The newest statistics for the Lexington Bluegrass Association of Realtors have been released for January 2007. We have all known the market has taken a down turn and the proof is in. We have seen a change in the number of available listings slowly rising due to the fact that sales are down. The change over January 2006 in residential sales was a 16% decrease and the average days on market increased from 73 to 92 days. The townhome and condo market however, had an increase of 63% and the average days on market went from 92 to 94.
You ask what this means to you? For sellers it means that now more than ever you must have your home priced correctly from the beginning. No more leaving in room to "wiggle" on an offer. Typically your first offer is your best and you should try to negotiate it out if at all possible. 10% of the homes are selling. Do you want yours to be one?
For a buyer, now is the time to purchase the home you have been waiting for. Sellers are becoming more conscious about pricing so you may now have as much room to haggle as you think but real estate is still a great investment.
Using The Melinda Duncan Team for your home buying or selling needs will give you the experience and know how a tough market demands.