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Realtor says only about 500 homes for sale around Louisville Metro

Realtor Sarah Weber said typically, new listings go up on Thursdays and if the home is priced right, it's typically sold by Monday.

LOUISVILLE, Ky. — People looking to buy a home in Louisville are looking at a limited pool of options. According to a local realtor, there are around 500 homes for sale in Jefferson County right - when typically there are closer to 5,000.

Plus, those houses are far more expensive than they were before.

"Prices sometimes on houses since the pandemic started have raised over $100,000," Keller Williams realtor Sarah Weber said. 

Weber said the shortage paired with rising interest rates is causing headaches for buyers like Jackson Hull and his girlfriend Melynda Kromsky. 

"We had to get used to putting together creative offers because the market is so crazy," Hull said.

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The couple walked through about a dozen homes in the last month and after making offers on four different homes, a seller finally accepted.

"We'd have conversations with our parents who thought we were insane when we're mentioning all these things — offering $40,000 over list [price] and waiving inspections altogether — but it was important to us to get into a home pretty quickly," Hull said. 

Every time interest rates increase by 1%, buying power decreases by about 10%. As of Wednesday, home buyers will pay about 5% interest on a 30-year fixed-rate mortgage.

"They're having to change their expectations of, okay, they were originally approved for a $300,000 house, now they're probably only really comfortable around $270,000 and that home has probably increased $70,000 or so in the last year," Weber said. 

Weber said new listings typically go up on Thursdays and, if the home is priced right, it's typically sold by Monday. 

"If you're able to and you're wanting to buy and you're in the market to get out there now," Weber said. "Call your local realtor, really communicate with your lender of what you can afford, what's realistic."

So what's the key to having your offer win? Weber said buyers are doing these three things: Go in above the asking price, waive inspections and appraisals, and pay in cash.

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