Homebuyers facing challenges in hot housing market

A shortage of homes for sale continues to boost prices by double digits across the country. Those looking to buy are being pushed to extremes to win bids. CBS MoneyWatch reporter Aimee Picchi joins CBSN AM to discuss.

[erikprestonTV]

God I wish the housing market would just crash and burn already

[concepcionjones]

Good morning
Why not go back to Rent to
Buy thats how I purchased my house 21 years ago !

[ceetheninja]

This is a seller's market... it's also a flipper's market. Investors are taking away these houses from first time homebuyers who may actually qualify for a 203K. We can't compete with flippers who have cash lying around while we have to go through classes just to qualify for downpayment assistance. It is totally unfair!

[kewalos]

low interest rates do not make homes more affordable. you need a mortgage because you *can't* afford the home.

[ClutchMaster]

Imagine the buyer remorse once the market takes even a 3% downturn and more inventory comes pouring in. Never get caught up in FOMO.

[braddaniel]

The Smoke and Mirror part of this is, "Bring a home inspector when viewing the property." Unless it is your relative or close personal friend, you will have to pay this person for each house you see. That's if you can get them to look at multiple houses in a timeframe where the houses doesn't go under contract. - This could be a one off type situation but to suggest it is just crazy.

[lisalee]

Its only a sellers market people....stop rushing to buy...your over paying...seriously 👍🇺🇸👍🇺🇸

[dunggg]

Buyer logic:
- low housing price with high interest rate, 2000/month mortgage = do not buy
- high housing price with low interest rate, 2500/month mortgage = let’s bid up the price of the house higher to buy

[glee]

I just wait for few more years to buy a house.. I will not pay overprice home.. i just wait .. this look like 2008 again soon

[jones]

i'm on the market for a home, but pickings are so slim (and expensive) that i'm starting to rethink buying right now.

[discorabbit]

What’s up with reporters disclosing personal information in their interviews?

[rhettjanes]

Well one reason that people now have the money to buy homes is because they didn't pay thier rent when the moratorium was in place

[erickvillegas]

She is saying millennials are buying homes because they are primed to buy homes? I seriously doubt that. Most of the houses in California are being bought in bids a couple thousand to a hundreds of thousands of dollars above the original price. Regular people are not buying homes. Real estate investors and anonymous shell companies are, with the profits they made over the pandemic and renting them out to people. There has been a trend of older individuals selling their houses for massive profits and moving to cheaper states. While those who still live in California are finding it harder and harder to find actual purchasable houses.

[volcanowb]

I was just thinking about the possibility of people not selling because they might not have a place to buy and move to. Has this happened much in the past markets?

[b.j.n.g.]

AROUND 25% (1 OUT OF EVERY 4) OF ALL HOUSE SALES IN THE USA ARE BEING BOUGHT BY INVESTORS AND/OR NON-RESIDENTS.
FOR ALL OF THAT, YOU MUST BLAME THE FED.
BE WELL.
SO, YOU JUST CANNOT BUY A HOME NOW THESE DAYS.
UNTIL 120 ...
---BJNG (BRIAN).

[desertmoonlight]

When the bubble bust their will be enough housing to go around

[heathweather]

The people buying overpriced homes are going to be underwater when the market crashes. LOL never learn.

[diannacashion]

I bought my first home at age 52 in 2012. I got a very low interest rate and it was a buyers market...I got an FHA with my Credit Union, and I got money from the city I live in to help me also....I paid $70, 000 for my home and I have seen three homes on my street sell for over double that price in the past year....and my home is the nicest home on my street...All were purchased by flippers.
I thought about selling, but I can’t afford the homes for sell that match my current home...
I owe very little on it...so...I’m staying put for now.

[frankarias]

Wake up . if my mortgage is too high I’ll just rent the garage adu and bank 1200 a month. That’s cheap in Cali . And if I’m ganna loose my home split the damm thing in half and rent it to Pedro Pablo and Maria they don’t care

[JTDyer]

It's a sellers market but it won't stay that way. The market always turns sooner or later.