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Open Houses Feel Like ‘Standing in Line Trying to Get Into a Club in Vegas’

Sales Fall, Homebuyers Resort to Desperate Measures CREDIT TO: DICCON HYATT excerpt from the balance .--- Home sales fell 2.7% in April, the third straight monthly decline, as the inventory of homes on the market stayed near record lows, the National Association of Realtors said Friday.

--- A shortage of sellers, not buyers, is driving the decline in sales. Prices continue to climb as multitudes of buyers compete over the few homes for sale.

--- Homebuyers have resorted to making offers over the asking price, waiving inspections, and even writing personalized letters to tug on the heartstrings of sellers. Fortunately, there are several reasons to be optimistic things will start to cool down, said Lawrence Yun, chief economist of the NAR, in a statement. As anxiety about contracting COVID-19 fades and homeowners become more comfortable allowing people into their homes, the supply of houses for sale should increase in the coming months. A declining number of people in mortgage forbearance will also help, he said.

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