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re: Wall Street: Housing market to see 2nd biggest home price decline since Great Depression
Posted on 10/4/22 at 10:27 am to stout
Posted on 10/4/22 at 10:27 am to stout
I think I really lucked out. Bought my first home in July of 2020 with a 2.75% fixed rate.
I was especially lucky because I got the house the first day it was listed for $6k less than it appraised. Lexington, KY is the type of market that I think will be pretty well shielded from the housing decline, seeing as how there isn’t really any new housing being built in Fayette County (not much room left to build neighborhoods and all the horse farm land is protected).
That, combined with the fact that over the past 12 years more people have moved to Lexington than did Louisville, there is definitely not a ton of inventory on the market. Surrounding counties might be in a worse situation though.
My current home isn’t going to be my forever home, but I don't mind holding on to it for 10 years or so if the market doesnt make sense.
I was especially lucky because I got the house the first day it was listed for $6k less than it appraised. Lexington, KY is the type of market that I think will be pretty well shielded from the housing decline, seeing as how there isn’t really any new housing being built in Fayette County (not much room left to build neighborhoods and all the horse farm land is protected).
That, combined with the fact that over the past 12 years more people have moved to Lexington than did Louisville, there is definitely not a ton of inventory on the market. Surrounding counties might be in a worse situation though.
My current home isn’t going to be my forever home, but I don't mind holding on to it for 10 years or so if the market doesnt make sense.
1
Posted on 10/4/22 at 11:05 am to GumpInLex
We bought this summer 
I knew the prices were going to drop and rates were high, but figured I wouldn't be able to buy again for a few years because the rates were only going higher. We locked in at 5.5 in July. I'll be in it for probably 10 years so I'm not too worried about the value going down in the short term.
I knew the prices were going to drop and rates were high, but figured I wouldn't be able to buy again for a few years because the rates were only going higher. We locked in at 5.5 in July. I'll be in it for probably 10 years so I'm not too worried about the value going down in the short term. 
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