Prospective buyers in the recovering housing market are finding a much harder time than expected to purchase a home, as a shortage of good properties for sale drives cutthroat competition.
Alejandro Lazo reports on the confluence of factors - from low interest rates to negative equity and a dearth of new construction - that are creating fierce competition amongst would-be buyers and real estate agents "vying to represent the few sellers that do exist."
With housing inventory at the lowest number in six years and markets stabilizing in the hardest hit areas, "Some real estate professionals are concerned that the lack of inventory might turn off potential buyers, stifling the recent recovery in home sales."
"Glenn Kelman, chief executive of Redfin, said the recovery remains tentative but the market has grown competitive because sellers feel they have time on their side, while buyers feel a sense of urgency given low interest rates and relatively cheap prices compared with the bubble years."
"It is a precarious situation, but the real issue is that nobody wants to sell a house right now," Kelman said. "So now we have classes for our real estate agents on how to win a bidding war."
FULL STORY: Shortage of homes for sale creates fierce competition
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