Local housing market said to be on rebound

October 9, 2013

PAINTSVILLE — With housing market recovery spreading from the east and west coast into the Midwest, the Kentucky housing market and that of the neighboring region is hearing some good news.

“Housing prices are stabilizing and appreciating,” says V. Burton Bellamy, CEO of Citizens National Bank. “With the recent decision by the Federal Reserve to maintain the current monetary policy, buyers are still able to take advantage of low interest rates, and that continues to spur the recovery in the housing market.”

With a low cost of living — approximately 12 percent less than the national average — along with quality schools, family-friendly neighborhoods and business friendly communities, Eastern Kentucky has seen an upswing in both the number of sales and existing home values. The area offers a diverse range of housing prices, from million-dollar estates to homes well below the average price tag of $120,000, along with low crime, low population density and very reasonable property tax.

“In terms of real estate, Eastern Kentucky has much to offer the American family, established business owner and the entrepreneur,” Bellamy said. “Though rates have risen slightly, they still remain at a historic low and have actually worked to create a rare kind of housing market that is both a buyers’ and sellers’ market. It’s perhaps one of the best market conditions I’ve seen for refinancing or mortgaging a new home.”