For years, we’ve known how fast the North Texas housing market moves.
But right now, McKinney realtor Jared Tye says the pace is mind-blowing.
“It’s wild. There’s a lot more buyers right now than there are homes for sale,” Tye said.
Homes barely hit the market, he said, before dozens of offers are made, some $50,000 or more above the asking price.
“There are a ton of bidding wars going on,” Tye said.
NBC 5’s Brian Curtis talks with realtor Chip Mundy about what buyer’s can do when the housing market is such a seller’s market.
Among the reasons for the rush: People are relocating from other states, stimulus payments are helping make down payments, and record low-interest rates beginning to creep up.
“A client says I’m paying higher than I would have for the house but my mortgage rate is so low that the actual payment may be…