As discussed in a recent Wall Street Journal article, When the housing bubble burst, the industry suddenly became a buyer’s markets.
Buyers were seemingly able to name their price and because few people were purchasing homes, didn’t have to worry about competition and bidding wars.
That has since changed; more and more buyers are finding themselves engaged in bidding wars with people interested in the same house.
This has been quite shocking.
Buyers, for once in a very long time, had gotten used to buying homes without competition from other would-be buyers.
This trend is happening throughout the United States, from coast to coast.
As the supply for available homes are waning, competition has increased.