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Thinking of Buying a Home this Summer? Welcome Home to NKY

Thinking of Buying a Home this Summer?  Welcome Home to NKY
Florence, KY – June 22, 2015 The Northern Kentucky Association of REALTORS® and The Northern Kentucky Multiple Listing Service report that average home sale prices in NKY were up 3.88% for the month of May 2015, $168,016 over $161,745 for May 2014.  Year to date, average home prices are up by 4.73% over the same period in 2014. Residential property sales are on pace to meet or exceed 2014 home sales, which is needed keep the local economy growing.

In May, 654 homes went under pending contract which is exciting news for potential home sellers who are considering a move this summer. Low inventory of homes for sale is still plaguing our region but some relief has been seen in the number of new listings that have come onto the market in recent months.  For the most part, if homes are priced competitively and are clean and well maintained, offers from buyers looking to settle into their dream home seem to be coming in short order.  

May Stats and YTD

Are you currently looking to buy a home for the first time?  Have you been concerned about having a big enough down payment to purchase a home?  A great place to find answers to these questions is with a local REALTOR® Professional.  Your REALTOR® has access to the information you need to make such a big decision. 
REALTORS® work with affiliated service professionals such as lenders and mortgage companies and are knowledgeable about government backed loan programs and incentives for home buyers. 

For example, many first-time homebuyers rely on FHA-insured loans to purchase a home, which only require a 3.5 percent down payment, in many cases. In fact, in fiscal 2014 FHA helped more than 480,000 families buy their first home. For buyers who qualify and can afford it, now is a good time to buy a home.  The National Association of REALTORS® and its members strongly opposes any increase in down payment requirements, mandating additional premium increases or otherwise limiting qualified borrowers from FHA eligibility, making it harder for working, middle-class individuals to achieve homeownership.

Buyers should carefully evaluate their finances before beginning the search process. They should look at their income, savings and credit report plus, collect documentation of employment history, tax returns, and down payment availability to prepare for their mortgage application.  Your REALTOR® can be a great resource for you. Lean on them for their knowledge and expertise with the home buying process.   They understand their local markets and can negotiate on the buyer’s behalf, which is especially beneficial when low inventories can spur multiple offer situations. 
A REALTOR’S® job is to help home buyers make what is often the biggest purchase decision of their lives. Part of that job is to provide resources to help their clients find fair and affordable financing so they can protect their investment.

Take an important step today and call a local REALTOR®!