DESOTO COUNTY, Miss. (WMC) - If you’re a prospective homebuyer in DeSoto County, whether a first-time buyer or not, you’ve probably come up empty-handed after making several offers on several different houses.
You’re not alone.
“I’ve been in this business 26 years, and I have never experienced anything like the market we’re seeing right now,” said Corie Haynes, managing broker for Burch Realty LLC.
Haynes mentioned that low-interest rates are a factor, but the age of this wave of homebuyers is the big trend she’s seeing.
“You’re seeing a lot of younger people now who are deciding to buy because as the housing prices have gone up for sales so too have rents,” said Haynes.
“My joke is that I can sell a house with no roof in a rainstorm right now, and it would still sell with multiple offers,” said Alicia Teeter, realtor for Keller Williams.
What has surprised Teeter over the last year is that it’s not just the traditional house listings that are coming and going at lightning speeds.
It’s the unique listings, as well.
Teeter gave us an example of one of these “unique” listings in the Nesbit area.
It was completely underground.
“You can’t do the traditional financing,” said Teeter. “There are comparables to compare this to, so your pool of buyers gets smaller because it’s got to be either cash or a bank loan. Even with that, even with those limitations, we still had multiple offers within the first couple of days on the market.”
When both Teeter and Haynes say multiple offers, they don’t mean a handful.
In some cases, sellers are choosing between as many as fifty offers in a short period of time.
“In years past, it would be ‘Oh! Wow! You got multiple offers? That must be a really great house.’ We’re seeing multiple offers on houses that five or 10 years ago would sit on the market for months without ever selling,” said Haynes.
Both aren’t entirely sure when this market will die down, but the advice they give to clients, especially first-time homebuyers, is to be patient for that perfect buy.
“It’s out there,” said Teeter. “It’ll happen.”