Hot pandemic housing market leads to higher prices, bidding wars

ABC News’ Elizabeth Schulze reports on how the high demand in the housing market sparked by the pandemic is pricing out some prospective homebuyers.

[hardonlife]

Sold my home and had 22 offers. I picked a family with a letter that touched my heart. A month after closing I see my house for rent. Fml

[stacey]

It’s very tough but I’m hoping everyone who truly desires having a home will get one.

[vickiwooley]

here where i live az people from ca are buying all the houses and raising rents double causing many locals to become homeless

[bullyhomestead]

We bought a house two years ago once we saw how much our value went up we listed and bought in an area we really love. We were able to buy new construction but the waitlist was literally HUNDREDS of people.

[danielsemmens]

Why the he did they pick the Bay Area one of the most craziest places in the world to buy a home

[willdavids]

Going to be interesting times to see the bubble bust.

[d.lamborghini]

Born and raised in the Bay Area... A few years ago, When I bought my 1st home here, I lost 53 times in a row dealing with snobby owners and agents, won on my 54th try, sold my home for a record and was still behind going on my 2nd, which took me 23 times to win... -.-

[kyuremcjn]

I am just glad that I am saving up money and renting for the moment, and get a home build in Australia 🇦🇺 to live the dream over there 😌

[Razento]

Is anyone else being told by the Listing agents that they won't consider your offer unless you waive Appraisal and/or Inspections?

[JayBirdPhotos]

Good story BUT there is a huge part of this that was missed. Where are people getting the money to put all cash offers on houses. This is especially true when homes are going for way more than asking price. Even if its not all cash, are buyers getting into way more debt than they should be and why are banks lending these high amounts out? I know in my area there are a lot of foreign investors buying up houses or people on California and New York salaries buying up houses in lower cost areas. Companies should adjust someone's salary when they move out of the state where the company is based and banks should really look at where the money is coming from or we will see another crash of the market like we saw in California in 2009 and 2010 after the same booming rise in prices started in 2001.

[ettiandbuddy]

What about the manufactured housing market? I never hear anyone talking about that. Buying a small tract of land 30-40 miles away from the city is basically like buying in the suburbs at a lower cost. And manufactured housing is built to the same standard and at a cheaper cost. I think its a viable alternative to what people are looking for. What do y’all think?

[markbrown]

This a nightmarish joke. Who wants to pitch a 10, 000.00 tent in SF? Not me.

[mrmustangman]

these people will be sorry when the bubble pops and the price of their home is not worth what they paid for
then i will swoop in and buy it after its in foreclosure for pennies on the

[Trd]

Can’t wait for this bubble to pop. Then I will come in and make my purchase

[okefznf]

Bad time to buy a house RN tbh. Just rent for another year or two... Lunacy

[ms]

All of a sudden everyone is going out and buying very over priced houses on credit. I thought the economy was so so bad, wonder were people are getting the money to pay for mortgage that’s $1, 800+ a month.

[youtoobization]

So now rents are going to go up too? This feels like an American nightmare.

[raycasares]

It's obvious who's buying them all. CORPORATIONS SHOULD NEVER BE ABLE TO BUY HOUSES

[Marina]

I tried to buy a house in the Atlanta area for almost 6 months. I put offers in five different properties and lost them all. I'll wait until the market crashes to buy a house.

[dogan]

Don't be desperate to buy a house. When you're desperate you're going to pay through the roof.