Watch the homebuyer video produced by the Kentucky Real Estate Commission:
The Market is Strong
Interest rates are historically low, inventory is abundant and prices are stable.
“All Real Estate is Local”
Market conditions being reported nationally do not necessarily reflect the real estate market in your local community, neighborhood or street. Speak to a REALTOR® who truly knows your local market.
Owning a home not only provides you with shelter, but it is one of the best ways to build wealth. In addition to the tax benefits, real estate has delivered the most consistent positive return over any long-term investment during the last 40 years.
The right time to buy (or sell) is when it is right for you. Trying to time the market is extremely difficult as the only way to know the market has hit bottom is when prices are on their way back up.
Underwriting requirements for loans have been tightened; as a result, buyers who are now in the market are more qualified. This means sellers can feel more confident that their sale is going to close.
Mortgage rates are at historic lows, remaining at or below 6%, and well below their all-time highs of over 18% in the 1980s.
The rate of return on a housing investment dramatically increases the longer it is held (Harvard University Joint Center of Housing Studies).
The median net wealth of a renter household is $4,800, while the median net wealth of a homeowner household is $171,700. (Federal Reserve Survey of Consumer Finances)