For several years now there has been a shortage of buyers, but today things have changed and now there's a shortage of available homes. With foreclosures down, interest rates at record lows and home prices beginning to creep up the bidding war has started up again.
Today's housing inventory is now as low as it was right before the housing market collapsed and as a result bidding wars are now breaking out even before a property has a chance to be listed. Even real estate agents are scrambling to help their clients whether they're buyers or sellers.
Would be buyers are finding it's much more competitive now when it comes to finding a home and these days real estate agents are concerned that with it taking longer for their buyers to secure a home, potential future buyers might lose interest seeing the difficulty buying in a home which will only add to the already struggling housing market.
We are no means out of the woods yet regarding a sustained market recovery, but things do seem to be headed in the right direction.