Local housing market becomes more competitive as we near the end of the pandemic
JACKSON, TN (WNBJ) - The housing market is red-hot right now in the U.S. as many Americans start to want to move into a new home as we near the end of the pandemic.
Local realtors in Jackson saying the housing market is super busy right now. Houses are being placed on the market and buyers from all over the country are placing their bids.
According to NBC News, economists believe that the COVID-19 pandemic worsened the already strained housing market across the country. They attribute the housing shortage to an influx of buyers learning during quarantine that they would like to move into a home with more space.
Local realtors are currently experiencing the effects of the housing shortage.
“Well, it’s really and truly the market has been pretty tough because our inventory is so low that people are just grabbing. You know it is great for the sellers, it’s a sellers’ market. We have to hunt a little bit harder for the buyers,” said Sandra Singleton, a realtor with United Country Real Estate.
Some realtors seeing buyers from other states moving into the Jackson area. Realtor Mike Singleton explains how tense the housing market is locally.
“The market is really crazy. Madison County now has 59 houses for sale and that covers everything from a fixer-upper to a million-dollar and that’s in a population area of 100,000 so that tells you something about the market shortage," said Mike Singleton, a realtor with United Country Real Estate.
Realtors want to help homebuyers find their dream homes and give useful tips to buyers as they navigate through this competitive market.
“You need to know your loan limits and you need to be shopping underneath your loan limits because as we go into multiple offers, houses are selling from above list price. This is not a time where you can come in offer a below list offer and think that you are going to be considered seriously because the market is just too tight for that and it’s not the time,” said Madaline Hudson, a realtor with Town and Country Realtor.
NBC says many experts predict even though the American economy is slowly returning back to normal, we will still continue to feel those effects long after the pandemic ends.