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.
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
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.
