If you weren't there to see War Emblem win the first leg of the Triple Crown at Louisville's Churchill Downs in May, (before he stumbled last week at Belmont, losing to a 70-1 long shot named Sarava,) there's always next year. You can come anytime to the only place this side of the pond where wearing outlandish hats is as ordinary as drinking a mint julep on a hot day.

The Kentucky Derby will forever be the main event of Louisville, held annually since Churchill Downs was built in 1875 to showcase the Kentucky racehorse industry. Louisville has a strong visitor and second home market as people from all over the world attend the spring horse race, as well as come for the summer when Churchill Downs resumes horseracing in June. But despite its fame as a horseracing capital, Louisville also has a diverse economy and job base. Real estate prices are trending upward, even if the market isn't brisk.

"The market has slowed since the Derby," says Realtor Bob Patton. "Homes being listed are down 28 percent (ending June 9) since this same time last year. Buying isn't much better, it's down 9 percent for the same time last year. This downward pattern has been going on since mid May. However, rates, seem to be on the way down, hovering around 6.75% right now. This looks like a great buyers' market for the late spring and early summer period."

Advises Realtor Cindy Shannon, "Sellers should not waste any time listing their home if they plan to make a move this summer. The longer a seller waits the stiffer the competition becomes. A delay of only a few days may mean the buyer that might have purchased your home could possibly buy the neighbor's house.

"There are an abundance of homes already available for buyers and more will be on the way," she continues. "The interest rates are still at an all time record low, so it's a great time to move up or take the plunge for that first home."

Says Realtor Marilyn Cleland, "The Louisville area still is experiencing a strong real estate market, with prices still trending upward. I would characterize it as a buyer's market, but not to the point that it's caused any negative effect on prices. Our economy is still robust, thanks to Ford, G.E., and U.P.S. Lower interest rates are bringing more home buyers into the market, which in turn should produce positive results for those wishing to sell their homes."

"Rates remain low making this a great opportunity for the aggressive buyer in this market," suggest Realtors Debbie Haddad and Karen Fox.

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Published: June 11, 2002

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