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Central Kentucky Sellers Ask, Should I wait to sell after the prices go up?

Should I wait to sell my home when the prices go back up?

Central Kentucky homes have increased in price the past 30 years at about a 3 percent average rate each year.  There have been years that were much greater than a 3 percent increase in the prices of homes Central Kentucky.  There have also been years when there was significant decrease in the prices of homes that sold in Central Kentucky.

I have often written about how I am not a prophet or even an expert on predicting the future.  However I do think it is important for all home sellers and home buyers in Central Kentucky to base whatever decision that they make upon the current facts of the housing market.

Here are some facts that are confirmed by the most recent Rector Hayden Market report for Central Kentucky.

    The average prices of homes sold in Central Kentucky has taken a dip down the past five years.

    The average prices of homes sold in Central Kentucky took a small upturn last year.

    The average prices of homes sold in Central Kentucky has so far taken the greatest loss this current year.

After last years slight rise there was reason to be optimistic that home prices would continue to climb this year.  That did not happen.  So why did prices drop so much this year.
    Here are some obvious reasons:
        Bank owned (REO) homes and homes sold via short sale are bringing the average  prices down in Central Kentucky
        Many buyers in Central Kentucky continue to wait expecting homes to continue to decrease in value..
        There are large numbers of potential buyers in Central Kentucky who cannot qualify to buy.  This past year I added 20 potential buyers to my data base who are employed who do not have credit scores that are even close to being good enough to qualify for a loan.

So what does all this meant to Central Kentucky home owners who are thinking of waiting to sell? Watch the video to get my opinion. 
       
       
   
        
Posted Friday Dec 09