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.
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.
The Jubilee Team of Rector Hayden Realtors
Lexington's Green Thumb Realtor
The Jubilee Team, Paul Campbell and Dorothy LaBar
Paul's Contact Info: 859.684.5890 firstname.lastname@example.org
Dorothy's Contact Info: 859.608.0724 email@example.com
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