For many, trying to buy a house this year has been an exercise in frustration. It is a seller’s market and homes are going fast and at high prices.
In about 88 percent of metropolitan areas, home prices soared with double-digit price growth.
“Absolutely crazy. Our inventory is historically low,” said Carrie Dahn, real estate agent with Berkshire Hathaway HomeServices.
As more people work from home, they are relocating to places like mid-Michigan to get more bang for their buck. Real estate agents, like Dahn and Erica Roseberry, say it’s cutthroat.
“I have people say, ‘hey, can we look at this tomorrow?’ No, not if you want a chance at it,” Dahn said.
Buyers are offering way over asking prices, even in cash, to try to secure an offer.
“A lot of cash buyers that are coming into our area as well, which is making it even tougher for some of our buyers to even have a chance at housing,” Dahn said.
“Houses going way above ask. I’ve seen a couple go $50,000 above asking,” Roseberry said. “I don’t think a lot of the realtors who have been around 30 years have seen anything like this.”
“No, we’ve never seen inventory this low compared to the amount of buyers in the market looking to purchase,” Dahn said.
Roseberry said a lot of buyers are worried their homes won’t hold value, but she doesn’t think cost is going back down anytime soon.
“I don’t think the market is going to go back down,” Roseberry said.
She does think it may level off eventually and hopefully put an end to the bidding warfare.
With demand remaining high and the number of homes available for sale, experts predict the seller’s market to last through the year.