EVANSVILLE, Ind. — These days, purchasing a new home takes more than just good credit and a loan preapproval letter.
It also takes patience, luck, nerves of steel and in many cases, the willingness to take a significant risk. Home buyers are engaging in bidding wars, waiving self-protection clauses and literally racing to new listings as soon as a “for sale” sign goes up in the front yard.
What accounts for the buying frenzy? While a variety of factors contribute to the current housing situation, it all boils down to supply and demand.
“We just have many more prospective buyers than properties available for sale,” Donnie Dowell of Gammon Realty said. “That creates upward pressure on prices … it’s kind of a perfect storm where we have a slightly reduced supply along with greatly increased demand.”
Dowell, who has been in the Evansville-area real estate game since…