Lexington Kentucky Real Estate

Lexington Homes Values: Increasing or Decreasing?

Malok — Tue, 13 May 2008 00:57:48 +0000

The most recent predictions are out regarding the national real estate and homes values that are expected to happen this year in 2008. Nationally, things are looking pretty bleak. Fannie Mae ran up over $2 billion (yes, with a B) in losses for the quarter and is predicting a decrease in homes and housing values this year. Foreclosure rates appear to be increasing - which when added to the already excess inventory thats built up in most markets around the country, will further exacerbate the problem. This then causes many home owners that got into their existing property for little or no money - to cause their equity to be stripped out completely as the value of their home decreases. Fannie Mae is predicting a potential decline in values nationally ranging from 7-9% - which is significantly more than the 5-7% that they had predicted earlier this year.

That being said - what about Lexington homes values? While not as rosy as we may not like them to be, we are in a far better position than many other parts of the country. Yes, inventory is up. But at least some Lexington homes are selling. Pricing, staging, and knowing your competition are critical in today’s market. Whatever price range you are in, you want to be at the lower end of that price range, be staged the nicest - and represent a good value for a potential buyer that may be considering making the move to purchase a home. Those will be critical factors that are musts to get a property moved in the current climate.

So, while its definitely not a sellers market at present - you can get a home sold. Again, touching on the national real estaet market perspective: We didn’t see, in general, the huge gains of appreciation that a lot of other parts of the country enjoyed - and which are now being corrected by the softening real estate market overall. I mean, if you saw 300% appreciation in 3 years - who really cares if you lost 20% in this correction. So, lets get real. The only persons that are really stuck are the persons that put little to no money down, but if they can hang on and continue to make their payments, they should be able to hang on.

A significant portion of persons in the Lexington housing market aren’t in that position. Quite a few made at least some contribution toward a down payment when purchasing their home. And we aren’t seeing a “huge” decline as some other parts of the country are currently dealing with.

To get the most value out of your home - you need to ensure that you are getting the most exposure that you can. Anyone can take out an ad in the local newspaper, and throw it on the Lexington MLS. But to attract buyers from other areas, you need to be seen where they are looking. This is currently primarily through the internet. If you aren’t able to be found quickly on a site thats in the first 5 or 10 positions for a particular search engine keyword - then you are missing out on a lot of eyeballs that may be interested in purchasing your home - but just can’t find it. Get found!

Metropolitan Lexington Ky Farm Sells for $4 million

Malok — Thu, 24 Apr 2008 17:47:11 +0000

Just a little update regarding the marketplace. Anytime a larger Lexington real estate transaction occurs, I like to make note of it for our reader’s knowledge and enjoyment.

In a deed dated April 2, 2008, a nearly 140 acre farm thats in the Lexington KY metropolitan area recently sold for $4 million.

The real estate is located at 2800 Lexington Road in Woodford County Kentucky and was purchased by Golden Age Farm LLC, with James Frazier III acting as the authorized agent for the transcation to purchase the property - and is located close to the Blue Grass Parkway near the Woodford Community Christian Church. The sellers of the Woodford County farm were as follows: Hampton Adams III, Mary Adams, Keene Adams, Elizabeth Adams, Eleanor Adams White, Spaulding White, Emily Adams Haly, & Adam Haly.

Its always an emotional rollercoaster wondering whats going to happen to these big Kentucky farms when they sell, and I’m sure many persons are curious, and/or nervous regarding the farms future. Hopefully the new owners will preserve and improve upon their new purchase for the betterment of the community.

Lexington Kentucky Cost of Living

Malok — Mon, 21 Apr 2008 17:15:40 +0000

According to an article in the Lexington Herald Leader newspaper, Lexington KY has the 3rd lowest cost of living in the United States for a mid sized metropolitan area. [A mid sized metropolitan area is one that has between 100,000 and 500,000 persons.]
The report was prepared by KPMG LLC, and in comparing numerous factors and considerations including transportation costs, property taxes, and electricity among others - Lexington Kentucky enjoys some of the lowest overall costs in the USA. These reports are important for many businesses considering making a relocation, or expansion to a new area, but they can be invaluable tools for consumers as well. After all, regular persons use electricity, pay taxes, etc just the same as the big companies - and that provides a good gauge for what a persons cost of living is likely to be in a particular area. This gives them the ability to compare what their salary is really worth in Lexington KY, compared to somewhere else.

The only 2 cities with lower costs were Shreveport Louisiana, and Montgomery Alabama.

This marks the 3rd year in a row that Lexington KY has ranked #3. Add in their quality of life, and the Lexington metropolitan area is definitely a good choice for most persons to consider. Excellent choices abound for housing considerations. Everything from first time home buyer starter homes, to luxury Lexington homes, all the way to world class horse farms, you can find it all within this metropolitan city. Its large enough to offer most metropolitan conveniences, but small enough that it still has a small town “home-i-ness”(yes, I just created a new word! :)) to it. Congratulations to Lexington Kentucky for continuing to rank among the best in the USA.