Lexington and Central Kentucky housing market predictions for 2018!
After a record-setting year in the local housing market, what can we expect in 2017? We’ve checked our crystal ball for indications of what the future holds for Central Kentucky home buyers and sellers!
Here are some key points regarding what we see affecting our local housing market in the year ahead:
Moderately rising mortgage rates. Interest rates rose slightly in 2017, but continue to remain at historic low levels. Buyers tend to step up their buying decisions when faced with the possibility of higher rates down the road — so our normal, busy spring market might even start a little earlier than usual this year.
Millennials becoming home buyers. Historically, most people will consider their first home purchase as they hit their mid-twenties to early-thirties – and just like across the nation, these “Millennials” are vast in numbers in Lexington and Central Kentucky. Although student debt may be a financial drag for some in this age group, there are many who will be looking forward to buying their first home this year.
Continued strong buyer demand. As we kick off the new year, we have a lot of potential home buyers looking at the current inventory — and we foresee that strong demand continuing at least through the middle of the year. We’ve always been blessed with a relatively strong local economy here in Lexington and Central Kentucky – regardless of what happens on the national scene. That’s why we feel confident in making our bold prediction for 2018:
Home buyers and sellers in Lexington and Central Kentucky will continue to move up, move down, move in and move out!
Be sure to check out our exclusive Market Report — with all the latest information on the local real estate market – compiled by the experts at Rector Hayden Realtors!