Looking to buy your first home?

There's just not enough housing available, and the shortage has caused home prices to rise. In the hottest markets, sellers are getting
multiple offers well over asking prices. "It will be tougher this
year," said David Berson, chief economist at Nationwide and a former
chief economist for Fannie Mae. "There is going to be less choice and
higher prices, and on top of that, mortgage rates have moved up." Not
only do first-time buyers have a dearth of homes to choose from,
starter-homes are more expensive, smaller, older and more in need of
repairs than they were six years ago, according to a recent report from
Trulia.To get more market news, you can visit shine news official website.

"Everything about buying a starter home has become less desirable," said Cheryl Young, Trulia's senior economist. Rising land, building and
labor costs have made constructing starter homes tough for builders who
can get higher returns on upper-tier homes.

"The price difference between starter and medium trade-up homes has gotten wider," said Young. "People might not have a problem selling
their home ... but the idea of that price spread has kept people in
their current homes."

Many homeowners are still underwater, meaning they owe more on their mortgage than their home is currently worth, so it wouldn't make sense
to sell right now.

"For many current homeowners, if they bought a home in the last 10 years or have refinanced, they have a lower rate than any time they've
seen in their lives and possibly ever will," noted Berson. It's a
full-time job to be a buyer," said Kalena Masching, a real estate agent
with Redfin in the San Francisco Bay Area. "They are out there every
weekend and also going out right after work and during lunch breaks."

The Bay Area is one of the hottest markets in the country. It's common for homes to go into contract within days of hitting the market,
with some not even making it to market before bids come rolling in.

She recently had a client win a bid after putting in five offers. His winning offer was $500,000 over asking price with no contingencies.
He also presented a letter from his parents that detailed all their
assets along with their willingness to help him out.