Why Homes Are Selling for Over Asking Price
Imagine a home in Berkley, CA, selling to a buyer that paid $1 million over the asking price to beat out 29 other buyers. Why? A strange phenomenon has overtaken the housing market, and prospective homeowners are finding themselves in a seller’s market when they come to the table looking for a new home. The coronavirus pandemic has caused the perfect storm for homebuyers that is causing the price of houses to rise and made the home buying process far more competitive.
Here’s what caused the spike in home costs.
COVID-19 shifted consumer habits in a very short period of time. People who lived in smaller spaces and commuted to work in big cities found themselves suddenly homebound and in need of…