Lexington, Kentucky is looking to be one of the hottest places to live in right now. People all over the nation are eager to get their hands on a piece of reality in this booming community. If you’re lucky enough to have an extra piece of property in Lexington or are simply interested in seller your Lexington home, here are the things you need to know about the current real estate trends in Lexington, KY.
Rise in Real Estate Prices
The most important piece of real estate news in Lexington you should know about is that business is booming! For years now, Lexington’s real estate prices have been going up and up. The median home price in Lexington, which costs $250,000, has gone up by 3% in value in just three months! Experts predict that homes will increase in price by 6% on average (as compared to 2021).
A big factor in the rise in prices if inflation. Much like every other good and service, real estate prices are directly affected by the rising inflation rates in the country. That combined with some of the lowest interest rates ever (driving up people’s purchasing power) and low inventory create this huge spike in Lexington real estate prices.
Seller’s Market
Real estate in Lexington is more lucrative than ever, so much so that Lexington has been a seller’s market for a while now. This means there are more interested buyers than there are sellers. If you’re looking to sell your home, now is the time. It’s common for a home in Lexington to get multiple offers, almost guaranteeing you get paid for more than your asking price. If your home is considered to be a particularly hot home, you can get paid even more.
Tough Competition
As mentioned above, Lexington is currently a seller’s market, but that can all change in a flash. Homeowners are now realizing how much money they can make by selling their Lexington homes. So, inventory won’t stay low for long. If inventory rises and outnumbers the buyers, the prices of real estate in Lexington will undoubtedly go down and will now favor the buyers.
Selling Your Home
If you’re keen on getting in on the Lexington real estate hype, then you need to act quickly. There’s really no time to waste when you’re up against the clock and hundreds of other homeowners looking to make a quick buck with minimal effort. Some options you can look into in order to sell your home are:
- Sell Through a Real Estate Agent
This traditional way of selling is often the first thing that comes to a seller’s mind. A professional agent will have a list of clients or network of buyers available, allowing you to sell your home quickly. But even if selling through a real estate agent is fast, it will still take some time.You’ll need to renovate your home, stage it, take photos, and advertise it so interested buyers can see it. Then, you’ll need to deal with showings and negotiations, which can take anywhere from days to weeks.
- Sell To a Professional Homebuyer
Like we mentioned earlier, time is of the essence. If you’re looking to sell your home quickly, an option you can consider is to sell it to a professional homebuyer like Rylo Homes. At Rylo Homes, we buy houses in Lexington, KY regardless of the state, condition, or situation they’re in. This includes homes that are behind in payments, fire-damaged homes, or homes in probate. When you sell to a professional home buyer, you can guarantee that you’ll receive a fair cash offer in as little as 72 hours. This is also the most cost-effective way to sell your home because you don’t have to think about repairs, advertisements, or real estate agent fees.
If you’re still wondering “how can I sell my house fast Lexington, KY,” the answer is Rylo Homes. Our goal at Rylo Homes is to improve the overall quality of housing for the residents at Lexington, KY. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close. For more information about our home buying process, give us a call at (502) 513-4430 today.
