TOLEDO, OH (WTOL) - The Housing Market is blowing up right now for those selling their homes. Houses are going for over their asking price, keeping realtors busy trying to find prospective homes for clients.
"Oh it's crazy," explained Eddie Campos, a realtor with Re/Max Preferred Associates. "It's an opportunity for sellers to be able to sell their homes quickly, but buyers need to be able to react just as quickly."
That's how realtors explain the housing market to their clients right now. Kailey and her growing family know it first-hand.
"It was bizarre within two days even before the first open house we had an offer," explained Kailey Walkup, a homeowner who recently sold their former house. "After the open house we had another one and before you know it, it's a bidding war. Which is like you know a seller dream for that to happen."
The Walkup's had a smooth buying experience, but that's not the case for everyone in this seller's market as realtor's say.\
What that means is, houses that hit the market are going fast, getting multiple offers and can be more expensive. A big reason, there's a shortage of homes on the market.
For instance at one time there were close to 8,000 homes. Now there's nearly 2,000 between Wood and Lucas County.
"There's kind a vicious circle that's happening," explained Eddie Campos, a realtor of 14 years. "Sellers are looking on to the market they don't see something that they want, so they are nervous about placing their home on the market because they've also heard my home is going to sell quickly. Oh no, what happens if my home sells tomorrow where am I going to go?"
With the market being so competitive, homes are getting multiple bids and being sold in just days.
"Because of the multiple offers you need to be able to make your offer stand out," said Campos. "So, in most cases a seller will take their multiple offers and go back to all the buyers and say we have multiple offers we'd like you to submit your highest and best, well highest price and best terms."
The Walkups said that was the case for their previous home, they actually got more than they asked for on the house.
"We already listed it for higher than we bought it for just five years ago," said Kailey. "So the fact that we got over was just phenomenal."
She believes having a realtor you can trust makes all the difference.
Realtors say they are working around the clock to accommodate buyers during this busy season to help give families their dream home.
They suggest a few tips for those in the market to buy or sell a house:
- Be pre-approved and ready to buy when you start looking
- React quickly to homes you want to purchase
- Be prepared to make an aggressive offer, potentially over the asking price
- Price your home properly
- Make it presentable for perspective buyers and show ready
- Be prepared for it to sell quickly and find a new home