Will Your Chance to Own a Home Diminish in this Hot Housing Market? gobankingrates.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gobankingrates.com Daily Mail and Mail on Sunday newspapers.
How to Navigate a Hot Housing Market
Competition for homes in many cities is leading potential buyers to take steps they may not have considered a short time ago, including waiving the inspection.
Credit.Till Lauer
The home-buying market this spring is not for the faint of heart.
The main challenge is that the supply of homes for sale in most parts of the country continues to fall far short of demand. That is pushing up prices to heart-stopping levels in many markets. A lack of construction over the past decade, plus pent-up demand from pandemic shutdowns, has unleashed a national seller’s market. The median price for a single-family home rose about 18 percent in March to almost $335,000, a record high, according to the National Association of Realtors.
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SavingAdvice.com Blog
Are you trying to buy a house? If so, you are likely familiar with how quickly houses are currently selling. Buyers have sometimes only minutes to decide if they want to buy a particular house, and competition is fierce. Many houses in especially hot markets like California are selling far over their listing price. Desperate buyers are even offering to forego house inspections in their urgent desire to buy a home. This kind of a crazy market begs the question, can the housing market get any hotter or is it cooling off?
Factors Creating the Hot Housing Market
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