Sharon Roark's Blog: Market Overview

If you've been looking at real estate in Lexington KY, you've probably noticed quite a bit of inventory on the market, and you wouldn't be alone. According to recently released figures from the Lexington Bluegrass Association of Realtors, inventory in February 2009 was up 51% over February 2008, leading to 15.7 months worth of inventory on hand versus 10.4 months worth of inventory on hand in February 2008.

No doubt affected somewhat by the unusually cold and icy winter, sales prices were down, but average days on market were also down for that period as well. The average residential sales price fell from $167,755 in February 2008 to $150,389 in February 2009 for single family homes and from $182,351 to $128,618 for townhouses and condos. On the positive…

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According to a report issued by Realtytrac, foreclosures dropped 23.9 percent in Kentucky from December to January,  RealtyTrac is national firm based in California that specializes in tracking foreclosures. 

Kentucky's January foreclosure rate for January 2009 was still 17.3 percent above its foreclosure rate for January 2008, despite a temporary moratorium on foreclosures instituted by Fannie Mae and Freddie Mac for January.

Nationally, Kentucky still ranks well below average in numbers of foreclosures with one out of every 2,841 household involved in a foreclosure versus a national rate of one in every 466 households falling into foreclosure. According to the RealtyTrac report, Kentucky ranked 40th in the nation in percentage of households in…

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There are many prognosticators making predictions about what 2009 will bring to the housing market; some predict good things, other predict bad things and a few think real estate in markets like Lexington KY will begin to see a recovery while the harder-hit markets will continue to flounder.

While I don't claim to be able to read tea leaves, I am looking optimistically ahead to the new year and have put together some thoughts on what I hope occurs this year that I think will help get the housing market headed in the right direction.

So, without further ado, here are my hopes for 2009:

I hope interet rates stay low. Whether you're looking at homes for sale in Lexington, KY or in Miami, FL, low rates are certainly an incentive to buy a home. I wish there…

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I still get this question on occasion, so I thought I'd address it in a blog post but yes, in case you're wondering, now is a great time to buy real estate in most markets. Why? Well, let me tell you...

Mortgage rates are the lowest they've been since 1971. After the Fed cut interest rates to their lowest level in history last week, mortgage rates responded by falling to their lowest levels in decades. If you're looking at Lexington, Kentucky real estate for sale, you'll find area interest rates in currently range between %5.25 and %5.50 on a 30-year, fixed-rate mortgage and loan officers I've consulted say they expect rates to stay low for the immediate future.

With rates at this level, the amount of house you can buy for the same payment increases,…

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I love what I do. Not only do I get to help families make one of the biggest decisions of their lives by helping them find the perfect home for them, but I also get to help sellers who may have been struggling for months (or even years!) to get their homes sold by helping them "stage" their houses to appeal to the widest array of buyers.

Case in point: my most recent listing is a house that had been on and off the market for 2 years. The owners, who lived a little over an hour away, had purchased the home for their kids to live in while they attended UK to save on housing costs (and make a good investment). The problem was, once the kids all graduated, the housing market started tightening up and no matter how many realtors they tried, they simply weren't…

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1. Mortgage Rates are still at historic lows.
 

While mortgage rates were already trending downward before mortgage giants Fannie Mae and Freddie Mac were placed in government conservatorship, but after the announcement about the companies' government takeover, rates on 30-year fixed-rate mortgages fell by 0.42 percentage point, the biggest weekly drop in more than 28 years.

Despite the appeal of the lower rates, it can be more difficult to obtain a mortgage, with banks less willing to take risks on loans these days. Only borrowers with excellent credit will qualify for the lowest rates. However, for potential homebuyers who do qualify, these lower rates could mean significant savings on monthly mortgage payments.

What can you do if you don't have good…

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Have you been wondering how real estate in Lexington KY is selling? Below is a breakdown of single family home sales for September, 2008 broken down by area (section of town). For more market statistics and information about home sales in Georgetown KY, Lawrenceburg KY, Nicholasville KY, Paris KY, Winchester KY or Versailles KY, visit my website at www.LexingtonRealEstateSource.com.

 

Market Statistics Report

 

 

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