Real Estate market in Fremont County outlined
FREMONT COUNTY, Wyo. (Wyoming News Now) -
With much of the nation in a housing shortage, less homes going for more money is a common theme.
The owner of a Fremont County real estate agency shared what the market is looking like in central Wyoming. Since Fremont County is currently in a seller’s market with less homes overall being listed, chances are when you see a real estate sign going up, it won’t be there for long.
Suzie Koehn, sales associate with Wind River Realty stated, “It is just an unprecedented time, we’re seeing things that we’ve never seen before. A lot of that is offers being made without people seeing the home.”
She went on to say that in the past when buyers weren’t able to see the home before offering, it was common to put a contingency upon viewing. In this competitive market, some buyers are taking that contingency off, hoping the property will be in good shape once they see it in person.
Koehn described a recent situation that happened with a couple from out of state who placed an offer on a home in Fremont County, “The wife had seen it, the husband hadn’t and when he came here, it was just a deal breaker for him, so just wild times, and hard for buyers.”
As a buyer in a seller’s market, there are a few tips to make your offer more competitive, giving you a greater chance of having your offer chosen, including presenting a prequalification letter from a lender.
Olivia Prince, Broker/Owner of Wind River Realty in Riverton stated, “Make sure that you’re in a good neighborhood that’s going to help hold the value when things level out a little bit, if they do. You just want to be very aware in your shopping and think about the things that you can do to increase value so you can build equity, even though the market’s high.”
As a seller in this market, Prince, explained what you might be able to expect. “Oftentimes you can expect multiple offers, definitely close to full price, some a little bit over full price. We have less than half of what we normally would have in inventory, and that’s across all price ranges, some price ranges are going to be tighter than other price ranges,” noted Prince.
There are several theories as to why the nation, and in turn Fremont County is in this high, seller’s market currently.
“I think that a lot of it has to do with the really great interest rates and people are trying to take advantage of that right now. Also, there’s a lot of movement out of bigger areas into more rural areas or more rural states right now, so that’s definitely propelling a lot of movement in our market as well,” added Prince.
The realty team mentioned that as a buyer in this market, to make sure you find an agent that can do thorough video tours, so you at least have a better idea what you’re getting into if you’re not able to view the home in person before offering.
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