LEXINGTON, Ky. (WTVQ) – One of the few bright spots in this pandemic-dominated year is the housing market, as evidenced by new data from ‘Kentucky Realtors’ which shows a strong market and historically low mortgage rates.
In fact, in Lexington supply can’t keep up with demand.
“I didn’t expect it to be so hard to buy house in Lexington,” Nicole Burton said.
And it’s not even her first time buying.
When UK graduate, Burton, and her wife decided to move back to Lexington from Colorado, it was easier said than done.
They quickly learned it’s a seller’s market.
There are so few houses on the market and so many people looking to buy, if you find something you like, you better be ready to make a quick decision.
“I’m not one to make split decisions like that, especially with the big purchase,” Burton said. “We would see these houses we really like, but it wouldn’t have like one or two things that we wanted, but we liked everything else about it, and it’s like, we have to make that decision right away,” she said.
The couple ended up buying a home in Paris, Kentucky.
And they’re not the only ones having to look outside of Lexington to buy.
Brooke Otis is a realtor in Lexington. She says if the seller wants a quick turn, she’s seen houses go in less than 24 hours.
“I think a lot of that has to do with how low the interest rates are and have stayed through the entire situation,” Otis said.
‘Kentucky Realtors’ says home sales were up for the fifth consecutive month, as of the end of October and overall on track to sell more houses in 2020 than last year.
“I really thought there’s no way that anyone is gonna buy a house right now, like I’m gonna have to find another job,” Otis said as she reflected on the start of the pandemic. “And then, I’ve been very blessed that I’ve been busier than I’ve ever been.”
She said part of that is being two years into real estate, but it can’t be ignored the fast pace of buying in Central Kentucky.
According to Kentucky Realtors, the housing inventory in the state will take only 1.7 months to sell all of the homes currently listed and it also reports ‘economists feel that six months of inventory is the hallmark of a balanced market.’
With all of this in mind, Otis and Burton both agree a competitive housing market also shows the growing desirability of Lexington.
“I think it speaks to like the community and and you know whether people are moving here or it’s growing in general. I think for the most part it’s for the good,” Burton said.