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.
“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.
“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.”
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