By Lily Katz | Redfin
A red-hot real estate market has forced house hunters to step up their game. Buyers are making bigger down payments, offering above asking prices, waiving more contingencies and going on additional home tours in order to compete during the pandemic.
Remote work and low mortgage rates have prompted scores of Americans to buy homes during the pandemic. The result? A severe housing shortage that’s fueling record-high prices and cutthroat competition. Many homebuyers are finding that in order to win, they must tour more homes, cut bigger checks and waive more contingencies.