Homebuyers are paying above list price in competitive market: survey

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Homebuyers find themselves in a competitive market with a shortage of available homes and many are paying above list price to land their dream homes, a survey found.

Sponsored by Credible - which is majority owned by Fox Corporation. Credible is solely responsible for the services it provides.As American families seek out their dream homes in a housing market marked by a shortage in available homes for sale, many end up making multiple offers and paying above list price,Nearly half of the homes sold in July went for more than the original list price, according to Bright MLS internal data.

And in an attempt to land their dream homes, many Americans are making multiple offers. Three quarters of first-time buyers had to make an offer on more than one home, the survey said. And the typical first-time buyer made an average of 3.3 offers before closing on a home in July, according to Bright. On the other hand, 65.4% of repeat buyers made at least two offers before succeeding.

Despite being in a housing market defined by high home prices and mortgage rates, many American families are still eager to become homeowners.

 

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