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Real estate experts shed light on a hot housing market in Jackson

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Real estate experts have said that there are not enough houses for sale.”I have never anything like this market before,” said Dwanna Stanley, Broker of Agency Real Estate Services.The sellers market boom has turned into a cat and mouse game.”Who’s going to make the first move, and right now the sellers who would be the cats are making all the killings,” said Tony Bahou. “It is crazy, sellers are putting their homes on the market, there are multiple offer situations, buyers are paying more on the appraisal value on these homes.”One home in North Jackson sold within 48 hours. Realtors have said that this is not even the quickest they have seen homes sell. “The demand is there, we just don’t have the supply,” said Bahou. “We are 62% lower inventory right now than we were a year ago..””We actually have more real estate agents than we have houses for sale,” said Stanely.The National Association of Realtors just released that the U.S. has 1.4 million real estate agents and there are only 1 million homes for sale. The reason for this home shortage?”I think COVID had a lot to do with it, I think their fear of not having a place to go to, so it’s the chicken and the egg,” Stanley said.Buyers have laid down many offers which has made it the most competitive market realtors have ever seen. Some have sold way above the asking price.”People have bought a site unseen,” Bahou said.”I’ve seen homes go on the market by 12 noon and by 2-o-clock they’re already on a contract,” said Stanley. “We’re going over asking price, we’re getting 101%, we’re going 5% over and you better be ready.”Real estate agencies suggest buyers be pre-qualified before making an offer.

Real estate experts have said that there are not enough houses for sale.

“I have never anything like this market before,” said Dwanna Stanley, Broker of Agency Real Estate Services.

The sellers market boom has turned into a cat and mouse game.

“Who’s going to make the first move, and right now the sellers who would be the cats are making all the killings,” said Tony Bahou. “It is crazy, sellers are putting their homes on the market, there are multiple offer situations, buyers are paying more on the appraisal value on these homes.”

One home in North Jackson sold within 48 hours. Realtors have said that this is not even the quickest they have seen homes sell.

“The demand is there, we just don’t have the supply,” said Bahou. “We are 62% lower inventory right now than we were a year ago..”

“We actually have more real estate agents than we have houses for sale,” said Stanely.

The National Association of Realtors just released that the U.S. has 1.4 million real estate agents and there are only 1 million homes for sale. The reason for this home shortage?

“I think COVID had a lot to do with it, I think their fear of not having a place to go to, so it’s the chicken and the egg,” Stanley said.

Buyers have laid down many offers which has made it the most competitive market realtors have ever seen. Some have sold way above the asking price.

“People have bought a site unseen,” Bahou said.

“I’ve seen homes go on the market by 12 noon and by 2-o-clock they’re already on a contract,” said Stanley. “We’re going over asking price, we’re getting 101%, we’re going 5% over and you better be ready.”

Real estate agencies suggest buyers be pre-qualified before making an offer.

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