Before we completely dive into the New Year, how about a quick recap on the Real Estate market in 2022!
The market certainly had its ups and downs this past year, which has been a common trend we’ve all seen since 2020. However, in 2022, the price of homes hit an all-time high. The national sales medium price was 433K with prices here in Lexington bouncing just over half that at 243k. Of course, this isn’t too surprising since we have seen a steady increase since lockdown. The demand sharply increased while the supply remained historically low.
Another sad but not surprising increase we all witnessed was the price of rent. We saw a substantial uptick due to the same lack of supply issues that are plaguing the housing market. Aiding this situation, though, is the 1.1 million rental units currently under construction in the United States at this moment. We’re hoping to see more affordable housing heading our way this year.
Keys To Buying A House In The Current Real Estate Market
By: Taylor Hatton
The current Lexington Real Estate market can be a buyer's nightmare right now. There are an immense amount of buyers and not enough houses being put on the market. So this means quick turnaround times from the listing upload to when it goes under contract. But there are ways to maneuver through the market and increase your chances of finding your perfect home in this volatile market.
The first key thing you need to know in this market is that you MUST know what you want. You need to have already weighed out your...
Join us for a Realtor Open House in the Richmond subdivision of Boones Trace this Tuesday from 11:00am-1:00pm!
Many sellers choose to wait to put their home on the market until after the busy-ness of the holidays. However, this decision could be costly! Here are 3 reasons why now is the perfect time to sell your home.
Only Serious Buyers are Out
Only those purchasers who are serious about buying a home will be in the marketplace around this...
Milestone Realty Consultants and Residential Properties, Ltd. are members of The Enterprise Network, a union of privately-held real estate companies across the country. While we hand pick and review all guest posts for quality assurance, the author’s views are entirely his or her own. This guest post was brought to you by The Enterprise Network Annual Holiday Blog Swap.
Recognizing the tremendous impact mobile technology has had on the real estate industry in recent years, it’s imperative for Realtors to keep an eye on the trends as we enter the new year. Despite concerns that technology has removed the personal touch from an industry founded on relationships, mobile has actually enabled real estate professionals to spend more time working out in the field by providing...
Purchased a light bulb lately?
I typically buy light bulbs at the grocery even though the cost is a bit higher than a home improvement store. After factoring in the extra trip plus the amount I would spend unnecessarily at Lowes or Home Depot, I actually save money by paying more at the grocery, if that makes sense.
I prefer a clear 60 watt bulb for my exterior lights which is a fairly easy find--or rather it used to be. The grocery appeared to be out of my preferred bulbs for two weeks in a row so I decided to bite the bullet and go to Lowes. Thinking I would just run in and grab the bulbs without...
What Happens After the Contract Has Been Accepted?
Within five days of the contract acceptance the Buyer will apply for a mortgage. The Lender will order/verify the following:
- Credit Report
- Employment Verifications
- Any other documents required to process the loan
- Proof of Funds
- An Appraisal on the Property
- A Survey of the Property
- A Home Inspection
- After the inspection, the Buyer will fill out an "Inspection Form" indicating any repairs they are requesting or that everything is acceptable "as is."
At this point we are playing the "WAITING GAME." We are waiting for the Lender to get in all the documentation they require and for the appraisal to be completed. During this period there may not be much communication, there is usually nothing to tell until the Lender sends the loan for approval....