With fewer houses for sale, buyers are rushing to snap them up as soon as they come on the market
stories by Janet Lees
Market paralysis. Unprecedented. Abnormal. Those are just some of the ways local realtors are describing the current housing market. Inventory is at an all-time low, and the shortage of homes for sale combined with high demand is causing homeowners to put off selling because there’s nothing else to buy, further perpetuating the cycle. There are stories of bidding wars, houses selling for well over asking price, and buyers literally lining up to be first to make an offer.
Theories abound as to what is happening and why, from foreign investment to domestic speculators to land shortages. Whatever the reason, the laws of supply and demand are in full effect as potential buyers join the melee competing for the few available houses as soon as they come on the market. On The Bay talked to local realtors from across the region to help you understand and navigate today’s challenging real estate market.
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