Low inventory makes this a seller’s market in the Golden Triangle

People grab what they can while it’s available.

COLUMBUS, Miss. (WCBI) – Imagine shopping for a new home.

You find one that you want to buy.

But when you go to make an offer, the property is sold.

That’s the reality for most homebuyers right now.

People grab what they can while it’s available.

“We have the tariffs, and we have the buyers. We don’t have the products to sell,” said Crye*Leike Properties Unlimited associate broker Rick McGill.

In many markets, potential buyers don’t find many options when looking for properties to live in.

The lists are thin.

And the Golden Triangle is no different.

McGill said he had never seen the market like this.

“Going back three years, we had a wonderful year in ’19. We had a banner year in 2020. We are learning to manage COVID for the first time in 43 years of experience. It’s the weirdest thing I’ve ever experienced in my life,” McGill said.

Here’s the thing, it’s a seller’s market.

This means buyers are scanning homes just days after the properties are listed, often paying the full price listed.

Some sellers are even hesitant to put their home on the market because when it does sell, they may have nowhere to go.

“This is the lowest stock I’ve seen in my time in the trade. As of this morning, the Greater Golden Triangle Association of Realtors which represents eight counties, there were a total of 232 listings in those counties,” McGill said.

On average, says McGill, the association owns nearly 1,100 houses.

That’s nearly an 80% drop.

“Rates are always good. They ticked off a bit. As of this morning, most of your 30 year loans were around 3.5%. Fifteen-year loans are at 3%. Some rates are at 2.7%. The rates are good. Where we are now, we are on pace from last year. We went through January. We hope it will continue this way,” said McGill.

So before you begin the home buying process, McGill encourages you to think carefully about what you are looking for in terms of location and quality of life.

“The Golden Triangle has an industry. He has Mississippi State. He has Columbus Air Force Base. These are all factors that contribute to our market, and the industry attracts people every day. Right now, when rates are still low, it’s a wonderful time to buy,” McGill said.

That’s if you can find a house to buy.

McGill hopes enrollment will increase in the coming months.