Wakefield Reutlinger Realtors

REAL ESTATE
Wakeeld Reutlinger Realtors, a Berkshire Hathaway Aliate

TESTIMONIAL
Pam became part of the
family, she worked with us for
11 months as we looked for
the perfect home. Our dream
was really important to her
and she did everything in her
power to make it a reality.
Thank you so much Pam,
our house is amazing
and so are you.
Lee and Tasha

The Parklands
Summer Movie Night Series
on the Egg Lawn
August 21: LEGO MOVIE
Sept. 4: McFARLAND USA
October 3: Great Pumpkin
10K Run In Beckley Creek
Park
Volunteer: Wednesday
Morning Gardening 9 to 12
every week

The Olmsted Parks

October 4: Big Rock Jazz &
Blues Fest, Free Event
October 24:
BooLaLa Halloween Ball,
Annual Fundraiser
Volunteer:
Tree Triage Cherokee Park
Aug 27, 6-8
Restora=on Seneca Park
Sep 19, 10-12
Restora=on Bingham Park
October 3, 10-12

ALL THE WAY HOME...425-0225

3rd Quarter 2015

Louisville and National Market Update

The Greater Louisville Association of Realtors (GLAR)
reported June 2015 sales up 12.3% year-to-date
with sales up 20.5% in June 2015 compared to June
2014. Sales are nearing the record high volume
experienced in 2007 at prices that are approximately
10% higher than the pre-recession peak. The median
price year-to-date in Jefferson County was up 7.1%
($150,000), and the average price (year-to-date) was
up 7.3%. At the same time, the inventory of available
properties for sale was 16.7% lower than at the same
time last year for all the GLAR MLS areas.
At the national level, existing home sales also increased
in June to their highest pace in over eight years, up
9.6% from the same period a year ago, and have
increased year-over-year for nine consecutive
months. The median existing-home price for all
housing types in June was $236,400, 6.5% above
June 2014 and surpasses the peak median sales price
set in July 2006 ($230,400). Junes price increase
also marks the 40th consecutive month of year-overyear gains.

RealE

Lawrence Yun, National Association of Realtors

chief economist, says backed by Junes solid gain
in closings, this years spring buying season has
been the strongest since the downturn. Buyers have
come back in force, leading to the strongest past two
months in sales since early 2007, he said. This
wave of demand is being fueled by a year-plus of
steady job growth and an improving economy
thats giving more households the financial
wherewithal and incentive to buy. However, the
rising demand has failed to draw more sellers into the
market, limiting the availability of homes and
sparking higher prices that could cap sales growth in
the coming months.
Limited inventory amidst strong demand continues
to push home prices higher, leading to declining
affordability for prospective buyers, Yun said.
Local officials in recent years have rightly authorized
permits for new apartment construction, but more
needs to be done for condominiums and singlefamily homes.

U P D A TE

National Market Conditions

P age 2

Come August, There Will Be a New Roadblock

to Closing a Deal on a House

Integrated disclosure forms

will throw a wrench in the
home buying works
Theres a shift coming thats about to
wreak havoc at the closing table for
agents and clients alike.
On Oct. 1, 2015, the new TRID (TILARESPA Integrated Disclosure) forms
replace the HUD-1 Settlement and Good
Faith Estimate. The Consumer Financial

Protection
Bureaus
mission is to rebuild the
mortgage banking landscape so that the industry
will avoid the type of
conditions that led to the
Great Recession. The
CFPB replaces the
Department of Housing
and Urban Development
for oversight because HUD
did not provide specific
consumer protection.
Everyone agrees that
increasing consumer protection is a
desirable goal. Nevertheless, the
unforeseen ripple effects from these
changes could seriously disrupt how the
closing process is conducted.
The new rules will require a new
three-day waiting period when there are
any changes in the TRID forms. The
recommendation is to allow an extra 15
days to close your transactions. In other
words, 30-day contracts will now require
45 days, and 60-day contracts will

require 75 days.
Clients, agents and attorneys are
accustomed to routinely making
changes at the closing table and still
closing the sale on same day. The new
three-day waiting period will severely
limit this practice for items covered in
the TRID documents.
The biggest headache: the moving van.
When transactions dont close on time,
its common for one or more of the
principals to be stuck with furniture on
a moving van and nowhere to go.
Now imagine how much more complicated
this could become if there is an error
that retriggers the three-day TRID
waiting period. Everyone will be
scrambling to handle late closings
not just for one day, but for at least
three days or more.
A change of this magnitude is going to
create unexpected ripple effects across
the industry, not only for agents and
clients, but for mortgage and title
professionals, too.

by Bernice Ross

3 Mistakes First Time Buyers Make DAILY REAL ESTATE NEWS

First time home buyers are emerging as a bigger force in
the housing market, helping to lift home sales. But getting
approved for a mortgage, finding the right home, and staying
within a budget are still posing some of the biggest
challenges for first timers. Some of the most common
mistakes made by first time home buyers:
1.Just judging the mortgage payment: Fir st time home
buyers shouldn't make the mistake of believing that just
because they can afford the mortgage payment, they'll
be able to afford everything else with the home. "They
have an idea of what their mortgage payment is going to be,
but they don't realize there's much more to it," says attorney
Rafael Castellanos, a managing director
at Expert Title Insurance. Property
insurance, taxes, homeowner association dues, maintenance, and utility bills
can add up too.
2. Emptying out their savings for a
down payment: Spending their entir e

savings on a down payment and closing costs is also a big

mistake, says Ed Conarchy, a mortgage planner and investment adviser at Cherry Creek Mortgage in Gurnee, Ill.
"Some people scrape all their money together to make the 20
percent down payment so they don't have to pay for mortgage insurance, but they are picking the wrong poison because they are left with no savings at all," he says. "I'd
take paying for mortgage insurance any day over not
having money for rainy days. Everyone -- especially home
owners -- needs to have a rainy day fund."
3. Getting new credit before the deal is closed: When
borrowers are prequalified for a loan, they need to avoid
any big-ticket purchases until the loan
closes. Lenders pull credit reports before
the closing to make sure the borrowers
financial situation has not changed
since the loan was approved.
Source: "5 First Time Homebuyer Mistakes to Avoid,"
Bankrate.com (June 2015)

P age 3

Real Estate Insider

Industrial Strength

Kitchen Trends

Freshhome.com notes a growing trend in

homeowners installing industrial kitchens that
feature restaurant-grade appliances and a central
kitchen island. Some of the newer kitchen island
models can be moved from place to place within the room, and many feature stainless steel
shelves.

Induction Cook tops

Popular in Europe for years, induction cook tops
have been slow to gain traction in the U.S.,
mainly due to their hefty price (starting in the
mid $1,000 range, compared to less than $300
for some of the cheapest gas cook tops). But
this is changing and prices are going down.
Consumers are realizing the attraction of induction heat: the fact that it heats up as fast as
gas, cools down quicker, and that cook tops
are easier to clean than traditional stove tops.

Amenities Win Out Over Location in Some Cases

Move-in ready home: 64%
Forty-four percent of adults surveyed in the 2014 PulteGroup Home Index Survey of more than 1,000 adults
At least one bathtub in a home: 54%
ages 25-65, said theyd give up a location near public
More space than their current residence: 51%
transportation and 35 percent would give up better schools
His and her closets: 23%
and proximity to entertainment and shopping for certain
Spa-like master bedroom: 23%
upgrades in their next home. This indicates that home
Large eat-in kitchen area: 23%
buyers are willing to give in on the homes location in
Kitchen island: 22%
order to get certain must-have amenities in their next
home.
Overall, the most important areas to home buyers when
Here are the top items that homeowners said theyd be choosing a new home: kitchen (29%), bedroom (22%), and
living room (18%).
willing to make sacrifices on location in order to have:

Natural Landscaping
Natural landscapes are gaining popularity throughout the country and for good reason. Plants
native to a particular region have adapted to the surrounding environment, whether it features
harsh winters, flooding, droughts, or as in our case in Louisville, probably all of the above! Its
hard to believe that our rainy early summers can turn to drought in August.
Native plants tend to flourish in local soils. Aside from occasional pruning and weeding, maintenance
on natural landscaping is minimal. Once implemented, native landscapes do not need fertilizers,
herbicides, or pesticides, making them better for our environment. When planted in the right
locations, native plants require less water in drought times, can withstand freezing temperatures
and mange heavy rainy seasons.
Here are some trees and shrubs native to our area you might enjoy, courtesy of Portia Brown,
local native plant consultant.
Red & Sugar Maples grow fast and have nice fall color. Red oaks also have good fall color, grow
more slowly but are long lived, strong hardwoods. Avoid Pin Oaks and Silver/Water Maples as they
are not as strong for the long haul. Deciduous trees are good for southern exposure, providing
shade in the summer, and allowing warm sunlight in the winter.
For shrubs, there are several varieties of oak leaf hydrangeas that are good for residential landscapes. They do
not require pruning and are very sturdy, long lasting woody plants. Give them plenty of space! There are dwarf
varieties, such as the PeeWee for smaller foundation plantings.
The native wild hydrangea is beautiful but can become huge if not pruned. It blooms on new growth and can be
cut down as low as a foot from the ground in the winter. The flowers are good cut fresh as well as dried for use
in floral arrangements. Look for more planting suggestions in our upcoming newsletters.

Olivia Eberenz, REALTOR

Olivia graduated from Texas Christian University with a BS in Strategic Communications
and a Minor in Art. After studying abroad, she found her passion, meeting all kinds of
people from different ethnicities and cultures.
Olivia grew up in a real estate family. Her father, along with his father, are builders
and her mother is an architect. Her grandmother is a very successful real estate broker.

The housing industry is the topic of conversation in my family

and has been familiar to me my entire life.
I know the neighborhoods, schools and hot areas of this city well and am very excited
to have the opportunity to show you how special Louisville is.
Olivia is a full service agent who will make the process of selling your home or finding
your family a new home, a smooth and enjoyable transition.

Contact her today! 502-767-9102 or oeberenz@WRrealtors.com

6511 Glenridge Park Place, Ste. 10

Louisville, KY 40222
WRrealtors.com
502-425-0225

Give

us a call for current interest rates.

We are happy to keep you informed!

This is not intended to solicit a currently listed property.

Information is deemed reliable, but not guaranteed.

The Wanted Section

What are homebuyers asking for? Its not always what
youd expect
Silent snoozing
A lot of long-time married couples, who are now empty nesters,
are discreetly asking for so-called snoring rooms, or a small extra
room where they can go to escape their partners buzz saw and get a
good nights sleep. I love my partner, but I also love my sleep,
they tell me.
Gail Boston, CRS Austin, Texas
Shower power
A lot of people are foregoing the Jacuzzi tub that used to be the
focal point for many bathrooms, and are instead going for really
nice spa-type showers with extra faucets and sprays and steam.
They are spending more money in the shower and foregoing the tub.
Judy Reynolds, CRS Sterling, Massachusetts

Home offices
People want a dedicated office space with Wi-Fi and Internet already
hooked up. A lot more people are working from home now and they
want a home with an actual office that is ready to go, not a spare
bedroom they have to convert into an office.

If you are looking for

something in the
trendiest neighborhood
how do you feel about
living in Cyberspace?