Albert and Jin Lee started looking for a home in the Boston area in December. So far, they haven’t had any luck in a red-hot housing market.
The couple, who need more space for their newborn, have a budget of between $700,000 and $1 million. Now, the Lees are thinking about stretching it.
“It’s been kind of a crazy, super-seller’s market,” Mr. Lee said. “Real-estate agents have been saying that some houses get 80 offers.”
In March, there was 28.2% less housing inventory versus a year earlier, according to the National Association of Realtors. At the same time, superlow mortgage rates are spurring demand for homes, sparking bidding wars that send prices higher.
Debbie Barrera, a broker dealer at Realty Austin in Austin, Texas, said she has never seen a market like this before. In some cases, buyers are offering $100,000 above asking prices. In one case, she said, a buyer offered $500,000 above asking for a home with a pool.