SHREVEPORT, La. (KSLA) - Low supply and high demand have led to one of the largest real estate booms in the ArkLaTex in recent years. Buyers are scooping up homes as quickly as they go on the market.
Adria Goins sat down with Christi Lang from SBC Realty who said part of the reason we’re seeing such a big boom in home buying is because millennials have been smarter with their money. They have started saving stimulus checks and now want to invest in property instead of renting.
“Rates right now are really low. People are finding anywhere between 2.7% to 3.25% depending on what you put down and your credit score,” said Lang. “People are just getting money back. They’ve been saving. They’ve been at home. They didn’t go spend as much last year because they weren’t traveling and taking vacations. So people have actually set money back focused on purchasing a new home. We’re just seeing a huge boom in all of this.”
Lang said the most important thing for first time home buyers, or any buyer for that matter, is to find a lender first.
“You don’t want to go find a dream home that you love and then find out that it’s really not in your budget. Some people are pleasantly surprised right now and they are finding that they can afford way more than what they thought they could because of the rates. But it’s important to find that lender first. Then you want to do a home inspection. No matter if it’s brand new or if it’s older, you really want to get an inspection.”
One way Lang says sellers can see their home with a sold sign quicker is to spruce up the outside and ask a reasonable amount for the home.
“It’s definitely a seller’s market and your home is going to sell quicker than it would before, not necessarily for more. You’re going to get asking price. We have not seen that in a long time and we’re having a little bit of bidding wars but it all comes down to the appraised value of your home.”
Lang said to be patient and wait for the right home. You can expect to start seeing more homes on the market soon, now that it’s spring.