Kentucky Real Estate
National U.S. averages in real estate have dropped considerably, and currently there’s a $3-trillion loss in the industry compared with just a few years ago when prices and sales peaked. But this is not true with Kentucky real estate. According to Dr. Lawrence Yun, the Chief Economist for the National Association of Realtors (NAR), there is “no housing bubble in Lexington.” In fact, as Dr. Yun goes on to explain, “there is slightly more positive pricing in Lexington” versus the national average. Kentucky real estate has a 9 - 10% increase of equity above the rest of the nation. Lexington is “still a good area for real estate investing.”
While a depression in home prices are occurring across the U.S., Kentucky real estate is holding up in sales and home prices. In 2007, Kentucky real estate sales and home prices rose; unlike the U.S. national average which dropped. With low interest rates on 30-year mortgages, low down payments with reasonable credit, and the U.S. government currently offering an $8,000 tax credit to first time homebuyers, now is an ideal time to take advantage of the Kentucky real estate market.
According to Greg Perry, an agent with 425realty.com, 30% of current homeowners own their homes outright without any home mortgage. This means that homebuyers will not have to worry about picking up mortgages from lenders and banks with outstanding interest rates already existing on these homes. Sellers are looking for qualified buyers and many are offering incredible incentives to aid homebuyers in the purchase of homes.
Good timing in the purchase of a new home can lead to a great long term financial investment. Buy when real estate prices and down payments are low and the government incentives are many, and sell when the market is at an all time high. While the market has bottomed out nationally, Kentucky’s incredibly stable real estate market is an ideal location to purchase or sell a home.
Top 10 Major Cities and Towns, based on population, of Kentucky include Louisville, Lexington, Owensboro, Bowling Green, Covington, Richmond, Hopkinsville, Henderson, Florence, and Frankfort. Because of low cost of living, low overall crime rates and far below the national average in violent crimes, Kentucky real estate is an excellent investment for any homebuyer. With excellent medical facilities, and educational reforms that began in the 1990’s which has raised ACT scores and the number of graduates of local high schools, the quality of life in these areas is very high; making Kentucky an ideal location to raise families. U.S. News and World Report ranked several of Kentucky’s excellent medical facilities among the best in the country. Kentucky manages to preserve the small town atmosphere in large metropolitan areas, and many once out-of-state college graduates choose to remain within the state long after graduation. In fact, Bowling Green, KY was added to the National Trust for Historic Preservation's 2006 list of America's Dozen Distinctive Destinations.
Now is an excellent time to buy a home in Kentucky due to currently low interest rates and government incentives. With significantly below the national average in cost of owning homes, the Kentucky real estate market is currently stable, reliable, and very affordable. With economical utilities, low property taxes, and a quality educational system, Kentucky real estate is one of the best real estate investments that can be made.