Zimpfer and Wheeler on growing demand in the housing market
In today’s Daily Download episode, Mortgage Marketing Radio’s Geoff Zimpfer and HousingWire Editor in Chief Sarah Wheeler discuss growing demand in the housing market, including rising median home prices, which are now up 15% year over year.
The housing market faced a lot of uncertainty when COVID-19 caused the real estate industry to pause under shut-downs, but low interest rates and the desire for more space have turned this year into a boom time for real estate agents.
“It’s been a circus, really,” said Anthony Lamacchia, Realtor and owner of Lamacchia Realty in the Boston suburbs. “Anything right outside of Boston is going like wildfire, but especially the single-family homes.”
Even though the average home sale price in Massachusetts is the highest it’s been in the last 10 years, Lamacchia said there are bidding wars everywhere and single-family homes are “just flying off the shelves.”
“I’ve never seen bidding wars – I mean, you know, randomly here or there – but I’ve never seen bidding wars with consistency in the fall like I have this fall. It’s crazy,” Lamacchia said. “They’re everywhere.”
HousingWire caught up with real estate agents across the U.S. to ask what their markets look like now compared to the summer and what they think the next few months could hold. Across the different markets, the agents consistently reported bidding wars amid heightened demand for single-family homes, low inventory and an increase of buyers fleeing big cities.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode: