Louisville Real Estate BlogRecently posted or modified blog postshttps://www.findhomesinlouisville.com/blog/Copyright FindHomesInLouisville.com2024-01-23T10:21:55-07:00tag:findhomesinlouisville.com,2012-09-20:13642City Classifications in Jefferson County KY<img alt="Read this local Louisville blog about how Jefferson County became Louisville KY. After the merger Louisville was filled with tons of cities, all with their own classifications. See why your city taxes are different from your friends. " title="City Classifications in Jefferson County KY" src="https://lh3.googleusercontent.com/SqJ2gMgqGkUifMY3YOuxWYvXZanffkSyJkAqNaNWXbSGIptwoiNQsZZzOE0sSCjuaTbpOQz1Vb1MjYrdVv3GlO73ChZVTtrbwGV1bf8psOnwlhoVUumswuCvDuGCyZ3hVeCaOsHH" width="341" height="341" style="display: block; margin-left: auto; margin-right: auto;" />
Jefferson County Kentucky’s City Classification
Ever wonder why your friend in Spring Valley pays less city taxes than your friend in the Highlands? In 2013, the city of Louisville and Jefferson County merged into one large city. Before the merger Jefferson County was speckled with dozens of small cities. Some so small that they did not have a police force or public works. One thing that didn't change when the Metro Merger took place, was to whom the citizens paid taxes too. The cities classified as Second through Sixth Class continued to pay taxes to their city government. Citizens who live within the original Louisville city limits still pay Louisville city taxes. Wondering if you're in a city within a city? Read more below.
Kentucky’s cities are classified into six types of cities. Classification is mainly based on population size, although other factors may be considered. Louisville is considered a 1st class city with a population of over 100,000- even before the 2003 merger of Louisville and Jefferson County. The merger did preserve the cities it incorporated into Louisville as semi-autonomous entities which have very distinct jurisdiction as second to sixth class cities. As of 2013 statutory classifications of cities in Kentucky and their corresponding population references are as follows:
First Class- 100,000 or more; Second Class- 20,000-99,999; Third Class – 8,000 to 19,999; Fourth Class – 3,000 to 7,999; Fifth Class – 1,000 to 2,999; and Sixth Class – less than 1,000.
Classification
Population Requirements
First
100,000 or more
Second
20,000 to 99,999
Third
8,000 to 19,999
Fourth
3,000 to 7,999
Fifth
1,000 to 2,999
Sixth
Less than 1,000
Current examples of Louisville Second Class Cities: Jeffersontown
Current examples of Louisville Third Class Cities: Prospect, Shively
Current examples of Louisville Fourth Class Cities: St. Matthews, St. Regis Park, Douglass Hills, Graymoor-Devondale, Hurstbourne, Indian Hills, Lyndon, Middletown
Current examples of Louisville Fifth Class Cities: Audubon Park, Barbourmeade, Beechwood Village, Heritage Creek, Hurstbourne Acres, Lynnview, Meadow Vale, Northfield, Plantation, Rolling Hills, Watterson Park, West Buechel, Windy Hills, Woodlawn Park, Northfield
Current examples of Louisville Sixth Class Cities: Bancroft, Bellemeade, Bellewood, Blue Ridge Manor, Briarwood, Broeck Pointe, Brownsboro Farm, Brownsboro Village, Cambridge, Coldstream, Creekside, Crossgate, Druid Hills, Fincastle, Forest Hills, Glenview, Glenview Hills, Glenview Manor, Goose Creek, Green Spring, Hickory Hill, Hills And Dales, Hollow Creek, Houston Acres, Kingsley, Langdon Place, Lincolnshire, Manor Creek, Maryhill Estates, Meadowbrook Farm, Meadowview Estates, Mockingbird Valley, Moorland, Murray Hill, Norbourne Estates, Norwood, Old Brownsboro Place, Parkway Village, Poplar Hills, Richlawn, Riverwood, Rolling Fields, Seneca Gardens, Spring Mill, Spring Valley, Strathmoor Manor, Sycamore, Ten Broeck, Thornhill, Wellington, Westwood, Wildwood, Woodland Hills, Worthington Hills.
2018-04-23T08:39:00-07:002024-01-23T10:20:12-07:00Pam Ruckriegeltag:findhomesinlouisville.com,2012-09-20:13000Losing the Farm:How Selling Your Home By Owner Actually Costs More Than A Realtor Does<img alt="Blog article about the 5 ways people lose money when selling their home by themselves. Focuses on Louisville Real Estate Market in 2018. Written by Pam Ruckriegel, Louisville Realtor 502-435-5524 www.LouisvilleRealEstatePros.com" title="Losing the Farm: Selling Your Home On Your Own is More Expensive Than You Think" src="https://lh5.googleusercontent.com/aPR9ak-t8cbnwgOLisdNMah7aQaEtQuXK5P-ar-l83V8BKOHPM6yXqeCDPs8iPVALEm4eTOYO0N5JIiQapcapQXcJF5N1jwu8C1ZCrW-1EDBE_t1rXxXNRnPhuYRhYvuzCUZ4JeE" width="417" height="417" />
Losing the Farm: Selling Your Louisville Home By Owner Costs You More Than You Think
For Sale By Owner, FSBO, sounds like a really good idea to the initially motivated seller. The thought of keeping all of the money made in the transaction to put towards another home or to invest can be appealing. Often the thought of all that extra money blinds the homeowner into making some pretty costly mistakes. Here are the top 5 ways sellers can "lose the farm" when selling their own home.
5th Biggest reason FSBO Sellers lose money when selling their home on their own.
Potential FSBO Sellers lose money by trying to make a contingent offer on a property they want to buy. When you make a contingent offer that means that the seller is going to have to wait till you sell YOUR home to close on their home. In the Louisville Real Estate market you have to be competitive not only in price, but in terms like inspections, how quickly you can close, and what kind of loan you plan to use. Right now, in Louisville’s Seller market, there are plenty of buyers who don’t need to sell a home before buying, so in order to be competitive the FSBO seller has to offer more money to make it more appealing for that seller to wait. Now the FSBO seller has to list their property for sale at a lower price in order to sell fast so they don't lose the home they want to purchase. They've just lost on both the buying and selling end because they chose to circumvent the process that an experienced agent would guide them through.
4th Biggest reason FSBO Sellers lose money when selling their home on their own.
FSBO Sellers lose money while negotiating repairs. Most likely the buyer is being represented by their own Realtor. The FSBO sellers are going head to head with a Realtor who negotiates real estate deals every day. Normally FSBO sellers don’t know what they are expected to repair. If they had their own Realtor they’d learn exactly what should and shouldn’t be agreed to when negotiating repairs. The buyer’s Realtor will definitely take advantage of the FSBO seller’s inadequate knowledge.
3rd Biggest reason FSBO Sellers lose money when selling their home on their own.
Potential FSBO Sellers lose money by updating their home too much in preparation to sell without good advice from a Real Estate professional. I see this mistake all the time! 95% of the time, as I’m talking to a potential seller on the phone before our appointment, they’ll tell me about all the things that “have to be done” before they can sell their house. Working with buyers everyday gives me incredible insight into what’s important to buyers, and what’s not. Take this story for example:
One client had me convinced she would need to replace her carpet because it was “ruined and stained beyond repair”. Let me tell you, I was quite surprised to find perfectly fine carpet when I arrived. There were no major stains or wear marks and after a discounted carpet cleaning (that we found on Groupon) made the carpet look almost brand new. That one item I identified, which only cost $59 to rectify, saved my client thousands of dollars and big headache (have you ever had carpet replaced in a fully furnished home, it’s no fun!)
2nd Biggest reason FSBO Sellers lose money when selling their home on their own.
FSBO Sellers lose money by getting emotional. FSBO sellers get caught up in selling the home or in meeting the prospective buyer and forget that it is a business transaction and often compromise their negating power by talking too much to the buyers. (I once had a FSBO agree to a lower price because they felt a connection to my buyer--when they showed up to view the home with an 11 week old baby, the seller became emotionally involved in the transaction since they had purchased the home when they had a new baby themselves. Having an agent as their 3rd party negotiator would have kept them away from the buyer and the cute baby and the agent would have negotiated better terms for them.)
And finally, the 1st biggest reason FSBO Sellers lose money when selling their home on their own.
FSBO Sellers lose money in lawsuits. Almost 75% of real estate lawsuits include at least one party who was not represented by a professional. Many times Sellers fail to properly disclose issues with their home, or follow the different real estate laws in Louisville KY. Ignorance of the law excuses no one.
The Louisville Real Estate Pros average commission costs in <a href="https://www.findhomesinlouisville.com/communities/">Louisville, KY</a> are around $11,000. Most FSBO sellers are willing to pay $5500 to a buyer’s agent. Why not protect yourself as well? Your Louisville Real Estate Pro will be able to save you their commission and more. Real Estate Agents are there to help buyers and sellers alike make the best decisions.
If you are thinking about selling your home and can’t decide if you want an agent, call <a href="http://www.LouisvilleRealEstatepros.com/contact">The Louisville Real Estate Pros</a> today. We would be happy to discuss the pros and cons of being a FSBO in Louisville, KY and explain what we can do to help you get the most value out of your home.2018-04-13T12:17:00-07:002024-01-23T10:21:55-07:00Pam Ruckriegeltag:findhomesinlouisville.com,2012-09-20:12811Is Getting a Home Mortgage Still Too Difficult? <img src="https://assets.site-static.com/userfiles/751/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2017-09-28T06:39:00-07:002017-09-28T06:39:51-07:00Pam Ruckriegeltag:findhomesinlouisville.com,2012-09-20:12810Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/751/image/3-questions-to-ask-before-buying-your-dream-home.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" height="410" width="750" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2017-09-28T06:38:00-07:002017-09-28T06:39:07-07:00Pam Ruckriegeltag:findhomesinlouisville.com,2012-09-20:12809Will Increasing Mortgage Rates Impact Home Prices? <img src="https://assets.site-static.com/userfiles/751/image/Mortgage-Rate-Projections.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " title="Will Increasing Mortgage Rates Impact Home Prices? " height="410" width="750" />
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.2017-09-28T06:37:00-07:002017-09-28T06:38:26-07:00Pam Ruckriegel