Lots of speculators are jockeying to get in on the hot market. Sometime they call homeowners multiple times a day. It can be an invasive nuisance, or worse.
The pandemic has made the housing market even tighter in the mountain West, where first-time buyers are trying to decide whether this is just the future or a bubble headed eventually for a bust.
It's not only low interest rates pushing up prices to record highs. A historic lack of homes for sale is a big part of it too. And it's making homeownership unaffordable for too many people.
Despite high unemployment, a severe recession and economic uncertainty, the housing market is on a tear. Sales are booming, and prices hit a record high. Low rates and remote work are driving factors.
Companies such as Opendoor, RedfinNow and Zillow will pay cash for your house and buy it quickly. New numbers show these types of sales are growing very quickly, but is it a good idea?
Developers are building thousands of single-family homes that won't require a mortgage to move in. Even people who could afford to buy are choosing to rent — they aren't ready for the long-term debt.
The pool of smaller, affordable starter houses is low. And the market for these first-time home purchases is increasingly being driven by investors who help push prices out of reach.
In many parts of the country it's actually gotten a bit easier, though not any cheaper, to buy a house. Housing sales are down nationwide, and the market is cooling off.