There is a real love fest going on in Oldham County – a love for home shopping, and I’m seeing an excitement level that I haven’t seen in many years. And as a Realtor who specializes in selling homes right here in my own “back yard”, I have to confess – I’m enjoying this!
Even during a significant housing crisis that rocked the nation, Oldham County consistently fared better than its nearest well-known neighbor, Jefferson County (Louisville, KY). Anyone who lives in the area knows the two key reasons why home buyers are drawn to Oldham County:
- Small town atmosphere close to Louisville amenities.
- Award-winning Oldham County schools.
Some Quick Stats Show The Numbers Going Up
Comparing January 1, 2012 – April 30, 2012 to January 1, 2013 – April 30, 2013:
The first four months of 2012, 211 homes SOLD throughout Oldham County, totaling $54,474,803. The average days on market: 117. The average listing price vs sales price: 95.82%. And the average SOLD price was $229,500.
Comparing these numbers to the first four months of 2013:
218 homes SOLD, totaling $59,164,926. The average days on market dropped to only 77. The average listing price vs sales price showed a slight increase to 95.91%. And the average SOLD price was $260,897, up $31,397.
Of course, these numbers are nothing to send up fireworks over, but they show a marked improvement over the negative numbers we have suffered through for almost a decade.
Right now, as I type this, the excitement over purchasing a home again, is almost palpable. Builders are coming out of retirement and even building “spec” homes again, and consumer confidence is up.
But How Long Can The Honeymoon Last?
Just how long will this great real estate market last? No one can say with any absolute certainty, but right now, as rumors abound that interest rates are inching up, buyers are not only scouring the internet, as is evidenced by the increase in our OldhamCountyHomes.net traffic, but they are touring homes – and they are buying.
We are again seeing bidding wars as the low inventory has people fighting over the same house like grocery shoppers fighting over the last turkey the day before Thanksgiving.
How Will This Market Affect You As A Seller?
I am telling my clients that NOW – right NOW – is the best time to sell. Why?
It’s Economics 101: Supply and Demand. As inventory increases, prospective buyers have a lot more choices, and can be much more selective. It will take Buyers longer to tour a larger group of homes that meet their search criteria. One result of this increase in homes on the market is that the Sellers will wait longer to see if their home will be chosen. As the Sellers need to become more competitive, they may need to reduce the price of their home and/or work harder to make their home “shine” and stand out in a crowded marketplace. In other words, a Seller’s market can become a Buyer’s market almost overnight.
Moral Of This Story: Get Your Home Listed Now
This “Feeding Frenzy” cannot last forever. Interest rates have remained low for much longer than this Realtor could have ever imagined. The robust housing market may unfortunately stall out soon. Who knows? But we can speak to the Here And Now: List your home soon, while you do not have much competition, interest rates are still at historic lows, and you are much more likely to achieve a higher sales price than if you wait and become lost in a sea of competition.