Home Prices On The Rise, Local Realtors Say It's Best To Buy Now

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BOWLING GREEN, Ky. (WBKO) - For sale signs line the streets of many neighborhoods across South Central Kentucky. A national report from the S&P says home prices are up 10.2% Local realtors say the increase is a good sign.

"I feel like right now is a good time to be getting on the market because we are coming to a supply and demand issue right now with lack of supply in certain areas, certain type of homes, property and farms and such," says Chris Gravil of United Country Heartland Realty.

For those who took advantage during the economic downtown in 2008 and bought a new home, selling now could bring in some extra cash.

"You should definitely be looking at a profit. I think right now with the change in the market there is a lot of investors looking. They're buying," says Gravil.

Purchasing now could still save homeowners money. Local contractors say the price of some building supplies are up 30%. That means a finished home will be cheaper than building from the ground up.

"A lot of the older inventory houses were actually built on prices in 2012 so as we see the new homes coming online the same exact home is going up anywhere between $15,000 and $30,000 depending on the size of the home," says Darrel Sweets of Sweets Design Build.

It's all about supply and demand. A better economy means more new homes and a greater need for building materials. Contractors like Sweets say that often is a tough sell to new homeowners.

"If we can keep our house prices down of course that helps the economy more and helps us sell homes. When materials go up we have no choice but to raise our prices and it's passed on to the consumer," says Sweets.

Despite the increases land continues to be cleared across the area for more new homes. Realtors say buyers will have a big selection of new homes.

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