Source: Fortune —
Entering into 2022, the consensus among much of the real estate industrywas that the spring housing market—the industry’s peak season—would be a bit less frenzied this year. After all, it couldn’t get much worse than the 2021 spring housing market, when over 70% of home listings saw a bidding war, right?
Unfortunately for would-be homebuyers, that conventional wisdom has shifted. Not only does the spring housing market look like it’ll be red-hot, there’s a chance this goes down as the hottest spring homebuying season ever. Already, bidding wars are picking up again.
“Spring buying has sprung, and it’s wild and it’s crazy out there. It is causing some frustration at this point in the real estate market,” Devyn Bachman, vice president of research at John Burns Real Estate Consulting, told Fortune.