Low inventory for Lexington home buyers

LEXINGTON, Ky. (WKYT) - We met Rock Daniels at a home on Headley Avenue in Lexington. The home was built in 1905. Daniels said it was about to be demolished, when he and his partners with T/D & Associates Concierge Real Estate bought the property, remodeled the home and put it on the market.
"There's a whole group of us that are getting together and buying up these older homes," Daniels said.

And right now, remodeling homes to fit client needs is paramount, Daniels said, because there aren't many homes currently on the market in Lexington.
"Because there's such low inventory, we have to tell some of our clients there's only two houses that are on the market right now that you get to choose from."
Daniels says there is just six months worth of inventory on the market right now in Lexington. Meaning with the current listings, it would take six months to sell them all.
"It's been probably six or seven years since it's been that low," Daniels said.

Daniels attributes the lack of "For Sale" signs to a rebounding economy and interest rates still hovering between four and five percent.
"People want to take advantage of these low interest rates. On the other hand, there isn't anything on the market," Daniels said. "Literally there is nothing on the market right now. If you have your house on the market right now, you can probably take advantage of a sale."

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