Inventory: The elephant in the home-buying room

The lack of homes for sale certainly is having a dramatic effect on the local real estate market, particularly in the lower price ranges.

A lot of listings are stating that “highest and best offers” must be received by “Friday” and will be reviewed by “Saturday.” There are multiple-offer situations; we have heard reports of as many as 20 offers being received on one property. Many offers contain escalation clauses and/or offer more than list price. To get around any appraisal issue, some buyers are even stating that they are prepared to pay the difference in cash if the property does…