The housing market is at an all-time high. As the supply is not meeting the demand, house prices are skyrocketing. Potential buyers are putting in offer after offer, only to be denied.

(WGGB/WSHM) -- The housing market is at an all-time high. As the supply is not meeting the demand, house prices are skyrocketing. Potential buyers are putting in offer after offer, only to be denied.

“Oh my God, it was crazy. We would find a house, it would literally say it’s been on the market for like 30 minutes, and I would text my relator and be like ‘Oh, can we have a showing?’ and they were like ‘It’s already sold,’” said Britney Peltier of Springfield.

Houses are selling in record time and, in most cases, well over asking price. Peltier put offers in on four homes. One was accepted for more than $20,000 over asking.

“Come time of our inspection, we found that the whole back of the house was rotted. There was extensive water damage that was covered up. It was basically like a flipped house and they kind of tried to fix the boo-boos and hide it,” Peltier added.

Peltier decided to rescind her offer and put off her house search until next year.

So, what's going on? We talked to Denise Desellier, a local real estate agent, who's been in the industry for more than three decades.

“It’s getting really challenging…I’ve never seen it to this level in my 35 years,” Desellier explained.

Desellier told Western Mass News that interest rates are at a record low.

“So, we have the buyers out there qualified, but inventory is down 47 percent from last year…I think up until recently, a lot of people didn’t want to put their house up on the market. They still didn’t want people coming in and people are staying in their homes a little bit longer,” Desellier noted.

She said the lack of supply is causing the multiple offers on homes and with more cash buyers, the first-time buyers and Veterans Affairs loan buyers are having a hard time competing.

“I have one buyer. We are putting in two offers a day on homes because he was missing that many homes. He was frustrated, he must have put in easy 12 offers, but he was in the price point and he couldn’t out due the other offers going in,” Desellier added.

According to the Department of Housing and Urban Development, across the state, house prices have risen by an average of eight percent from last year. Desellier told Western Mass News buyers need to be prepared to pay over asking price if they want a house in this market.

“Some people are also foregoing the inspections to make their offer stronger…Some people are even taking out the contingency to appraisal,” Desellier explained.

For a lot of buyers, they can't compete.

“It’s disheartening because it’s something you think about and you’re excited for and it’s one of those milestones you always want to reach and knowing that you are going to get there when the times come only to be constantly out bid. It’s like ‘Am I ever going to get a house without having to pay and arm and a leg for it?’" Peltier said.

If you're wondering when the market will get better, Desellier thinks when interest rates go up, the market should even out.

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