It’s a sellers’ market for homes in Fayette

0
6

Hard to find homes to rent; 55 available today

Reports last month by the Fayette County Tax Assessor’s Office showed property value skyrocketing 10 percent in one year. In terms of homes for sale and rent, that market is also changing in Fayette.

During the years of the Great Recession and beyond, from 2007-2013, Fayette County had a high inventory of homes for sale, according to real estate broker Leslie Edwards. The market moderated somewhat in 2014, said Edwards, adding that Fayette today has a very low home inventory.

“It’s a seller’s market,” Edwards said. “There are a lot more buyers than there are homes.”

Pertaining to homes for rent, Edwards said the situation is similar.

While a total of 664 homes were rented in the past year, Fayette has only 55 homes for rent that are available today, she said.

In terms of property values, the Fayette County Tax Assessor’s Office in May said real property across the county increased 10.02 percent in value for 2015.

Values were up in all property categories and across all municipalities and the unincorporated areas. Those categories include residential, agricultural, commercial and industrial properties.

While the Great Recession ended officially years ago, the reality is that property values in Fayette County took a sharp dive that resulted in a 20 percent drop in value countywide. It was only in 2013 that property values stopped falling and began to climb incrementally in the other direction.

It was previously stated in this article that Edwards is a Realtor. She is, in fact, a real estate broker.