A Sioux Falls housing bubble? Experts say lack of homes fueling a boom
Real estate and home sales are setting records in Sioux Falls and across the country.
From cash offers to low mortgage rates to hundreds more real estate agents hoping to jump in the market and help buyers compete for homes, right now might feel like déjà vu.
Searches for “housing bubble” and related terms have skyrocketed on Google across the U.S., as people recall 2008’s housing market crash and the pain of the recession that followed for years.
Today’s buying frenzy for homes feels eerily similar for many.
“Last year it started going crazy with people wanting new builds,” Andrew Theesen, a broker-associate at Sioux Empire Home Team at eXp Realty, said.
Theesen noted buyers, sellers and plenty of new agents hoping to cash in all have arrived.
“It seems like there’s so many agents that have come on that it’s saturated,” he said. “We have to go further out now to…