SIOUX CITY, Iowa (KCAU) — Siouxlanders looking to buy a home are finding them in short supply. Realtors say it’s one of the most competitive markets the region has seen. The demand is high and the inventory of starter homes is low.
Jason Geary, a realtor for Century 21 ProLink said some homeowners are selling their homes within a day. Geary tells his clients that if they like a house, they have to make a decision within hours.
“I tell my buyers, if you think it looks great and it’s priced well. We have to go now. We can’t wait for a day or two,” said Geary.
Despite high demand, Geary says it’s a very challenging time to be a realtor
“I’ve had homes where you’ve got within 24 hours, you have a showing once every hour for 12 hours in a row, there’s a stacking effect that realtors and buyers are all hunting for the same properties,” said Geary.
Geary said the pricing is key. If your house is overpriced, it could sit there for months.
As far as new homes being built. Developer Rick Bertrand said they’re having a hard time developing some areas.
“A lot of developers don’t like to build in Sioux City. It’s really hard through the permitting process. There seems to be a little thicker regulation in this town when it comes to putting in info structure. That’s one thing in the community I think we need to improve on,” said Bertrand.
Bertrand says those restrictions are a huge reason there is a lack of affordable options available
“You look in this community, we have a ton of lots that are under 50 foot that are deemed as unbuildable. That’s where your affordable housing can come in. So we need to fix some things downtown when it comes to streamlining the process for smaller developers to put affordable housing in place,” Bertrand said.
Geary said getting pre-approved from a local bank will help you get ahead when buying a house.