Moving This Summer? NKY is Waiting for YOU!

 


Florence, KY – June 23, 2014. The Northern Kentucky Association of REALTORS® and the Northern Kentucky Multiple Listing Service report that home sales in May were off the May 2013 pace by 9% - 607-551. It’s expected that housing will have its ups and downs for 2014 and continue to show small growth this year and through 2015. New listings entered through the MLS were the highest of the year so far with 925 in May but, more inventory is need to satisfy the number of buyers looking for homes in our local area.

Because of tight inventories and rising sales last year, much of the U.S. saw median home prices rise. An upside of rising prices is a recovery in home equity. This gain in home equity is the key to solving inventory shortages because homeowners looking to move up or down will be more confident to list their home for sale.

Homes in Northern Kentucky are selling faster than they were a year ago. A drop in the days on market is evidence that there is more competition for the listings that are available and buyers aren’t waiting as long to make their decision to buy in this tight market. In May, 623 homes went under contract, the second highest monthly number this year. Traditionally, the spring and summer months see a little more activity then other times of the year. NKY has many affordable neighborhoods where first timers, downsizers and everyone in-between can find the right home, priced right and move in ready.

 

May2014vs2013stats

Job creation is still a contributing factor of the sluggish housing market. The National Association of REALTORS® (NAR) reports job growth, which is the key to overall economic health, has essentially recovered all of the eight million jobs lost since the great recession. That being said, the population has also grown, requiring more job creation to handle the increase of those looking for work. Employment is expected to improve, with job growth rising 1.6 percent in 2014 and 1.9 percent next year, after growing 1.7 percent in 2013. If these predictions hold true, consumer confidence should gradually rise.

So the future is looking brighter, but what should potential buyers looking to enter the market now do to increase their chances of finding their dream home? NKAR suggests buyers carefully evaluate their finances and get prequalified or preapproved for a mortgage. They will be able to make a firm commitment to buy and their offer will be more appealing to the seller.

Making a clean offer with as few contingencies as possible can also help buyers who find they are competing with multiple bidders. Remember, the best offer isn’t necessarily the one with the highest price. Eliminating or reducing the number of contract contingencies may be more attractive to the seller.

Most importantly, NKAR recommends working with a REALTOR®. Home buyers should look for a REALTOR® who is familiar with the areas and neighborhoods they are considering. A REALTOR’S® unique knowledge and insight to local markets can’t be found in on-line searches. They can provide valuable advice, 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.

Call a local REALTOR® today!