Again, our Lexington Bluegrass Association of Realtors Report is not good news… sales down 23%, pending sales off 40% from April 2011.
I have pontificated for some time (2007) that we are in a ten year major climatic and cultural shift, in general, but specifically effecting housing and to add flame to the fire Lou Barnes says “It is no longer polite to speak of housing. The Fed does not, the White House does not, and the Treasury Secretary is too busy” to give housing adequate attention.
The two big disconnects are still out there,(1) Banks are loaning money…nonsense, and (2) The economy and unemployment are seriously improving …yes but at the same glacial pace the North Pole is vanishing…slowly but surely.
Anything positive? Yes. Most distressed properties owners understand the need to meet the markets demand for bargain pricing. It is not going to get any better quickly because the Feds have 355000 homes in inventory to come on the market. The non distressed homes that do sell have three things in common, they are: priced to this market, are in great shape and are aggressively marketed, adjusting immediately to needed price reductions and the quirks and desires of the legitimate buyer’s appraisal and inspection issues.
Our company has multiple solutions: great marketing on the internet, Auction option for 30 day cash in hand sale, and Property Management lease…..we can’t get enough homes to lease.
