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I have son/dil who moved to Wilmore in May while my son attends Asbury Seminary. They are debating on buying a home for the time period they will be there(3-4) yrs. as opposed to renting?
I would appreciate any feedback re:the pros/cons of buying or renting while living there. I don't know anything about the area since we live in another state.
Is it hard to sell homes in Wilmore since it's such a small area or does the Seminary as well as Asbury College give it a "better advantage?" If so, is it enough of an advantage that it wouldn't be too difficult to sell in a few yrs.?
We question if they would be able to build any equity at all in such a short period of time and the difficulties of selling when he finishes school?
Thank-you in advance for any info. you can send my way.
I'll try not to bombard you with too many details, but here goes...
When we moved to Wilmore in 2002 (to attend ATS) there seemed to be a mix between those who bought vs. rent. There are a limited number of subdividions in Wilmore, as growth hasn't seemed to be a priority here (however, the future widening of Harrodsburg road in the next few years and some other development proposals being considered by the city council may change things in the future.) Back then, students seemed to have no problem selling their homes, as the majority of seminary students only live here 3-5 years. I am no real estate expert, but what I think has happened is that as each homeowner leaves town, they want/expect to make a profit. And in the last year or so, the homes in Woodspointe/Meadows (3b/2b starter homes that most students live in) seem to have reached the cap of what people are willing to pay, so more are sitting on the market longer. The other major subdividion in town, Talbot, is where many professors, staff, and some students live. A little pricer, the homes in Talbot have garages, bigger yards, and are on the other side of town/train tracks from Woodspointe/Meadows. There are several homes there that have been on the market for over a year and new construction spec homes sitting empty. The problem with Talbot in my opinion is that right now it is the "nicest" subdivision in town (therefore commanding the highest prices), but the buildring restrictions are a bit scattered within the subdivision (newer sections with better restrictions, but there are still homes with only one-car garages or no garages in other sections). I think if there was ever a new development full of two-car garage homes, I think some of the prices in Talbot might slow, as it wouldn't be the "nicest" place in town.
There is a new development with lots for sale, but last we drove by no new homes are being constructed.
Last month, there was a large historic home on Lexington Ave that went up for auction after being on the market for quite awhile with no sale. We went to watch out of curiousity, and I don't think anyone else in town will hold an auction if their house doesn't sell, as it did not bring what people expected. As an absolute auction the deal was done...it went for 199K, which included the house (2,000-3,000 square feet - I don't remember exactly) and a detached garage with two apartment rentals.
There is a condo development near the train tracks that is new, but again construction and sales have not lived up to projections (or so I have heard). Prices started too high (in my opinion) for units, especially considering the monthly association fees one would pay above their mortgage. This may be a good option for a student (no maintanence, yardwork, etc.) if there are good deals on unsold or slow moving inventory.
While properties have always seemed a little high for what you get (in my opinion), rent in Wilmore is astonishingly low. Most people I know pay $395-550/month. We pay $450/month with no increases since 2004 when we moved in. While we have not built equity, we have saved money as we do not have any home repairs, maintenance costs, yardwork, interest, property tax, etc. I don't know what your son/dil are renting, but there are some nice hidden properties (above downtown stores, garage apartments, etc.) around town at great rental prices. It has been such a great deal for us, we stayed put after graduation to save for a new home. (In the meantime I visit this board to get information on the Lexington market. )
Unless the market changes here in the next 3-4 years, I agree with your questioning if they would be able to build any equity at all in such a short period of time and the difficulties of selling when he finishes school.
I hope this helps...please feel free to post or PM me if I can help with any other information.
I'll try not to bombard you with too many details, but here goes...
When we moved to Wilmore in 2002 (to attend ATS) there seemed to be a mix between those who bought vs. rent. There are a limited number of subdividions in Wilmore, as growth hasn't seemed to be a priority here (however, the future widening of Harrodsburg road in the next few years and some other development proposals being considered by the city council may change things in the future.) Back then, students seemed to have no problem selling their homes, as the majority of seminary students only live here 3-5 years. I am no real estate expert, but what I think has happened is that as each homeowner leaves town, they want/expect to make a profit. And in the last year or so, the homes in Woodspointe/Meadows (3b/2b starter homes that most students live in) seem to have reached the cap of what people are willing to pay, so more are sitting on the market longer. The other major subdividion in town, Talbot, is where many professors, staff, and some students live. A little pricer, the homes in Talbot have garages, bigger yards, and are on the other side of town/train tracks from Woodspointe/Meadows. There are several homes there that have been on the market for over a year and new construction spec homes sitting empty. The problem with Talbot in my opinion is that right now it is the "nicest" subdivision in town (therefore commanding the highest prices), but the buildring restrictions are a bit scattered within the subdivision (newer sections with better restrictions, but there are still homes with only one-car garages or no garages in other sections). I think if there was ever a new development full of two-car garage homes, I think some of the prices in Talbot might slow, as it wouldn't be the "nicest" place in town.
There is a new development with lots for sale, but last we drove by no new homes are being constructed.
Last month, there was a large historic home on Lexington Ave that went up for auction after being on the market for quite awhile with no sale. We went to watch out of curiousity, and I don't think anyone else in town will hold an auction if their house doesn't sell, as it did not bring what people expected. As an absolute auction the deal was done...it went for 199K, which included the house (2,000-3,000 square feet - I don't remember exactly) and a detached garage with two apartment rentals.
There is a condo development near the train tracks that is new, but again construction and sales have not lived up to projections (or so I have heard). Prices started too high (in my opinion) for units, especially considering the monthly association fees one would pay above their mortgage. This may be a good option for a student (no maintanence, yardwork, etc.) if there are good deals on unsold or slow moving inventory.
While properties have always seemed a little high for what you get (in my opinion), rent in Wilmore is astonishingly low. Most people I know pay $395-550/month. We pay $450/month with no increases since 2004 when we moved in. While we have not built equity, we have saved money as we do not have any home repairs, maintenance costs, yardwork, interest, property tax, etc. I don't know what your son/dil are renting, but there are some nice hidden properties (above downtown stores, garage apartments, etc.) around town at great rental prices. It has been such a great deal for us, we stayed put after graduation to save for a new home. (In the meantime I visit this board to get information on the Lexington market. )
Unless the market changes here in the next 3-4 years, I agree with your questioning if they would be able to build any equity at all in such a short period of time and the difficulties of selling when he finishes school.
I hope this helps...please feel free to post or PM me if I can help with any other information.
WOW!! "Thank-you so much crmac." Your help and advice has been invaluable.
It's always reassuring to hear from someone who lives there and can give such great detail about the area along with their own personal experience of living/being there.
My husband and I both sat down and read your answer and feel more comfortable in the direction we're headed in talking to our son/dil. They had asked for our opinion and we were at a loss(until now) in answering them since we live so far away......
We try to give a lot of thought and discussion before helping our loved ones with a major decision. You've just made our answer/advice easier and less stressful.
I greatly appreciate your generous offer of allowing me to PM you with any more questions and will take you up on that offer.
Again, "thank-you so much" for your time, help and advice.
Thank-you goldenmom7500 for your care and concern in helping us to find a answer on this forum.
My son/dil have fallen in love with the great state of Kentucky and the people living there. I think you and crmac are a perfect example of what they were talking about.
Emptynest4 - I'll be an empty nester come next fall, so congrats and prayers all at the same time!!
I think you've already gotten a wonderful response on real estate in Wilmore. I, myself, who hate things like buying and selling a house wouldn't begin to want to buy for a short period. However, I realize that would often be an ignorant opinion.
However, what I really wanted to do was to welcome your son. Wilmore is a marvelous area. My own college son almost decided to go to the college there this fall. The seminary is part of a larger campus that has made some significant changes over the last couple of years. This emphasis includes building their athletics program which has suffered for some time. The baseball program alone brought in over 50 new students this year. The college has began advertising in local media - a completely new accomplishment. There's now a sign on a major road here in Lexington directing folks to the exit needed for Asbury. These may sound like some small accomplishments, but for a college and Seminary the size of Asbury, I think they're significant in providing growth for both campuses.
Best of luck to your son and daughter in law. Wilmore is a great and safe community to be a part of.
Emptynest4 - I'll be an empty nester come next fall, so congrats and prayers all at the same time!!
I think you've already gotten a wonderful response on real estate in Wilmore. I, myself, who hate things like buying and selling a house wouldn't begin to want to buy for a short period. However, I realize that would often be an ignorant opinion.
However, what I really wanted to do was to welcome your son. Wilmore is a marvelous area. My own college son almost decided to go to the college there this fall. The seminary is part of a larger campus that has made some significant changes over the last couple of years. This emphasis includes building their athletics program which has suffered for some time. The baseball program alone brought in over 50 new students this year. The college has began advertising in local media - a completely new accomplishment. There's now a sign on a major road here in Lexington directing folks to the exit needed for Asbury. These may sound like some small accomplishments, but for a college and Seminary the size of Asbury, I think they're significant in providing growth for both campuses.
Best of luck to your son and daughter in law. Wilmore is a great and safe community to be a part of.
Dear bluegrassgirl,
Thank-you for your kind words and reply. I'll be sure to share them with my son/dil when I speak to them this week.
Hearing the changes you've mentioned about "Asbury" has been very helpful. It was a "major life changing decision" for him to attend there.
He left a job in education and just had a brain tumor removed last Nov. Your "positive and insightful" reply will only reassure him more... it was a "great decision."
"Thank-you" for your "kindness and hospitality." Kentucky, is a "wonderful place" and with people like you I can see why. "You make them proud."
Keep up the good work and best of luck with your "empty nest."
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twas nothing, but you're welcome and "welcome"!
