LEXINGTON, Ky. (WKYT) – The Lexington housing market is booming despite financial downturn caused by COVID-19.
A realty team said they’re seeing an August rush after a slow April and May. The agents said a low inventory is causing quick sales.
Whitney and Rick Pannell, with Keller Williams Greater Lexington, said many of their clients are looking for more space both indoors and outdoors.
“People want to be outside, and pools, it used to be pools were not that popular, they are now,” Rick said.
The Pannells said inventory is low, causing a quick turnover.
“We’ve had, probably for the last 8 years, very low inventory, but now it seems like it’s even lower,” Whitney said.
They tell their clients to submit an offer sooner rather than later because houses sell quickly.
Whitney Pannell said with fewer houses, and higher demand, it’s more competitive.
“Most of the homes are selling pretty close to what their asking price is, so gone are the days of lowballing a house,” Whitney said.
The agents chalk it up to low interest rates.
“The interest rates are so good, they’re hovering right around 3 percent, and today we’re up 5 percent over this time last year to date,” Rick said. “Medium prices are up 10 percent, and forty five days on the market has been the average.”
The Pannells said that’s compared to the 77 days they usually see. They recommend people sell now while the market is hot.
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