FORT WAYNE, Ind. (WFFT) — Houses are selling quickly in Fort Wayne right now.
Realtors say there aren’t enough to sell and the housing market is strained now more than they’ve ever seen.
Housing developer Lonnie Norris with Granite Ridge Builders knows firsthand how thin the market is for potential home-buyers.
"Realtors just don’t have much to sell. We’ve noticed in the last couple weeks, there was less than 200 houses on the market in the whole Fort Wayne area," Norris said. "That’s just unheard of."
Developer Jamie Lancia, President of Lancia Homes, says those 200 homes are no where near enough.
"When we look at the existing housing market and look at the low inventory levels, we see that our marketplace is short by a couple thousand homes," Lancia said.
Developers say they’re trying to keep up with demand, as more people move to Fort Wayne, while other existing residents are looking for a change of scenery.
"I think I speak for a number of builders when I say, 'Wow are we busy,'" Norris said.
Realtor Patrick Harris says many people are hesitant to sell their homes right now. So those that do go on the market, aren’t available for long.
"In a market like this, properties are selling in a matter of hours, not in a matter of days like they historically have," Harris said.
And as housing demand increases, so do prices for both buyers and builders.
"It’s just a very bad picture as far as supply versus demand. It’s doing insane things to the market as far as values and everything else," Harris said.
Harris says he’s seen clients jump on offers just to guarantee a sale, which he hopes doesn’t lead to buyer's remorse.
Lancia and Norris hope their construction can help ease the burden.
Harris also advises anyone thinking about looking for homes right now to get pre-approved for a mortgage, since their dream home may not be on the market for long.