLOSE.

5) Lead Base Paint Disclosure

The Federal Government banned lead-base paint in 1978. This disclosure notifies buyers homes built before that year may contain lead-base paint. If you have had any testing done to determine the presence of lead, you must disclose the test and test results.

6) Home Warranty

We'll discuss the pros and cons of offering a home warranty to prospective buyers. On this page, you simply accept or refuse to offer the warranty.

7) Estimated Seller's Net Proceeds

An estimate of the amount of money you will receive when your home sells. Taxes, closing costs, commission, and your mortgage balance(s) are subtracted from the estimated sales price. I try to be realistic but conservative in order to avoid confusion at closing.

This the 5th post in a 7-part series. For more, click the following links...

How to Sell a Louisville Home - Part 1 - Overview

How to Sell a Louisville Home - Part 2 - Why Price Matters

How to Sell a Louisville Home - Part 3 - Comparative Market Analysis

How to Sell a Louisville Home - Part 4 - Preparing your Home

'Pen' photo licensed via Creative Commons from tmab2003 on flickr.

* * * * *

Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Real Estate Lessons from a Neighborhood Dog

Thu, 20 Aug 2009 12:22:32 -0500

A black lab ran up to me while I was working in my yard this morning. This is odd for multitude of reasons. Due to leash laws, neighborhood covenants, and general caring for the well-being of pets, this is the first dog I've seen running free. Additionally, I would normally be at work. I was only there because I wanted to mow / weed eat before it rained for the next few days.

As I think back on the 15 minutes it took to get her home, my mind turned towards real estate (can't help it). Surprisingly there were several parallels and good lessons to consider.

During our initial meeting, we were each a little cautious. I took control, let her sniff my hand and checked her tags to determine where she belonged. Grasping her collar, I called her by name and we started towards her house.

Lesson 1: Buyers and Sellers are often unsure how to proceed. You are the expert. You know how to solve their problems. Don't be timid.

Since she seemed to be following be willingly, I let go of her collar. She walked along side for a moment and then bolted into someone else's backyard. It took a few minutes, but I finally tracked her down.

Lesson 2: It takes time to build loyalty and trust especially when distractions abound. Keep clients close.

We were four houses away when the skies opened up. I learned a lot about her in the next few moments. Clearly she was an inside dog as she did not like being wet. In fact, she seemed afraid of the rain. Two houses from safety, she froze under a tree and refused to go forward. I told her about her home, that we were almost to the door and that things were going to be ok. Nothing. After coaxing, calling, encouraging, etc, I finally simply pulled hard enough to get her moving again.

Lesson 3: Fear often prevents clients from acting in their own best interests. Educate then to help overcome their fears. Be firm when necessary.

We finally made it to the door where a very relieved owner greeted us and confirmed the dog's fears. I declined a ride back as I couldn't possibly get any wetter. Just as I returned the rain stopped. Taking advantage of the opportunity I finished running the weedeater. As the garage door was closing, I heard thunder and the skies reopened.

Lesson 4: Take what you will from this part, but as far as I'm concerned, good deeds do get noticed.

**Photo licensed from emery_way via Creative Commons.

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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How to Sell a Louisville Home - Pimp Your House

Wed, 19 Aug 2009 23:54:35 -0500

Staging Your Louisville Home to Sell

In case you are unfamiliar with the term, Staging is simply the concept of making your home as attractive as possible while it is on the market. The context is the same as washing and waxing your car before trying to sell it or batheing your children before church. You want people to have a favorable impression.

Buyers (especially the first-time home buyers currently dominating the market) often cannot imagine what a house could look like. Instead they see what it does look like. So, if they see a dirt, clutter, or colors they do not like, they walk away. Occasionally this is to their own detriment as they may pass on an excellent home over something that has little relevance. However, it is ALWAYS a problem for you as a seller.

I am not a Stager nor did I stay in a Holiday Inn Express last night. I do, however, know what Louisville buyers expect when they enter a house. More importantly, I know what they do NOT expect. An unkept, odor-filled house comes in third after dead-bodies and functioning meth labs.

Excluding price and location, the difference between a home selling and languishing is generally its condition. The good news is that most issues can be resolved quickly and inexpensively. Best of all, professional Stagers do exist in Louisville and can help address the critical items that would otherwise cause problems. During the listing appointment, your real estate agent (me, of course) will talk about these things so they can be addressed prior to putting the house on the market.

Key Points

Cleaning

On multiple occasions, I have entered a home with clients only to turn around and walk back out. This only occurs because the home is a mess or has a strong odor. Each time, it is disappointing as the clients obviously had an interest in the home. As sellers, cleaning is possibly the best investment you can make in your home. A few hours of work and $50 worth of supplies could put hundreds if not thousands of dollars in your pocket. If you are too busy, spend the money and hire a cleaning service.

Clutter

Your pictures, bowling trophies, thimble collections, etc are great. They reflect who you are and make help turn your house into a home. You should display these items proudly UNLESS you are trying to sell. Buyers have their own stuff and want to try to envision it in the house. This is hard enough under the best of circumstances, but nearly impossible if your stuff is in the way (see paragraph 2). So pack it up.

While you are at it, pack everything that is not an absolute necessity for the next few months. This includes out of season clothes, extra dishes, towels, linens, shoes, books, children's toys, etc. Countertops should be mostly clear, closets should be 1/2 full, and walls should have a minimal number of items hanging from them. The object is to make the home look as spacious as possible. When in doubt, pack it.

Color

The black paint supports your teenager's Goth image, the blue dining room shows your dedication to the University of Kentucky, and the purple inspires passion in the master bedroom. I get it. Now paint over it. The chances of another sex-crazed, Wildcat fan with a manic-depressive kid buying your home are low. You need to appeal to the masses. Again, buyers can't see past color. It's such an easy thing to do.

Purpose

Finally, remember that each room should have one purpose. Take the computer out of the kitchen. Remove the card table from the center of the living room and take the home gym out of the master bedroom.

Summary

Simple things can prevent your home from selling for top dollar or even from selling at all. By properly preparing your home for the market, you can influence buyers. Take a few minutes, start at the front door, and walk through your home as a buyer would. Ask yourself if you notice the house or the stuff. Are things out of place or dirty? Can you move through it easily and does everything make sense? If you see something wrong, buyers will too. You need to fix it before the house goes on the market.

There are professional Stagers in Louisville who can help for a fairly minimal cost. During the listing appointment, I'll be glad to give you some contact names.

This the 4th post in a 7-part series. For more, click the following link...How to Sell a Louisville Home

* * * * *

Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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How to Sell a Louisville Home - The Price Puzzle

Mon, 17 Aug 2009 23:02:48 -0500

Determining the proper price for your Louisville Home

Now that you understand Why Pricing Your Home Correctly is so important, the next step is to actually understand the process. Determining the proper list price for your home is a lot like constructing a puzzle.

Start with the Outside

The process starts by constructing the framework. Your real estate agent --that's me of course:)-- will review information from you, past and current homes for sale, tax records, and Google Maps to determine the basic characteristics of your home. Among other things, I am looking for

Style
Square Footage
# of Bedrooms
Number of Baths
Presence of a Garage
Presence of a Basement
Features (Hardwood, Granite, Tile, Deck, Fireplace, Pool, etc)
Lot Size and Description
Surrounding Amenities that help values (golf course, parks, playground) and,
Those which hurt (cemetaries, highways, and prisons).

Gathering and organizing all of this data is equivalent to assembling all of the edge pieces. The borders are now defined, but a lot of work still needs to be done before the picture is clear.

Working on the Big Picture

The next step is to start filling in the center. This is often best accomplished by gathering similar pieces that define large or unique sections of the puzzle. Likewise, your agent researches the homes in your area of Louisville that have been on the market in the last 6-12 months. As I look at each home, I try to determine whether it is related to yours or if it needs to be set aside and worked into the puzzle later. The most similar properties are studied in attempt to determine why they sold (or didn't sell) for a given price. Your home is then compared versus each of the similar properties to identify strengths and weaknesses. After some time, a very large section of the puzzle is defined.

Filling in the Fringe Details

Neighborhood data comes next. During this portion of research, my main concern is to see how the market is doing. Louisville real estate is hyper-local and one neighborhood may be flourishing while the next is floundering. I'll look at how long it takes homes to sell, number of homes on the market, recent sales, number of foreclosures or short sales, etc. Most likely, I'll drive through the neighborhood and past your house to make sure I understand why the data is what it is. Once these trends are understood, the puzzle is 95% complete. I am now able to see enough to determine a fairly accurate price range and am ready to visit your home.

The Final Pieces

The puzzle comes together during the tour of your home and our subsequent conversation. No CMA can completed accurately without seeing the home. (This is why I have such disdain for "Automated CMAs," but that is the subject of another post). The condition of your home is a major factor in determining whether you will be able to sell at the top of the price range or whether an Arsonist would be a more appropriate hire.

After touring your home, we'll discuss your motivations and schedule for moving. Any items that need to be corrected will also be discussed. These are the last pieces of the puzzle. I can now recommend a sales price and listing price that will give you the best chance to get your house sold.

Special Note

At no point in the process do I consider what you owe, need, or want to get out of the house when determining price. Simply put, the market doesn't care whether you own the house free and clear or are so far underwater you can't even tell which way is up. I, of course, care deeply about making sure you get every last penny you can. Later in this series, I'll discuss a few tips that will put a few coins in your pocket but pricing unrealisitically is not one of them.

This the 3rd post in a 7-part series. For more, click the following link...How to Sell a Louisville Home

*Photo licensed via Creative Commons from Jared on Flickr.

* * * * *

Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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How To Sell A Louisville Home - Price

Sun, 16 Aug 2009 00:22:03 -0500

Pricing your Louisville Home to Sell

"I'm not giving my house away!"

"I won't take a dime less than $300,000."

"I put $50,000 into this house and I expect to get every penny of it back."

I imagine playing ball with Timmy in Waverly Hills Sanatorium would cause me less consternation than sitting across a kitchen table from a seller who just uttered those words. Hair-raising, spine-tingling, bowel-loosening horror is the closest description I can come up with. As a listing agent, my job is protect your interests while helping you achieve your goal of selling the house. This is generally accomplished by working WITH you to get the most possible money in the shortest amount of time. Exclamations like those above, indicate we are not only not on the same page, but also not reading from the same book.

Value - Capitalism Style

The value of any Louisville home is the price a willing buyer and willing seller agree upon. Buyers and their agents are educated. Buyers have access to automated CMAs, tax records, and other tools that can give them an indication of where your home should be priced. Agents have even more data as well as algorithms, market knowledge, and experience to draw upon. If either or both think your Louisville home is overpriced, they will not waste their time scheduling a tour.

Having your home sit, will cost you even more money. First, you continue to make mortgage payments every month. Much of that payment is interest that you will not recover in a sale. Second, properties that have been on the market a long time tend to become stigmatized. Even if you lower the price to market value, buyers think there must be something wrong with it. The end result, is you have to make as additional reduction.

If you really want to get the most money when selling your Louisville home, you will price it at or slightly (2-3%) above market value. This value is determined by analyzing active and sold homes in your area with similar square footage, features and amenities. Please note that what you want or need is not a factor in this equation. Although, the calculated price will hopefully cover both.

The best part of accurate pricing is the chance for a quick sale. Studies have proven that homes get the most activity within the first 6-8 weeks. When the price is right, buyers will want to see the home. Of course, the more buyers who show-up at your door, the higher the odds are you will get an offer.

So, as we sit down to talk about listing your home, the correct statement should be "I want to price my home at market value so it will sell and I can get on with my life." If you say this, I promise I'll have a huge smile on my face as soon as I get back up off the floor. I'll know you are serious and that together we will accomplish your goals.

* * * * *

Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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How to Sell a Louisville Home

Thu, 13 Aug 2009 22:26:52 -0500

How to Sell a Louisville Home

Chances are you haven’t sold a home in a while, if ever. To do so properly requires teamwork between the real estate agent (aka me) and the homeowner (aka you). If we work together and follow the principles discussed below, we can create a win-win situation. You will be able to sell for the most money in the shortest amount of time and move on with your life. I will earn your undying gratitude and be the namesake to your first born. (Ok, I’ll settle for a referral).

There are 3 main factors influencing your ability to sell your home – Price, Preparation, and Promotion. This post and the linked articles attempt to explain why each matter and how we can influence each to achieve your goals. Several of the links contain “Insider’s Secrets” so be sure to click on each.

Sell Your Louisville Home - Price

1. Capitalism at its Finest

Pricing your home properly is the single most important aspect of getting your home sold. If you price too high, no one will see the home. If you price too low, you will give your equity to the buyer. Both are lousy alternatives. The goal is to find the correct listing price based on market conditions.

For more, see: How to Sell a Louisville Home - Price

2. What is a CMA? (Hint – Not Country Music Awards)

As a Louisville real estate agent, I believe in a 3-step process for completing the Comparative Market Analysis on your home. The initial step is to create a rough valuation model based on general features of other homes for sale and recently sold in your area. Items such as the number of bedrooms, number of baths, presence of a garage or basement and size of the home are included. The estimate is then further refined based on additional home and feature amenities. The model is completed after an in-home tour to verify curb appeal, condition, and floor plan.

3. The Price is Right

Completion of the CMA is a starting point when it comes to pricing your home. The result of the CMA is the price your home is likely to sell at in reasonable amount of time. However, you have particular wants and needs that can affect the list price. For instance, I recently had clients who wanted to sell their home and move before their next child was born. As she was 7 months pregnant, we were a bit more aggressive on the pricing.

For More See - The Price Puzzle

Sell Your Louisville Home - Preparation

4. Pimp Your Home

The condition of your house is the second biggest contributor to whether your home will sell for the most money possible. Many buyers, especially the first-time home buyers, who currently dominate the market, cannot see past dirt, clutter, or even the color of your home. By cleaning, decluttering, and neutralizing your home, you can sell faster and for more money.

For more See - Preparing Your Louisville Home for Sale

Sell Your Louisville Home - Promotion

5. Paperwork - Ugh

Of course, a perfectly price and staged home cannot sell if no one knows about it. When we meet to discuss the sale of your home, I will have a handful of forms for you to fill out. (Don’t worry; this isn’t as painful as going to the dentist…. That part comes later). This post will describe the key forms and give you a little background on why you need to complete them.

6. Real Estate Porn – Buyers love to look

Just like you, buyers are busy. They want information that is accurate and easy to understand. Quality photos are the most efficient way to meet their needs. By having good photos attached to your listing, the buyers who show up at your door are more likely to be very interested. This will be important to remember when you have to walk out the door when there is still 2 minutes left on the game clock.

7. Syndication – Ready for Prime Time

Like the lottery, finding buyers is a numbers game. Putting your listing on the MLS only, is no longer a valid strategy. There are 795,643 websites that list properties, but do not syndicate from the MLS. (I know this number is accurate because each of them feels obligated to call me weekly). When you list your home with me (not that you really have a legitimate other choice), your Louisville Home will show-up on dozens, if not hundreds of locations.

Let's Get This Party Started

Now that you understand the basics of getting your Louisville home sold, call me (502-921-3989) and let’s get started.

* * * * *

Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Two Chicks & Co Louisville Kentucky

Sat, 08 Aug 2009 23:58:21 -0500

My friend, Kim Daughtery mentioned she might be coming to Louisville. Now Kim likes to shop so I wasn't surprised when she asked, "If I wanted to buy a unique gift representing Louisville where would I go?" Without hesitation, I answered, "Two Chicks & Co." This is far and away my wife's favorite store for all things Kentucky, Louisville, Derby, etc.

I've seen bag after Pink and Green bag come through the door to our house, but I had never actually been in Two Chicks until a few days ago. (For one, I do not like to shop and two, it always kinda seemed like a chick place:). Since I gave this recommendation to Kim, I decided I better go and check it out. Plus, with an upcoming anniversary, I could kill 2 birds with one stone. Surely they would have something we didn't already own.

When I went into the store, I could easily see why my wife was such a fan. She loves all things Fleur de lis and Two Chicks has a lot of Fleur de lis things. From bottle openers to barware to platters to throw pillows, they had quite a lot to choose from. I spent several minutes browsing before finding a few things to add to her collection. The staff (particularly Barabara) was very helpful and I even got a recommendation or two from another customer.

Rather than trying to explain, the multitude of unique gifts that Two Chicks & Co, offers, I'll share a few pictures....

Despite the fact, it was closing time on Saturday, there were probably 10 other people in the store with me. The ladies behind the counter never told anyone it was time to go,etc. Instead they stepped out to offer assistance, made recommendations, wrappped gifts, and wished everyone a good day.

Perhaps the best part, was they wrapped everything and placed it in a gift bag. (I'm a huge fan of anyplace that simplifies my life). So, my only remaining challenge was getting the pink and green bag into the house and stored for a few days.

If you are looking for unique gifts featuring

Kentucky
Louisville
Kentucky Derby
University of Louisville
University of Kentucky

you really should check out Two Chicks.

Two Chicks & Co

12121 Shelbyville Road

Louisville, KY 40243

502-254-0400

TwoChicksAndCompany

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Attention Real Estate Pros: Are you ready to be sued?

Thu, 06 Aug 2009 20:54:02 -0500

I wrote an Open Letter to First Time Procrastinating Home Buyers a couple of days ago. The point of the post was to inform buyers that the deadline for writing an offer on a home was somewhere in October. This post garnered a lot of attention and comments. Of course, the best was from my new favorite McKinney, Texas Broker Kim Daughtery whose comment included "You're a genius." Thanks Kim. Flattery will get you referrals.

All kidding aside, there were some very profound comments that needed to be considered once my suddenly Barry Bond-sized noggin returned to its original size.

In particular, at least 3 very specific scenarios discussed in the comments which could spell trouble for real estate agents and lenders. Despite my flippant attitude above, each of us should think about the following very seriously.

Scenario 1: Your buyer misses the deadline and doesn't get the $8000.

Matt Stigliano aptly pointed out he expects lawsuits to arise if this is the case. I agree. Think we are wrong? Consider...

What if you the lender says you can close in 40 days and it takes 50? Does it matter that the delay was caused by the buyer not submitting all docs on time?
What if you the buyer's agent takes on a new client Oct 1st and don't write an offer until October 20th? If you miss the deadline, will your clients claim you didn't tell them about the risk? Does it matter if you did?
What if you the seller's agent don't do due diligence with respect to pre-approval letters in multiple offer situations and the buyer your client selects can't close? Does it matter if you did?
What if you the appraiser take 3 weeks to get your report submitted due to the glut of deals? Does it matter if you worked 60 hours per week just to accomplish that?
More importantly, what if you the professional do everything right and it just doesn't work out?

Scenario 2: The buyer walks.

Does anyone really think this won't happen?

How do you the buyer's agent educate the client to prevent this?
How do you the seller's agent protect your client?

Scenario 3 The deadline isn't extended.

Many commentors believe the tax credit will be extended. I probably do as well. Certainly, we can predict NAR,etc will be all over Congress this fall to make it happen. That being said, I would never advise my client to that fact. This credit has been available in one form or another for well over a year. I am loathe to throw my support behind any petition for an increase on the grounds that buyers have somehow been unable to get motivated to get free money. Of course, if I have a client in that position, I'll probably have to swallow my principles and argue on their behalf.

In the meantime, my argument to them is "Why do you want to wait? What benefit do you expect to get? Rates aren't dropping. Inventory isn't improving. Where exactly do you think you'll make up the $8k if you are wrong?"

Here's the question though. Does merely mentioning the possiblity open you up to a lawsuit if it doesn't occur?

The Answers

Despite Kim's faith, I don't have the answers. But, I have 2 months to figure it out and this is definitely not something I'm procrastinating about.

Thoughts?

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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Open Letter to First Time Home Buyers

Wed, 05 Aug 2009 23:04:46 -0500

Dear Procrastinating First Time Home Buyers:

I know you. I've seen you in the mall on December 23rd. I've watched you race through town en route to the airport; screeching up to the terminal just in time to prevent your mom from giving up and getting in the cab. I even saw you run over the neighbor's cat on your way to the post office on April 15th. (Actually, disregard that last one. I'm sure it was just a large stick). You excel when the stakes are high. You thrive on knowing you'll succeed where mere mortals would stumble. Your methods are a bit unorthodox, but you always come through at the buzzer. In most circles, I would be you.

The significant difference here is that I own a house. For better or worse, I don't have a stake in the $8000 tax credit game. You do though. You have the opportunity to change your life for the better and you plan to do so. Tomorrow.

My only concern is that tomorrow may not be when you think it is. By now, you know the tax credit expires December 1st. As this is month's away, I'm sure you've given little thought to actually looking for a house. There are far more pressing deadlines to be dealt with. I know you are busy, so I won't take up much more of your time. But, you need to know...

December 1st is the wrong date.

To be eligible for the credit, you have to take possession by December 1st. When everything was working well, it took around 30 days to close a loan. These days, things don't work well very often and it's not going to get better once you and your brethren leave the couch. Underwriters are scarce and banks aren't about to staff up for the onslaught knowing there is a going to be a huge void immediately afterwards. It will take at least 45 days to close. With that in mind,

October 16th is the real drop-dead date.

Reset your internal clock.

NOW!!

You'll Miss the $8000 Tax Credit After

I'd tell you to start now, so you can take advantage of the best deals, but it would be a waste of breath. So, I'll just say,"Call me when you are ready."

Sincerely,

Erik

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Erik Hitzelberger is a licensed REALTOR with RE/MAX Alliance in Louisville. If you need a Louisville Real Estate agent please email me or call 502.921.3989.

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