Shreveport-Bossier real estate market booming | News
BOSSIER CITY, La. – Many companies and industries in the US have seen great success since the pandemic. One industry that has not had a negative impact and has actually flourished is the real estate market.
“Oh my god, the market is hot right now,” said Opha Phillips, broker at Remax Services.
“This is the hottest market I’ve seen here,” added Dianne Gibson, another Remax Services broker.
It doesn’t matter if it’s a new building or an existing house. Historically low interest rates have earned the ArkLaTex a sales and purchase guarantee.
“Our market really got off the ground in August and September last year, and it’s gotten faster and faster. Often times, once we get a home on the market, it is within a few days,” said Gibson.
“We have so many buyers and not enough homes,” said Phillips.
“I looked really hard when mortgage rates fell around August. As time went on it got harder and harder to find one. They would find something and call the agent, they would apologize that we already did. ” Or you would call someone and it was two days after it was listed and they would say we had four listings on this one. Then I found another one, no offers two days later, then an all cash offers. Such endless possibilities on the line, “said Scott Lawson, a Bossier resident.
And it’s all happening in the middle of a pandemic.
“People either refinance at a lower rate, people refinance to upgrade and remodel their home, people consolidate debt … but then people just buy houses,” said Rocky Maddox, vice president of Litton Mortgage.
So much work flows into the Litton Mortgage offices that Maddox has more than doubled its workforce in the last year.
And that’s happening across the country. According to PR Newswire and Redfin.com, the median home sales price in January rose 15% year over year. Home sales outstanding increased 30% year over year and 43% of homes placed on the market accepted an offer within the first two weeks.
Locally, the price per square foot has increased, the selling price has increased, and the average market days have decreased. In the postcode 71111 in the north of Bossier, the average market days in January 2020 were 75; in 2021 it was 61.
Nobody really knows when this is going to slow down or end, but for those ready to step into a real estate professional, there is some advice for sellers.
“We’re going to get it out there and you better be ready because if the price is right and it’s staged it’ll be gone,” said Phillips.
And for buyers, Phillips said, “If you see something you like better jump on it, don’t wait. Don’t try to find five other houses as they may not be there when you come.” back.”
U.S. home sales overall rose to its highest level in 14 years in 2020, driven by the ultra-low interest rates that averaged over the 2s and 3s for a 30-year fixed-rate mortgage.