Tight Credit, Low Inventory, And Rising Home Prices Push Demand To New Level
Many people are trying to reverse the nation’s low homeownership rate, but circumstances are making it difficult for buyers to finally get their house.
CNBC reports that tight credit, lagging home building production, and soaring home prices are pumping up demand and increasing competition among buyers. Spring, typically a hot time for homebuying, started early this year.
Real estate agents and house hunters told tales of homes with 66 offers on it, and buyers getting outbid on homes even in undesirable neighborhoods. The best homes are sold quickly and for well above asking price.
Potential buyers today are facing tough new realities. Some houses are clearly overpriced, and renting is still a better financial option in some markets. Competition is fierce for the best homes, and buyers have to be ready to pull out all the tricks.