CALL INFO LINE: 801-859-6555
 Welcome to the FreeUtahHomeSearch.com Blog

2015-03-16 13:44:00
Overcrowded Open Houses Draw Police

Overcrowded Open Houses Draw Police

Open houses in some markets are drawing such large crowds that police are being forced to shut them down, CNBC reports.

The Rush Is On: Buyers Willing to Camp Out to Snag a Home

A recent open house in Belmont, a suburb of Boston, drew more than 100 people within 45 minutes. The crowds blocked the  streets, which prompted neighbors to call the police to close the open house.

'We got shut down!' Catherine Luther, a real estate professional with Channing Real Estate, told CNBC. 'I’ve been in this business for 30 years, and it’s never happened before.'

Luther hired an off-duty police officer to direct traffic for an open house the next day at the same property. That open house drew more than 150 cars. Shortly after the weekend, the home was under contract with more than a dozen bids.

Inventory Challenges

A Big Threat to the Spring Housing Market

Inventories Tighten Up Again

Bidding Wars Brew Under Tight Supplies

Why Inventory Problems Aren't Going Away

'We really need more inventory,' Luther told CNBC. 'Prices are going up, and we just don't have enough property to sell.'

A similar incident was reported at an open house in Seattle, which drew more than 100 potential buyers. In the Phoenix area, more than a dozen people camped out for days for the chance to buy one of the 30 homes in a new community, which were priced in the low $200,000s. 

Sparking the buyer rush is the lack of inventory in many markets. In January, a 4.7-month supply of homes were up for sale, a very limited supply heading into the spring-selling season, according to the National Association of REALTORS® housing data. A six-month supply is considered by most economists' accounts to be a more balanced market. 

Buyer demand is increasing, boosted by improving employment and high rents that are pushing more people into home ownership. 'We're afraid that interest rates are going to creep up, and inventory is down, so there's more of a fear of loss right now in the market and people are coming out,' Maria Rini, a real estate professional with RE/MAX in Bergen County, N.J., told CNBC.

Source: 'Call the Cops! This House Is for Sale … Huh?' CNBC (March 13, 2015)

 
Blog Archive
2017-04-16 09:49:56
Population Growth Shifting Out of SL To UT County

2017-04-16 09:49:01
State’s economy fueling population growth

2017-03-10 16:03:59
CNBC ranks Utah No. 1 state for business

2017-03-08 10:24:12
Toughest & Easiest States for 1st Time Home Buyers

2017-01-04 10:39:50
Housing Market 2017: The Positives & Negatives

2016-06-14 10:31:17
Salt Lake Monthly Housing Report

2016-05-20 15:42:35
Who Pays the Highest Property Taxes?

2016-03-31 15:49:40
Cities to Watch: 2016's Fastest-Growing Places

2016-03-29 13:19:08
Salt Lake Quarterly Housing Report

2016-01-28 08:37:27
Park City 2015 Year-end Statistics Press Release

2016-01-18 10:50:31
5 Things to Never Say When Selling a Home

2016-01-11 11:46:49
The ‘Missing Link’ in Housing

2015-12-23 12:08:43
5 Real Estate Trends That Will Dominate 2016

2015-12-15 10:56:50
How Will Higher Rates Affect Housing?

2015-12-04 10:39:02
Big Expectations for Housing in 2016

2015-12-01 10:07:30
6 ‘Tacky’ Home Décor Trends

2015-11-10 11:31:23
Home Buyers Don’t Need to Fear

2015-10-28 09:48:58
Home Prices Rising at Faster Pace Than Inflation

2015-10-20 15:23:54
Scammers Using New Chip-Based CCs as Fresh Phishin

2015-10-09 10:13:25
3 Home Inspection Deal-Breakers

2015-10-06 14:42:40
The Next Three Months: Best Time to Buy

2015-09-17 10:30:01
How High Will Mortgage Rates Actually Climb?

2015-09-11 14:14:05
Best Day of the Year to Buy a Home

2015-08-24 08:28:04
Home Resales at 8-Year High as Buyers Act Before M

2015-07-31 11:21:43
Utah Economy Newsletter June 2015 Now Available

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.