Morehead was settled in the mid-19th century, which is why it is named for a man who had served as the governor of Kansas from 1834 to 1836. Within a short time of its founding, it was selected as the seat of the new Rowan County because of its central location, thus enabling it to win out over the bigger and better-established town of Farmers. Due to this, Morehead has had a position of relative importance because of its political status since close to the start of its existence.
Why Should You Consider Investing in Morehead, KY Real Estate?
It would be an exaggeration to say that Morehead has a particularly exciting real estate market. After all, its population is still below 10,000 people, meaning that there is a limit to how intense its real estate market can be. With that said, it is important to note that there are still some reasons that people might be interested in investing in Morehead real estate properties.
For starters, Morehead real estate properties tend to be much more affordable than their counterparts in the rest of the United States. This can be seen in how one number for the median home price in Morehead is $155,800, which should be compared to a median home price of $216,700 in the United States as a whole. As a result, people who are interested in real estate investment but either unable or unwilling to put up more money might want to consider starting out in Morehead real estate properties.
Second, there seems to be a market for rental properties that might interest real estate investors. In short, there are some real estate investors who specialize in buying real estate properties at low prices and then reselling them at higher prices to make a profit, but in most cases, renting out real estate properties tend to be better in the long run. For those who are interested in the real estate investment potential of Morehead, it should be mentioned that more than 38 percent of its residents are believed to be renters, meaning that there is a decent-sized market for rental properties in said city. Suffice to say that this means opportunities for real estate investors who are willing to take a chance on Morehead.
Third, while Morehead isn’t exactly the best-known city that can be found out there in either the state of Kansas or the rest of the United States, it can claim something of a tourism sector. In short, it is situated close to Cave Run Lake, which is a reservoir that is famous for being the biggest lake in the eastern part of the state. Certainly, the location’s natural beauty is something of a draw for nature lovers. However, what is even more important is that it and its surroundings offer plenty of opportunities for recreation, whether that means biking and hiking or fishing and swimming. On top of this, it should be mentioned that Morehead is a trail town on the Sheltowee Trace Trail, which is something that makes it even more interesting for people who prefer experiencing the great outdoors up close and in person. Summed up, while the connection between these things and the local real estate market can be somewhat complicated, they make the local region and thus the local real estate properties that much more desirable.
Make sure to put in the time
Of course, while interested individuals might want to check out Morehead so as to not miss out on potential real estate investment opportunities, they need to exercise the standard care and consideration as well. Simply put, the state of the local real estate market is not the same as the state of each of the real estate properties that can be found within it. In other words, just because a local real estate market might have potential, it doesn’t mean that the same can be said for all of its real estate properties.
Luckily, this is something that real estate investors should be able to avoid so long as they are willing to put in the time and effort needed to do so. Studying potential investments is always critical for maximizing the chances of a good result, but when it comes to real estate properties, it becomes particularly so because of the sheer cost that will come with each purchase, thus increasing the incentive for interested individuals to not mess up.