Wakefield Reutlinger Realtors Newsletter 3rd Quarter 2014

5/20/2018 Wakefield Reutlinger Realtors Newsletter 3rd Quarter 2014

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REAL ESTATEWakefield Reutlinger Realtors, a Berkshire Hathaway Affiliate

ALL THE WAY HOME...425-0225

InsiderInsiderInsiderInsider

Real s tat s tat s tat s ta teeeeEEEE UPDATELouisville

3rd Quarter

Wakefield Reutlinger Realtors

Year to DateYear to DateYear to DateYear to Date Jan 1Jan 1Jan 1Jan 1----June 30June 30June 30June 302012201220122012 Jan 1Jan 1Jan 1Jan 1----June 30June 30June 30June 302013201320132013 Jan Jan Jan Jan

Houses Sold 5963 6928 6

Avg. Selling Price $167,093 $173,589 $1

While sales of previously owned homes rose 2.6% inJune over May to an annualized seasonally adjustedpace of 5.04 million, the highest pace since October of

2013, sales are still 2.3% below last years pace.Inventories are at their highest level in over a year andprice gains have slowed to much more welcoming lev-els in many parts of the country, said Lawrence Yunof the Nat iona l Association of Realtors. Thisbodes well for rising home sales in the upcomingmonths as consumers are provided with morechoices. On the contrary, new home constructionneeds to rise by at least 50 percent for a completereturn to a balanced market because supplyshortages - particularly in the West - are stillput ting upward pressure on prices.Yun also noted that stagnant wage growth isholding back what should be a stronger pace ofsales. Hiring has been a bright spot in the economythis year, adding an average of 230,000 jobs each

month, he said. However, the lack of wageincreases is leaving a large pool of potentialhomebuyers on the sidelines who otherwise wouldbe taking advantage of low interest rates. Income growthbelow price appreciation will hurt affordability.NAR President Steve Brown said Realtors arereporting that some prospective buyers who haveabove average credit scores but low down paymentsare deterred from homeownership by the highcost of FHA mortgage insurance. Access toaffordable credit continues to hamper young,

Home Sales Continue To Trail Last Yearprospective fi rs t- time buyers , added BNAR recommends that FHA reduce highmortgage insurance premiums for all qu

homebuyers and eliminate the insure qu ir em en t for the life of the loan.In the Greater Louisville Area, June sales 8.7% from May, but were still down 2.8to date from last year, mirroring the nmarket. Sales in Jefferson County fared worse, down 5.3% year to date versus laPrices in most areas were basically uncfrom June 2013, with modest gains in Oand Bullitt County. Inventory is still reltight with 14.5% fewer homes for sale in JCounty, compared to one year ago. A hearly summer market continued in June witmore homes put under contract versus June 2As we continue to report, the state of hoube in g clos el y fo llowed by Fede ra l R

po li cyma kers as they weigh how soon anfast to begin tightening their easy-money pwhich have been in place since the financiastarted seven years ago.The housing sectorhas shown little recent prFed Chair Janet Yellen said in testimonyCongress last week. While this sector has renotably from its earlier trough, housing leveled off in the wake of last years incrmortgage rates, and readings this year have continued to be disappointing.

10

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Units Sold January 1 June 30

June Unit Sales of Single Family Residential and Condo

TESTIMONIALWe absolutely loved workingwith Cindy when buying ourfirst home! She walked us

through everything and made

sure we were comfortablewith the whole process .

I'd recommend herin a heartbeat.

---- Sarah D.


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"Springfield" off Blankenbaker Lane, is known as the boyhoodhome of the 12th President of the United States, Zachary Taylor.There is a prior local Taylor home nearby.Richard Taylor (1744-1829), Zachary's father, was born in OrangeCounty, Virginia of a prominent family. After graduating fromWilliam and Mary, he served with distinction in the RevolutionaryWar. He came to Kentucky (still the three Western Counties ofVirginia) in 1783. By 1785, Richard brought his family toLouisville from their home "Hare Forest," where months beforeZachary was born.

Richard Taylor was a member of the state constitutional convention,Collector of the Port of Louisville, a county judge, and onLouisville's board of trustees. He purchased 200 acres from IsaacShelby, the first Governor of Kentucky in 1792, where heconstructed the two story brick hall and parlor, which is thesouthern wing of the present house. In 1795, Taylor moved hisfamily to his newly built "Springfield" across The Brownsboro

The Taylor-Herr House

Road. He sold his home on whatis now Waterford Road to GeorgeRudy of Pennsylvania.In 1797, Rudy sold the home and117 acres to his son-in-law JohnHerr. By 1820 John Herr added aFederal style I-house with centralhall plan forming an "L" shapewith the new portion facingBrownsboro Road. The newaddition had two 17 foot squarerooms flanking a 12 foot centerhall.Upon John Herr's death in 1852,the property passed to his daughterAnn Arterburn and her husbandNorbourne Arterburn. Willed totheir son Clifton in 1878, it wasthen owned shortly by HancockTaylor. A.J. Dresel purchasedthe property in 1901 and itremained in the family until hisheirs sold to the developers ofWexford Place subdivision in

1952. On the National Registerof Historic Homes, the Taylor-Herr house is still a privateresidence proudly owned since1972.

By Dave Arnett

What are Tiny Houses? The T

House Movement? Tiny Living

Simply put it is a social move

where people are downsizing

space that they live in. The typ

American home is around 260

square feet, while the typical s

tiny house is around 100-400

feet. Tiny Houses come in all sh

sizes and forms but they focus

smaller

spaces

and simpli-

fied living.

People are

joining this

movement

for manyreasons, but the most popular r

are because of environmen

concerns, financial concerns

seeking more time and freedo

For most Americans, 1/3 to 1/2

their income is dedicated to th

over their heads. This translate

15 years of working over their

time just to pay for their home.

Is there an alternative? One m

be to live smaller. While tiny ho

may not be for everyone, ther

lessons to be learned and app

the way we all live.

What is the Tiny

House Moveme


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This is not intended to solicit a currently listed property.Information is deemed reliable, but no t guaranteed.

Interest Rates

Fixed 30 Year 4.125 %

Fixed 15 Year 3.250 %

Fixed FHA 30 Year 3.750 %

Fixed 30 Year Jumbo 4.375 %

*as of Aug. 5, 2014- restrictions apply.

As someone who has been in the residential realestate market for almost fifty years, I can say Iveseen many trends. The trend that fascinates me themost is the one I believe were in today, which is

reminiscent of where we were in 1966 when I wentto work for Paul Semonin.

At that time a family purchased a house as theirhome. This concept was universal, whether it waspurchasing a home for the first time, buying a biggerhome as the family expanded or downsizing for re-

tirement.

As inflation took off in the 70s, people saw the valueof their homes accelerate. They made great returnson their purchases and sales. There was a pausewhen the mortgage interest rates went to the upperteens, but by the mid 80s prices were off to the races again, not to slow

down in any great manner until the housing depression of 2008 2011.

Most of us in the trade are familiar with the political and government poli-

cies in the 90s which required the banks to lend to people who were poor

risks in the name of hrights. Homeowners using their houses asmachines, cash geneand commodities, eveexcept their homes. Wall Street securitizedebts and sold them suspecting investors resulted in the subprco. As with all bubbleburst, and the housinket collapsed with brquickness and conse

es.

Fast forward to todaycircle has been closepeople buying housesbuying homes withou

expectations of investment returns but with the benefits of deductigage interest and real estate taxes on their income tax returns. Theset is that they are not buying an investment but are buying their ho

It has been a long road, but it has come full circle.

Full Circle by Ken Reutlinger

While Jim and Ellen serve as independent agents, they also ha

formed a strong partnership offering EXPONENTIAL SERVICE to theclients. With 18 years real estate experience and over 30 years

home building, remodeling and home inspections, Jim helps every client with what

look for and what to expect when buying or selling a home. Ellen, with 14 yea

full-time real estate experience along with 9 years marketing experience is strong

the ever-changing marketing arena and excellent in customer service. Through the

partnership, they are able to build strong relationships and provide honest, reliab

advice to their clients.

Call today so they can add you to their list of satisfied real estate clients.

Ellen Bland 807-4924 James Aubrey 744-7922

Ellen BlandEllen BlandEllen BlandEllen Bland,,,, CRS, GRI andCRS, GRI andCRS, GRI andCRS, GRI andJames AubreyJames AubreyJames AubreyJames Aubrey,,,, REALTORREALTORREALTORREALTOR

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Wakefield Reutlinger Realtors Newsletter 3rd Quarter 2014