Based on 2006 and 2007 stats in the market, 2008 is shaping up to be a buyer's market and a substantial reduction in the overall sales volume from the last couple of years.

It's definitely the time to buy a home in this market area. With a 2008 listing inventory that is at least and perhaps slightly larger than that of 2007, buyer's have a wide choice of properties to pick from.

The most exciting news though, is that this market will experience a major shift from a 2008 buyer's market to a seller's market starting in 2009 and lasting through 2012. This shift is due to a major movement of defense department resources from other military installations to Fort Knox Kentucky in the northern part of the county.

Looking back into 2006 and 2007, we saw a listing inventory (homes for sale) increase by over fifty percent from 2006 to 2007, however, the total number of closed transaction dropped off by about ten percent from 2006 to 2007.

This situation caused an initial over- supply of homes for sale as 2008 kicked off. That over supply is what is dragging down the 2008 stats and will be reflected in less total 2008 transactions and a huge advantage for buyers that are ready to move now.

Today the average sale price for a home in this market is between $120,000-$140,000 and has remained constant since 2006 (one of the least expensive markets in the country). The most popular type of financing remains "conventional" with "VA and FHA a distant second. And finally, the average days on the market for a listed property has edged up so far in 2008 to one hundred fifty four days (154). Up from around one hundred forty (140) days in 2006 and 2007.

In summary, it’s time to buy in this area if you are ready now.  Prices are likely the lowest that we will ever see  and the inventory of available homes  is abundant with pre-sold home and brand new homes.

For investors in rental units, the future may be even better. The huge influx of people with good paying jobs is going to create a shortage of high quality rental units starting in 2009.

This is the year to get in position for another wild real estate ride and be ready for 2009 and beyond.