The Miles & Smith Group Louisville Real Estate Blog

Louisville Winter Real Estate Market

A Glimpse into The Coming Market Conditions

 

It’s Holiday time in Louisville! And Louisville loves the holidays. People get involved in events and parties, the weather is chilly, and this all influences the local real estate market. But it also creates opportunity that the summer months do not. So, what do you need to know if you plan to buy or sell during the end of the year?

Supply and demand are economic forces that are at the heart of the matter when analyzing markets. We Realtors hear all the time in November and December something like this: “Yes, we are looking but we are going to get serious after the new year”. Seller should understand when listing in these holiday months, many potential buyers close up shop to focus on the busy season. DOM (Days on Market) increase typically around this time. There is still plenty of market activity, but homes may take a little longer to sell. Last year, during November...

How much home can I afford?

How Much House Can I Afford?
One of the first steps when you are thinking of buying a home is determining your budget. It’s a big let down when you look at houses in a price range way over your budget. It is generally recommended that you look at houses within your price range so that your eyes aren’t bigger than your wallet. One way to do this, is to let your agent connect you to a trusted lender. Most agents have relationships with lenders they rely on. But we get it…you may not be ready to give over W2s and have your credit run. Especially if you are just starting to look, you may just want some basic guidelines to figure out how much house you can afford.
Here are the main factors:
1. Income. While this may be obvious, your income will have a big impact on what you have the ability to purchase. One thing to consider is whether you are an employee, contract worker, or self-employed. Lenders will have...

Skip the Zestimate!

Skip the Zestimate!

Perhaps you saw the news. Spencer Rascoff, CEO of Seattle based real estate media company, Zillow, sold a home. Maybe that part is not newsworthy, but this part is: he sold it for 40% less than the Zestimate displayed on the site.

There are several sites that us an AVM (automated valuation model). However, the following is true: these models are not sufficient when an accurate assessment of value is needed. The particular instances I’m referring to are buying a home and selling a home.

You see, these models pull publicly available data, crunch them together and spit out a number. But the model doesn’t account for several things. I know firsthand that an addition done to my house has not been reflected in Zillow’s pricing efforts. But other things, such as lot irregularity, condition/age of mechanical components,...

You’ve inherited a home now what?

You’ve inherited a home now what?

 Inheriting a home comes with a lot of responsibilities and decision making by the heir(s). If you have a loved one that has passed on and you’ve inherited their home or are the executor of the estate, below is a guideline to help you through the process before you decide whether or not to sell or keep the home.

Making sure the home is secure and re-keying is extremely important. (it’s almost impossible to know who may have a key).  Notify the local police department that the property is now vacant. Speak with trusted neighbors and ask them to keep an eye on the property.

  • Set up lights with timers to make the home appear to be occupied.
  • Make sure mail is forwarded or regularly picked up and no leaflets are left at the door/porch.
  • Continue making mortgage payments, property...

20 Proven Facts About Selling Your Home

20 Proven Facts About Selling Your Home

 I love my home. My family has lived here or over five years and unless, for some unknown reason, we move out of town, we will never move again. It works for us. However, if we ever had to up and move, I am not under the impression that EVERYONE would want to buy this house. And not surprisingly, your home is the same. When you are preparing to put your home on the market, this list of facts will come in handy.

  1. You should know your market. Or, at least your agent should. Real estate is local. Market trends change all the time. You/your agent should know the area, what is selling, and what is NOT selling.

  2. Your home should be clean! A little bit of time can net you, literally,...

Which NFL Stars Home Do You Want?

NFL Luxury Homes

Are you thrilled about the 2019 NFL season? We sure are! Sundays, Mondays (and Thursdays too) are a lot more exciting now that football is back!

I am often intrigued by the luxurious lifestyle of some of the greats of the NFL. Sure, not all the players make the big bucks that a select few make (they all still do pretty well). But the NFL can make players very wealthy. Since I am in the real estate industry, I got a little curious. Where (and how) do these guys live?

Leave your muddy cleats at the door and join me on a virtual site-seeing tour of some of the NFL’s best real estate!

 Tom Brady's Home

Tom Brady – QB, New England Patriots

This one, you can actually buy!

You can’t get much more star power than Tom Terrific! His estate...

Kentucky Derby 2019

Kentucky Derby 2019

The air warms, everything is green again. Here in Kentucky that can only mean one thing. Yes! It’s Derby time! If you aren’t familiar with this annual tradition, the Kentucky Derby probably seems like a random horse race that is nationally broadcast for some reason. The reality is that for this area, it is one of the most vibrant times of the year. The entire city of Louisville is lively for two weeks! Area businesses post “Derby Hours” while people from all over the world come to experience what the region has to offer. The longest running sporting event in America, the Kentucky Derby’s tradition has been here since 1875!

William Clark’s (of Louis & Clark) grandson brought the idea home from Europe and endeavored to create a grand spectacle centered around horse racing. John and Henry Churchill gifted Clark the land and in 1875 the fifteen-horse field ran the first Derby in front of 10,000 spectators....

Rent vs Buy

The Rent VS Purchase Decision

If you are a renter, you may have often wondered, should I stay put or jump into purchasing my own home? Which is better? Well, it depends. Which costs more? Well, it depends. There are a lot of factors to consider and renting works for people in many situations. Likewise, purchasing a home can be a great decision and investment for many. Keep reading for a quick breakdown of the important factors:


When renting, your costs are generally fixed for the term of the lease. In some cases, utilities (or a portion of them) are part of the fixed costs. Often, a large portion of rent and a security deposit is required up front. In most places, when a lease ends, the landlord is free to increase rent, and, at any
time, they can sell your home!


As a homeowner, the landlord (you) cannot sell without your permission. Usually, if you require financing, your payment will be fixed (although...

End of Summer Home Maintenance

End of Summer Maintenance

With the recent heat and humidity, it may seem like summer is here to stay. But that first bite of cooler air is on the way. Yep, it’s the end of summer.

As a homeowner, with each changing season, there are tasks to do that will have you ready to go the next time the warm air comes around. And luckily, this is a lot easier than spring cleaning! Keep reading for a guide to end of summer clean-up.

  1. Scrub down outdoor furniture. When spring returns, you’ll be glad you did! And remember, different materials require different techniques. Do a little research so that you properly take care of wood, metal, wicker, and plastic!

  2. Clean Outdoor cushions. While you probably can’t just toss them all in with the laundry, spot clean with a mild mix of dish detergent and water. Rinse and air dry before storing.

  3. ...

Summer Fun in Louisville

Summer in Louisville

               Whether you are new to Louisville, thinking of moving here, or you have been here for a long time, as summer kicks into overdrive, you maybe wondering, “What is there to do”?

               In short, the answer is, “LOTS!” Sometimes known as the largest little town, or the smallest big city, Louisville has a great balance of down home activities and big city flair. Please keep reading as we highlight much of the best summer time fun that Louisville has to offer.

Outdoors

Walking Bridge

               A relatively new attraction...