Author: Kyle Elmore, President/Realtor at White Picket Real Estate
I had an awesome time serving on the panel for YPAL’s Home Buying 101 last week. YPAL and I thought it would be helpful to put out a blog post that captured the most frequently asked questions from participants for all the YPAL members who were unable to make it to the event. Below you will find that info and feel free to reach out with any additional questions you have about buying or selling real estate in Louisville.
1) Should I get Pre-approved before visiting homes?
Yes. First thing, find a rockstar agent. They will be able to connect you with multiple lenders so that you can find the right fit. Then you need to get approved. Your lender will give you a top $ home price, but you need to take a good look at your budget to determine what you can afford on a monthly basis. This is the $ amount that you and your agent will use during your home search.
2) What should I look for in a realtor?
You want someone who is a strong negotiator, has high business acumen and that you trust to represent your best interests. There are a lot of real estate agents in Louisville, but you want to make sure you put time and thought into whom you decide have represent you to purchase one of the most expensive items of your life(to date). Don’t just talk to one agent for 2 minutes and start the process. Find an agent who is a rockstar.
3) What is the biggest mistake first time home buyers make?
Picking the wrong real estate agent to represent them.
4) When is the best time of year to buy a home?
Old wisdom would tell you during the winter months. That advice is really no longer relevant in such an active real estate market. I’d say the best time to buy a home is when you decide that you are financially and mentally ready to buy.
5) What areas in Louisville are “hot” for YP buyers?
There is a lot of activity with YP buyers in Germantown, Highlands, Saint Matthews and Crescent Hill. Germantown is probably the newest area to break into the mix for millennial buyers. The Highlands and Saint Matthews are Old Guard. I also expect over the next 5-8 years, to see more YPs looking at Shelby Park and Portland (depending on what all develops in the neighborhood).
Feedback? Additional questions? Need real estate help?