Tri-State is feeling the heat of the housing shortage


ASHLAND, Ky. (WSAZ) – Much like scorching temperatures, the housing market in the tri-state is extremely hot.

Tim Muffley is Director of Residential Mortgages at Desco Federal Credit Union in Ashland. Locals know him as the “Mortgage Man” known for rushing in and keeping last-minute loans from falling apart.

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

He says our region suffers from a housing shortage. There is not enough stock to meet demand, which leads to bidding wars, and in other cases, as soon as some homes hit the market, they are under contract on the same day.

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

As much of the corporate finance world goes digital and many people look to get their loans online, he says there is still an art in local lending.

“Do you want a lender just for this transaction or do you want someone who will be a life partner for this mortgage?” ” he said.

Local lenders offer the home court benefit, they know the community, real estate agents, and other finance available to help get a loan.

The pandemic has changed a lot of lifestyles. Many workers have realized that they can work from home or do business remotely. This is a trend that benefits our region.

“You’ve always heard these stories in Lexington, Chicago, New York,” he said. “There is currently an exodus from the metropolises towards something a little more relaxed and a little spread out.

Local lenders are able to get this money back into circulation in the community through various programs, donations and charities.

Muffley said it’s important for borrowers to check with their lenders, bank, real estate agent, mortgage company and lawyers to make sure everyone is on the same page. ‘wave. Some time ago there were fictitious emails going around asking for funds to be transferred at the last minute by wire transfer to a different routing number.

Muffley said no one would make such last-minute changes without contacting you first, and it’s easier to pick up a phone to check on or call something that doesn’t look right, because once the funds are transferred, they are definitely lost.

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