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Greater Louisville Association of Realtors makes predictions for 2016

Buyers looking for move-in ready homes

LOUISVILLE, Ky. (Feb. 15, 2016) — The Greater Louisville Association of Realtors (GLAR) says buyers increasingly want move-in ready homes, which require little, if any work, before moving in. This is one of many predictions for 2016 from GLAR, which is coming off a December in which homes sales were up 12.5 percent over 2014.

Other predictions for 2016:

  • Home inventory in Louisville has been low for quite some time, and currently it is extremely low. In fact, for all MLS areas, the inventory of available properties was 21 percent lower than at the same time last year. GLAR expects the low inventory to continue for the Louisville market in 2016, creating situations that make it increasingly beneficial for both buyers and sellers to work with a realtor. Low inventory creates competition between buyers for great listings that hit the market, thus causing an increase in multiple-offers. Buyers will need to be prepared to act quickly, and it helps to have a relationship with a realtor who can help navigate the process smoothly.
  • Buyers are looking for homes near the newest amenities in town, like the two new bridges and the recently completed Parklands of Floyds Fork. The accessibility that the bridges provide and the benefits of the newly formed green spaces will continue to attract homebuyers to those areas in Greater Louisville.
  • New construction will be increasingly important and desired, as pent-up demand, low inventory and sustained job growth prove to be important factors in the 2016 market.
  • Condominium purchases will continue to increase, because they provide affordable housing opportunities in otherwise unaffordable locations, offer a home with fewer maintenance demands, and allow convenient access to public transit, employment, entertainment and shopping.