‘If you’re a seller, you’re in the driver’s seat:’ Lexington housing market still hot
LEXINGTON, Ky. (WKYT) - Experts say the housing market in Lexington isn’t losing momentum in 2022.
Rick and Whitney Pannell with Team Pannell Real Estate said there are very few houses on the market, and demand locally and nationwide is at an all-time high.
“If you’re a seller, you’re in the driver’s seat, it’s a great spot to be right now,” Rick said.
The Pannells said even recent inclement weather didn’t stop showings.
“We went into a home with a buyer, we were the first people in, 10 a.m., we submitted an offer, and said we wanted an answer by 1 p.m. and she got it,” Whitney said.
She said last week, there were 97 houses on the market in Lexington. She said that climbed to 163 in a matter of days.
“They’re selling very rapidly,” Whitney said. “If they’re priced under $600,000 they’re going to sell usually within two days.”
The Pannells said the price needs to be right because many offers will come in above asking price, or with certain clauses.
“You could have an FHA buyer, a cash buyer, or financing, you’ve also got a lot of escalation clauses,” he said.
Interest rates are expected to go up nationwide, but Whitney said it hasn’t stopped her clients from wanting to buy. She said competition amongst buyers is at a high.
“Rick and I get calls every day and I’ll say ‘Oh, how did you hear about “Lexington? Do you have family here, friends?’ ‘No, we’ve never been to Lexington,’ I said, ‘Oh, ok you’re just buying because you googled Lexington?’ ‘Yes.’”
To get the winning bid, the Pannells recommend you start your search pre-qualified and be prepared to act quickly.
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