Kentucky housing markets are still in a buyer's market, but some areas are reporting some slight improvement in sales.
Louisville
"The absorption rate continues to show us that the market is currently a buyer's market," says Realtor Cindy Shannon. "Naturally mortgage rates continue to be at an all time historical low with more first-time buyers than ever. Move-up buyers as well as those wishing to downsize all want to hop on the bandwagon and catch a piece of the action while we have record low mortgage rates and lots of buyers wishing to take advantage of the low rates."
Louisville suburbs
Suggests Realtor Bob Patton, "The friendly folks in Fern Creek, Prospect, St. Matthews, and Jefferstown, suburbs of Louisville, are seeing a better week! The number of homes being listed are up and the number of homes being sold are up. The number of homes listed for sale are up by 10 percent since the same time last year. Rates have been up and down since December, but, here a bright light is shining, rates are around six percent. Home buying is up this week, nine percent with the same period last year. That's good news, as it means homes are selling! This past week's activity is better, but, hopefully interest rates will bring still more buyers back into the market. The number of homes listed has swollen to over 5000 in the Metropolitan area."
Lexington
"Lexington is in the heart of the beautiful bluegrass region of Kentucky," says Realtor Marcia Branham, "surrounded by horse farms, scenic highways and an array of things to do and see."
Branham explains, "The Lexington area real estate market is very strong for both buyers and sellers. There are not as many homes for sale as there were earlier in the year, therefore the selection is generally lower for buyers; when the 'right home' is found, buyers must make very quick decisions. We are seeing numerous relocations, first-time home buyers, move-up buyers, and buyers seeking investment properties. The demand for prestigious neighborhoods is still on the rise, especially for relocations and move-up purchasers. Interest rates are still low, so now is certainly the time to make your move!"
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Published: August 22, 2003
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