Posts Tagged “moving up in a down market”

08 08 2009

Lexington KY Residential Sales

Posted by: MaryAnne Simmons, Real Estate Broker in Real Estate News

From the Lexington`Herald-Leader Sunday, August 2, 2009LBAR announces $555 million in retail sales

The Lexington-Bluegrass Association of Realtors reported 3,404 residential real estate year-to-date sales totaling $555 million for Central Kentucky as of June 30, 2009. 

The Housing Affordability Index (HAI) for June 2009 was 161.  The latest published national HAI was 171 for May 2009-the Bluegrass region outpaced this index in May 2009 with an index of 172.  An HAI of 172 means that the median family income is 173 percent of the necessary income to qualify for a median priced home using a 20 % down, 30 -year fixed rate mortgage.

Additionally, sales increased 8 percent in Fayette County alone for June  2009 vs. June 2008.  Median Sales prices prices remained stable year-to-date, falling 3 percent.

This is really true, as our TEAM Real Estate has had a great increase in sales.  Housing Affordability is phenonomenal and the first time homebuyer’s tax credit has finally kicked-in and folks are getting it !!!

If you haven’t  thought about buying a home now, whether it is a first-time home, a move-up (check with your agent about how great a time to move up in a down market), or down-sizing at this time or in this season of your life, NOW may just be the time.  As the trite saying goes, there may never be a better time to buy.  But this is true for my lifetime probably, and from my past experience of 26 years.

On another great note, my daughter, who has been in real estate for the almost 7 years as a Broker-Associate in Chicago, working now, for an awesome real estate brokerage, @properties in Chicago, has reciprocated to KY and is truly joining our TEAM Real Estate.  She will continue to be licensed in IL, as I am too now, but is looking forward to helping her friends and family in KY, as well as in Chicago, with all their real estate needs.  Kelly Karls (her old friends still call her Kelly Beth or KB, and her husband, Eric, and their 2 precious little girls, will also have a 2nd home in Lexington.   Welcome Home, KB !!!

I  now have my license in KY, TN, NC, SC, AL, FL, and IL.  With our TEAM, we can help you  with so many real estate needs, and help you make wise real estate decisions.

Our TEAM Real Estate is really enjoying such success with our staging company, Premier Designing Details, as we now have 4 sets of  staging furniture, to help merchandise/stage and market your home For Sale.  Check out  our website:  www.PremierRealEstateAndHomeServices.com  

 Call on our TEAM Real Estate now to Sell  or Buy.   maryanne simmons TEAM Real Estate

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01 06 2009

moving Up in a down market

Posted by: MaryAnne Simmons, Real Estate Broker in Real Estate News

 Advantages Move-Up Buyers Have in a Down Market

agent-webPotential home buyers who aren’t eligible for the $8,000 first-time home buyer tax credit because they currently own a home actually have what could be an even bigger advantage – the opportunity to buy a new home that is bigger and better than they could have just a year or two before. Now may be an ideal time for any family looking to upgrade from their starter home to one more suited to their current or future needs. Buyers are able to get more home for their money by taking advantage of current prices and interest rates, along with the bargaining power that comes from the large number of homes on the market.

Here are the top five reasons current home owners should consider upgrading to their dream home:, which means you can buy more house than you could a year ago – for the same monthly mortgage payment.

1. Interest rates are at historic lows

2. Prices have come down. Even if your current home is worth less than during the last housing market peak, your dream home is likely more affordable too.

3. There are plenty of homes on the market right now, both new construction and existing, giving you lots of choice-and negotiating power.

4. You can move in to your new home faster, as many builders either have completed homes in inventory or they can start work right away due to the production slowdown.

5. You may have outgrown your home, but it’s probably someone else’s ideal starter home. With the $8,000 tax credit expiring Nov. 30, now is the time to market your home to first-time buyers.

The current housing market offers unprecedented opportunities for first-time and move-up buyers alike. For more information on the $8,000 first-time home buyer tax credit, go to www.federalhousingtaxcredit.com.

 

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