WKYT | Lexington, Kentucky | News

Real Estate Agents Facing Slow Housing Market

You've probably seen campaign signs all over the place, but you may be noticing many for sale signs in front of homes as well. Real estate agents say homeowners are having trouble selling due to the slow housing markets.

Real estate agents say higher interests rates, inflated home prices, and simply the time of year we're in are all factors slowing home sales and giving many homeowners in Eastern Kentucky a headache.

"They've had them on for about six to eight months and they're getting a little discouraged," said Martha Burke with Rosenbalm Real Estate.

Burke says it has become a buyer's market and homeowners are trying different ways of getting people's attention like posting their home online.

"And they will search and find a home on the computer before they ever get to a town," Burke said.

Burke says the already slow market is taking its toll where there's not much new home construction, like in Middlesboro.

"We have older homes, well maintained homes. However a lot of people are looking for a newer home," Burke says.

And so sellers are focusing on things like remodeling and something else.

"Curb appeal, making the outside clean and neat," Burke said.

One man whose home has been on the market for 3 months says he's taking it off the market for the winter. Burke says she's sold more homes in the last 2 winters than any other time of the year. That may be the best news for homeowners who've found themselves waiting for months to pack up and move.

Burke says she's already seeing signs of a more promising housing market for sellers, but it probably won't significantly improve until after the holidays.


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