Much like the rest of the country, Hopkins County in Kentucky is experiencing a record low number of houses for sale.
There are currently only 32 active listings in the county, compared to the 150-160 houses that are usually on the market at any given time.
Experts say there are many factors to the current market. For one, millennials are coming of age and buying homes. Another factor is the low interest rates the country is currently seeing.
Realtor Sara Spencer with Coldwell Banker Terry and Associates says Madisonville families are taking advantage of this market. “The record low inventory coupled with low interest rates is spurring a real estate frenzy. It is very much a seller’s market right now. If you’ve ever considered selling, now is the time to do it,” Spencer said.
Experts advise sitting down with someone who can help with the buying/selling process. Especially in such a competitive market, like we’re seeing today.
In a lot of cases, houses are selling the day they go on the market, for well above asking price. Realtors also say that cash transactions are crucial right now.
Realtors are saying they don’t expect this aggressive market to go anywhere. In fact, they say that with the summer months approaching, more families will decide to buy and sell.