Buyers should consider what would go wrong in this kind of market. A bidding war could entice you to spend more than can afford. An inflated price could leave you paying more than what you could sell the house for down the road if prices fall.
Study whether prices in your city are being driven by low inventory, which could be a warning sign, or a solid economy. which could sustain prices.
Set a budget and stick to it. And see if new homes may hit your local market soon, which could cool things down.
Keep in mind that it could still be a good time to buy. Mortgage rates remain near historic lows and home prices could keep rising.
House hunting can be difficult when homes for sale are hard to find. Listings have grown scarcer in many cities. A shortage of listings can have a significant impact on prices.
As a result buyers should figure out what they can afford to spend ahead of time to avoid bidding wars. Once you set a budget, stick to it. Be prepared to walk away if prices get too high.
Be sure the monthly mortgage payments will leave enough left over for living expenses and emergency funds. Think about how you would cover the cost if you were temporarily unemployed.
Good luck happy house hunting.
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