Bluegrass market update & fun with a calculator

I’ve always been a number person.  When I was a kid, my dad gave me a calculator.  I would make pretend budgets, figure out things like compound interest, and do things like type 77345 and flip the calculator upside down to see that I spelled ShELL.

So I guess I am not surprised that I get excited when my local real estate board publishes the statistical info once a month.

It is also nice to see if my own experience is echoing what is happening in the whole market.  It usually is.

For example, I hardly show any houses any more because there is so little for sale.  I used to be out 3-4 nights a week and ALL weekend just showing houses.  Now I may show 4-5 a week and have the same amount of buyer clients……on a busy week.  There just aren’t enough houses to show people, and buyers are making fast decisions because they don’t want to lose a good house while waiting for a great one.

In Fayette Co, sales from Jan 18- April 18 are down 11% from the same period in 2017.  Listing are down 9%.  You’d think a decrease in sales would be bad, but since listings are down by a similar number, it is still a super tight market, especially in the sub $200k range.

All the Bluegrass counties have a big decrease in listings.  Most have an equally big decrease in sales too.  Makes sense.  If there are fewer houses to buy, there will be fewer houses sold.  Unless you are in Scott, Madison or Jessamine Counties.  Those places are the only ones where sales have increased from this same time last year while listings have decreased.  I know, I know.  How can that be?  This is just my gut, but I think those counties had more on the market last year that just sat and didn’t sell.

I also feel like I am spending more time in surrounding counties than I have in a long time.  When I first got into this business, there were a lot of people moving to Jessamine Co in search of a cheaper house.  But then gas prices went crazy and nobody in Fayette County wanted to leave.  Now gas is fairly cheap and people have returned to moving outside of Fayette Co again.  Jessamine County has the tightest market under $180k.  There is literally next to nothing for sale there.

Just this past March, we had a net loss of 61 households in Fayette County.  Scott and Jessamine Counties were the only ones that saw much of a gain in new households.  Yep, Fayette County folks are back at it.

I still play with my calculator a lot.  Only now I’m using it to determine what a house is worth before listing it or making an offer.  Maybe with all this extra time I have from not showing houses every night, I can figure out some new words my calculator will spell?

Was this my biggest mistake?

The LEXpert.

That’s a name I’ve been called for a long time, even before I got my real estate license in 2005.

It began when somebody was impressed that I knew where just about any street was in Lexington.  Somebody mentioned a street and I knew what neighborhood it was in.  They said I was quite the LEXpert.

It’s stuck with me ever since.

So, when I left a nationally franchised real estate brokerage to start my own brokerage a couple of years ago, I needed to pick a name for my company.

Most real estate company names either sound like a law firm or a bank….there is even one that sounds like a landscape company and dry cleaner.

I wanted something that would convey what the client was getting, which was me.  So, I picked The LEXpert.

Only problem is people are thinking I only work in Lexington now.

I’ve always worked in Nicholasville, Winchester, Georgetown, Versailles, Paris, Richmond and Frankfort.  I occasionally even have people look in Lawrenceburg/Anderson County, Sheby County and Montgomery County/Mt. Sterling.

Maybe I should have named myself The BluegrassPERT?  Not sure if that would even fit on a sign unless it was so small you couldn’t read it from more than 3 feet away.

Now that almost all of my work comes from past clients or people who have been referred to me from past clients and/or friends, it doesn’t matter all that much.

I am not sure what I will do.  I occasionally think about changing the name of my brokerage.

I guess if this could possibly have been my biggest mistake, I am still in good shape.