It’s a question many Kentucky real estate agents are struggling with.
“Kentucky is an expensive place to buy and sell property,” said Tim Miller, senior real estate agent with The Miller Group, in an interview with the Lexington Herald-Leader.
“The demand is very high.
People are really looking for affordable homes, so the prices are just going up.”
And it’s not just in the rental market.
Kentucky has a lot of renters in the state, and many are renting out properties in their homes.
“I think people are really into that aspect of real estate,” Miller said.
The real estate market is so volatile, Miller said that even though people might be searching for a property in Kentucky, they may not realize they are renting.
Miller said there is a lot more competition in the real estate sector than he was aware of.
“There’s lots of bidding wars going on,” he said.
“It’s just the nature of the beast.”
It can be a challenging time for prospective buyers.
“If you’re a homeowner, you may not have any money coming in to your bank account,” Miller added.
The demand is so high that some properties are getting snapped up by other buyers, he said, and the prices can even go up by hundreds of dollars.
Miller says there is also an influx of new people looking to purchase properties.
“People are just really desperate to buy, and they’re looking for properties that they can get a good price for,” he added.
Miller said he’s noticed a trend in the price of property in the area. “
What I think is happening is people are looking for something cheap that’s not too expensive and a place to live.”
Miller said he’s noticed a trend in the price of property in the area.
“You can go up to about $200,000 for a piece of land,” he explained.
“But you can also go up into the $500,000 range.”
And Miller said it’s only going to get more expensive for renters.
“When you see properties go up in value, people don’t realize that there’s a lot going on, and that people are just trying to make money,” he noted.
Miller’s group is trying to help with some of the changes.
“We are encouraging people to get a home appraisal from an independent appraiser, and then go to the realtors,” he told The Lexington Herald Leader.
“And we are working with our broker to try to keep a good record of what’s going on with the properties we are selling.”
He said he hopes that changes will continue to happen in the future.
“As time goes on, we think it will make it a lot easier for folks to sell their properties and not get sued by the bank,” he concluded.