Real Estate Information

Should you buy a home in today's climate?  That is the question today.  Real Estate has always been a favorable investment and in most cases is still the way to go for your housing needs.  Today may be the prime time to make that purchase you have been putting off.  Recent news reports show that across the nation there is a total average of 10 months of inventory of available homes for sale.  This number is up from 9.5 months the previous month.

The major cause of this occurrence is the loss of a majority of the sub prime mortgage market.  Buyers lost their loan commitments having them to back out of deals all together or search for alternate means of financing.

The overwhelming inventory of homes is allowing buyers to better negotiate prices and have a far larger choice of homes to pick from.  The sellers today are mostly those people that are forced to sell out of relocation, downsizing or financial.  Buyers are expecting these sellers to have their homes in top condition with fresh paint, new carpet and essentially in move-in condition.

New construction has also been hit by this downturn in the market and are now offering unheard of concessions.  From closing costs to free or reduced price upgrades, it is sure bet that if new construction is what you desire now is the time to check it out.

If you need to buy or sell please call The Melinda Duncan Team and we'll be happy to help!  We can be reached at 859-422-2035.

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!

The Lexington Bluegrass Association of Realtors has released the statistics for the month of May.  Although sales were up slightly over the same month last year, the amount of inventory is overwhelming.  Last May 2006, we had 1,031 sales and this year we are showing 1,064 sales for the same month.  However, the amount of inventory went form 5,328 homes available to 6,957.  What this means to you as a consumer is there is rapidly becoming an overabundance of homes for sale and not enough buyers.

What we are finding on The Melinda Duncan Team is that buyers are looking at several more houses before making a decision and making lower offers than before.  Therefore, homes are staying on the market much longer and selling for a lot less.  As a seller, you are competing to get the few sales available.  For this reason, sellers must have their home in tip top shape and be priced right to be one of the chosen few.

The Melinda Duncan Team can show you our points of difference in getting your home sold for the most money in the shortest amount of time.  We offer the latest technology and a team approach to getting your home sold.  Please call us if we can ever help.

We sell houses big or small!

Are you out there looking for a new home or investment property?  A lot of buyers do not understand why they need to commit to one agent.  As long as you are choosing a reputable, reliable and customer service oriented agent you will be glad to have someone on your side.  An agent can take the leg work out of finding the property you are looking for.  If you choose The Melinda Duncan Team we can set you up to receive properties by e-mail as soon as they are listed or the price changes.  This eliminates the need for you to search online and keeps you from missing a property that you may overlook otherwise.

What if I find a property I like but it is listed by another agent?  When we are representing you as a client we will be glad to show you anything in our multiple listing service.  Instead of calling each agent let us show you all the properties you would like to see.

Give us a call and let us show you how we can help find the home of your dreams!

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.