According to 2017 Lexington-Bluegrass Association of Realtors President Ty Brown, “The market is active,” and available inventory is lower than usual. “Months of inventory are down 15 percent compared to May 2016 … There may not be as many homes for sale as one would like,” Prices are also up, “Sellers are receiving 97 percent of their list price.” May sales activity increased seven percent over this time last year. Brown says, “Prospective buyers are feeling the double whammy this spring with inventory that’s down and price appreciation that’s much faster than any rise they’ve likely seen in their income.”
Median sales price increased 5 percent from May 2016 to May 2017, and there is 2.8 months of inventory. The residential average days on market for the average home is down to 61. The year-to-date 2017 total sales have increased 6 percent so far this year.
This is all great news for sellers, but what about buyers?
If you don’t find the home of your dreams among available inventory, new construction and custom build is always an option. Find the neighborhood, the builder, and the model, and collaborate to design your own dream home.
As popular real estate website Zillow suggests, “If you opt for a custom-built home, you’ll work with the contractor to create a traditional or modern layout that works for your life. If you’ve always dreamed of a formal dining room for family gatherings, it’s yours. If you’re buying pre-built new construction, chances are good the layout will lean to modern, with wide-open floor plans. Kitchens flow into family rooms so you can cook and oversee homework or watch the game. Rooms in new construction homes – especially bedrooms and bathrooms – tend to be larger and brighter, with lots of natural light.”
Additional assets Zillow points out, “Buying new construction often means buying a lifestyle. Master or planned communities often include amenities like parks and community spaces that are close to schools and transit. The key is finding a builder who offers what you care about.”
Bigger Pockets, the real estate investment site, adds, “With brand-new everything, you’ll save time and money on maintenance for years to come. The average lifespan of most major appliances is around 10-15 years, according to a study by the National Association of Home Builders and Bank of America Home Equity. And if something should break in the first years you own the property, it will most likely be covered by either a manufacturer’s warranty or building warranty.” Another positive, “What you build is what you get; you won’t have to worry about a home inspection suddenly revealing a mold problem behind the basement drywall or a seemingly functioning furnace dying on you at the first harsh winter.”
he Grand Tour is a great starting point for anyone actively or passively considering their real estate options in Lexington. The annual Grand Tour of Homes is a popular free self-guided home tour that features new construction. Tour-goers can visit as many or as few homes as you like during the tour dates.
This year’s Grand Tour of Homes will include more than a dozen entries in our neighborhood (homes in 40509 and 40505).
Some of the most popular neighborhoods that our readers already know and love will be featured on this year’s tour, including Patchen Wilkes, the Reserve at Bryant Oak, Summerfield, Tuscany, and the Reserve at Greenbrier.
Highlights of the tour include a wealth of experts on site who can talk more about the features of new construction.
For example, new homes may be as much as 30 percent more energy efficient than some older homes. They use the latest technology and innovation in windows, insulations, heating, cooling, lighting, and much more. All of these benefits add up to lower energy costs as well as helping the consumer protect the environment by reducing their carbon footprint.
If you’re looking to move, build, or just dream a little, the Grand Tour is a great place to start.
Find this article on page 6 of the July 2017 edition of the Hamburg Journal.