Real estate trends: GLAR®

BY DAWN ANDERSON COURTESY PHOTO

“L ocation, Location, Location!” - long considered the three essential considerations in real estate, is followed closely by timing and trends these days as the market continues to heat up.

The U.S. housing market is booming, with home prices peaking at a yearover-year rate of 20% last year and a Spring 2020 Zillow® forecast of a 16.4% spike.

With a lack of inventory and interest rate hikes looming, keeping up with home buying and selling trends is vital for both sides of every potential transaction. Knowledge is power.

The Greater Louisville Association of REALTORS® (GLAR) is over 5200 members strong and serves a seven-county area. “We help educate agents, protect consumers, and offer a multiple listing service,” says 2021-2022 GLAR President Paula Barmore of Parker & Klein Realtors. Paula’s father was a developer and builder, and she worked in onsite sales for him for four years. She has been a realtor and associate broker for 27 years and still enjoys “making dreams come true” for her clients. Paula describes the fourth quarter of 2021 as an amazing adventure. “It was not a dull time to be in the real estate business - at all!” With low inventory at all price points, Paula doesn’t see that changing any time soon. “It was and still is a great time to sell.” Another signifi cant factor in the market recently is “people looking at their homes in a different way.” Our homes are now multi-purpose, with so many

of us working from home and children engaged in Non-Traditional Instruction (NTI). “Right-sizing becomes a priority when you know you will be in your home more.” Our perspectives on how we see our home carry over into 2022, and newer ones are 2021-2022 GLAR also coming to light. “How will the home be

President Paula used differently now?” Paula thinks time in Barmore of Parker the kitchen will be even more valuable as we & Klein Realtors have grown accustomed to gathering there, gaining and developing cooking skills, and making memories. She also sees multi-generational living as a growing trend with athome care for senior family members and children out of school.

“As interest rates tick up, grandparents become a more affordable option to help care for children.” With Louisville’s ever-growing immigrant population, multi-generational living is a cultural norm they bring with them to the city. This trend begets other trends with changes to expectations and requirements in home fl oorplans and expanding footprints. “Some homes now have a second kitchen often modifi ed to prevent accessibility issues.” But in-demand in-law suites aren’t just for in-laws anymore. “They are useful for an au pair living in the home,” says Paula. “Or older children who now live at home longer to save money and need that separation of space.”

So what advice does Paula have for buyers and sellers as they consider these trends and make crucial fi nancial and lifestyle decisions? For buyers, “Have a licensed realtor help guide you through the process. Know that it will require patience and persistence. Get fi nancing lined up before you start to look. And be prepared to move quickly!”

Sellers should “Have a realtor walk your house from the outside in. Landscaping makes a huge fi rst impression. Inside, declutter and take down photos so that potential buyers can better imagine themselves in the space. Clean until it sparkles and fi x minor things. Updating lighting and lighting fi xtures is an inexpensive way to make a big difference. Choose brighter bulbs and use the same kinds of bulbs throughout the house. A fresh coat of paint also goes a long way to lighten and brighten. Invest in having great photos taken for the listing.” 

For more information, visit louisvillerealtors.com. Follow

@GreaterLouisvilleREALTORS

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