Housing market gets competitive | WCIA.com
Posted: Mar 16, 2021 / 10:07 pm CDTUpdated: March 16, 2021 / 10:07 p.m. CDT
Champaign, Ill. (WCIA) –
“We learned that this is a very hot market and houses are flying away,” said Lara Davis, the first home buyer.
You had to buy quickly and you are not alone. If you are thinking of buying a home soon, it can be more difficult than you thought.
Real estate agencies are actively looking for people interested in selling. There isn’t much on the market right now. So little that some brokers are changing the way they advise their customers to buy.
People spend a lot of time at home so they want it to be their dream place and interest rates are low.
“I would say it was definitely very stressful, especially as a first-time buyer,” said Davis.
If home buying wasn’t stressful enough, the real estate market is hot right now, making it difficult to find the perfect home.
“I’m basically told you don’t have time to think because when you think it’s gone,” said Davis.
Lara Davis bought her house in September. She wanted to wait until the end of the year, but with competitiveness she had to act quickly.
“I would get an email about a house and contact them the way we want to see it and there would be an offer and it would be gone before we could even get there in a couple of hours.” Said Davis.
Kristen Long of Remax Realty Associates says she has about an hour out of a home for her clients to make a decision. but she tries her best to prepare them to act quickly.
“I think the most important thing is to prepare the buyer. That way it is not a problem what we do because it will be stressful to have to make an immediate decision, ”said Kristen Long.
With the hot market going, people have to advertise other potential homeowners for a home. Long urges customers to look for homes that are $ 5,000-15,000 under their budget so they don’t over-spend.
“If we find it, they’re not going to fully stretch their budget and still be able to afford the house they may have to bid $ 5,000-10,000 for,” Long said.
One of the reasons for the madness is the low interest rates. Long says since people have been home for a year, they may want to upgrade or end the rental too. It is also a busy time for home buying.
“When our customers send us home, we have to go. I mean, we’re on call most of the day, ”Long said.
For people looking to buy a home, you may want to be prepared.
“So we learned that the market is insane and we have to be aggressive to get it,” said Davis.
Long said, not all buyers have to pay above list price. She says it’s about being strategic with your offering. Long says anything below the $ 250,000 price tag runs the fastest. She says upsizing, which means buying a bigger house, isn’t that difficult when you’re looking for anything between $ 100,000 and $ 250,000.