The housing market is seeing high demands

IT'S A RED-HOTHOUSING MARKET.A NEW REPORTFROM FINANCECOMPANY FREDDIMAC FOUND - THEU-S MARKET ISALMOST FOURMILLION HOMESSHORT OF BUYERDEMAND.FREDDIE MAC SAYSTHIS GAP HASGROWNSIGNIFICANTLY INTHE PAST TWOYEARS... BECAUSEBUILDERS CAN NOTKEEP UP.MEANTIME -- THEAVERAGEMORTGAGE RATEHAS JUST FALLEN.THE BENCHMARKTHIRTY-YEARHOME-LOANDROPPED TO ABOUTTHREE PERCENT.AS 7 EYEWITNESSNEWS REPORTERJEDDY JOHNSONTELLS US -- THIS ISALL CREATING AFRENZY INWESTERN NEWYORK.THE HOUSINGMARKET ISWESTERN NEWYORK ISEXPERIENCING ADEMAND LIKE NOOTHER.LEE "LIKE ITS JUSTNOT NORMAL .."AND ITS CAUSINGBUYERS LIKE LEECULP OF GRANDISLAND A LOT OFSTRESS.LEE "IMOBSESSIVELYCHECKING ONREALATOR.COMDAILY HOURLY..

I GOTO BED AT NIGHT IWAKE UP AND ITSLIKE AN ADDICTIONWHICH IS SAD ANDSICK."BUT HIS REALITY ISALSO THE REALITYOF SO MANY OTHERBUYERS INWESTERN NEWYORK.VL "MY BUYERS AREEXTRODINARILYFRUSTRATED..

THEYARE DOINGEVERYTHING THEYCAN AND IT'S NOTTHEIR FAULT."VIENNA LAURENDI ISAN ASSOCIATEBROKER AT HOWARDHANNA AND SHESAYS IN ALL HERYEARS AS RELATORSHE'VE NEVER SEENSUPPLY THIS LOW.VL "TO ONLY HAVELESS THAN 2 DOZENHOMES AVAILABLEON GRAND ISLANDOF A WIDE VARIETYOF PRICE RANGE ISALMOST UNHEARDOF."STANDUP: BUYERSARE BECOMING SOEAGER TO SECURE AHOME THAT THEY'REWILLING TO OFFERUP WAY MOREMONEY THAN THESELLERS ARE EVENASKING FOR.

THISHOUSE ON GRANDISLAND SOLD FOR 30THOUSANDDOLLARS ABOVE ITSASKING PRICE.LEE "ITSFRUSTRATINGBECAUSE OF LOT OFTHESE OFFERS AREOFTEN IN CASH ANDI DO NOT KNOWWHO HAS THISMONEY IN CASH ITBLOWS MY MIND."LAURENDI SAYSSHE'S NEVER SEENTHIS MANY CASHBUYERS IN THEMARKET PLACE BUTTHEY'RE THE ONESSECURING HOMESDURING THISUNPRECEDENTEDTIMEBETH "OUT OF THEFIVE OFFERS I JUSTWENT WITH THEONE THE WASHIGHEST TO BEHONEST."BETH ANTON IS ASELLER ON GRANDISLAND..

AND SHESAYS SHE'S NEVERSOLD A HOUSE ASQUICKLY AS SHE DIDTHIS ONE.BETH "LITERALLYWITHIN 24 HOURSOF HAVING THEHOUSE GO ON THEMARKET I HAD 15SHOWINGS BOOKEDIMMEDIATELY."VL "AND NOW WE'VEGOT 14 BUYERSWHO DIDN'T GET AHOUSE SO THEYRESITTING ANDWAITING IN THE FOXHOLE FOR THE NEXTFOR SALE SIGN TOCOME UP ANDTHEYRE ALL GOINGTO THE SAME ONE."LAURENDI SAYS THELACK OF BUILDERS,FOECLOSURES, ANDSELLERS IS REALLYWHAT'S BRINGINGTHE HOUSINGMARKET TO THISFRENZY.VL "IF WE'VE GOTPEOPLE WHO HAVETO RELOCATE ANDWE HAVE A DOMINOEFFECT OF YOUKNOW A HAS TOMOVE INTO B HASTO MOVE INTO C ..,WE'RE HAVING AREAL TOUGH TIME."AND ..

SHE'S NOTEXACTLY SUREWHEN THE ROUGHPATCH WILL END.VL "AND IF I CANENCOURAGE ANYBUILDER OUT THEREWHO'S ON THEFENCE..

STARTDIGGING BECAUSEYOUR NEW BUILDSARE IN HIGHDEMAND."