CEDAR RAPIDS, Iowa (KCRG) -Some realtors say houses are flying off the market right now, due to a combination of high demand and low supply.
Chelsie Brown, from Cedar Rapids, is one of many people looking to buy a home in a challenging market. She’s been shopping for a new home for her 4-person family since January, and has seen nearly 20 homes. “It’s slim pickings out there, and then it’s survival of the fittest after that,” says Brown.
Matt Ford has been a realtor in Cedar Rapids for a decade. He says the issue is a combination of low interest rates and the pandemic- as people are spending more time in their homes, some are realizing they need more space. He says in the metro Cedar Rapids area, supply is low, saying “In all price points, not added together, not including commercial or lots, I think the statistic this morning that was shared in our sales meeting was around 270 homes. Usually that is much much larger, it’s usually around 500,” says Ford.
While this is usually a busy time of year for realtors, Ford says the market has been especially busy for the last few months, saying “It’s insane. It’s very, very busy. Houses come on the market and are sold within hours.”
He says some of the lack of inventory is also coming from derecho damage, saying “Right now, we would have more on the market, but there are houses that are damage so much that the seller wants to wait. They want to wait to put the house on the market until the damage is fixed because they want to maximize the profit that they can possibly make.”
Ford says because of the high demand and low supply, many houses are selling for tens of thousands of dollars over the asking price. “I just came from a house, in a regular every day market, $110,000, $115,000 all day long. The house is listed for $125,000, and it’ll probably come close to $140,000. It has not been updated since 1956 when it was built” says Ford.
Brown says that’s one obstacle she’s run into, and that she’s had to increase her budget since the start of her search. “It’s still the same thing. You find a house within your budget, if your budget is 150k, you have to find and look for houses that are 120k, because by the time you get done with everything all said and done and actually make an offer that’s even worth the owners accepting, you’re over asking price,” says Brown.
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April 03, 2021 at 10:36AM
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“It's insane” Cedar Rapids realtor says housing market seeing high demand, low supply - KCRG
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