• Tue. Apr 20th, 2021

Open houses cause traffic jams in crazy hot real estate market

Car after car parked next to the snow on the side of the road. Families walking on the street or waiting in line in the driveway. That’s the scene in a video recorded by realtor Stacy DiPhillipo at a recent open house in Lancaster.”There were hundreds of people that showed up, and, you know, I had a buyer that I was bringing, and it’s frustrating because you have to wait hours to get in, and sometimes you don’t even get in at all,” the agent of Lamacchia Realty said. The supply of homes for sale is extremely low, but demand is high. That leads to intense competition for homes.”You have normal seasonality, you have the virus getting worse again around the holidays, and now the snow. You put all those three together – it’s pushing inventory down as demand is soaring,” Anthony Lamacchia said.Kevin Green and his wife recently sold their home in Medford. It was listed on Jan. 27 and stayed on the market for less than a week. “We got roughly around 50 private showings, and we were somewhere around 150 for the open house visits, which was crazy, and on Tuesday – right when offers were due – we received around 29 offers,” he said.

Car after car parked next to the snow on the side of the road. Families walking on the street or waiting in line in the driveway.

That’s the scene in a video recorded by realtor Stacy DiPhillipo at a recent open house in Lancaster.

“There were hundreds of people that showed up, and, you know, I had a buyer that I was bringing, and it’s frustrating because you have to wait hours to get in, and sometimes you don’t even get in at all,” the agent of Lamacchia Realty said.

The supply of homes for sale is extremely low, but demand is high. That leads to intense competition for homes.

“You have normal seasonality, you have the virus getting worse again around the holidays, and now the snow. You put all those three together – it’s pushing inventory down as demand is soaring,” Anthony Lamacchia said.

Kevin Green and his wife recently sold their home in Medford. It was listed on Jan. 27 and stayed on the market for less than a week.

“We got roughly around 50 private showings, and we were somewhere around 150 for the open house visits, which was crazy, and on Tuesday – right when offers were due – we received around 29 offers,” he said.