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Our mission at The Sokoler Medley Team is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

Housing Inventory Is Low Across the Nation

Housing inventory is low across the nation. However, some sellers are missing out on the perfect chance to move up into higher price points.

I’m coming to you from New York City, where I shot my new commercial with Barbara Corcoran. I got to chat with some of the top agents in the country, and I’m hearing the same thing over and over: there is a lack of inventory in the market.

Even here in Kentucky, inventory is low. Remember, housing inventory is measured by the absorption rate. An absorption rate between five and six months is considered a balanced market, while anything over six months is a buyer’s market and anything under five months is a seller’s market. 

There are seller’s markets popping up all across the country. Just listen to what these top agents had to say: 

Amanda Howard from Huntsville, Alabama says her market only has 3.5 months of inventory, while Nick Shivers from Portland says that there are only 1.3 months of inventory available across the board. In fact, some neighborhoods in Portland don’t have any inventory at all. 

John Modine from Dayton, Ohio, says that while the inner city market is still full of foreclosures, homebuyers in the suburbs are fighting through multiple offers and running out of houses to look at.

Curtis Johnson from Phoenix says that some areas have almost no inventory, while others still have some. Marti Hampton from North Carolina says that she has definitely seen low inventory up to certain price points in certain areas. Some neighborhoods start to balance out once they are over $400,000, while others have more inventory in the $600,0000 price range. 

Now is the perfect time to be a move-up buyer.

So, why aren’t there enough homes in the $100,000 to $400,000 market? There are a variety of reasons. 

According to Mark Spain from Atlanta, we went through a period where there was not a lot of new housing stock created because construction costs went up much faster than appreciation. Tiffany Lachnidt from Colorado Springs believes some of the problem is due to a lack of economic confidence. 

If you are a homeowner in the $100,000 to $400,000 price range, then you really need to listen to Marti Hampton. Marti says that people are simply staying in their homes too long. Right now, sellers in this price range have a great opportunity to sell for top dollar and get a great deal on a home in the $550,000 to $600,000 range.

In other words, you have the chance to sell in a seller’s market and buy in a buyer’s market.

Now, you can check out the video for a few behind-the-scenes shots of my commercial with Barbara Corcoran. We are glad to be on Barbara’s team, and we would like to be on your team, too. 

Whether you are looking to buy in a seller’s market or if you plan on moving up to bigger and better things, just give us a call or send us an email. My team and I would be happy to help you!

How Much Do You Really Need to Put Down to Buy a Louisville Home?

There are many mortgage loan options out there that allow you to put down considerably less than 20%.

As we were discussing ways to help our clients at the latest mastermind we’re currently attending in San Diego, a couple of things were brought to my attention about our market back in Louisville.  

The first is a lack of inventory in the $100,000 to $350,000 price range. The second is a misconception among potential buyers about how much you need to put down to buy a home in the $100,000 to $350,000 range and the ranges above that. 

How much do you really need to put down in your down payment? The answer can vary depending on the type of mortgage loan you get. 

For FHA loans, there are no income restrictions and you only need to put 3.5% down. Veterans applying for VA loans don’t need to put any money down. Conventional loans require a minimum of 5% down, but you can use lender-paid mortgage insurance to lower your payments and give yourself the opportunity to afford more home. Plus, everything is tax deductible. If you can put 20% down, however, you can’t use private mortgage insurance. 

It’s not true that you have to put down 20% to buy a home.

Many people are under the assumption that they need to put down 20%, but that’s only true if you’re buying an investment property, and even that’s not a hard and fast rule. Fannie Mae guidelines have been loosened to the point where you can potentially only put down 15% to buy an investment property. 

Through the Kentucky Housing Corporation, which provides down payment assistance, Sandie has been able to get her clients homes with no money down. They offer conventional loans, FHA loans, VA loans, or RHS loans.

If you have any questions about this topic or you’re thinking about buying or selling a home in our Louisville market, don’t hesitate to give me a call. We’d be happy to help you.

Why Zestimates Can’t Give Your Home a True Value

What’s the best way to get an accurate home value? Not from Zillow, apparently.

If you’ve recently visited Zillow and were shocked at the figure you got from their Zestimate feature, you’re not alone. If you’ve thought about suing Zillow because of this inaccurate information, you’re not alone either.

That’s right, there is a woman in Illinois who is suing Zillow because she is having trouble selling her home. My friend Barbara Corcoran was on Good Morning America recently to talk about this topic. You can see her full comments above, but there were a few things she said that stood out to me.

Trust an expert’s opinion on your home value, not a website’s.

First off, the woman suing Zillow believes her home is worth $626,000, nearly the same price she bought the home for. The Zestimate for her property, however, came in at just $562,000. 

Zillow has publicly responded to the lawsuit saying, “A Zestimate is as starting point to determine a home’s value, and is not an official appraisal. The plaintiff can update her own Zestimate by adding the square footage of her home.”

Is Zillow the best place to start determining your home’s value? This is what Barbara had to say:

“Yes it’s a good starting point, but it’s not a reliable figure. If you want to get the best price, or at least an accurate one, you must know the real value of the home by being accurate about what homes are compared to yours and a real estate agent who knows what they are doing.”

Essentially, don’t trust Zillow when it comes time to price your home. Trust the expert opinion of a local real estate professional. If you’d like our opinion on your home’s value or if you have any other questions, give us a call or send us an email. We would love to hear from you.

Tour 2 of Scottsdale’s Multi-million Dollar Properties and Get a Quick Market Update

I’m taking a quick break from my Mastermind in Scottsdale to give you a tour of some luxury homes and provide a quick market update.

Today I’m in Scottsdale, Arizona for a RE/MAX Mastermind for elite RE/MAX agents, and I’ve got a couple homes to show you and a quick update to give on our Louisville market back home. Follow along in the video above to get an intimate look at two gorgeous properties. 

The first home belongs to former Major League Baseball pitcher and Hall of Famer Randy Johnson. This 25,000 square foot property is listed at $20 million, and as you can see, you’ve really made it when you can afford to live here. 

You know you’ve made it when you can afford to live in homes like these.

The two rooms that really sell homes are kitchens and master bathrooms, and both areas in this house are enormous. On the outside, you’ll find a pool and a walking garden with an overhanging trellis. The garage holds three Ferraris, which unfortunately don’t come with the house. 

The second home was built in 2007 and is listed at $7.5 million. At 10,000 square feet, my wife describes it as “more welcoming.” From the back of the property, you get a nice snapshot of Camelback Mountain and a faraway view of downtown Phoenix.  

Whenever I tour homes like these, I feel like Robin Leach from “Lifestyles of the Rich and Famous.”

What about our market back home? The Louisville and southern Indiana market is as hot as we’ve ever seen it. The problem is there isn’t enough inventory, so there’s a strong need for more homes to come on the market. This means now is the time to list your home. If you’re a buyer, we have 18 agents ready and waiting to help you find the home of your dreams.

If you have any questions in the meantime, don’t hesitate to give us a call. We’d be happy to assist you.

April 23rd - Bob Sokoler The Louisville Real Estate Show on 840 WHAS

You can listen to our latest Radio Show here! Be sure to listen to our Louisville Real Estate Show on 840 WHAS Sunday morning from 8:30-9:00 am! Have a question for our team of experts? Call (502) 252-1890 or (502) 376-5483 to leave a question. For more information about Louisville Real Estate or to work with the hardest working Real Estate Team in Kentucky “The Sokoler Medley Team" at REMAX Properties East, 10525 Timberwood Circle, Louisville KY 40223 head to, email or call (502) 376-5483.