June continued to be a strong month for the Lexington real estate market. Sales were up 30.1% versus last year which is a HUGE jump. New listings were also up but only by 3.6% and active listings only increased by 1.6%. Also, average sales price saw a modest increase of 1.6% which is inline with expectation. The average days on market improved from 76 to 71 days. I believe this statistic is misleading as this is for the entire bluegrass area and includes all price ranges. If you focus on the $100-300,000 market the time on market is much less. We also saw the selling price draw closer to listing price with an increase of 0.6%. Another huge jump which is expected with the jump in sales is the number of properties under contract. Pending sales are up 30.3% vs. last year.
So What does this mean?
Sellers – We are in a strong seller’s market. If you home is priced properly there is no reason you can’t have it under contract in 30 days. Houses are selling very quickly and for strong prices. However, my expectation is that this bull run will calm down this fall. There will be the “back to school sales dip”. Also, when we look at treasury futures the market is expecting that the federal reserve will raise rates at the September or October meeting. This will raise mortgage rates and will depress the real estate market.
So, if you are thinking about selling your house now is the time to do it! CLICK HERE to find out what your home is worth.
Buyers – It you are looking for a house right now you need to be prepared to move quickly. Before you even think of looking at a home you need to have your financing in line and be ready to make a decision with one showing. Every buyer contract I have successfully completed in the last three months has been within five days of listing.
The expected rate hike that will calm down the market is a double edged sword for buyers. It will calm the market down and stabilize prices a bit but you will also be paying a greater interest rate and won’t be able to afford the same amount of house.
If you are a first time home buyer, CLICK HERE for my first time home buyer seminar. It’s packed with great information and even if you have bought a home before you will likely learn something!
What can I do to help you?
I am always looking for ways to help my friends. Do you have an event coming up that needs photography or video coverage? Do you have a small business that needs help with video marketing? I am happy to lend the services of my photo and video team to help you succeed. Check out and subscribe to my youtube channel to see their work! YOUTUBE LINK Just reply to this email if there is something I can help you with or email me at email@example.com.
Realtor, United Real Estate Lexington
Author:Morgan Franklin Phone: 859-576-0801 Dated: April 4th 2017 Views: 9 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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Hi, I’m Morgan Franklin and I am a Realtor in Lexington Kentucky. I have lived here for over 25 years and have an intimate knowledge of the city. I was drawn to real estate because I love to study markets and find ways to help my clients win. Whether it is helping a buyer purchase their home under market or a seller get more than the going market price. Studying the market is something I obsess over. (Yes I really enjoy it!) In addition to being knowledgeable about the market I am also a mortgage expert and previously held a mortgage license in Kentucky. This is really important because understanding how financing works is key to a smooth and successful transaction. I am also a published photographer and when I’m not photographing listings you will find me shooting Kentucky landscapes and my son Hudson. Lastly, I have operated several e-commerce business and understand how to market online. This wide array of experiences make me a great realtor.
Why work with me?
– Customer Service: When you call I am the one who picks up the phone and pride myself on follow up
– Market Knowledge: I have lived in Lexington for over 25 years and answer your questions about neighborhoods.
– Marketing: I have a deep knowledge of how to market online
– Media: I am a published photographer and all of my listings are accompanied by professional photo and video
– Data: I provide detailed reports to help make my clients make informed decisions