All over the country, the housing market is starting to favor buyers and the effects can be felt in Lexington as well.
Data from Wells Fargo shows that homes put up for sale are taking longer to close and prices are going down. A drop in mortgage rates is also working in the buyers’ favor as financing their homes becomes cheaper.
Justin Landon from Bluegrass Realtors feels differently however, and says that it is still a market for sellers. He told WKYT.com:
“If you’re a first-time home buyer or somebody looking to buy a home right now, the most important thing you can do is get with a team of professionals, get with a lender, get with a realtor and really understand what you can afford.”
Steve Branham, who operates a real estate appraisal company, says interest rates have doubled in a relatively short timeframe, which means selling houses is likely to take longer than before. He also mentioned that houses are staying on the market for months now, compared to mere hours during the height of the pandemic. Print shops can be used to let people know that a property is on the market.
According to Branham, as we transition into a buyer’s market, buyers are asking for extras such as closing costs, which they would not do before. He notes that in some cases, they were not even asking for inspections previously because they knew that the houses would be off the market soon.
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