Real Estate listing down during buyers market
SIOUX FALLS, S.D. (Dakota News Now) - In 2020 interest rates on many things dropped, one of which was real estate.
Those lower interest rates encouraged many to look into buying homes... which dried out the housing market.
“Those interest rates are so low, that the buyers became active and inventory started becoming gradually more scarce as more buyers wanted to become homeowners,” said Wayne Mortrude, real estate broker at landmark realty and Auction
In a buyer’s market, there is not enough supply to keep up with the demand.
This can also make it harder for some to put their house on the market.
“So, listings are down prominently because we got people a little bit afraid of where they are going to move to next. If they sell, they got to find something to buy and they know they’re going to sell fast if they list their homes so that keeps people a little bit nervous about where to go next,” said Lisa Towney, Owner and broker at Re/Max Professionals.
Despite the low number of listings, real estate brokers believe that as winter ends, they will see more homes up for sale.
“As the market continues to unfold with new inventory, we will see that spark in new listings is right around the corner. Our temperature continue to maintain and less snow. People are going to be out and active and it’s just a matter of a couple weeks and we will see some more inventory come out,” said Towny.
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