Slow. That’s how many in the local building industry would describe the housing market the last few years. Some builders have resorted to remodels to stay in business, as homeowners have decided to stay put instead of selling or buying. But 2013 showed promising signs of a rebound, the National Association of Realtors even described it as a recovery year. The group predicts existing-home sales will increase 10-percent over the next year. According to NAR, we’re currently experiencing tight inventory which means home prices are on the rise. Good for the seller, not so good for the buyer. Nationally, prices have risen 18-percent over the past two years, NAR reports. Let’s not get too excited about that, some experts predict affordability will continue to decline in 2014. To compound it all, the Greater Louisville Association of Realtors or GLAR reports tight credit restrictions are preventing qualified buyers from fulfilling their dream of owning a home. It’s described as a domino effect, thus making it difficult for some homeowners to sell. But wait there’s more. There are new mortgage rules in place forcing a volatile industry to change, hopefully for the better.
Despite all of this, building industry associates like Century Entertainment & Furnishings are seeing a boost in business. “I have builders who are doing 20 to 30 homes right now and a couple of years ago, they were doing just a few,” said President John Poynter, Century Entertainment & Furnishings. He hopes the improving market will equal even more traffic in his new showroom at 4310 Shelbyville Road. He’s forecasting a 20% increase over the next year. Poynter has filled the showroom with extended furniture lines, more accessories and products to meet the growing need. The new St. Matthews showroom even offers a kitchen design center for those building a new home or remodeling an existing one. Interior designers have been added to the staff to bring the business full circle. To see everything Century Entertainment has to offer, go to http://www.centuryliving.com. Look for custom designs and products by Century throughout Homearama 2014.
No matter how you look at the state of the housing market, business is moving again and that’s a good thing for everyone. So let’s all keep calm and stay positive as the housing market moves forward in 2014.