Local housing market thrives for sellers during pandemic
BOWLING GREEN, Ky.- While the economy keeps taking hits from the pandemic, the housing market in Bowling Green remains strong.
The reason is simple – supply and demand.
There are more buyers than sellers right now. There are currently an estimated 400 homes on the market in Warren County compared to 700 from this same time last year.
“Now that the pandemic has hit, people are kind of staying put more so than they have before,” explains Crye-Leike Realtor Suzanne Allen.
Another reason more people are looking to buy homes right now is because interest rates have decreased to an all time low, which allows a greater number of people to qualify for a home.
This means people can get more house for their money. The competition between buyers is fierce, with multiple offers extending to one home and homes being sold in less than a week.
“Sellers are very excited that their home is selling at list price, if not more, and that’s because the offers, you know there may be someone who looks at it Monday and then someone who comes around on Tuesday and that Monday person may make an offer Tuesday and that Tuesday buyer may make an offer Tuesday,” said Allen.
Buyer Jacquelyn McMillen was shocked by how quickly the first house they wanted was sold.
“It was just frustrating. There were times I prayed, I mean hard. I cried. I cried when we lost the first house because it was near perfect for us,” said McMillen.
With less options on the market and lots of eager buyers, it could be a good time to enter the market for homeowners who are thinking of selling their homes.