I have a guest post for you today from Satinder Haer from Zillow.
Zillow is a great resource for you to use in your business. Today's article is all about where to get the most bang for your buck when it comes to Louisville real estate.
This is important information for you no matter where you live and work. Being well informed about your market leads you to better buying decisions. It is one tool you can use for pricing your rehabs when they are completed and it helps you when determining the rent for a newly acquired property.
Here's the article.
Where to Get the Most for Your Money in Louisville Real Estate
Homebuyers usually spend less than an hour viewing a house before deciding to place an offer on the property. That’s not a lot of time to determine if the house, location and investment are the best bang for their buck. For homeowners who want the best possible investment for their money, it’s important to begin with targeted research. By searching in neighborhoods with rising home values, you can increase your chances of picking a favorable investment before you even have your first viewing. Then, you can focus on the actual houses you’re looking at and not market trends.
If you’re looking for real estate in Louisville, and want the best investment for your money, start with these three neighborhoods.
The neighborhood of Belknap is situated just over three miles east of downtown in an upscale community known as the Highlands. Unsurprisingly, home values in Belknap are significantly higher than the median home value in Louisville. After experiencing a 4.3 percent rise in value throughout the previous year, the median home in Belknap is now $272,000. With a slightly higher number of home foreclosures than the national average, you might even be able to purchase a foreclosed home in Belknap for a reduced price. Those home values are forecasted to increase another 4.5 percent in the next year.
The tiny community of Tyler Park is home to the St. Louis Cemetery and a 13-acre park by the same name. While the area is not much in the way of shopping or entertainment, Tyler Park is a solid option for families seeking a tight-knit residential feel with the larger neighboring amenities of the Highlands. Over the last 10 years, the homes in this area have appreciated by an average of 3.4 percent and the growth is not expected to slow. The median home value in Tyler Park is currently $247,000 and projected to rise another 5.6 percent by July 2016. While this neighborhood is one of the pricier areas in Louisville, the break even horizon is only 2.2 years, meaning it is more advantageous to buy than rent if you plan to live in Tyler Park longer than that.
For those seeking homes in a lower price range, Germantown is a great alternative to these other neighborhoods. Located less than 10 minutes from downtown Louisville and 15 minutes from St. Matthews Mall, Germantown offers the benefits of living in either location without the price tag. Its median home value has steadily increased for an entire decade and is currently at $105,000. Just this year, homes appreciated 4.6 percent in this area and are forecasted to rise 4.5 percent more in the next year. With a breakeven horizon of only 1.6 years, relocating to a home in Germantown is a compelling option for both short-term and long-term residents.
While you can’t control many aspects of the home buying process, these three neighborhoods are an excellent launching point for home hunters in Louisville aiming to maximize their investments. Once you’ve picked your favorite of these neighborhoods, you just have to find a home you love.
About Satinder Haer
Satinder Haer writes about real estate, home improvement and interior design for Zillow and other partners.
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