Buyers facing unique challenges in current housing market

LEXINGTON, Ky. (WTVQ) — If you’re trying to buy a house right now during the pandemic, good luck.

It’s doable but an already stressful process is even more nerve wracking now.

Guide Realty in Lexington says buyers are facing some unique challenges during this pandemic, like there’s more buyers than sellers right now.

Oh, does first time homebuyer Marcellus Barksdale know that.

“The hardest part about the whole process was actually finding a house just with it being so competitive and with it being a sellers market,” says homebuyer Marcellus Barksdale.

Expecting their first child, he and his girlfriend started looking for a home this summer.

“We thought we found the perfect house and we put an offer in. The house became available that morning, we saw it later that morning and put an offer in first thing that afternoon and there was already five or six other offers so kind of got discouraged,” says Barksdale.

His realtor and mom, Ivy Barksdale, says she’s working with more buyers than ever before but the number of houses for sale is at a record low.

“I mean houses are selling same day, certainly within three days,” says realtor Ivy Barksdale.

A positive is interest rates are historically low, sometimes under 3%. But the high demand is driving up the price.

“We already struggle with an affordability issue and now we have our median price-point here in Lexington that’s at $234,000,” says owner of Guide Realty, Raquel Carter.

Carter says buyers have it the hardest, but often, sellers are also buying.

“They may have to write five or six offers on properties before they can get one and each of those offers can be over asking price, can be as is and they may still not get the house they selected,” says Carter.

Barskdale also had to go above his original price range.

“Really, we’re super blessed to finally be able to get an offer even accepted,” says Barksdale.

He closes on the house at the end of the month, around the same time his baby is due.
An exciting new beginning after a long journey home.