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Prices of homes increasing, housing market in Coastal Bend competitive

The prices of homes are increasing at a fast pace including here in the Coastal Bend. Real estate experts say some homes are off the market within a few days.

CORPUS CHRISTI, Texas — The prices of homes are increasing at a fast pace including here in the Coastal Bend. Jessica Hall and Laura Macdonald with Bayside Realty Group say when it comes to buying or renting a new home, the market is extremely competitive.

“It’s as competitive as it’s been in 20 to 25 years,” said Hall.

“Buyers are ending up in multiple offer situations. They’re having to write several contracts. For example, today I submitted a contract almost 25 thousand dollars over the list price. We were beat out by a higher bidder with a cash offer.”

Hall and Macdonald say low interest rates have created a high demand for homes, but the supply is low.

“What I am seeing mostly is we’ve got about 25 % sellers and 75% buyers, so it’s a simple supply and demand. We don’t have enough inventory, homes available to sell to satisfy the buyers,” said Hall.

This results in higher prices.

“The numbers show that we are up almost 15% from one year ago on median home prices in Nueces County and that’s from Texas A&M real estate,” said Hall.

And buyers are struggling to find what they want.

“I have buyers that have been looking for 6, 7 months right now and some have decided to rent because we haven’t found anything they’re gonna go at it again they just got burnt out on being beat out of contracts,” said Macdonald.

Brad Deffenbaugh is a real estate investor and is looking for a second property to purchase in the Coastal Bend and he says it’s been competitive.

“I get listings sent regularly to me and there’s just not a whole lot of new inventory hitting the market that’s offered and it’s the ones I’ve gotten under contract it’s definitely a battle,” said Deffenbaugh.

Deffenbaugh bought his first property in April and he says the process this time around is not as smooth as it was the first time.

“The landscape was totally different it’s even more competitive and prices are even higher and there’s even less of supply now it seems like,” said Deffenbaugh.

Deffenbaugh says he’s going to continue searching and Hall and Macdonald say if you’re looking for a new home or rental, be ready to act fast.

“We gotta suit up for battle in this market every day when we go out there,” said Hall.

RELATED: A closer look at how the lumber shortage is impacting the housing market

For the latest updates on coronavirus in the Coastal Bend, click here.

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