Here in Murray and Calloway County, KY, our real estate market has several factors that keep the market among the tops in Western Kentucky. We have Murray State University, which provides home buyers and renters, along with many cultural and entertainment experiences.
We also have beautiful Kentucky Lake and Land Between the Lakes, which provide a great atmosphere. Combine all of this with a low cost of living and you have a GREAT place to live.
As an attorney and real estate investor here in Murray, I have noticed that home sales have slowed somewhat over the past few months, mirroring the national economy. We have been insulated here for several months but eventually the national economy is going to trickle down to us.
I have also seen a rise in the number of foreclosures and pre-foreclosures. Our company is able to help many of these people save their credit and stop their foreclosure and that is a source of great personal satisfaction to me.
With the latest local results showing an average time on market of 6 months, many people are needing to sell NOW and not later. With holding costs and mortgage payments being so costly, it is often the best option for people to sell at a wholesale price rather than hold out for top dollar.
In conclusion, we are all in for a rough next couple of years but with a little faith and some common sense, we all ought to be able to ride out even the toughest of times.
God Bless and have a truly wonderful day.