Powell County, Kentucky
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1 Platform, 6 Refinance Alerts
01
Alert for Lower Rates
02
Alert for Cash Out
03
Alert for Shorter Term
04
Alert for Eliminating PMI
05
Alert for Product Changes
06
Alert for Changes in Home Value
Powell Real Estate Market Update
The real estate market in Powell County, Kentucky, is experiencing a positive trend, with the median listing home price reaching $244,500 as of October 2024, marking a 13.2% increase year-over-year. The median sold home price is slightly lower at $170,000, indicating a buyer's market where homes are selling for about 2.55% below the asking price.
Powell County consists of several cities, with Stanton and Clay City being among the most notable. Stanton, the county seat, has a median listing home price of $249,900, while Clay City is more affordable with a median listing price of $224,500. These cities offer a range of housing options and are integral to the county's community and economy.
Living in Powell County offers a predominantly rural lifestyle with some suburban elements, especially in areas closer to the cities. The county is known for its natural beauty, with opportunities for outdoor activities and agriculture playing a significant role in the local economy. Many residents are involved in farming and related industries, and the county attracts those looking for a quieter, more nature-oriented lifestyle. Migration patterns suggest people are moving to Powell County for its affordability and the appeal of rural living, away from the hustle and bustle of larger urban centers.
2025 Mortgage Loan Limits:
Powell County, Kentucky
1 Unit
$806,500
Conforming Loans
$524,225
FHA Loans
2 Unit
$1,032,650
Conforming Loans
$671,200
FHA Loans
3 Unit
$1,248,150
Conforming Loans
$811,275
FHA Loans
4 Unit
$1,551,250
Conforming Loans
$1,008,300
FHA Loans
Questions About Refinancing in
Powell County
What is mortgage refinancing?
Refinancing is the process of replacing your current mortgage with a new one, often to secure a lower interest rate or change the loan terms.When should I consider refinancing?
Consider refinancing when interest rates drop, your credit score improves, or you want to switch from an adjustable-rate to a fixed-rate mortgage.How much does it cost to refinance?
Refinancing costs typically range from 2% to 5% of the loan amount, including closing fees, appraisal, and title fees.How long does the refinancing process take?
The refinancing process usually takes between 30 to 45 days, but this can vary based on lender efficiency and document preparation.What are the benefits of refinancing?
Refinancing can lower your monthly payments, reduce interest rates, shorten loan terms, or allow you to tap into home equity.What is cash-out refinancing?
Cash-out refinancing allows you to take out a new loan for more than your current mortgage balance and receive the difference in cash.Will refinancing hurt my credit?
Refinancing may cause a temporary dip in your credit score due to the hard inquiry, but the impact is usually minor and short-term.Can I refinance with bad credit?
It may be harder to qualify, but some lenders offer refinancing options for people with lower credit scores, though they often come with higher interest rates.How much equity do I need to refinance?
Most lenders require you to have at least 20% equity in your home to qualify for refinancing, though some programs may allow for lower equity percentages.Is it possible to refinance a rental property?
Yes, you can refinance an investment or rental property, though the terms and interest rates may be different compared to refinancing a primary residence.
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