LOUISVILLE, KY (WAVE) - Good homes can be hard to get. That's the case in the Louisville housing market right now, and that's a good thing. Demand is not only up, in some cases if your in a hot neighborhood and the price is right, homes are selling in a matter of hours.
A month ago, Brian Frederick sold his Highlands condo and began looking for a house in the $300,000 dollar range in the same area. He knew buying would be the easy part, or at least that's what he thought. Frederick said, "I thought I could go buy a house that I wanted in a preferred area."
Instead, Frederick got an eye-opener.
He was trying to find a home in 30 days in the Highlands or St. Matthews, but that didn't happen. He put in offers on three homes including a ranch on Woodbourne Avenue not far from Cherokee Park. He also offered full price on a home on Wrocklage, but multiple offers above asking price pushed him out of the deals. "I couldn't believe I was going to be a part of a feeding frenzy," he said.
So, for now, Frederick is living in his RV.
His realtor, Judie Parks of Prudential Parks and Weisberg told us, "Some of these houses are getting anywhere from three to seven offers in a day and they are gone."
Even though for sale signs are popping up across Greater Louisville, Parks said there's still not enough inventory to keep up with demand. "A lot of the sellers that were saying, I'm still holding on or those who were thinking, I want to wait until the market really increases," Parks explained, "some of them have finally decided to list their house, but there are still a lot that aren't."
Parks said there are many reasons homes are going fast. Sellers are more realistic about the price, they're fixing up their homes and new jobs are coming to the Louisville area.
Michigan Ford Motor Company transfer Karen Morrison just closed on her new Jeffersontown home, knowing she had to act fast. "Mother's Day weekend we saw it," she remembered of her new house, "It was the first house we looked at on that day and it's the one we put in an offer on that very afternoon."
In the first six months of 2013, Jefferson County home sales alone jumped 16 percent over the same time last year, leaving buyers like Brian Frederick with a valuable lesson.
"When I see a new listing that I'm interested in, I need to go look at it right away and decide if I want to go inside and make an offer on it within a couple of hours," he said, "Because it's not going to last."
Sales of new construction are also up. Real Estate agents tell us when interest rates go up slowly, as they are right now, it actually helps move homes because the small jump gives people confidence that the economy is improving.