By CAMILA FERNANDEZ
WISH-TV | wishtv.com
While buying a home is considered to be one of the best investments, some real estate brokers say the buying is happening at an extreme cost right now.
“Right now, it’s kind of cutthroat out there for buyers,” said Joel Clausen, a real estate agent.
“We’re down 50 percent to 60 percent as far as inventory from last year, meaning we have half as many houses and the same amount of buyers if not more,” Clausen said. “One thing right now is if you’re a buyer out there, you’ve got to have expectations that you’re probably going to write multiple offers on multiple homes before you get one.”
The F.C. Tucker report also shows the average cost of buying a home in Hamilton County in March was $384,240 – the highest in the region.
“There was several times where we were going to look at a house at 4 p.m. and it was off the books by 1 or it came on the market and it was off in 10 hours or 12 hours because someone offered a ridiculous amount,” said Zachary Abbott, a first-time homebuyer.
Abbott says he and his fiancée faced a lot of challenges in locking down a new home. He says buyers are doing whatever it takes to find a house. “You’re offering money above list. You’re having to skip inspections, waive them,” Abbott said.
Clausen says he believes the housing shortage will likely remain until the COVID-19 restrictions are lifted. “I’m hopeful that we’re going to start seeing some more homes,” he said. “I have some really good friends and some clients who are basically saying until this is kind of over they’re staying put and that’s a great choice for each person, but people still have to move there’s still jobs, there’s still school districts to get into.”
Jim Litten, CEO of F.C Tucker Company, said, “Despite the dramatic decreases in inventory, home sales continued at a brisk pace in March. With spring and summer typically being a busy time for the residential real estate market, it will be interesting to see if this seller’s market continues its upward climb during the next few months.”