The spring housing market is starting to bloom, but demand is already sky-high and real estate agents say the problem is there is just not a lot out there to buy.
A home in Newton, Massachusetts, hit the market a 2 a.m. Wednesday, and by lunchtime on Thursday, there were already three offers, sight-unseen.
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"The market feels as if it's frozen," said Dino Confalone, the president of the Greater Boston Association of Realtors. "It's starting to thaw, but there's been a vicious cycle of people waiting to put their houses on the market because of COVID."
What is on the market is going fast, often over the asking price. Jim Nemetz of Hammond Real Estate said he knows one reason why.
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"Because they have not done any traveling, people have been able to save more, and this is what they're willing to throw money at," he said. "And when you have that many people throwing money, it is going to drive the prices up."
All of it is making it even tougher for buyers like Emily Fink. She is a real estate agent herself at Hammond Real Estate, but she is still having trouble getting an offer accepted. She and her husband recently sold their condo and moved in with her mom just so they would not have any contingencies while searching for a house in the suburbs. They have already lost out on two properties.
"The first two went for $100,000 over asking. I believe the first one had nine offers and the second had 11 offers," Fink said.
Fink and her husband hope to put in an offer on another place this weekend. They plan to bring an inspector to the showing so they can waive the formal inspection. They are also writing a love letter to the seller in hopes that it will help them get their dream home.
"We're hopeful for this next one. We're fighting for it. We're just going to keep doing everything we can and playing the game," Fink said.
