This BLOG On Kentucky Housing Market Heats Up As Lenders Ease Up On Guidelines Was UPDATED On February 9th, 2019
Kentucky Housing Market is heating up.
- More and more families migrate to the state of Kentucky from other states
- The mass migration is making the Kentucky Housing Market sky rocket its housing prices
- More and more families are finding the Great State of Kentucky attractive
- To reasonable housing prices, demand in jobs, Midwestern mentality, friendly people, and low taxes is what is making Kentucky Housing Market very attractive
- The state Kentucky Housing Market has just made it official in having the second highest year in state’s history
As Kentucky Housing Market is spiking up, home buyers are experiencing shortage of home inventory.
Shortage In Kentucky Housing Market Despite Highest Mortgage Rates
Demand for housing throughout the whole state of Kentucky is forcing Kentucky Housing Market home values to increase.
- Federal Housing Finance Agency (FHFA) has increased conventional loan limits to $484,350 for three years in a row due to rising home prices
- HUD followed FHFA and increased loan limits on FHA Loans for three years in a row to $314,827
- FHFA and HUD increasing loan limits for three years in a row was due to rising home values
- Home values in Kentucky keeps on rising despite mortgage interest rates the highest since the 2008 Real Estate Meltdown
- There is no sign of retraction or future market correction
Kentucky Housing Market Has Been Booming For Past 2 Years
Kentucky Housing Market has been the best in the past two years. Home sales in 2018 November were only one quarter of one percent lower from the same period 2017. There were a total of 3,909 homes sold in November 2018 which is in line with 3,919 closings in November 2017. Total numbers sold in 2017 was 49,167. Number for 2018, 48,615 homes were sold. This is two years of record home sales in Kentucky. There was two consecutive months of housing sales.
Jonathan Yun of NAR said:
“The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation. While most area sales remain largely unchanged over last November, some areas are seeing record breaking numbers of units being sold. Places like Greater Owensboro, Hardin county, the Bowling Green area, and particularly Ashland have seen their highest sales in over a decade. Ashland’s November numbers bested their high-water mark by an amazing 21 percent. The median home price fell by 6.3% in November after rising for three consecutive months, easing concerns that falling inventory might raise prices high enough to begin pricing some first-time home buyers out of the market. November 2018 numbers topped out at $129,200 while the 2017 level was $137,361.
While the November housing inventory was up slightly over last year at 4.73 months, the year-to-date inventory fell 2 percent to 4.2 months. Kentucky continues to be on the low side of the comfortable six-month inventory mark that economists like to see.
Days on market levels also dropped slightly in both year-over-year and year-to-date measurements. November saw houses on the market for an average of 107 days, down from 109 one year ago.
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