A look at the future of our housing market and the Caribbean reefs.
I recently had the opportunity to travel to Jamaica and hunt lionfish. I’ll share that experience with you in a moment, but first, let’s go a little closer to home and check out the current state of the Louisville and Southern Indiana housing market.
The headlines say it all: Our market is decelerating. However, decelerating home prices do not mean depreciating home prices. The forecast for 2022 indicates we’re still in for 8% to 10% appreciation across the country, and it remains positive beyond this year as well.
Buyers can look forward to more inventory as well due to the increase in interest rates slowing buyer activity. Mark Fleming, the chief economist for First American Financial Corporation, says buyers “should start to see less competition, fewer bidding wars and, therefore, less upward price pressure.” That could help everyone achieve their goal of finding their next dream home.
“Decelerating home prices do not mean depreciating home prices.”
Now back to Jamaica and the search for lionfish. As an invasive species, these fish have no natural predators and eat the smaller fish responsible for keeping the corals and sponges healthy. I was merely an observer as certified divers like Don Brocklebank hunted and killed the lionfish.
The process is simple and happens fairly quickly. Divers spear the fish and carefully place them in a container hooked to their belts. They need to be careful because lionfish can sting, which causes intense pain, sweating, and in extreme cases, respiratory distress and paralysis. However, once the poisonous glands are removed, the fish are delicious to eat. We give what we catch to the locals, who consider them to be delicacies.
There are thousands of lionfish in the Caribbean Islands’ waters, and tourist divers with the certification to hunt them are doing their best to get rid of them. With them gone, the reefs can flourish.
If you have any questions, you can always call or text me at (502) 376-5483. I look forward to hearing from you.