Owensboro Market Update- November 2022

November 2022

Owensboro Market Update

Jordan Boswell- The Blake Hayden Group

Owensboro Real Estate Market Nov. 2022

Wondering About the Real Estate Market in Owensboro?

Here’s an update on the real estate market in Owensboro for November 2022. With interest rates on the rise, everyone is talking about the current market. While many are worried, others are optimistic about home prices and the market shift. 

For the past two years, homes have been flying off the market after a few days, and in some cases a few hours. Not to mention, prices were skyrocketing because of multiple offers, leaving buyers feeling frustrated.  

With the rising interest rates, home prices are starting to level off and buyers are having more time to put in their offers. Below is a snapshot of what the market is doing this year compared to last year. 

Owensboro Market Update- November 2022

Owensboro Market Update- November 2022

1

Snapshot Explained

  • The average interest rate for a 30 year loan is 7.61%. Although that seems high, this is historically average over the past fifty years.
  • Houses are starting to stay on the market just a little longer than they did last year. This allows to do their homework before making an offer rather than making hasty decisions.
  • The average sale price in October was much higher than it was last year, but we have already seen that the interest rates are causing home prices to level off.
  • We are starting to see more listings! This is great news for our buyers out there.

2

How to Get Lower Interest Rates

  • Ask your lender about adjustable rate mortgages. The rates for these are typically MUCH lower than conventional loans. You will simply need to refinance in 5-7 years. If you know you’re not going to live in your home for longer than 5 years, adjustable mortgages are great options!
  • Ask you lender about buying down points on your interest rate. This means you pay more closing costs to get a lower interest rate. This is recommended for people who are buying their “forever homes.”
  • Ask about owner financing (especially for investment properties). If the current owners have no debt or mortgage on the property, they can act as “the bank.” The note can be negotiated at a lower interest rate than a traditional bank can provide, giving sellers a creative way to solve the higher interest rate problem. 

Need a good lender?

I have some great Recommendations

TJ Smith Edge Home Finance Owensboro

TJ Smith - Ruoff Mortgage

Jordan Boswell Owensboro KY Realtor
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