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Competitive housing market in the Heartland during the pandemic

Published: Oct. 18, 2021 at 6:22 PM CDT|Updated: Oct. 18, 2021 at 6:26 PM CDT
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CAPE GIRARDEAU, Mo. (KFVS) - A broker in Cape Girardeau calls it a “crazy time” in the housing market right now.

Terri Penrod with Terri Penrod and Associates said you can almost bet any house between $100,000 to $300,000 will have more than one offer and will sell for more than the asking price.

“This is my 27th year, and no, I’ve never seen anything like this,” said Penrod. “They’re probably going to be dealing with a lot of competition, multiple offers, short periods of time to make decisions.”

Here’s a recent example of that.

“We had a realtor within this office that put a home on that market. It was in that $145,000 price range here in Cape. In three days, she had 45 showings and 20 offers,” said Penrod.

For folks interested in buying a new home in the future, home loan banker Gunnar Knudtson said it is never too early to prepare.

“What I see a lot of is, ‘oh, I found this property. I love it. I want it.’ And it’s almost too late if you start that initial process when you’ve found something,” said Gunnar Knudtson with First Missouri State Bank.

Knudtson said it’s best to get pre-approval from a local bank.

“Learn your situation. That would be my terminology of pre-approval. Understand what you’re capable of and able to afford,” he said.

While Penrod said it could take longer than usual for an offer to be accepted, it will happen.

“Put your best foot forward. And knowing that if you put your best foot forward, if you don’t get it, yes you’re gonna be disappointed, but you did the best you could. And expect maybe a couple of disappointments but don’t give up,” she said.

As for sellers, Penrod said it’s important they have a plan before they put a sign in their yard, because offers are going to come fast.

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