LEXINGTON KENTUCKY REAL ESTATE QUICK MARKET UPDATE MARCH 2016

LEXINGTON KENTUCKY REAL ESTATE QUICK MARKET UPDATE MARCH 2016

March Quick Market Update


This month the freight train that is the Lexington Kentucky real estate market is not only barreling down the tracks but it is picking up steam.  Here are the highlights:


  • Sales volume is up 7.5% v last year

  • Listing volume is up 13.2% v last year

  • Average sales price is up 3.6% v last year

  • Inventory is DOWN 23%  v last year


What do these numbers mean?


These numbers mean that the Lexington Kentucky real estate market it on fire.  Demand is high and inventory is low.  Thus, homes are selling at very strong prices and very quickly.  If you have thought about selling now is a great time to do it.  If you would like to find out what your home is worth just click here:

Lexington Kentucky Real Estate Home Value

 

 

 

 









So the market is great for Sellers…. what if I am a buyer?  If you can find a home you want to buy and can get an offer in before it goes under contract it is still a good time to buy.  The interest rate on mortgage loans remains at historic lows.  However, the expectation of the market is that interest rates will rise as the Federal Reserve raises rates over the next 12-18 months.  Thus, it is smart to buy a home with cheap money now than wait and pay a higher interest rate.


Mortgage Interest Rate Example

If you wanted to buy the average $182,000 home in Lexington at today’s rate v the forecast rate the monthly payment difference would be $114.77.  That means just because interest rates increased you mortgage would cost $114.77 more for the same home!


Today 30 year mortgage at 3.75% = $842.87

One year from today 30 mortgage at 4.75% = $949.40

If you would like to learn how you can buy your own home click HERE.


Watch the Video Summary




March Quick Market Report Infographic

Lexington Kentucky Real Estate Quick Market Update Mar 16


Morgan Franklin Headshot
Author:
Phone: 859-576-0801
Dated: April 5th 2017
Views: 4
About Morgan: Hi, I’m Morgan Franklin and I am a Realtor in Lexington Kentucky. I have lived here for over 25 ...

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2357 Hueguenard Dr
Lexington, KY
859-554-2054