Seller's market prominent throughout county

DAVENPORT–Available houses are few and far between here. Lincoln County is currently a prominent seller’s market.

There are more buyers than there are available properties.

“ In my opinion the lack of available properties has created a panic, a “feeding frenzy”, with buyers and even brokers,” said Patrick Katz, broker and owner of Katz Realty.

Katz has been a broker since 2007 and has owned/operated Katz Realty since 2003.

This “feeding frenzy” has caused buyers to ask $10,000-$20,000 or more above the asking price.

The inflated sales price of these properties has in turn motivated sellers and buyers to ask up to $50,000-$100,000 or more above the ‘true value' because of the high demand.

Many homes that were rented out have now been sold to homeowners due to escalated prices.

This has caused the rental demand and prices to go through the roof.

“Getting $1,000 a month to rent a standard home in Lincoln was almost unheard of five years ago, but landlords now are getting up to $2,000 a month for a three bedroom home,” Katz said.

This has caused a snowball effect within the housing market. Because of the high sale prices, cash offers are the highest Katz has ever seen.

Katz worked through the economic crash of 2008.

“I am fearful of what I am seeing,” he said. “ Last year I read an article that stated just before the crash of 2007-2008 homes were on average at 215% of where they should be normally.”

As of April 2021, properties were at 250% over what the value for property could be.

Katz estimates that current properties are going for 300% of their original value.

“In 2008, we lost 30% of value that equals $30,000 per $100,000,” Katz said. “A $400,000 dollar home suddenly becomes a $280,000 dollar home.”

As of today there are 31 homes for sale in Lincoln County.

There are 100 bare land properties for sale in the county.

“For most homes that are priced right, we are seeing offers, sometimes multiple offers, the same day they are listed or within 1-4 days,” Katz said.