There has been “ a large number ” of people relocating to this area , said Anger , and a likely majority of those buyers have sold properties in larger , more metropolitan areas to come to an area they might find more appealing , or plan to retire to our area immediately or sometime in the near future .
“ We have also seen a number of actively working people relocate to our region as their job allowed them to work from home ,” said Anger . “ We are fortunate to have a beautiful lake , a progressive community experiencing growth yet offering southern hospitality . In addition , we have lower property taxes than most other areas in the U . S .
“ With that being said , we sell properties to a diverse group of clients ,” she added . “ We commonly get requests for properties near the lake , homes with acreage , affordable homes / properties for first time home buyers , individuals looking to downsize or retire and buyers looking for more space as they have outgrown their current home .”
In 2022 , new constructions seemed to have sold well for the most part , and buyers relocating to this area seem to have found the prices of new construction more favorable as compared to the location of their previous residence , observed Anger .
“ With new construction , most buyers expect less home maintenance ; new construction homes may have the most up-to-date home trends , some warranties may be included in the purchase price & the homes are typically ‘ move-in ready ,’” she said . “ Thus , those factors may be very appealing to some home buyers .”
Among the biggest concerns buyers tend to have is knowing whether or not the price they ’ re offering is too high . To address a buyer ’ s concerns about offering too much money for a property , Anger can provide data showing the “ sold price ” of comparable properties .
“ The potential buyer can decide on the price to offer ,” she said . “ The status of the housing market , length of time property has been ‘ on the market ’ and personal preference may affect the buyer ’ s decision on how much to offer for a property .”
Another question they ask might be : What is the history of the property and what resources are available to get an assessment of current property conditions ?
“ Most sellers complete a ‘ Seller ’ s Disclosure Of Property Condition ’ that can be provided to a potential buyer ,” said Anger . “ As for the current assessment of property conditions , there are a number of certified home inspectors within our region .”
Buyers also frequently ask if they can get a loan for the property . Anger said that if someone is interested in becoming a homeowner , the individual should contact a lender to complete the pre-approval loan process . This process will give the potential buyer an indication as to whether they can be approved for a home loan and his / her budget limits on purchasing a property .
Although interest rates have experienced an incline , the decline in housing prices may somewhat offset the interest rate increase , said Anger . The pricing decline will certainly be appealing to cash buyers .
“ I try to help clients purchase their own home ( rather than rent property ) if they desire to be a homeowner ,” she said .
She also noted that beginning in February , the federal government is offering a “ Welcome Home ” grant program . The grant will generally provide up to $ 10,000 to qualified buyers to assist with down payment / loan closing costs / fees . She said will be glad to provide additional information or individuals can contact their personal lender for more information .
Anger believes the housing market in 2023 will be good for the region — and good for the people who choose to make Pulaski County their home .
“ There are so many reasons to love the Lake Cumberland area !” she said . “ I think people will continue to relocate to our area . In addition , with housing prices declining somewhat , buyers ( local and non-local ) who have been waiting and wishing for a pricing decline will eventually buy property .”
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February 2023 SEKY - Life in Southeast Kentucky • 11