SEKY February 2023 | Page 10

The Local Housing Market : Slowed but steady

By Christopher Harris
The “ new normal ” is a phrase that has been used in lot in recent years . Things are no different for the housing market .
As with so many other things , COVID-19 had an impact on the housing market , and home prices surged in the wake of the virus ’ ramifications . But that doesn ’ t mean that there weren ’ t pluses on both sides of the “ buyer ”/” seller ” dynamic .
“ For 2022 , most would say it was a ‘ sellers ’ market . That is true in the sense that properties seemed to be selling for premium prices .” said Tammy . However , ‘ buyers ’ who financed homes were able to afford a higher price point home since the lower interest rates were lower .”
Tammy Price Anger is a real estate agent with Eagle Realty & Development , LLC , in Pulaski County , and the local native knows the area and its housing market as well as anyone could .
She ’ s seen the changes that recent years have had on her business , and despite the ups and downs , one thing has remained the same : people want to buy their own home .
“ I think things are returning to a ‘ new normal ’ now ,” she said . “ In 2022 , for our region , home / properties sales volume were probably the best in history .”
During the past year , Ander said she ’ s seen bidding wars with multiple offers being presented when some properties were placed on the market initially . The housing market has slowed somewhat , “ but I have found it to still be steady ,” she said .
With those bidding wars possibly driving up sales prices , the “ new normal ” may result in properties being listed ( and ) priced higher than in times past , she noted . A number of variables may impact that scenario : property sales , length of time that the property is on the market , loan interest rates and the number of buyers who move to our region from other areas , said Anger .
“ Buyers relocating to our area are generally coming from higher priced housing markets and areas with higher property taxes ,” she said . “ Thus , they may be willing to pay higher prices than properties have sold for in the past .”
10 • SEKY - Life in Southeast Kentucky february 2023