Lexington Kentucky Real Estate

A review of the 2007 Lexington KY real estate market shows some strength especially relative to many other parts of the country.

But, there remains a potential for some opportunities for savvy investors.  The Lexington Kentucky newspaper, The Lexington Herald-Leader published an article recently that Lexington KY homes foreclosures for the metropolitan area have increased by 121% for 2007. If you examine the actual numbers, for 2006 there were 210 Lexington KY homes that were in some phase of foreclosure proceedings.  For 2007, there were 464 Lexington KY homes that were in some phase of foreclosure proceedings.  So, if you do the math:

464 - 210 = 254

254 / 210 = 121%

That sounds grim.

But, if you look at it from a broader perspective - that amount represents approximately 0.25% of all the Lexington Kentucky homes in the metropolitan area.  And if you compare it to the national average of 1.03%, and taking it a step further by comparing it to the top 100 largest metropolitan areas national average of 1.4%, things are starting to look a LOT better.

So, again this represents an example of where perception becomes reality.  The Lexington KY real estate market is somewhat softer than what it has been traditionally.  BUT, it is vastly more stable and superior to most of the rest of the United States.

If you want to get really shook up, lets look at some numbers for some other metropolitan areas in the USA:

Stockton California had an increase of 271% of homes in foreclosure

Sacramento California had an increase of 272% of homes in foreclosure

And the list goes on.

So, yes, while it might appear scary on the surface for many Lexington Ky homes owners, things really aren’t as bad as things may initially appear on the surface.

Homes are still selling.  And people are still buying.  You can expect longer market times if you are considering Lexington Ky homes for sale - but if its priced appropriately, and marketed correctly, you can expect it to sell within a reasonable time frame.

So, while many persons are running around like Chicken Little saying the sky is falling, the educated and informed can grasp the opportunity to make some smart purchases from those persons that are buying into the national hype and letting their emotions make some of their business decisions and choices for them.

Its a great time to buy real estate.  If you are considering making an upgrade, its probably worth it to stretch yourself and shoot for some of the luxury Lexington KY homes for sale that have been sitting on the market for a while.  When the market and national perception corrects itself, you will have made a smart purchase and will have probably picked up some built-in equity by buying the property correctly while the market was considered “soft”.