Home buyers face serious competition

Winning in a seller's housing market

By Sarah Max @Money                             September 12, 2012: 5:53 AM ET



(Money Magazine) -- When Paul and Ieva Johnson moved from Minnesota to Florida, they were looking forward to warm weather and plenty of bargain-priced homes. But when the couple made their first offer earlier this year, they quickly discovered that they'd have to settle for the sunshine.
  
Not only didn't they get the house, says Paul, but "we didn't even get a callback." Over the next two months they put in seven offers -- most at or above asking price -- before finally making a successful $365,000 bid on a Sarasota three-bedroom.

To their surprise, buyers in some housing markets are finding that they're no longer in the power position. The reason is simple: too many bidders and not enough homes.

Read more here...Home buyers face serious competition