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For Sale by Owner Properties and Other Houses for Sale Favor Buyers

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By : John Cutts    99 or more times read
Residential property affordability in Kentucky is at a level that favors homebuyers that even for sale by owner properties are being sold at much lower prices than a few years ago. According to local realtors, there is no better time for homebuyers to make a purchase in the state than now as the housing sector is currently a buyer's market.

Local realtors stated that the affordable prices of Louisville distressed properties and non-foreclosed homes offer a lot of savings to would-be buyers. Combine that with the low interest rates and what buyers have is an opportunity that may not happen again in the area. They also stated that the considerable inventory offers a lot of choices for every type of buyer.

In addition, discounts offered for distressed homes in Kentucky are the second highest among all state markets in the U.S. For those planning to purchase foreclosed or distressed homes, realtors stated that this year will be the best time to do it. The average discount offered by lenders for foreclosed properties is around 48%, almost half of the original prices of these houses.

To be able to compete with these low-priced dwellings, majority of sellers of for sale by owner properties or FSBO have also lowered their asking rates. For the whole Kentucky region, sales of houses went down by 3.7% last year compared with 2009 levels. However, the median selling price of dwellings held steady, going down by a mere one-tenth of 1 percent in 2010.

People buying distressed homes and non-foreclosed houses last year paid a median rate of $104,500, a figure that is about 40% cheaper than the nation's median average of $172,700. Meanwhile, the Louisville metro area also recorded a decline in sales last month, with housing units sold declining by 6% in January 2011 compared with January 2010. Prices also dropped in the metro region by around 2% over the same period.

Housing analysts stated that buyers can acquire high quality distressed houses, for sale by owner properties and non-foreclosed homes at a reasonable price if they decide to make a purchase in Kentucky now. They added that, at least, the trend will likely continue in the next few months.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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