What to expect when buying a home during the market surge
“Just be prepared”
TYLER, Texas (KLTV) - Whether you’re building, buying or selling a house, it’s a competitive market across the state right now -- and that’s no different here in East Texas.
“Just be prepared,” said Vicki French, Chairperson of the Greater Tyler Association of Realtors.
Preparation was the essence of every piece of the advice from French. She said it’s competitive for most people right now to either get the home of their dreams or merely find land to build one.
“Some of these homes are having 8, 10, up to 15 offers on them,” she said. “And they’re only on the market for maybe 24-48 hours.”
For realtors, the beginning of summer means start of their busiest time of year. Online shopping has helped keep the market flowing even through things like lockdowns and a winter storm.
“It just never slowed down,” said French. “The week of the freeze, people you know, obviously didn’t go out, but they were still shopping. They were still looking online and emailing their agents saying ‘hey, I want to see this one when I can get out of my driveway.’”
According to French, potential future action by the federal reserve might end up slowing the frenzied housing market, some.
“I feel that the interest rates will need to start creeping up a little bit, but right now they’re fantastic,” she said.
Although, she doesn’t see this happening within the coming months.
“What goes up? It will start to level out and come back down,” said French.
She said if you have a home, strongly consider refinancing it. And if you’re looking to buy a home, make sure you’re the best possible buyer. Be more prepared than the next guy with all of your paperwork so you can get in and out and offer an easier closing.
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