Tri-State feels heat from housing shortage

Homebuyers in the Tri-State are finding themselves in bidding wars over available properties.
Published: Jun. 29, 2021 at 6:39 PM EDT
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ASHLAND, Ky. (WSAZ) - Much like the scorching temperatures, the housing market in the Tri-State is blazing hot.

Tim Muffley is a residential mortgage lending manager at Desco Federal Credit Union in Ashland. Locals know him as “mortgage man,” notorious for swooping in and saving last-minute loans from falling through.

“It’s a market I haven’t seen in 30 years of doing this,” Muffley said.

He says our area is under a housing shortage. There isn’t enough stock to meet the demand, leading to bidding wars, and in other cases as soon as some homes hit the market, they’re under contract in the same day.

“It surprises me more every day,” he said.

As much of the business finance world moves digital, and many people look to get their loans online, he says there’s still an art in local lending.

“Do you want a lender for just that transaction, or do you want somebody that’s going to be a life partner for that mortgage loan?” he said.

Local lenders offer home court advantage, they know the community, the realtors and other available funding to help secure a loan.

The pandemic shifted a lot of lifestyles. Many workers realized they could perform their jobs from home or do business remotely. It’s a trend that’s benefitting our local area.

“You’ve always hear those stories in Lexington, Chicago, New York,“ he said. “There’s an exodus right now from the metropolitan areas towards something a little bit more laid back and spread back out a bit.”

Local lenders are able to recirculate that money back into the community through various programs, donations and charities.

Muffley said it’s important that borrowers check with their lenders, bank, realtor, mortgage company and lawyers to make sure everyone is on the same page. Awhile back, fictitious emails were going around asking that funds be last minute transferred via wire to a different routing number.

Muffley said no one will make last-minute changes like that without contacting you first, and it’s easier to pick up a phone to check or call on something that seems off because once funds are transferred, they’re gone for good.

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