KATY MAGAZINE NEWS
February 10, 2021
By Natalie Cook Clark
Even during a pandemic, the Katy-area real estate boom from last year is continuing into 2021. With a seller’s market, many Katy families are taking advantage of low interest rates to upsize for more yard space or to add that home gym.
Photo courtesy: Cinco Ranch Realty Group
Katy Realty Busy in Pandemic
While many industries continue to suffer through the ongoing pandemic, Katy real estate agents are staying busy with big trends that show the high demand in today’s market.
“The real estate market has continued to remain hot because of the all-time low interest rates, low inventory, and opportunity for people to relocate into the suburbs for more space in terms of yard and square footage,” says Amy Lookabaugh, owner of Cinco Ranch Realty Group.
“We currently have a seller’s market and multiple offer situations are the new norm,” says Lookabaugh.
Due to the high demand for houses and a low interest rate, realtors agree it’s a good time to sell.
“Sellers are getting multiple offers, often over the list price on their home as inventory is incredibly low,” says Kerri Schultz, a Katy agent with Keller Williams Premier Realty.
Bidding Wars in Highly Competitive Market
This is such a strong seller’s market that often times people are losing out to homes they want in highly competitive bidding wars.
Erica Lytle Stietenroth, an agent with Keller Williams Premier, recently had a client lose out on a bid even though he offered $35K over the listing price and waived the appraisal. Everything in the contract would have been at the buyer’s expense and they still lost to a competitive market.
“Every situation has had a minimum of seven offers and the last one we were told there were 26 offers,” says Stietenroth. “The competition is pulling every string and taking high risk moves to win.”