Lincoln houses selling within days, even hours of listing
As of Wednesday afternoon, there are fewer than 50 houses in Lincoln priced at $150,000 or less - and one realtor says the odds of them selling within a month of being listed are around 140%.
It's a seller's market in Lincoln right now, with houses being snatched up at a rapid pace.
Cody Schaaf with Nebraska Realty says the current Lincoln housing market is unlike anything he's ever seen - with average priced homes in the $150,000-$200,000 range selling in less than a week.
"That's really fast," Schaaf said. "Some of the old dogs in the business can't believe what the market is like right now. They just haven't seen it like this before."
As of Wednesday afternoon, there are fewer than 50 houses in Lincoln priced at $150,000 or less.
Schaaf says the odds of those houses selling within a month of being listed are around 140%.
And forget slow and steady wins the race - houses are going so fast that some sellers are being offered thousands more than their asking price by those looking to beat out the competition.
I've had a few houses sell where we've had over 8-10 offers all within a couple days time frame," Schaaf said.
In some cases, offers have been made within just three hours of a listing.
While that all sounds like good news for sellers, Schaaf says the lack of supply has caused some to look elsewhere.
"I've had some buyers that have just said, 'I'm done. I can't find a house, I can't find something that's going to work for me,'" he said.
Denny Van Horn with the Lincoln Homeowners Association says builders are nowhere close to keeping up with demand for affordable homes.
"We're facing some major, major price increases," Van Horn said. "We're really [facing] historically high land prices, materials prices and labor prices - and that's severely impacted the cost of a home."
Schaaf says, while things are at an unprecedented level now, it won't last and, just like it always does, the market will level itself back out.