A shortage of homes for sale and rising home prices are making it challenging for first-time buyers, in particular, this spring. For those who want to land a home, real estate professionals are urging them to move fast.
The price of an existing home in March was about $250,000, up nearly 6 percent from a year ago, according to the National Association of REALTORS®. Homes are selling faster too, often under contract in about a month.
“The starter house is nearly missing in some markets,” says Jessica Lautz, NAR’s director of survey research and communication.
In Colorado Springs, Colo., real estate pro Jay Gupta says the imbalance between the supply of homes and demand is “unprecedented” and many buyers are being priced out of some areas.…