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What you need to know about the US housing market right now

From low interest rates to battling competing offers, right now can be a very hectic time to buy a home.

DES MOINES, Iowa — The housing market across the U.S. is hot right now, and it's no different here in Iowa. 

There are two reasons for the market being so crazy right now: low-interest rates and the pandemic. 

Sitting at home for the past year helped folks realize they needed a change of scenery. 

Those looking to sell their homes right now can do so at a much higher value.

"Because whenever you have multiple offers on a property, you can have people bidding back and forth on the home and you know you're going to get the best offer they can if they're in that situation," said Jen Burkamper, president of the Iowa Association of Realtors. 

Burkamper said those looking to purchase a home right now should probably wait for a while. If you're not aiming to live in the house for 10 years, consider waiting until the market calms down.

Otherwise, you should get ready to pay extra. 

Homes selling like hotcakes— realtor advises potential buyers to wait

"They have to know what to expect ahead of time and be prepared to do the things that it takes to win a multiple-offer situation," Burkamper explained.

Finally, folks wanting to build a new home should also wait a while. It could cost extra money because lumber is in short supply right now and construction companies are just now beginning to catch up with the demand. 

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