Posted: Jan 13, 2016 4:37 PM
LOUISVILLE, Ky. (WDRB) — Real estate agents in our area are desperate to get more homes on the market. It is a great time for sellers but buyers are left frustrated.
“We’re hitting the pavement, we’re knocking on doors, we’re stuffing mailboxes, we need to build our inventory because there’s just a shortage of homes for sale right now,” said Jeff Davis, realtor with Semonin Realtors.
He and his wife, Nancy Davis, have been busy stuffing newspaper boxes with fliers and going door to door to convince homeowners that now is the time to sell.
“There’s just not enough homes out there for the buyers. now is a great time to put your home on the market because there’s less competition, which means you’ll get more money in your pocket because there’s less inventory to choose from,” said Davis.
It is a seller’s market and has been for months. Some are selling their homes in a matter of days and for more than asking price. Buyers are desperate to nab a home once they find one and crush out any competition.
“In some cases, buyers are paying over the list price on homes just so they’ll beat out the next contract,” said Davis.
According to the Greater Louisville Association of Realtors, there are just over 4,300 homes on the market this week. A year ago this time, buyers had over 1,000 more homes to choose from.
The seller’s market may have buyers stuck in a slump but a better balance could be around the corner.
“If history holds true, a lot of people like to put their house on the market in the springtime and we’re hoping springtime is going to solve all the problems for the buyers,” Davis said.
Louisville has around four months of inventory right now, a more balanced market is around six months of inventory.
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