Real Estate
Bidding Wars Hit Record as U.S. Housing Market Shows No Signs of Slowing
New families, remote workers and rising mortgage rates made January the most competitive month ever for house hunters.
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Erin Damato and her husband have been seriously looking for a home since last fall to accommodate their growing family, and they’re finding that nearly $1 million isn’t enough to meet their needs anywhere in New Jersey.
They bid $828,000 for a house listed last month for about $750,000 in West Orange, about 20 miles west of New York City, only to find out from their real estate agent that their offer was the sixth best of more than 20 received by the sellers. She estimates the home sold for close to $1 million.