ST. LOUIS (KMOV.com) -- The housing market is hot, and realtors suggest if you plan on looking for a home soon then be prepared to act fast.
“This is absolutely a seller’s market. We’re begging you basically to put your home on the market," said realtor Adam Kruse, owner of Hermann London Group.
Kruse said many homes are selling within 24 hours of going on the market and often receiving multiple offers. He said one home in Kirkwood received 28 offers the first day on the market and sold for $80,000 over asking price.
“It’s like Christmas Eve at Walmart and everyone is fighting over Elmo. I feel like that is how we are fighting for houses," said Kruse.
He believes some people may have held off on listing their home due to COVID-19, leading to less supply, but Kruse said demand has not slowed down.
COVID-19 has also impacted how open houses are handled.
“Normally they would just let anyone in the world come through and it’s kind of a mad house, but now it’s just one group at a time so it’s making it hard for people to get in and that’s helping with that rush," said Kruse.
Finding a home has been difficult for Jaron and Lauren Kunz. The couple has been looking at homes in St. Charles County off and on for six months. They've put offers on three homes, even offering over asking price on one of them, but had no luck.
“We found a home pretty close to here and put in an offer within 10 hours of the house being on the market and we were one of eight offers on the house within the first 24 hours. They didn’t even call us back," said Kunz.
The couple said they are now being less picky by overlooking some of the 'blemishes' when they are looking at homes, hoping it will help them find one quicker.
Kruse said there is no one hot spot in the St. Louis area, though he is surprised to see which home are selling the quickest.
“Homes over $450,000 are like eight showings before you have a contract and homes under that are closer to 11 to 13 showings,"said Kruse.
Kruse said a lot of potential buyers are also offering cash and other incentives.