6 tips for buyers in competitive real estate markets

Source: CNET — 

The housing boom is real. Driven by a confluence of supply shortages and historically low interest rates, we may be living through one of the most challenging eras — ever — for home buying. And the data backs this up: Last month, Redfin reported some truly discouraging statistics that show much how the market has tightened even since last year. Here’s a bleak snapshot comparing the housing market in August with one year prior:

• Median home-sale price increased to $361,225, up by 16%
• Asking prices rose by 10% 
• Pending home sales increased by 10%
• 84% of homes that went under contract had an accepted offer within two weeks of hitting the market
• Active listings decreased by 23%