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It's a Great Time to Buy NKY

It’s A Great Time to Buy NKY Florence, KY – March 20, 2014. The Northern Kentucky Association of REALTORS® and the Northern Kentucky Multiple Listing Service are reporting a slight reduction in home sales for February 2014 over February 2013. It’s fairly obvious that home sales here and across the US have fallen off this winter due to the severe weather conditions seen in all areas of the country. February home sales were off by 1% year over year with 339 sales being reported. Last February, there were 343 home sales entered and weather was not such a factor at that time.

Year to date, the picture is brighter with home sales showing a nearly 7% gain year over year. In addition, dollar volume is up by 4% and days on market have dropped from 98 to 85, all good signs that homeownership will grow in the coming months.

Febstats

In February, 441 homes went under contract, a clear indication that even bad weather couldn’t keep some home buyers and investors out of the market. Sale prices are still holding steady and we have seen a rise in the number of active homes for sale as well as the average and median price of available listings.           

REALTORS® are looking forward to 2014 with expectations that home sales and homeownership will continue on an upward trend. Some homeowners saw their home equity grow as home prices rose and single-family home sales increased. However, the market still has its challenges and REALTORS® remain committed to helping build a responsible, sustainable housing market in 2014.

The area of most concern right now is lack of inventory although we expect to see new listings come onto the market as spring approaches. Tight inventory typically means rising home prices. This is what we’re experiencing now. An increase in prices has helped lift many homeowners into positive equity again and foreclosures and short sales have declined. When homeowners benefit from price appreciation and housing equity increases, this helps the economy through greater consumer confidence and spending.

For those first-time buyers thinking about purchasing their piece of the American Dream, NKAR reminds you that all real estate is local, so it’s important to work with a REALTOR® who is familiar with your desired community. A REALTOR® can provide valuable counsel, discuss listings, show you homes in person, negotiate on your behalf, and help you stay focused on the emotional and financial issues that are most important.

The 850 member Northern Kentucky Association of REALTORS® and the 1200 users of the Northern Kentucky MLS (NKMLS), Northern Kentucky’s leader in the real estate information and services business, operates with a professional staff from 7660 Turfway Road, Suite 100 in Florence, KY. Both NKAR and the NKMLS work to protect the public’s right to transfer real property and promote better public understanding of the profession and the real estate transaction process.