@KathrynVaselJune 23, 2017: 10:31 AM ET
Cities across the U.S. are facing major housing shortages, which means buyers have to compete for homes with bidding wars and offers well above asking price.
“Prices are moving up and properties are moving quickly,” said Danielle Hale, NAR’s managing director of housing research.
Builders aren’t building enough houses to keep up with demand and current homeowners are hesitant to list their properties because they’re worried they won’t be able to buy a new home.
“We have tremendous demand for housing, but there is nothing available to buy, said Keith Gumbinger, vice president of HSH.com.
Making matters worse, rents have also been on the rise,which means it’s harder for potential buyers to save up for a home in the first place.