Housing market very competitive for buyers right now

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SPRINGFIELD, Mo. Now's the time of year when a lot of people start looking for new houses.

If you're a seller, you can feel pretty good about the market right now.

If you're a buyer, you might find things a little more challenging.

Tyler and Samantha Richardson own Richardson Real Estate, but they double-up as house flippers like the ones so popular on TV these days, gutting and renovating homes.

"My favorite ones are seeing old homes with a ton of charm," Samantha begins.

"Making old, new," Tyler says, finishing the goal they share.

It may seem like a daunting, overwhelming project to the average person.

"We seem crazy," Samantha says with a laugh.

But to flippers?

"I would rather look at something like this," she said while surveying a completely gutted home. "And be able to put my touches on it. The worst house we ever renovated was horrible. And we (fixed it up and) sold it to my mother."

The Richardsons are busy these days because in the housing market, especially among starter homes, the demand outweighs the supply.

"I ran some stats and from zero to $350,000 from March of last year to March of this year inventory is down 13%," Tyler explained. "Which is great for sellers. Home prices are up 3-5%. For buyers, it's just a rat race."

"If it's something you want it is a game," Samantha added. "You have to take action and you have to pursue it a lot quicker than you would sometimes want to."

As to the reason more people are looking to buy homes now?

"Interest rates are hanging around 4.5%," Tyler said. "But the feds have announced they're going to make a couple more hikes this year so they're gonna keep pushing. Next year you could see 'em at 6%. Not to be a cheesy sales guy but now's the time to buy if you want to capitalize and have more buying power."

So if you're on the look for a new home, their advise is to be aggressive. If you snooze, you lose.

"One client wrote a personal letter about how their family moved here and tried to get that sentimental edge," Tyler recalled. "We've had clients just knock on the door and ask if they were interested in selling their home. It takes a foot-on-the-pavement approach. You have to go find that right home."

While you do need to be aggressive, the Richardsons also remind you to stay patient and not get desperate if you don't succeed in buying your top choices because it is a competitive market right now and it's easy to get flustered.