Housing market booms in Lincoln despite pandemic; realtors share what to expect in the future
LINCOLN, Neb. (KOLN) - Over the past year we have seen interest rates plummet and to no one’s surprise the market is hot with buyers. However, while in the middle of a pandemic, the way you find a home can look a bit different.
Matt Kirkland with Realty Works Group of Giving Realty tells 10/11 NOW the way he shows homes has changed since the pandemic started.
He says he’s had Zoom calls to show houses and has had instances where a buyer puts their search on pause until the pandemic settles down. While Kirkland says most of his clients still prefer seeing the house before buying, clients have also purchased homes without stepping foot in them first.
“We have a lot of reduced inventory, our inventory is incredibly low and I think the pandemic has had an affect on that. I think there are sellers that would sell if the pandemic was over. It would be easier to buy a house or sell a house and show a house, and also easier to look at another house to buy and move in to,” added Kirkland.
He tells 10/11 NOW it’s a great time to buy, even if you can find a property. As vaccines continue being distributed, and there’s a better hold on the pandemic, he believes there will be more sellers and buyers who were initially hesitant.
While the real estate market is booming the question is, for how long? Kirkland says interest rates are back under 3-percent and there doesn’t seem to be any sign of slowing down.
“I am asked that all the time, and my instinct is that I’ve been a licensed realtor since 2002 and that eventually things are going to calm down, but it sure hasn’t happened yet, and there is no sign of it slowing down right now. I think we’re going to continue like this through at least this summer,” said Kirkland
There’s no way to predict the future, but Kirkland said that inventory is so low that it’ll continue being hard to find properties in Lincoln.
While the market has been great for buyers and sellers, Kirkland says it’s been hard for new realtors to enter the business and the competition is fierce as ever.
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