LOUISVILLE, Ky., March 7, 2013 /PRNewswire/ -- The Louisville Real Estate Market continues to show positive signs of significant improvement. While the area did not face the full brunt of the economic downturn of 2008-2009, the local market was still forced to correct itself after the short-lived real estate boom. As we begin 2013, the market continues the upward trends of the past several years, reviving the market.
Beginning in 2011, there were new signs that the Louisville market was stabilizing and the number of real estate transfers between private parties began to climb. This can be attributed to ultra-low interest rates, made possible by the Federal Reserve's monetary easing policy and targeted bond purchases. Buyers were drawn into the promise of long-term savings on interest while benefiting from lower total payments.
This injection of capital into the housing market from the Fed also led to banks loosening mortgage lending rules to the extent that regulations would allow. This helped to increase the total number of buyers actively looking at purchasing a home in the Louisville area.
Louisville's local economy has played a substantial role in boosting the housing market in the area. Fortunately, Louisville's job market is relatively stable and supported by key industries that look to remain viable in our current economic climate. These industries include the healthcare industry, the overnight shipping business and an abundance of small businesses working together in a tight-knit community.Adding up these and other factors, the real estate market in Louisville has recovered into a hybrid buyer's / seller's market, and this has reintroduced a measure of health into the market for the beginning of 2013. Consider these year-to-year statistical comparisons: