LAFAYETTE, LA (KADN)- If you’re contemplating buying or selling a home, right now may be the best time to do so.
According to Nick Hundley, a realtor for eXp Realty, the market is booming right now and it has been since the beginning of the pandemic.
“We are not only going to break the all-time record which was set last year, but we are also going to shatter that record this year, and there's still four months left of the year to do that,” Hundley said.
The real estate market is at an all-time high in Acadiana which means homes are selling at a higher price than normal and being sold at a faster pace.
“I’ve seen instances where homes have gone for $5,000, $10,000, $20,000 sometimes even $30,000 over asking price. Now the house has to appraise, however, that's how competitive the market is right now,” he said.
According to Hundley, there is 40% less inventory of homes than there was last year. So, buyers must be pre-approved AND MOVE quick when purchasing a home.
“They don't have the luxury of time to decide and go back and see the house a couple of times, they have to make quick decisions because there are so many buyers in the market right now because of the interest rates being so good that they're competing with other buyers so they've got to make quick decisions,” he said.
Hundley estimates that over 600 homes are being bought and sold each month across Acadiana.
One of his clients, Jared LeBlanc recently sold his home of 10 years in Lafayette parish.
“It's hard to leave something that's been part of your life for 10 years, but there's always, you know, to us, there was, there was another place that was going to be special in great too,” LeBlanc said.
To LeBlanc’s surprise, his home sold for more than he expected.
“The house right down the street might be the exact replica of your house but what makes you the outstanding by what is the eye-catcher in your house, that makes that family say ‘I want this one over that one or I want this street over that street', " LeBlanc said.
Another one of Hundley client’s, Charlie Mayeaux, was searching to find his first family home earlier this year.
“We were expecting to get more for less. Which is maybe why it took us a little bit longer to actually find the right house that was the right price,” Mayeaux said.
Once he found his ideal home, he was met with competition since there were three other potential buyers.
“We didn't want to put too low of an offer because we didn't want to get outbid by someone else. But yeah, I think that probably made the price go for a little bit more expensive than usual,” Mayeaux said.
The top hotspots to buy and sell homes in Acadiana are in south Lafayette, Broussard, and Youngsville. Live in Lafayette. There have already been 27% more homes sold this year in Acadiana than there were in 2020.