SAVANNAH, Ga. (WTGS) — The competitive housing market is showing no signs of slowing down in 2022.
Courtney Ganem, owner of Ganem Realty in Savannah, said she has never seen such a competitive housing market.
Right now, she said her brokerage is working with a dozen clients and scarce inventory.
“There’s never been this many buyers with so few choices," Ganem said. “There’s a high demand for houses that started, you know when COVID hit, and it just kept on going,”
Ganem said this nationwide trend is a combination of COVID lifestyle adjustments and low-interest rates.
According to Ganem, the shift to remote working contributed to this increased demand.
"We were at home for everything," she said. "So, everyone wanted the best house or the best kitchens or the best dens."
Ganem said the historically low-interest rates make homeownership more financially accessible.
"If it’s low, I mean, that’s going to make the mortgage payment a few hundred dollars less than it normally would be," she said. "So, a lot of times mortgages are way lower than rent payments right now.”
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She recommended that potential buyers prepare to go all-in and expect a bidding war.
“Before, you know, you’d get things like closing costs, and stuff like that. Now, you give asking price, and a lot of times you’re going to have to go above asking price.”
According to Ganem, preparation and quick decisions are key in closing the deal.
"If you see something you like, don’t hesitate. Go ahead and put your best foot forward. Get that offer in there, and then hopefully you’ll be able to get the house of your dreams.”
Ganem also shared some advice for homeowners who are considering a move.
“Right now, if you want to list your house, list your house," Ganem said. "You’ll get top-dollar. You’re not going to have to do the amount of renovations. It’s not going to have to be, you know, in top ship condition to get those top prices. So, please give us inventory because we have a bottleneck of buyers, and the demand is just huge.”