The real estate market has been red hot for more than a year, pushing prices up in most neighborhoods. The high prices come with pros and cons, though. While it feels like a great time to sell a house, more than 80% of young Americans (18 to 34 years old) say that now is the wrong time to buy.

You might wonder, "How can I sell my home when no one wants to buy in this real estate market?" That's a terrific question. Luckily, a little preparation can go a long way in making the process easier and helping you get as much as possible for your property.

1. The Real Estate Market Is Red Hot Right Now!

The real estate market is red hot right now because supply has not kept up with demand. To some extent, the short supply comes from the high price of construction materials. Developers don't want to build single-family homes when essential materials like lumber cost so much.

The problem might not be as recent as it seems, though. About 12.3 million households were formed in the U.S. between January 2012 and June 2021. During that same period, only 7 million homes were built. The short supply has finally caught up as young people plan to start families and purchase their first homes.

What's important for sellers to recognize is that the U.S. has about 5 million fewer houses than it needs to meet demand. That makes your residential real estate very valuable.

2. Expect to Spend a Lot of Time and Money on Home Improvements

Do you plan to invest in some home improvements before putting your house on the market? Make sure you set aside plenty of time and money.

Supply chain disruptions have forced contractors and construction companies to charge higher prices and work at slower paces. Many of them would love to get more work accomplished. Unfortunately, it's hard for them to source some of the materials they need to keep up with client requests.

Talk to contractors now so you can get realistic price and time estimates. If you don't already have a contractor, talk to your realtor to get recommendations. An experienced real estate professional will know which renovations companies are more likely to accommodate your preferred schedule.

3. Find a Moving Company That Follows Safe Procedures

A lot of cities and states are lifting COVID-19 restrictions. The virus still poses a threat, though. Make sure you choose a moving company that follows safety procedures and takes your health seriously. The movers will spend a lot of time in your home, so it makes sense to find a company that enforces safety precautions.

4. Interest Rates Will Likely Increase Soon

Many economists believe that the Federal Reserve will need to increase interest rates soon to combat inflation. It's an ongoing discussion, so nothing is certain. Just keep the possibility in mind. Turning down a good mortgage offer because you demand an excellent one could end up costing you more money.

5. Have a Plan for Potentially Paying Two Mortgages

"Can I sell my home at a high price?" Probably, but it might take a little time to get the price you deserve.

Higher real estate prices mean that you can get more money when you sell your home. The real estate market isn't quite as hot as it was last year, though, so don't expect your home to sell the same day you list it. That might happen, but it depends on several factors, including your location and price expectations.

The higher prices also mean that you will probably spend more on your next home. If your current property doesn't sell quickly, you might need to pay two mortgages for a few months.

You will likely make your money back when you sell your house. Still, you should plan for a short-term financial hardship.

6. Work With a Real Estate Agent to Find the Right New Home Quickly

Not everyone finds a new house before selling their current one. Other homeowners experience the opposite problem: the hot real estate market makes it easy for them to sell, but they need to find short-term housing while they search for a new house they love.

You can make some of your money back when you need to cover two mortgages for a few months. You don't get that benefit when you pay for short-term housing.

Work with a real estate agent so you can find a home you love as quickly as possible. You don't want to rush into a decision. Choosing a wonderful new home becomes a lot easier, though, when you have a knowledgeable realtor on your side.

7. Find the Real Estate Assistance You Need!

Are you ready — or at least thinking about — putting your house on the market? Get in contact so we can help you make informed choices that will help you get a great price for your home, find a wonderful new place to live, and avoid a lot of the headaches people associate with moving!

1. Do you have testimonials from past clients that I can read?

After asking for recommendations and reading testimonials almost every day, we make decisions on purchases, and hiring a real estate agent is no different. An experienced and well-respected agent should have several testimonials from past buyers and sellers that they’ve helped over their career, ready for you to read.

2. How will you determine my home’s value?

Having an accurate picture of your home’s value and a strong pricing strategy from the start will help ensure that your home sells quickly and for top dollar. If you or your agent are relying on online home valuation tools, unfortunately, that’s not the full picture, and we’d encourage you to dig deeper.

There are hundreds of factors that we take into consideration when estimating your home's value, and no two reports are the same. We first take a look at your address. This allows us to see how much neighboring homes have sold for, the desirability of the neighborhood you live in, the unique features of your home and the surrounding geographical area, and many more factors. After we have a good idea of what that looks like, we then go more in-depth with our research, including checking your home's condition, considering any updates you've made that could make it worth more than your neighbor's. All of this is done by a human being. None of our home value reports run on an algorithm, and this information isn't available to us or you at the push of a button.

3. What would be a good offer for my home in this market?

Understanding the market and being up to date on the latest stats and trends is part of a real estate agent's job. Your home very well may sell for a different price today than it would have a year ago and that it may sell for a year from now. We stay up to date on the market and regularly share those updates with our audience.

4. Have you sold any homes in my neighborhood before?

Most real estate agents have their bread and butter neighborhoods that they specialize in, so understanding, if they are truly the experts in the neighborhood that your home is in, is an important part of finding your agent.

5. What do you predict will happen with the market in the next 6 months?

Foresight and analysis is an important part of advising clients, and in a market that’s changing rapidly, it’s more important than ever. If you want to talk about our predictions and where we see the market going, let’s talk!

6. Will you help me with staging?

Staging is an important part of presenting your home to buyers and ultimately selling it. Having an agent that can consult on staging or even offer full staging services can help ensure that you’re getting top dollar for your home. 

Looking for staging tips? Click here.

7. Are you going to have professional photos or a video done?

As detailed in a VHT Studios article, homes with professional photography sell for 32 percent faster. In today’s online-first world, the need to showcase a home virtually has never been greater. From professional photos, a video, a virtual tour, and 3D Matterport imaging, the opportunity to build a vision for your home online is not one that we’ll miss.

8. How will you market my home?

Marketing is a virtual part of selling and something that every real estate agent should be able to leverage for your listing. From the staging, collecting the assets such as photos and virtual tours, putting your home on the MLS, promoting it on social, and letting their potential buyers know about your home, your agent should have a plan for each of those steps.

Take a look at our marketing plan and see it in action here.

9. What will you suggest we do if my house starts to sit on the market?

While every seller has that lingering fear that their home will sit on the market for longer than was expected, your real estate agent’s job is to do everything they can not to make that fear a reality. If it does, in fact, happen, though, your real estate agent should have a plan for that too.

10. Can you explain the home selling process from start to finish?

One of the most common questions that we get from potential sellers is to explain the process from start to finish. It’s a complex process that involves a lot of steps, emotions, money, and more. Your real estate agent becomes your trusted advisor throughout the process of selling your home, and that’s an important job! 

We aim to educate our audience about the market and the process, so if you’re looking for answers to your questions, check out our blog. 

11. What projects, if any, should I work on before we list?

This is a great question! When selling your home, there are several things that you may be able to do that will allow potential buyers to visualize themselves in your home more easily. Your agent will be able to take a look at your house (virtually or in-person) and give you a list of items that you’ll be able to work on before you list.

12. How long would you say it will take to sell my home?

While there’s no certain answer to this question because of all the variables at play, we can use the current average days a home stays on the market and other current market trends to understand how long your home makes take to sell.

13. Can you also help me find a home to buy?

We’re sure you’re experiencing the lack of inventory in today’s market while searching for a new home, and that may be holding you back from selling your home now. We want you to know that we’re here to help. Your real estate agent has access to all of the homes in the MLS and even some off-market properties. They should connect with their network and offer advice on other options you may have if you end up being in-between homes.

14. Will we be able to host open houses?

An open house is traditionally a great way to let potential buyers know about your home and let them really get a sense of the layout and feel. Today, open houses are different but still possible, even if they’re done virtually - your agent will be able to guide you through this process.

15. How does your commission work?

Understanding your agent’s commission and what services they’ll provide you throughout the process is an important piece of selecting the agent you want to work with. Your agent should be providing quality, expert service throughout the entire process - because it is a process that requires expertise. If you have questions about commission, please reach out to us.

Richmond Area Weekender Guide

Here are some of the MARCUMsold Team's favorite things to do in-and-around Richmond, KY!

What: EKU Homecoming 2022

Where: Eastern Kentucky University

When: Oct 21 at 12 AM – Oct 22 at 11:59 PM

Details: EKU Homecoming is October 21-22! We are excited to offer a full calendar of in person, signature events throughout the week, as well as other events hosted by different departments and areas of campus.

Join us, both in person and virtually, as we gather for food, fun, laughter, and shared memories celebrating the Campus Beautiful and the Eastern family! Visit homecoming.eku.edu for a list of all our events.

What: EKU HOCO Block Party ft. The Family Dog

Where: The Family Dog

When: Friday, October 21, 2022 from 7 PM – 10 PM

Details: Celebrate EKU Homecoming like it was meant to be celebrated by joining us for the first ever EKU HOCO Block Party featuring The Family Dog. You'll be "walking on Water Street" to live music and enjoying a cold beverage and delicious food from one of our many vendors. Oh, and did we mention The Family Dog?

It's been 22 years since The Family Dog closed its doors to the public...until now.

For one night only we will be opening up the iconic Richmond establishment for tours and pictures! Relive your memories (or lack thereof) from the 70's, 80's, and 90's with fellow Colonels and members of the bar's staff from all those years ago. This is a Homecoming affair that you won't want to miss!

Visit homecoming.eku.edu/BlockParty for more information.

What: Halloween Hoedown

Where: Downtown, 104 S Third Street, Richmond

When: Thursday, Oct 27th, 6PM-8PM

Details: Our annual Halloween Hoedown is happening in Downtown Richmond on Thursday, October 27th from 6:00 pm to 8:00 pm! We will have games, community vendors, candy, music, inflatables, a petting zoo, snack vendors and other activities!

We are currently looking for Community Vendors to set up booths at this event! Applications can be found at Richmond.ky.us/parks.

For questions, call (859) 623 - 8753 or email parksandrec@richmond.ky.us.

What: Mall-ster Mash (Trick or Treat Party)

Where: The Shoppes at Richmond Mall 

When: Saturday, October 29, 2022 from 6 PM – 8 PM

Details: The Shoppes at Richmond Mall and Vineyard Church are hosting a community Trick or Treat Mall-ster Mash.

Put your costumes on, grab your pillowcase and visit The Shoppes at Richmond Mall for music, activities and treats!

* To find the current calendar of events hosted by the Madison County Public Library  CLICK HERE

Richmond Area Weekender Guide

Here are some of the MARCUMsold Team's favorite things to do in-and-around Richmond, KY!

What: Movies In The Park

Where: Irvine-McDowell Park,  Richmond

When: Sept 2nd, Sept 23rd & Sept 30th

Details: Join us for a FREE Movie in the Park! We will be showing "Encanto" at dusk! Food Trucks such as Comete Alguito, Poppy's Ice Cream and Cotton & Cone will all be on site!

What: The 2nd Annual Millstone Festival

Where: Downtown Richmond

When: Saturday, October 1, 2022 from 11 AM – 10 PM

Details: The City of Richmond and Dreaming Creek Brewery proudly presents the 2nd Annual Millstone Festival on Saturday, October 1st from 11AM to 10PM in Downtown Richmond!

The event will feature lots of fun activities for all ages. There will be community booths and craft vendors, food and beverage vendors, a beer and wine garden, a kid's area, a petting zoo, and the Medlock Car Cruise. There will also be live music performances by Rags and Riches, Scott T. Smith, Vintage Voodoo and Grayson Jenkins!

Dreaming Creek Brewery will also host a Homebrew Contest. For more information on this contest, please call (859) 575 - 7111.

Follow our Social Media or visit our Website at www.richmond.ky.us/parks to stay updated on all things Millstone Festival!

You can also contact the Richmond Parks and Recreation Department at (859) 623 - 8753 or parksandrec@richmond.ky.us for more information!

What: 1st Annual #MARCUMsold Nurture Nature Day

Where: White Hall State Historic Site

When: Saturday, October 8th 2022 from 10AM – 12PM

Details: Come help us replenish our community by planting trees. Because the real estate industry is such a paper intensive business, we want to do our part by replacing a small portion of trees we waste. Will have donated and will be planting 193 trees ! We need your help.... come in comfy clothes and bring a shovel. Let's dig in and help give back to the earth!!

What: EKU Homecoming 2022

Where: Eastern Kentucky University

When: Oct 21 at 12 AM – Oct 22 at 11:59 PM

Details: EKU Homecoming is October 21-22! We are excited to offer a full calendar of in person, signature events throughout the week, as well as other events hosted by different departments and areas of campus.

Join us, both in person and virtually, as we gather for food, fun, laughter, and shared memories celebrating the Campus Beautiful and the Eastern family! Visit homecoming.eku.edu for a list of all our events.

What: Halloween Hoedown

Where: Downtown, 104 S Third Street, Richmond

When: Thursday, Oct 27th, 6PM-8PM

Details: Our annual Halloween Hoedown is happening in Downtown Richmond on Thursday, October 27th from 6:00 pm to 8:00 pm! We will have games, community vendors, candy, music, inflatables, a petting zoo, snack vendors and other activities!

We are currently looking for Community Vendors to set up booths at this event! Applications can be found at Richmond.ky.us/parks.

For questions, call (859) 623 - 8753 or email parksandrec@richmond.ky.us.

What: Mall-ster Mash (Trick or Treat Party)

Where: The Shoppes at Richmond Mall 

When: Saturday, October 29, 2022 from 6 PM – 8 PM

Details: The Shoppes at Richmond Mall and Vineyard Church are hosting a community Trick or Treat Mall-ster Mash.

Put your costumes on, grab your pillowcase and visit The Shoppes at Richmond Mall for music, activities and treats!

* To find the current calendar of events hosted by the Madison County Public Library  CLICK HERE

When should you buy a home in the current market? There's no doubt this market is confusing, with one expert recommending selling now to get peak value for a home and others saying to wait for the market to correct. If you're buying, your perspective is much different. You want to save money but still have your pick of lots of property for sale. Confused? That's because this is a challenging market with many things to think about before you buy, especially home affordability.

When you work with your agent to break down how home affordability applies in your specific desired neighborhood and region, you'll have a better idea of the best move for you. These factors will help contribute to that decision.

The Pandemic Housing Boom Is Correcting

Beyond all other factors, when you consider home affordability, you have to focus on the changes brought by the pandemic. Suddenly, people were buying homes quickly, and due to the limited number of homes listed for sale on the market, the laws of supply and demand took over. That led to rapidly increasing home prices. The double-digit home price growth of the last few years isn't something the market can sustain. If you're tired of being outbid for a home you love, that could soon be a thing of the past. All of this demand led to an increased number of homes being built, a run on steel and lumber, and refrigerators becoming hard to find.

The Federal Reserve took the reins in reeling in that excessive cost and rapid growth. To do that, they boosted the key lending rate, which is likely to lead to an increase in mortgage rates for some time. As frustrating as that may sound, as a home buyer who likely needs to buy a home with a loan, there are some key benefits to it.

What Will Home Affordability Look Like in 2023?

If all goes to plan, the increase in interest rates could curb inflation quickly, and a result of that could include some improvements in overall home affordability for those who are looking to buy a home. There’s no way to know what could happen, but here’s what many expect:

Interest rates: If you wait until 2023, interest rates on most mortgage loans will likely be higher. That means you may spend more to buy the home when it comes to the loan costs. That doesn’t mean those prices are going to be significantly higher, but it could mean a few percentage points.

Home inventory: While there’s no way to say you’ll never be outbid again, the chances are lower in the next year as inventory becomes more predictable in most areas. With more inventory available, there are also fewer reasons that home values will skyrocket in those bidding wars. Higher inventory leads to better access to buying what you want.

Home prices: It’s unlikely there will be a significant housing value drop in the coming year, but home values may stop growing as quickly. There is some evidence of currently listed homes seeing price reductions right now, which could mean lower prices in some areas.

Will You Be Able to Afford More House Next Year, Though?

There’s no crystal ball to tell us the future of what’s to come. If you can afford to buy a home today that fits your needs and is within your budget, buy now. You may be better off buying now instead of waiting for the unpredictable real estate market of 2023.

More so, inflation is a factor. Though it is unlikely that you will find home prices rising due to inflation, you are likely to find it a bigger pinch on your budget.

With mortgage rates on the rise, there’s no doubt that buying now if you qualify for a lower interest rate is the better option overall. It will save you money to secure even an interest rate that's even a fraction lower this year than next year. For example, the monthly payment on a 30-year fixed rate loan at 2.99% could be $1,073, while it’s $1,184 on a 3.99% loan.

If you can afford to buy a home now and have the financing to do so, there's no real benefit to buying next year. Prices aren't likely to be much lower, though inventory may be a bit better. If you're able to find your dream home, it may be time to make your move now instead of waiting.

If you’re thinking about buying a home today, there’s welcome news. Even though it’s still a sellers’ market, it’s a more moderate sellers’ market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close.

Today, you should have less competition and more negotiating power as a buyer. That’s because the intensity of buyer demand and bidding wars is easing this year. So, if bidding wars were the biggest factor that had you sitting on the sidelines, here are two trends that may be just what you need to re-enter the market.

1. The Return of Contingencies

Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But now, fewer people are waiving the inspection and appraisal.

The latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection and appraisal is declining. And a recent survey from realtor.com confirms more sellers are accepting offers that include these conditions today. According to their August study:

95% of sellers reported buyers requested a home inspection

67% of sellers negotiated with buyers on repairs as a result of the inspection findings

This goes to show buyers are more able to include these conditions in their offers today and negotiate as needed based on the outcome of the inspection.

2. Sellers Are More Willing To Help with Closing Costs

Generally, closing costs range between 2% and 5% of the purchase price for the home. Before the pandemic, it was a common negotiation tactic for sellers to cover some of the buyer’s closing costs to sweeten the deal. This didn’t happen as much during the peak buyer frenzy over the past two years.

Today, as the market shifts and demand slows, data from realtor.com suggests this is making a comeback. A recent article shows 32% of sellers paid some or all of their buyer’s closing costs. This may be a negotiation tool you’ll see as you go to purchase a home. Just keep in mind, limits on closing cost credits are set by your lender and can vary by state and loan type. Work closely with your loan advisor to understand how much a seller can contribute to closing costs in your area.

Bottom Line

Regardless of the extremely competitive housing market of the past several years, today’s data suggests negotiations are starting to come back on the table. This is good news if you’re planning to enter the housing market. To find out how the market is shifting in our area, let’s connect.

Football season is upon us and to kick off the fall, we're sharing what a $1 million dollar listing looks like in each of the 32 pro football cities. From Green Bay to L.A (and everywhere between), there are some spectacular homes close to each stadium!

📍 Glendale, Arizona

Listed at $1,000,000

Take a Look

📍 Atlanta, Georgia

Listed at $1,195,000

Take a Look

📍 Charlotte, North Carolina

Listed at $1,179,000

Take a Look

📍 Chicago, Illinois

Listed at $1,069,000

Take a Look

📍 Arlington, Texas

Listed at $1,100,001

Take a Look

📍 Detroit, Michigan

Listed at $1,200,000

Take a Look

📍 Green Bay, Wisconsin

Listed at $1,140,000

Take a Look

📍 Inglewood, California

Listed at $1,099,000

Take a Look

📍 Minneapolis, Minnesota

Listed at $1,050,000

Take a Look

📍 New Orleans, Louisiana

Listed at $1,025,000

Take a Look

📍 East Rutherford, New Jersey

Listed at $999.990

Take a Look

📍 Philadelphia, Pennsylvania

Listed at $1,095,000

Take a Look

📍 Santa Clara, California

Listed at $1,098,000

Take a Look

📍 Seattle, Washington

Listed at $1,050,000

Take a Look

📍 Tampa Bay, Florida

Listed at $1,095,000

Take a Look

📍 Landover, Maryland

Listed at $950,000

Take a Look

📍 Baltimore, Maryland

Listed at $1,195,000

Take a Look

📍 Orchard Park, New York

Listed at $1,075,000

Take a Look

📍 Cincinnati, Ohio

Listed at $1,100,000

Take a Look

📍 Cleveland, Ohio

Listed at $1,134,000

Take a Look

📍 Denver, Colorado

Listed at $1,000,000

Take a Look

📍 Houston, Texas

Listed at $1,100,000

Take a Look

📍 Indianapolis, Indiana 

Listed at $1,050,000

Take a Look

📍 Jacksonville, Florida

Listed at $1,200,000

Take a Look

📍 Kansas City, Missouri

Listed at $1,085,000

Take a Look

📍 Paradise, Nevada

Listed at $1,184,000

Take a Look

📍 Inglewood, California

Listed at $1,099,000

Take a Look

📍 Miami Gardens, Florida

Listed at $1,050,000

Take a Look

📍 Foxborough, Massachusetts

Listed at $979,995

Take a Look

📍 East Rutherford, New Jersey

Listed at $1,300,000

Take a Look

📍 Pittsburgh, Pennsylvania

Listed at $1,175,000

Take a Look

📍 Nashville, Tennessee

Listed at $1,099,000

Take a Look

MARCUMsold is a proud supporter of the @AlzKYIN mission to support caregivers and fund research to end Alzheimer’s. Join us on Saturday, October 8 at Rupp Arena at Central Bank Center by signing up at https://act.alz.org/lexington, and help us connect Kentucky and Indiana families to vital caregiver tools.  https://bit.ly/alzhelps.

What: Movies In The Park

Where: Irvine-McDowell Park,  Richmond

When: Sept 2nd, Sept 23rd & Sept 30th

Details: Join us for a FREE Movie in the Park! We will be showing "Encanto" at dusk! Food Trucks such as Comete Alguito, Poppy's Ice Cream and Cotton & Cone will all be on site!

What: Art Club

Where: Richmond Area Arts Council

When: Sept 11th (11 weeks long)

Details: The Richmond Area Arts Council will be offering evening art classes for grades 1-5 in the fall! Classes will be taught by Wendee Combs Clark. The tuition cost includes all materials. Registration is available by calling 859-624-4242 or through the Richmond Area Arts Council's website at www.artsinrichmond.org.

What: Spoonbread Festival

Where: Berea Folk Center

When: Sept 16th-18th, 2022

Details: The Berea Chamber of Commerce invites you to join in the fun of a fabulously exciting hometown festival that has grown larger every year for more than 25+ years!

This exciting festival offers: free admission, free entertainment, a hot air balloon glow, a motorcycle show, a car show, a parade, plus tons of vendors and foods to enjoy and so much more!

Come visit the Spoonbread Festival in the beautiful foothills of the Appalachian mountains at our convenient location off I-75 at Exit 76 & 77 at Berea, KY.

What: Family Nature Day

Where: Maywood Environmental & Educational Laboratory

When: Saturday, Sept 17th, 10AM-3PM

Details: We're so excited to partner with EKU Division of Natural Areas again for the Family Nature Day at Maywoods Environmental and Educational Laboratory on Saturday, September 17th from 10am-3pm. 

This is a free event for all ages. The purpose of this event is to inspire children & families to love nature and learn about the great outdoors. There will be outdoor educational workshops and other fun activities on site. 

To learn more about the other Natural Areas that EKU has to offer visit: https://naturalareas.eku.edu/

Questions? Call 859-623-8753 or email parksandrec@richmond.ky.us

What: Tracks for Packs 5K Run/Walk "10th Year Anniversary"

Where: Richmond Centre

When: Saturday, September 17, 2022 at 7 AM – 10:30 AM

Details: Hosted by Eastside Community Church to benefit the Madison County Backpack Program.

2022 Presenting Sponsor ~ Chenault Vineyards

The annual “Tracks for Packs 5K Run/Walk” is scheduled for Saturday, September 17, 2022 at Richmond Centre in Richmond, Kentucky. This is our 10th Year Anniversary! The race is hosted by Eastside Community Church as a fundraiser for the Madison County Backpack Program which sends home backpacks filled with useful food such as ravioli, soups, fruit snacks, chips, cereal, popcorn, and other snacks for children who may be hungry over the weekend.

The Madison County School with the most participants wins $500!

Come join us as we raise funds for the Madison County Backpack Program

Sign up by CLICKING HERE

What: EKU Homecoming 2022

Where: Eastern Kentucky University

When: Oct 21 at 12 AM – Oct 22 at 11:59 PM

Details: EKU Homecoming is October 21-22! We are excited to offer a full calendar of in person, signature events throughout the week, as well as other events hosted by different departments and areas of campus.

Join us, both in person and virtually, as we gather for food, fun, laughter, and shared memories celebrating the Campus Beautiful and the Eastern family! Visit homecoming.eku.edu for a list of all our events.

What: Halloween Hoedown

Where: Downtown, 104 S Third Street, Richmond

When: Thursday, Oct 27th, 6PM-8PM

Details: Our annual Halloween Hoedown is happening in Downtown Richmond on Thursday, October 27th from 6:00 pm to 8:00 pm! We will have games, community vendors, candy, music, inflatables, a petting zoo, snack vendors and other activities!

We are currently looking for Community Vendors to set up booths at this event! Applications can be found at Richmond.ky.us/parks.

For questions, call (859) 623 - 8753 or email parksandrec@richmond.ky.us.

* To find the current calendar of events hosted by the Madison County Public Library  CLICK HERE

If you’re thinking about buying a home, you likely have a lot of factors on your mind. You’re weighing your own needs against higher mortgage rates, today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale.

So far this year, housing inventory has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a growing number of options for your home search may be exactly what you needed to feel more confident in making a move.

What’s Causing Housing Inventory To Grow?

As new data comes out, we’re getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of Calculated Risk, explains:

“We are seeing a significant change in inventory, but no pickup in new listings. Most of the increase in inventory so far has been due to softer demand – likely because of higher mortgage rates.”

Basically, the inventory growth is primarily from homes staying on the market a bit longer (known as active listings). And that’s happening because higher mortgage rates and home prices have helped moderate the peak frenzy of buyer demand.

The graph below uses data from realtor.com to show how much active listings have risen over the past five months as a result (shown in green):

Why This Growth Is Good News for You

Regardless of the source, the increase in available housing supply is good for buyers. More housing supply actively for sale means you have more options as your search for your next home. A recent article from realtor.com explains just how significant the inventory growth has been and why it’s good news for your plans to buy:

“Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than last month’s growth rate of 18.7% which was itself record-breaking. This amounted to 176,000 more homes actively for sale on a typical day in July compared to the previous year and more choice for buyers who are still looking for a new home.”

The growth this year is certainly good news for you, especially if you’ve had trouble finding a home that meets your needs. If you start your search today, those additional options should make it less difficult to find a home than it would have been over the past two years.

Bottom Line

If you’re ready to jump into the market and take advantage of the increasing supply of homes for sale, let’s connect today. The opportunity is knocking, will you answer?.