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
The Housing Market Recovery Extends to Phoenix
Experts expect the Phoenix region, a hot bed for the negative effects of the housing crash of the Great Recession, to become one of the nation's strongest housing markets in 2017.
No More Hidden Gems Thanks to Investor-Centric Real Estate
Although large investors made only 4.3 percent of single-family home purchases in 2014, they may be reducing the competitiveness of traditional buyers. With ready cash and sophisticated algorithms, investors get there first and make better bids.
George Lucas Chooses Chicago for New Museum Site
Equal parts a stunning victory for Chicago and a breathtaking failure for San Francisco, "Star Wars" director George Lucas has selected Chicago as the site of the Lucas Museum of Narrative Art.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Vehicle-related Deaths Drop 29% in Richmond, VA
The seventh year of the city's Vision Zero strategy also cut the number of people killed in alcohol-related crashes by half.
Can We Please Give Communities the Design They Deserve?
Often an afterthought, graphic design impacts everything from how we navigate a city to how we feel about it. One designer argues: the people deserve better.
Southern Californians Survey Trees for Destructive Oak Pest
Hundreds of volunteers across five counties participated in the first Goldspotted Oak Borer Blitz, surveying oak trees for signs of the invasive beetle and contributing valuable data to help protect Southern California’s native woodlands.
Opinion: How Geothermal HVAC Lowers Costs, Improves Grid Resilience
Geothermal heating and cooling systems can reduce energy costs and dramatically improve efficiency.
Tenant Screening: A Billion-Dollar Industry with Little Oversight. What’s Being Done to Protect Renters?
Reports show that the data tenant screening companies use is often riddled with errors and relies on information that has no bearing on whether someone will be a good tenant.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Borough of Carlisle
Smith Gee Studio
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)