WASHINGTON, D.C. — A recent report from the National Association of Realtors show home prices at a record high.
Experts believe it’s a result of an unprecedented number of people looking to buy homes but finding fewer choices.
According to S&P Case-Shiller, one of the leading groups for measuring home sales, prices jumped 12% in February.
Alex Broitman and his family listed their home for sale in Virginia on a Friday.
Not only did they receive several offers that same day, they had an agreement in place that night to sell the house for $50,000 more than the asking price.
“I knew that things were going to happen fairly quickly, but to get the offer that we did that same day, I was just blown away,” said Broitman.
Analysts say that scenario is not unusual right now.
The National Association of Realtors says the average house nationwide is staying on the market for just 18 days.
There are concerns, however, that the housing market is headed for trouble.
“We’ll get to where we’re pricing people out of the market and we create an unnecessary divide between the haves, the homeowners enjoying the wealth, and the have-nots,” said Lawrence Yun from the National Association of Realtors.
Banks tightened up lending requirements following the last housing crash in 2008, so most people know what they can afford.
The bigger issue is finding that home, making a quick offer and being ready to pay for it.
Realtors say potential buyers are looking for bigger homes right now because more people expect to keep working at home.