Between the pent up demand and low inventory, this year is shaping up to favor sellers in the housing market—something not seen in about six years.
Data from real estate website Zillow shows housing inventor y in the U.S. is down close to 18% from last year, which means competition for homes on the market is severe. Stories of bidding wars and all-cash offers are plentiful in some markets, and are forcing buyers to play offense.
“It varies by market, but in certain areas, like in the Bay Area or Orange County [in California], there is fierce competition for homes,” says Jani Strand, a spokeswoman for real estate company Redfin.