No, don't say it's really happening! Well, in the Lexington, Kentucky Real Estate market not a lot. However, for those neighborhoods in the 15 - 30 year old age range you may indeed experience some falling prices. Nationally statistics are showing that some areas are experiencing the worst possible thing to happen and that is the value of your property to decrease. In this age of interest only loans, adjustable rate mortgages and high loan to value ranges many areas are seeing a decline in what most people think of as secure investment.
How then do you protect your piece of the pie? Some neighborhoods in the Lexington area were noticing a decline in appreciation or even a loss in value in a time that most neighborhoods were in the rise. To combat this many neighborhood associations are putting together a list of "to do" items on the houses in their neighborhood. When even one house is run-down it affects all the houses around it. Whether a roof needs to be replaced or siding redone or even new landscaping this can affect what buyers are willing to pay to live in that neighborhood.
Even if you are not in the market to sell take a look around as if you are a buyer. 20 years of deferred maintenance and outdated decor lead to lower prices. When you drive by would you want to move here? If not talk to your neighbors about ways to spruce up your area. It could help for the day you are ready to sell. You never know when the need or desire may arise.
For more ideas on updating your home or a free home valuation please call The Melinda Duncan Team. We are always happy to help. Our office is 859-422-2035 or email us at www.melindaduncanteam.com . The best compliment we can get is a personal referral of your family and friends. We sell houses, big or small!