Low inventory makes it a seller’s market in the Golden Triangle

Folks are snatching up what they can while it's available.

COLUMBUS, Miss. (WCBI)- Imagine shopping for a new home.

You find one that you want to buy.

But when you go to make an offer, the property is sold.

It’s the reality for most home buyers right now.

Folks are snatching up what they can while it’s available.

” We have the rates, and we have the buyers. We don’t have the products to sell,” said the Associate Broker of Crye*Leike Properties Unlimited, Rick McGill.

In many markets, prospective buyers aren’t finding many options when searching for properties to call home.

Listings are slim.

And the Golden Triangle is no different.

McGill said he’s never seen the market quite like this.

” Going back three years, we had a wonderful year in ’19. We had a record year in 2020. We’re learning how to handle COVID for the first time in my 43 years of experience.This is the strangest thing I’ve been through in my life,” said McGill.

Here’s the issue, it’s a seller’s market.

Meaning, buyers are sweeping up homes just days after properties are listed, often paying the full listed price.

Some sellers are even hesitant to put their homes on the market, because when it does sell, there may be nowhere else for them to go.

” It’s the lowest inventory that I have seen since I’ve been in the business. As of this morning, the Greater Golden Triangle Association of Realtors that’s made up for eight counties, there was a total of 232 listings in those counties,” said McGill.

On average, McGill says, the association holds close to 1,100 homes.

It’s close to an 80% drop.

“The rates are still good. They’ve ticked up a little bit. As of this morning, most of your 30-year loans were around 3.5%. Fifteen-year loans are at 3%. Some rates are at 2.7%. The rates are good. Where we’re at right now, we’re right in stride with last year. We’ve gone through January. We’re hoping it continues to go this way,” said McGill.

So, before you start the home buying process, McGill encourages you to carefully consider what you’re looking for as far as location and quality of life factors.

” The Golden Triangle has an industry. It has Mississippi State. It has Columbus Air Force Base. Those are all contributing factors to our market, and the industry is bringing in people every day. Right now, while the rates are still low, it’s a wonderful time to buy,” said McGill.

That’s if you can find a home to buy.

McGill is hopeful listings will go up over the next few months.