State of The Louisville Market

[Rob Bergeron]

Money is tightening up anywhere (I read something about bonds being pretty lucrative right now, safer bet). We are still moving product at a pretty great rate. I think everyone kind of understands rates will be falling sometime or another, so it is a good time to secure cashflowing assets (not predicated on appreciation, unless it is forced appreciation). Louisville is seeing it's downtown go quiet currently with all the remote workers. I expect to see some kind of conversions down the road or some type of zoning changes to allow more interesting things to draw people back downtown. Contractors are in high supply as normal consumers aren't getting their kitchens and homes remodeled with the state of the economy. Supply chain issues are still a concern in some regards, but in other ways stores are getting more backlogged with less consumer spending. We are sitting at 1,927 single family homes currently on the market, honestly we are still in a deficit and could use more supply. Homes are sitting on the market longer, but the fully renovated are still moving, but just not the prices we were getting before. Now, is a great time to be heading to the real estate networking events, as some people are doing really cool things you could be implementing in your own business. Airbnbs have been slowing down some what, but we are still buying personally. Multifamily supply has been low, but I have a hunch that is because some people are looking to defer taxes longer, so I'd expect an influx of multifamily listings over the next month or so. Louisville and the surrounding areas have a ton of BIG projects going on, make sure you are paying attention, there is always money to be made with these growth opportunities. Lenders are having a bad time right now, if they survive this market, they probably have a firm understanding of what they are doing. I'm expecting a major water shed of realtors when the next dues are due. I think March 31st is the date for that. It is extremely important that you find competent people to work with in this economic environment.  Hope this offers some insight! Happy to reply to any questions anyone might have.