The Real Estate Market in Somerset Kentucky 2023


 Let me start this by saying very clearly that I am no expert in Real Estate. I'm at the point in my life where I'd like to start looking to buy a house and I came across some information that I thought Somerset, Ky locals might find interesting or useful in making their real estate decisions.

In my search I came across the Federal Reserve Economic Data for Somerset, Kentucky Active Listings (Housing Inventory) from 2016-2023. Here is the graph of active real estate listing in Somerset, Kentucky:

I didn't have a clue what this graph meant for the housing market so I did some further research and found this article from Rocketmortgage on this housing shortage.

The short version is this: 

  • Low housing inventory is affecting the real estate market in the US.
  • The (thing that happened a few years ago) led to a uncertainty among homeowners to sell.
  • Work-from-home trends caused professionals to relocate to quieter areas, creating "Zoom towns."
  • Record low mortgage rates and lifestyle changes contributed to low housing inventory.
  • Investors took advantage of low interest rates, reducing the number of homes available.
  • Lack of new construction due to supply costs and skilled worker shortage added to the issue.
  • Savvy sellers delayed listing homes due to low inventory concerns.
  • Buyers face challenges like limited choices, quick-selling homes, and high prices.
  • Sellers benefit from a "seller's market" but struggle to find suitable new homes.
  • Experienced real estate investors can capitalize on the market's conditions.
  • It might take years to recover.
Somerset, Kentucky is no exception. The currently high interest rates mixed with the low inventory in somerset means it'll be a while before I can find a forever home.

Comments

Post a Comment

Popular posts from this blog

Empowering Rural Progress: The Center for Rural Development in Somerset, Kentucky

Image
Nestled in the heart of Somerset, Kentucky, The Center for Rural Development stands as a beacon of innovation and hope for its citizens. As a 501c(3) nonprofit organization, The Center has made it its mission to foster sustainable economic development solutions and improve the quality of life for the communities it serves. With an unwavering commitment to its goals, The Center is not only transforming the local landscape but also aspiring to be a national model for successful rural development. A Multifaceted Approach to Change The programs and services offered by The Center revolve around four primary Focus Areas: Public Safety, Arts & Culture, Leadership, and Technology. By addressing these vital aspects, The Center aims to create a comprehensive platform for growth and progress. Whether it's enhancing public safety measures, fostering artistic and cultural enrichment, nurturing effective leadership skills, or leveraging technology for advancement, The Center's multifacet...
Read more

Movies Filming in Somerset, Kentucky For Lifetime

Image
I came across this great little article by The City of Somerset Tourism Department on a series of movies that are being filmed in Somerset . That article was written back in April of 2023 so I'm quite a bit late to the party.  It's still highly unlikely you've heard of this broadly in Somerset. So why has a filmmaker with ties to Lifetime decided to come to our small town? The answer is the Kentucky Entertainment Incentive (KEI) Program . This program offers tax credits to film and television productions that shoot in Kentucky. The program has been very successful in attracting film and television productions to the state, and it has helped to create jobs and boost the economy. According to this article on Yahoo Movies written for the Lexington Herald-Leader the "project has $75 million in tax credits to give annually to media productions that qualify."  The KEI Calendar Year Report for 2023 confirms that expected tax credit and also confirms that six feature-le...
Read more

The Coolest Things To Do In Somerset, KY: A List

Image
  Somerset, Kentucky is a hidden gem packed with exciting experiences for everyone. Whether you're a thrill-seeker, a nature lover, or a history enthusiast, Somerset has something to offer. Check out these amazing activities that should be on your Somerset bucket list! If you love the outdoors check out this blog post as well: https://somersetkysojourner.blogspot.com/2023/08/campgrounds-somerset-ky.html 1. SomerSplash Waterpark: Dive into Fun! Cool off and have a blast at SomerSplash Waterpark. With thrilling water slides like the Bowl Slide and Speed Slide, as well as relaxing lazy rivers and wave pools, there's something for everyone. Address: 1030 HWY 2227, Somerset, KY 42503. Phone: (606) 679-7946. Website: somersplash.com Make a splash at Somersplash 2. Somerset Cinemas 8: Movie Magic Unleashed! Experience movie magic at Somerset Cinemas 8. Watch the latest blockbusters and enjoy a clean and comfortable environment. Whether you're a solo moviegoer, a family, or friends...
Read more