If you think about it, buying a home in today’s market can feel a lot like a horse race.
The real estate market in Louisville is more competitive than ever – and the Kentucky Derby is 10 days away – so let’s compare the two.
You have to have a master plan
If you’re house shopping, you better do your homework and be prepared to make a competitive offer when you find your dream house. I give my client’s a questionnaire when we meet to help them narrow down what they want in their next house: including location, budget, must-haves and deal-breakers. I also give them contact information for my favorite mortgage brokers so they can get pre-approved before they start looking.
“I don’t think that you just go haphazardly rolling along in these deals and then end up on the first Saturday in May ready to run and win. I think you have to have a master plan, and I think you have to give a lot of thought to it,” as legendary trainer D. Wayne Lukas has said about getting a horse to the starting line of the Kentucky Derby.
These days, multiple offers and escalation clauses are the norm, and there’s no room for lowball offers or contingency clauses.
In fact, there’s often a line just to get in the door. An agent in my brokerage hosted an Open House over the weekend and had 125 people walk through in a two-hour window. She had two offers in hand the following day and was expecting at least two more before the owner’s decided who the lucky buyers would be.
If you’re a horse owner or trainer, you might feel the same way. In 2019, there were 19,037 foals born, according to The Jockey Club. Only 20 three-year olds make it into the starting gates of the Kentucky Derby, and typically, they are all colts (or geldings).
A keen-eye, a knowledge of pedigrees, and a deep pocketbook are required to buy a thoroughbred, often purchased at a yearling sale. The trainers spend the next two years waking up before sunrise getting them ready to race and seeing if they are good enough to make the Derby field.
The greatest two minutes in sports
If you’re ready to sell your house, you’re in luck! It’s a Seller’s market, and you’re probably going to make a lot of money in a transaction that happens pretty quickly. Like the agent in my office experienced, most listings today come with specific language about when offers can be presented and when decisions will be made. There’s often a stack of offers for the seller’s to choose from, and the best offer wins. Buyers and their agents have to present their best and highest offer without knowing what else will be put on the table, which can be challenging since they don’t want to lose the deal or overpay.
Betting on the Kentucky Derby presents challenges too, because bettors have to be ready, willing and able to take their best shot(s) at the window. This year’s Kentucky Derby field is wide open, meaning there’s no standout favorite. “This makes it a good handicapping opportunity, because if you get it right, you’re going to make a lot of money,” according to Clinton Glasscock, Starlight Racing partner and noted handicapper.
Like catching lightening in a bottle
For buyers who “win” the house, the dream of homeownership comes true. “The dream…will always be a constant,” according to homeownershipmaters.realtor. “Between more privacy, security, flexibility, financial stability, and pride, being a homeowner has endless benefits.”
For horses (and their connections) who win the Kentucky Derby, the dream has come true.
“My favorite moment from Justify’s Derby win, with tears flowing down my face, family and friends celebrating around us, my husband Jack was still, quiet,” said Laurie Wolf, co-managing partner of Starlight Racing. “I asked: are you okay? He replied with a big smile: I knew he would win, I just knew this was his day.”
Dream Big and Watch Those Dreams to Come True
Do your homework, have a plan, and go into the buying process confident that you will win. There is no better feeling and no bigger smile than someone who’s dreams have come true.
“Standing in the Winner’s Circle with (my dad) and Justify was my ultimate dream,” said Glasscock.
Work with the experts
Contact me if you’re thinking about or are ready to get into real estate market in Louisville OR if you know someone who needs a referral. I bring resources to the table and the experience of a brokerage that’s been in the game since 1947. With my knowledge of the market and my VIP service, I make buying and selling easier. I help make dreams come true!
To hear more about handicapping this year’s Kentucky Derby and what it feels like to have a horse in the race, listen to a recent Early Speed Podcast featuring Clinton Glasscock. You’ll not only enjoy their conversation, but you’ll also get Clinton’s TOP 5 DERBY PICKS. Follow this link to listen…and good luck on the first Saturday in May!
May all your dreams come true!
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