FORT WAYNE, Ind. (WANE) Fort Wayne has been named one of the hottest housing markets by Realtor.com.
“The housing market is like I’ve never seen it before,” Coldwell Banker Realtor Charla Sheray said.
Realtor.com named Fort Wayne as the 10th hottest housing market in the country. Sheray said Coldwell Banker has seen a 20 percent spike in closings so far this year.
North Eastern Realty Group President Kim Ward said they’ve seen a 14 percent increase in sales over their best month.
“Homes are flying off the market,”Ward said.
Other cities on the list are Dallas, San Francisco and San Diego. The national site said the average listing price of a Fort Wayne home is $110,000.
“The inventory is very low so it’s a competitive market right now,” Ward said.
Houses aren’t lasting long on the market.
“If the three components are in line that it takes to get an offer which are condition, location and price we get people come looking the first day or two and it’s not uncommon to have multiple offers,” Sheray said.
With fewer homes on the market, it can be tough for buyers. Multiple offers on a home can result in bidding wars and sometimes higher prices. That’s why you need to be ready to act before you ever schedule a viewing.
“Those buyers need to be pre-qualified, have a letter from their lender that says we’re qualified for this amount or for that particular property and they just need to get out there right away and be ready to make a decision quickly,” Sheray said.
“You need to be working with a realtor, set up on a search on the MLS [multiple listing service] so that you’ll get notifications immediately and realtors right now just need to be available to jump on those properties when they become available for their clients,” Ward said.
The booming market is also helping spur business for other companies involved in the housing market like home inspectors, appraisers and title companies.