Paul's Blog

A place to learn about Lexington Kentucky and to discover "the New World of Real Estate in Central Kentucky. Paul is passionate building strong, life long relationships. His goal is to make his clients so pleased with his help they will want to introduce him to others they care about. Paul works By Referral Only. This is a safe place to question, discuss and share life authentically.

Is Fayette County Kentucky soon to be a seller's market?

The latest Rector Hayden housing market report shows that homes priced below $450,000 are continuing to move towards a seller's market in Fayette County.There are three price ranges with over six months inventory and three with under six months inventory. There are an additional six price ranges under $350,000 with exactly six months inventory. This is quite a change from a year ago when homes priced over $250,000 were mostly in the nine to twelve months inventory category.

Housing inventory in Fayette County continues to shift to a seller's market.
Several price ranges in the latest market report for Fayette County Kentucky show a continued move toward a seller's market.

Total inventory of homes for sale in Fayette County Kentucky is now six months. There is still a very strong buyer's market for home in Fayette County that are priced above $450,000. There are 15 months inventory of homes priced between $500,000 and $549,999. There are 26 months of inventory for homes between $800,000 and $999, 999.

What does this change mean for sellers and buyers?

If we continue to see movement toward a seller's market in most of Fayette County it should mean higher prices. This is good for seller's who are moving to a lower priced home but not so good for those who want to move up. As prices increase the buyer who has a home to sell will lose money as they move up. If your $100,000 home increases in value ten percent you will have a gain of $10,000. However if you want to move up to a $150,000 home that home will increase in value $15,000. So really you have lost a net $5,000 when prices increase 10 percent. It is just the opposite if prices are decreasing. So moving up to a nicer home is better financially when prices are decreasing. Conversely moving down to a smaller house is a financial gain for sellers when prices are increasing. So if you have been waiting for prices to increase before downsizing this may be a good time to sell. Give me a call at 859 684 5890.

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The Jubilee Team of Rector Hayden Realtors

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The Jubilee Team,  Paul Campbell and Dorothy LaBar

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Comment balloon 0 commentsPaul Campbell Realtor Lexington • November 13 2012 11:53AM
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