This month, one of our colleagues won a home in bay area. When he shared the home address, we came to know three of our colleagues bid for the same home ! Each of them became the competitor for any homes near by locations.
Buyers are scared by the mortgage rate hikes and feel that they will be priced out forever with higher mortgage rates.
Nowadays, people - long awaited people - are crazily bidding to get a home to lock into 30 year fixed !