The Northern Kentucky real estate market has certainly been impacted by the exodus of several companies. Consequently, the value of your home will have a direct correlation to the likelihood it will sell. Below are 3 charts showing the homes for sale, pending, and sold in 3 different price ranges. $100k’s, $200k’s, $300k’s. You’ll quickly see that your chances of selling reduce by about 50% every price bracket you move up. Specifically,
$100-200k, approximately 64% of the homes on the market sold in August.
$200-300k, approximately 31% of the homes on the market sold in August.
$300-400k, approximately 18% of the homes on the market sold in August.
There is some good news for those with higher value homes. First, the abundance of homes on the market in the $300’s will certainly correct itself in the coming months and bring a better balance. Second, the number of buyers in the $300’s has held pretty steady for the last 5 months and we have no reason to believe that will decrease. Finally, Simple Fee Realty will save a seller in the $300’s between $7,500 and $10,500 in Realtor fees making your home price more competitive while putting the same amount of money in your pocket.
The silver lining in all this? The average sale price in Northern Kentucky has gone up $30,000 since January!