It is right now.
Real estate is like traffic. Do you want to be driving on Nicholasville Road at 2:PM or 5:PM? Timing makes a huge difference. This might be a bad example because personally, I don’t want to be on Nicholasville Road at ANY time of the day.
At 2:PM there is still a lot of people on the road, but fewer drivers. By 5:PM, everybody who is going to be on that road IS on that road.
In the market, spring and summer are when there are the most buyers out snatching up houses. It starts to slow down some about the time school starts. Then it slows down more around Thanksgiving. Then it really slows down around Christmas. Then in January it starts picking up again.
We are in that sweet spot where buyer activity will be slowing down some and we are also seeing a good amount of new listings too. Later in the year, buyer activity will slow down more, but there won’t be as many houses. It will be like driving down Nicholasville Road in the middle of the night…..sure, there is no traffic, but that is because nothing except Wal-Mart and a few gas stations are open.
Also, sellers tend to get a little nervous the later in the year it gets. The Lexington sales graph is like a gentle rolling hill. It gently rises to it’s peak in the late spring and early summer and settles down in the fall/winter. Some of the surrounding counties look like Mt. Everest. Their market is dead, then they have 3 months of steep sales increases, then decrease back down to nearly nothing in the fall and winter. Most sellers assume fall and winter are bad times to sell and plan accordingly, but it is a non-issue for Fayette Co sellers.
We still are likely to have more buyers than houses in the sub $250k range, so I am definitely not saying that it is going to change to a buyers market, just that you may actually have a chance of buying a house without competing with 5 other offers. Over $250k with the exception of the most popular neighborhoods, you have a better chance of not getting in multiple offers this time of the year.
So be encouraged if you are a buyer and go get you a house!