Market Madness

Have you heard about the crazy real estate market we are experiencing this Spring in Central Kentucky? Honestly, it's unlike anything we’ve seen in the past seven years!

Why is this year different? Especially as we recover from the effects and closures of the 2020 Pandemic?

Multiple factors are creating this "perfect storm":

• Historically low interest rates;
• Buyers working from home are able to view homes on flexible schedules;
• Stimulus payments helping buyers save for down payments faster;
• Buyers working from home, realizing they need more space;
• A lack of inventory caused by a lack of new construction since the 2008 crisis;
• Homeowners refinancing, remodeling & staying in their homes, instead of selling;
• Increased equity in home values increases the demand for larger homes; and,
• The continued influx of people relocating to Lexington.

Did you know that since March 1st, 351 homes sold for 98% of asking price & a median 2 days on the market in Lexington?

Experience Matters

With multiple offers on most homes offered for sale, buyers have to be creative to make their offer stand out. In the past couple of months, we've seen offers $30,000-$50,000 above asking price, that are NOT contingent on an appraisal - meaning the buyer agrees to pay the difference between the purchase price & the appraised value.

We've also seen buyers waive the inspection contingency & accepting homes in their AS IS condition, without getting a home inspection prior to closing. Some buyers are getting even more creative, submitting "love letters" for their dream home; offering incentives to the sellers if their offer is chosen; and more!

In this type of market, it's more important than ever to hire an experienced team to help you navigate a multiple offer situation - whether you're a buyer or a seller. To date, we have helped 19 families buy or sell a home and 14 of these sales involved multiple offers.

Want to see how much your home is worth in today’s market? Contact us for a CMA today!