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Old 03-20-2008, 08:31 AM
 
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How much lower are home prices in Lexington currently? I know it's not as drastic as other parts of the country, but by what percentage would you say they are down--5%? 10%??? More?

Also, would you say that the assessed value of a home is now closer to the market value of a home?

Thanks in advance!
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Old 03-23-2008, 05:12 PM
 
Location: Beautiful Kentucky
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MicahGirl, The assessed value of my home is lower than the market value. There are several homes in my neighborhood for sale, including my next door neighbor. I've been a bit surprised by the asking prices with the current market. I'm particularly watching my neighbors house because I know all amenities that it has and I've been inside. So, I'm anxious to be able to compare! With that being said.... the asking prices seem up there, but the houses don't appear to be moving quickly.
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Old 03-23-2008, 07:37 PM
 
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It seems that realtors are saying about 5% but others think at least 10%. As buyers, we are of course hoping for a buyer's advantage.

How about houses that have been sitting for 6 months or more? I wonder how much of a discount we could figure into our offers???
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Old 03-24-2008, 12:37 PM
 
Location: Berea,Ky
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As a REALTOR home prices seem to become lower and lower.I feel it is definitly a buyers market.Sellers are having to take bottom dollar on their homes just to sell them.As we all know forclosures are on the rise also,which is very sad for homeowners and the economy.But the bright side of things are interest rates are very low if your credit is decent.I am a broker in the Madison and suurounding counties and sell lots of property.Things are alot different today than just 1 year ago.My answer to your question about the offer, I would make an offer quite abit lower,especially if they have been on the market a long time.I mean after all they are 3 things that can happen: The seller can reject,Seller can accept or Seller can make a counter-offer.I always encourage my sellers to make a counter-offer if they cannot take the current offer and then maybe between the two of you work out a purchase price.I hope this is help to you.
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Old 03-24-2008, 12:55 PM
 
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Quote:
Originally Posted by akdamrell View Post
As a REALTOR home prices seem to become lower and lower.I feel it is definitly a buyers market.Sellers are having to take bottom dollar on their homes just to sell them.As we all know forclosures are on the rise also,which is very sad for homeowners and the economy.But the bright side of things are interest rates are very low if your credit is decent.I am a broker in the Madison and suurounding counties and sell lots of property.Things are alot different today than just 1 year ago.My answer to your question about the offer, I would make an offer quite abit lower,especially if they have been on the market a long time.I mean after all they are 3 things that can happen: The seller can reject,Seller can accept or Seller can make a counter-offer.I always encourage my sellers to make a counter-offer if they cannot take the current offer and then maybe between the two of you work out a purchase price.I hope this is help to you.
Thanks very much.
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Old 03-24-2008, 02:09 PM
Status: "Stop eating Tide pods and Bats" (set 17 hours ago)
 
Location: New Albany, Indiana (Greater Louisville)
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Louisville's home prices are STILL rising (1% since last year), I'd be surprised if Lexington's aren't also
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Old 03-24-2008, 06:11 PM
 
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Originally Posted by censusdata View Post
Louisville's home prices are STILL rising (1% since last year), I'd be surprised if Lexington's aren't also
From what I've seen the closing prices tend to be under the list prices, sometimes quite a bit. Granted, I am looking at a narrow slice of the pie, but that's why I'm asking around.

That's great for Louisville that they are still growing--maybe not so great if you are looking to buy.
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Old 03-24-2008, 08:26 PM
 
Location: Todds Rd. area
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Houses in the $120-160k range in Lexington are still selling pretty strong. It is the higher end that is taking a beating. There are a heck of alot of houses for sale, but I have noticed that the best ones still sell fast. Several agents I know have been in multiple offers situations recently. I sold a house last week in 9 hours for 5% more than the seller paid for it less than 2 years ago. Last fall I sold a house in Westwind for $132,000 in 18 days. The seller paid $125k for it just over 2 years ago. Both of these clients bought at the tail end of the boom, and both had a little appreciation. It really depends on the house's condition, features, area, and the competition. My advice to seller? Sweat the details to make your house show great. As long as there is a market, the best houses will sell.
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Old 03-25-2008, 08:41 AM
 
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Originally Posted by LEXpert View Post
Houses in the $120-160k range in Lexington are still selling pretty strong. It is the higher end that is taking a beating. There are a heck of alot of houses for sale, but I have noticed that the best ones still sell fast. Several agents I know have been in multiple offers situations recently. I sold a house last week in 9 hours for 5% more than the seller paid for it less than 2 years ago. Last fall I sold a house in Westwind for $132,000 in 18 days. The seller paid $125k for it just over 2 years ago. Both of these clients bought at the tail end of the boom, and both had a little appreciation. It really depends on the house's condition, features, area, and the competition. My advice to seller? Sweat the details to make your house show great. As long as there is a market, the best houses will sell.
That makes lots of sense because at that price range you are probably getting first time home buyers and people who are sick of renting, as well as young families on a modest income. So there would be more competition. However, lots of those people are the ones who are having trouble getting financing.
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Old 03-25-2008, 12:38 PM
 
Location: Todds Rd. area
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Lending has really tightened up in the past 6 months. I think there are alot of sellers in this price range that would like to be able to sell for less than they are asking, but can't because they don't have alot of equity. I have run into that several times. Even people that have owned the house for years may still have an equity line. Many buyers will look on the PVA site and think they seller has more wiggle room since they bought it for $50,000 less than they are asking. What they don't know is that they maxed out the equity line.
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