Stunned Home Buyers Find the Bidding Wars Are Back: Bidding Wars Catch Buyers Off-Guard
Home buyers are unexpectedly finding more competition this spring in landing their dream home. Bidding wars are increasingly being reported in the Knoxville Metro real estate market, JustListedKnoxville.com reports.
"It's a little surprising because we thought bidding wars were done with," Buyers says they have been outbid on a homes, even though they offer to pay above the listing price and also waive inspections and other closing conditions.
Home buyers are frustrated and caught off-guard about the bidding wars re-emerging, real estate professionals report.
"We're writing a record number of offers, Why are things getting so competitive? The Knoxville housing markets are seeing a drastic decrease in the number of homes listed for-sale, leaving home buyers with fewer options and more bidding on the same house.
Housing analysts say the shortage in supply is from sellers unwilling to take much less for their home than what they originally paid for it and pulling their homes off the market. Also, a surge in investors has made the market more competitive, as investors snatch up homes in bulk in all-cash deals. 
“The bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick.
Source: http://realtormag.realtor.org/daily-news/2012/04/30/bidding-wars-catch-buyers-guard DAILY REAL ESTATE NEWS | MONDAY, APRIL 30, 2012