(WLIO) - If you're in the market to buy a home, you can probably attest to the struggles many buyers are facing.
Homes that do hit the market are flying off the shelf with many fierce bidding wars from desperate buyers. This creates a hot seller's market due to excess demand and low supply. Local real estate agency CCR Realtors says just this week a local home that hit the market had seven offers within the first two hours. Rising inflation has housing prices up at least 30% in our area, but the extra cost and rising mortgage rates don't seem to be phasing the hungry market as of now.
"Right now, with the rates going up, people are not going to be able to afford as much of a house as they could've six months or a year ago. Instead of buying a $200,000 house they might spend $160,000-$170,000, so still going to buy. I think they'll just have to readjust," says Dominic Guagenti, local real estate broker and owner of CCR Realtors.
If you're looking to buy a home, Guagenti says most properties seem to be going right around asking price or just a little higher. Remember pictures don't always tell the true story, see it in person before making that offer!
"Too many people are buying these houses right now. No inspections, some cases sight unseen, which I don't think is really a good idea. You don't have much time, be pre-approved. Talk to your bank before you start looking. Because when you go in to make an offer, if you don't have a pre-approval, they're not going to look at your offers right now," adds Guagenti.
Home values are expected to rise further within the next five years. While local experts don't see the demand and supply imbalance changing soon, the market will eventually have to swing.
