ABILENE, Texas (KTAB/KRBC)- The home market in Abilene continues to stay in a shortage, with only about a month’s supply of inventory at a time, making it a sellers’ market, and harder for first-time buyers.
“I mean because they are being beat out with cash,” said Jaime Dalzell, president of the Abilene Association of Realtors.
And the cash is from people who are already homeowners.
“People that have owned a home, maybe built up some equity, decide to sell, are now being able to pay cash for a home,” said Dalzell.
They are also up against more cash.
“My clients had to go 20 above in order to secure the property, and that’s not uncommon,” said Dalzell.
Dalzell says sellers are getting an average of 7 to 11 thousand dollars over asking price.
“It used to be average 90 days, I mean were telling clients if your house is on more than a week, we’ve done something wrong,” said Dalzell.
But how are homes still flying off the shelves?
“Low-interest rates, affordability, and a strong local economy,” said Ken Hogan, association executive.
Hogan says Abilene home prices are competitive.
“Abilene is about 50-60 thousand median sales price is less than the state average,” said Hogan.
Even though it seems like an intimidating time to buy, they don’t want buyers to be discouraged, especially those first-time buyers.
“Patience is a lot of it,” said Dalzell.
“Expand your want list is what I call it, and just keep an open mind,” said Dalzell.
For now, they say to consult a trusted realtor to help you navigate this volatile market.
If you have questions or don’t know where to start, Dalzell says you can reach out to the association for help.