Do Home Prices Out-Pace Pay?

While we know that Louisville, KY is not one of the hot spots of real estate, there are studies that show that as homes appreciate it becomes difficult for individuals to afford purchase prices on only one income. Quoting a recent article in the Louisville Courier-Journal, for a potential homeowner to afford the median home price of $142,500 (2006) they would need to make an average of $48,000. However the median income for a worker in the metro area in '05 was $28,000.

While this may seem to indicate that homeownership is out of reach. It is not as far as it may seem. For instance, there are many affordable and convenient areas of Louisville for a first time homebuyer below the $142,500 price point.

In addition, a first time homebuyer is often eligible for government loans/grants, such as an FHA loan. Or a first time homebuyer may request the seller to pay a portion of their closing costs and prepaids.

There are affordable methods of placing yourself in a home. To find out more information contact us. Read more about Prices Out-Pacing Pay

Louisville Home Prices

New Tax Law for Home-Owners

In your mailbox you are likely being to receive your W2s, 1099s, and other various tax statements. While its January and you may or may not file your taxes for a while; you might want to make sure you read more about a tax law which was signed into effect at the end of 2006. It may benefit you as a homeowner and make tax time a little easier. Click below for more information:

New tax law tweaks home-buying math

The Market Watch

Keep watch for what's happening in the Louisville, KY Housing market and other valuable articles. According to the Louisville Board of Realtors, there were 1229 purchases in November of 2006 (up from Nov. 05: 1187). In 2007, there will be thousands of homebuyers each month to purchase. Be informed when you purchase. Look here for information on falling interest rates.

Interest rates fall to lowest level since October 2005, trade group reports.