SPRINGFIELD, Mo. — The housing market is so strong that its struggling to keep up with it’s inventory according to the Greater Springfield Board of Realtors.
New statistics released show home sales are up about 20% in Greene, Christian and Webster counties since Jan. 2020, the start of the pandemic.
The big takeaway from these numbers is home inventory is less than one month to sell on the market when it is usually around four to six months.
Jeff Kester, with Greater Springfield Board of Realtors, said continuous low interest rates and millennials getting into the market are some of the reasons for the current inventory.
“By the time we got to 2015, 2016, new household formation, the millennials had waited long enough, its time to buy something, and all of this other pent up demand, that could only exist so long,” said Kester.
That demand for homes is making it hard on buyers right now.
Realtors are saying as soon as a home hits the market, it will get multiple offers above the asking price, especially in the $150 to $200,000 range.
Buyers will need to have patience right now and must be willing to work with the owners.
According to Reece Nichols real estate agent, Kellie Revoir, if you are ready to sell your home, now is the time to do so.
“It will go quick and it will go for top dollar,” said Revoir There are so many real estate agents at this point that are going above and beyond in trying to find different ways to find their buyers homes. Door knocking for people that might not have thought about selling their house.”
Revoir said there are also new lown programs for buyers that don’t require a large down payment on homes.