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What Is It Like Living in Shelbyville, Kentucky? A Local REALTOR®'s GuideIf you're considering buying a home in Shelbyville, Kentucky, the first thing to understand is that Shelbyville and
On the Fence of Whether or Not To Move This Spring?
Dated: April 17 2022
Views: 19
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Happy Easter Everyone! Today as we celebrate life and love let's keep in mind where we celebrate and who we celebrate with. Our homes are one of the most important assets we own and they are more valuable than ever before.
This week, mortgage interest rates, according to Fannie Mac, jumped to the rate of 5.00% against 4.72% last week. Ever since the Federal Reserve raised interest rates, mortgage interest rates have continued to tick higher and higher. The Federal Reserve is on track to raise interest rates yet again, and at least 4 or 5 more times this year. The 5% interest rate is the highest mortgage interest rate we have seen in 11 years, and the Federal Reserve being on track to continue to raise rates mean 5% will not be the ceiling to what we are going to see in mortgage interest rates this year. If you are wanting to move this year, waiting is going to cost you, I would suggest getting your move going now, finding the home you want to live in and getting your mortgage rate locked-in.
For March in the Louisville/Lexington Market there were 2,904 (+19) Active & Pending Single Family Homes/Condos with 1,536 (+89) Sold.
There is a 33.10 (-5.4) average days on market in our area with 0.79 (-0.03) Months of Inventory Available.
February 2022 saw an Average Selling Price for a home at $282,755 compared to $245,978 in February 2021. - A gain of over $36,000 in just one year!
1084 Homes were sold in February of 2022 compared to 1192 in February of 2021.
Median Selling Price for homes in February of 2022 closed at $235,250 compared to $210,000 in February of 2021.
I predict that mortgage interest rates will continue to rise higher, with average rates hitting 5.00% this week meaning that retail rates on the open market will be much higher than that. As mortgage rates rise buyers may get priced out of the market and not be able to afford the homes they were looking for. Home prices are not projected to fall this year but may level off at a high level, even so, prices will continue to rise as other buyers make up for the priced-out buyers. With the Federal Reserve indiciating they are going to continue to raise rates, we could very well see rates hitting 8 to 10% which is certain scarey for our market!
Contact me today, so we can discuss all of your options and get you on the right path to homeownership and the American Dream!
David Hittle, Realtor
United Real Estate Louisville
Shop Kentucky Homes
502-489-1135 (Call or Text)
Shopkentuckyhomes@gmail.com
David Hittle
David Hittle is a licensed real estate agent with United Real Estate Louisville, serving buyers and sellers throughout Louisville, Kentucky and surrounding counties. Specializing in residential real e....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program. Real estate listings held by IDX Brokerage firms other than United Real Estate Louisville are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. This information is provided exclusively for personal, non-commercial use and may not be used for any purpose other than to
REALTOR® Association of Southern Kentucky All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may
Heart of Kentucky Association of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
