Are you interested in buying a new home here in Lexington any time soon?
Video Click HereIf so, you probably want to know how the real estate market is doing at the half-way point of 2010.
In 2009, the housing market in the United States faced one of it's toughest years...as many new homes simply just sat on the market for months with no buyers.
While that was the trend nationally...here at home in Lexington...that hasn't been the case.
"Interest rates have dropped and they are now at historical lows. They are low as they have been in fifty years and that's also bringing people into the market," says Mortgage Broker Bryan May
"We turned into a buyers market when things started going down hill. Inventory was up significantly and the people that are selling, have to sell most of the time, so they are kinda at the buyers mercy."
Holly Browning, who has been a realtor for many years says typically, when buying a home...it's the sellers market versus the buyers market...and with today's economy...if you're interested in buying that new dream home...your chances of getting one cheap...are pretty high.
"No matter how young or old you are. If you're in a stable position with your job and income, it's a good place to put your money," adds Browning
Browning admits with the world equestrian games headed to the bluegrass soon...that has helped the market locally as well
"'we've seen a lot of activity in the real estate with markets, with rentals but we're also had a few buyers that are coming here loving Lexington and buying some homes to come back to."
Loretta Fugate spent her Sunday afternoon house shopping for her sister who is planning to move Lexington.
Fugate say's she definitely keeps her eyes and ears open...on the up and down market
"when I see it going down, that terrifies me, so if the houses on my street," explains Fugate
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"interest rates have dropped and they are now at historical lows. They are low as they have been in fifty years and that's also bringing people into the market."
Real Estate Market Reference Centersource: www.wtvq.com
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