WICHITA FALLS (KFDX/KJTL) — The real estate market is seeing sales of existing homes, and the median price, soar around the U.S. last month.
Denny Bishop owner Bishop Realtor Group of the said in the 40 years of the Bishop Realtor Group, the market right now in Wichita Falls is unmatched.
“We’ve never incurred anything like this,” Bishop said.
A statement that we’ve heard a lot during the pandemic, but in this case, it’s a positive.
The housing market in Wichita Falls has soared in recent months. A study from the National Association of Realtors showing sales of existing homes in America jumped up 25% in July from June.
“It’s through the roof because, if something comes on the market that’s reasonably priced and is nice, there’s four or five offers the next day,” Nortex Realtor Tim Brewer said.
Houses are flying of the market, at a time when you may not expect it.
“It went from being what we thought was going to be a terrifically harsh down market, to all of a sudden to the skyrocketing upside market,” Bishop said.
The median sale per home is on the rise in Wichita Falls, with an 8% increase over the last year.
Bishop said 45% of houses they sold last month were in the $100,000 to $150,000 range, averaging only 28 days on the market.
A sign that buyers don’t have time to hesitate.
“You better move quickly because chances are somebody is crawling up your back to do the same thing,” Bishop said. “It’s no time to hesitate if you are a buyer and for sellers, we’re telling them, if you’re thinking about selling, now’s the time.”
Brewer also serves as a Wichita Falls city council member, he explained the “explosion” in the local market at Wichita Falls City Council recently.
Brewer discussed why he thinks houses aren’t staying on the market very long around town.
“We’re a medium-sized town I guess compared to the Metroplex and Austin and those places and it’s a great place to raise your children and a great place to live,” Brewer said.
With interest rates being so low, these realtors want to help you find your dream house before it’s off the market!
Make sure you move fast, the study from the National Association of Realtors also said 60% of homes sold last month were on the market for less than a month.