Unlike so many national reports on real estate, the Central Kentucky real estate market is stable and affordable. The markets in places like Washington, D.C, and coastal regions in Florida and California that experienced dramatic price increases over the past few years are the same markets that are now experiencing a drop in home price growth. The stories of those markets are the ones that you are hearing so much about on the national news. Just like weather forecasts—all real estate is local and dependent upon local factors. Central Kentucky’s weather is definitely not the same as California, Florida or Washington, D.C.
Because of the prevalence and fear generated by so many of the media reports on a national real estate crisis, many of you may be thinking that you should wait a little longer to buy or sell—that you want to wait out a “housing bubble.” The facts are that our data shows no evidence of a housing bubble in our market and it’s an excellent time to buy because of stable prices and unprecedented selection.
And, even though the mortgage industry is undergoing changes and drastically cutting subprime lending it does not mean that you will not be able to finance a home. It may mean that you need to provide a lender with more information about your finances and work history. More than likely, it will also mean that you will not be offered a subprime loan—a type of loan which most economists agree is not the best choice for most consumers.
If you would like more information on our real estate market, contact a REALTOR® today. REALTORS® are experts on the local market and will help you make a smart purchase or sale. It’s a great time to buy in Central Kentucky—you can do it—and a REALTOR® will provide you with priceless information every step of the way.
As the region’s leading advocate for homeownership, Lexington-Bluegrass Association of REALTORS® (LBAR) understands the value and joy of owning a home. LBAR represents more than 2,300 REALTORS located in Anderson, Bourbon, Boyle, Clark, Fayette, Franklin, Garrard, Harrison, Jessamine, Madison, Mercer, Montgomery, Scott and Woodford Counties. Visit www.lbar.com or call 859-276-3503 for buying and selling resources and real estate listings.
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