InTouch with Southern Kentucky January 2020

2020 Real Estate Outlook Rick Barker of Godby Realty & Auction believes the housing and real estate market is as strong as ever in the Somerset area BY TIM MINTON Plainly, if you are looking to either buy or sell a home (or other proper- ty) this year, the housing market will be of keen interest to you. However, why should we all be curious about it in our area? The housing market is often a direct reflection of what is going on in both our local and nationwide economies. Usually, home sales tie directly to an economy’s health—along with its rise and fall. “You can gage the economy by the housing market,” states Rick Barker. “It’s what drives any industry.” Barker is the owner, along with prin- cipal broker and auctioneer, of Godby Realty & Auction (Godby Realty) in Somerset. The Pulaski native is a 1973 graduate of Nancy High School and a 35-year retiree from Pulaski gov- ernment—serving previously in the Pulaski County Sheriff’s Office, as the elected jailer, and the 911 director. Though he remains the proprietor of Godby Realty since 2009, the famil- iar Lake Cumberland company dates back to 1965 when Samuel Ray Godby (a lifelong Pulaski resident) began auctioneering at various stockyards throughout Kentucky. Godby still holds a job for the business as an agent and auctioneer, going to work every day. “I grew up around the stockyards and auctioneers since my dad was a livestock dealer,” Barker says. “When I had a chance to buy the company, it was a great opportunity because it was a well-established name.” Barker is no stranger to the housing and realty market in Lake Cumber- land. His tenure in the profession 36 • I n T ouch with S outhern K entucky includes spending 15 years working at Godby Realty before assuming ownership. “I started in the company from the ground up,” Barker says. “I later went on to get my auctioneer and realtor licenses.” Needless to say, his profession- al experience in dealing with Lake Cumberland real estate and property spans several decades. His agency specializes in commercial and resi- dential properties, estate auctions, farms, along with personal property and equipment. “There continue to be signs of a growing real estate market in our area,” Barker says. “In our local real- tor association, we have an all-time high number.” “Somerset and Pulaski have also developed a lot of subdivisions and commercial buildings in the past few years which is indicative of our economy,” he continues. “The housing market is as strong ever here.” When economic times are good, the housing market usually sees healthy growth. Likewise, when they are not so good, it does not tend to do too well. Housing and its consequential expenses are a huge part of the U.S. economy. Thus, it is a terrific and leading indicator of economies nation- wide and locally. People spend big money on pur- chasing their homes and what goes in them. This includes renovation, remodeling, labor services, and con- struction materials. “In our area right now, we have a lot more buyers than sellers,” Barker says. “It is definitely a seller’s market.” If you are looking to sell property in Lake Cumberland, should you list or auction it? Barker relays that it de- pends on the location and desirability of your property. “It’s the most important option we explain to people who are looking to sell,” Barker says. “Some properties are better for auctions, while others are to list.” “Property located in city limits, with all the amenities, has a better chance to list,” he continues. “However, if it’s a rural property far out in the county, it might be in your best interest to auction it.” If you are looking to buy rather than sell, now is a good time to invest in a home with interest rates at an unprec- edented low. When money becomes harder to borrow, fewer home buyers enter the housing market. This stalls housing starts and home sales. “The interest rates are as low as they have been in 10 years,” Barker says. “It is a great time to buy because the supply of lending money in an economy is critical to the housing market.” Between low-interest rates for the buyer and an ideal market for the sell- er, the housing market in Lake Cum- berland looks both preferable and desirable for our economy. Hopefully, this leads to continuing progression in our area. “We are growing in Somerset and Pulaski County,” Barker says. “Like most business owners, we want to see growth.” “The Pulaski people have been very good to me and my business,” he continues. “We (Godby Realty) try to support our economy while giving back to the community with our charity auctions and support of local groups and schools.” J anuary 2020

InTouch with Southern Kentucky January 2020 | Page 36