“It’s a seller’s market:” inflation and its impact on the real estate market

David Watkins of eXp Realty says now has never been a better time to sell

LEXINGTON, Ky. (WTVQ) – Inflation: we’ve seen it impact everything, making the prices of most items we buy higher. While that’s normally negative, David Watkins of eXp Realty says now has never been a better time to sell your house.

According to Watkins, it’s all about supply and demand. For buyers, the real estate market is seeing record-high prices, and they aren’t coming down anytime soon, adding that interest rates are more than twice what they were two years ago.

“For instance, how that translates into purchase price is two years ago a person who could afford a 450,000 dollar house, now for the same interest amount, they can only afford a 315,000 dollar house,” said Watkins.

Watkins says this is due to a historically low amount of inventory on the market, with just 297 properties for sale in Fayette County right now.

While Watkins says that’s more than a couple months ago, that’s not nearly the 500 to 600 properties usually for sale at one time.

“There’s just still not very much on the market so prices are going to remain high. so if you want the best bang for your buck, today would be the best day to buy a house,” said Watkins.

However, if you’re wanting to sell your house, Watkins says it’s a great time to do so. He says even with the economy as it is, plenty of people are still looking to buy.

“You have a leg up. You have leverage. If the first person in line doesn’t want your house, then you can kinda just say ‘okay’ and there’s 20 people in line that do. It’s a little bit harder now than it was 2 years ago just because of the interest rate but there’s plenty of buyers out there just because of the seller’s market,” said Watkins.

If you’re wanting to sell, Watkins recommends finding a skilled and experienced realtor in order to get the most out of selling your property.

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