Not enough sellers, too many buyers, mean more home buyers building houses

(WLNS) – Home sales are taking off across the nation up nearly 6% over the last year according to a report released by the National Association of Realtors.

With less sellers and more buyers, that means higher prices.

The for sale sign went up for Kevin Smith of Holt and he says he couldn’t have picked a better time to sell.

“We’re looking to sell this for quite a bit more than we bought it for four years ago,” Smith said.

Coldwell Banker Hubbard Realtor Nick Pehlivanoglu says the market is drastically different than past years.

“The issue that we’re actually having currently is we can’t price them too low,” Pehlivanoglu said.

But as one side goes up, the other goes down.

“Stuff is going so fast that people are really getting stressed out to find that new home,” Smith explained.

Which is why some sellers looking for homes, and even new home buyers are turning to different options.

“Some buyers are turning to building because there just aren’t enough existing homes for them there,” Pehlivanoglu said.

The Smith’s are one of those families, they bought land in Williamston and are planning to move into their new home in May.

“The market is great for it, there’s a lot of good builders out there, you can get good prices on a brand new home,” Smith said.

For anyone hoping to stick with buying an existing home, home buyer Nick Pehlivanoglu (Realtor Pehlivanoglu’s Father) says you have to work fast since nearly half of the homes in our region sold after less than a month from the initial listing.

“We went and looked at it and I said this is it, Nick, grab it!” exclaimed Pehlivanoglu.

Even when a home buyer finds a home they like for a price they can afford, Realtor Pehlivanoglu says the buyer has to make some tough decisions with when they move and sell.

“It’s kind of the, do I have two house payments, or am I homeless.”

Pehlivanoglu says as he signs for his loan for the new home, he is ready to finally take a sigh of relief.

“It feels good.”

The median price for a home in the Midwest has climbed to more than 6% over the last year.

 

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