Bidding Wars are Off the Charts as the Spring Housing Market Starts

Presidents Day weekend marked the unofficial start of the spring housing market, but homebuyers looking to get in this year will have to hold on to their wallets. Bidding wars are off the charts, even as home prices are rising rapidly. About 40% of longtime home searchers in a new survey by the National Association of Home Builders said that the primary reason they haven't bought a house yet is because they keep getting outbid.

The reasons are flipped from a year earlier, when 44% said unaffordable prices were the biggest reason they hadn’t bought yet, and 19% cited getting the fact that they were outbid. Read more.