In areas across the country, bidding wars are back. A recent Los Angeles Times article reports many housing markets have become much more competitive among would-be buyers.
Record-low mortgage rates and historic affordability are enticing buyers to take advantage of a perfect storm of market conditions. Fewer houses are also on the market, as homeowners who are underwater on their mortgages weigh their options; so far this year NAR housing data has shown inventory levels consistently lower than the previous year.
While tight credit continues to thwart many who would try to take advantage of favorable market conditions, buyers who qualify are clearly motivated.
It’s not easy being a buyer… Talk to a Realtor® about recent buying activity in your area. Is he or she seeing an increase in competition for homes currently for sale? Are there more or fewer homes available for sale this year as compared to last year? What home features most appeal to local buyers, and what makes a home competitive in the current market? Follow home buyers in your area through their search process for insights into the challenges and rewards of buying a home in today’s market.