House buyers in a growing number of
areas are finding something they haven’t seen in years when
house-hunting: Competition. With housing affordability high and mortgage
rates low, home buyers are ready to cash in but they’re finding a lot
of others are as well.
Bidding wars are becoming more common, particularly as the inventory of for-sale homes remains constrained across the country.
“Buyers have to change their attitude about the way the market is,”
says Carol Hooks, a real estate professional with Coldwell Banker
Residential Brokerage in Alexandria, Va. “Many still think it’s OK to
make a low offer and ask for closing-cost assistance, but they really
need to come up with a good, realistic offer and be prepared to pay
their own closing costs.”
Source: “Strategies Shift as Buyers Again Face Competition,” Washington Times (Nov. 29, 2012)