20 People to Know in Real Estate: Gale Cox

Gale Cox

Realtor and franchise owner, RE/MAX Real Estate Champions

Years in current job: Six

Years in the real estate industry: 13

With high interest rates and low housing inventory, what are your predictions for the local housing market in the coming year?

While today’s consumers are experiencing a “new normal” with mortgage rates, what hasn’t changed is the need for housing in response to life events.

There are over 72 million millennials in the United States, many of whom are becoming first-time homebuyers. In 2025, Gen Z and its U.S. population of just under 70 million will be looking to establish their own households. At the same time, baby boomers and early members of Gen X will increasingly be downsizing into smaller homes.

Life events do not stop, so expect an uptick in inventory as consumers gain confidence with the new normal.

What’s the most important thing to homebuyers right now?

Know your financial standing and clean up any credit issues before scheduling showing appointments. Consult with a loan officer to determine the best mortgage options for your unique situation.

Successful buyers in a low-inventory market tend to be those who have included a lender’s pre-approval letter along with the purchase offer. While pre-approval letters are not a guarantee that the deal will close, the gesture demonstrates that the buyer is serious about purchasing a home.

With changes coming to short-term rental regulations, what’s been the appetite for investment properties?

In 2023, I have seen a slowdown in offers coming from the national investors. Their entry into the local market is cyclical based on availability of homes, typically priced below market, and the motivation of sellers.

Those involved in the short-term rental business will likely turn to other markets where there is less regulation. That said, there are still local investors seeking purchase opportunities; however, homeowners who can afford to stay in their homes are currently doing so.

What barriers must be addressed to make Louisville a more attractive place to live and do business?

Clients have increasingly been asking about crime rates when searching for a new home, especially those who are relocating from other cities.

Quality education is also top-of-mind with families, so they will seek out neighborhoods with access to higher-rated schools when making a home purchase.

Why did you choose a career in real estate?

After retiring from a longtime career in human resources, I felt led to continue serving others in a different way. It has been proven that homeownership provides a pathway to building generational wealth.

Assisting families in making this important financial investment for future generations to build on is what brings joy to my husband and me in our brokerage business.

What’s Louisville’s best-kept secret?

Clients relocating to Louisville tell me that they are pleasantly surprised to find the number of greenspaces and recreation parks in and around the city. Also, Louisville is nationally known for being a “food city,” so it is especially attractive to those who enjoy sampling different cuisines.

What advice would you give to someone who wants to build a real estate portfolio?

I recommend that new real estate investors treat this venture like any business. Identify the long-term objective based on the individual’s aspirations and educate oneself on the many facets of real estate investment.

This should include talking with financial institutions about the availability of investment capital and with a CPA about the tax implications. Of course, consulting with knowledgeable Realtors and seasoned investors will provide valuable information that will help you create an effective business plan to build your real estate portfolio.