NEW YORK ( TheStreet) -- U.S. homebuyers are getting creative and aggressive in the search for the perfect house.
In fact, the real estate market has become so competitive that about two-thirds of all U.S. homebuyers say they would use "aggressive" tactics to buy a home, including paying all the seller's closing costs and placing a bid well above the asking price for a home, according to Trulia.com's (TRLA) latest homebuyer survey.
"The recent increase in mortgage rates hasn't slowed demand as long as home affordability remains high," said Bob Walters, chief economist at Quicken Loans . "We are, however, seeing an increased urgency from potential new homebuyers as they move to secure today's historically low rates."Realtor.com. Trulia adds that home prices in so-called "hot markets" such as Oakland, Calif., and Las Vegas have risen by over 15%. Some additional numbers from Trulia:
- 38% of buyers in the nation's "hottest" markets worry they won't find a home for sale they like.
- 33% of buyers in those "hot" markets worry they will have to compete with other buyers over their dream home.
- 30% of homebuyers worry they won't qualify for a mortgage.
- U.S. households with annual incomes of more than $100,000 annually are more likely to bid higher than a home seller's asking price and more likely to offer to pay the seller's closing costs to clinch a deal.
- U.S. households with less than $50,000 in annual income are more likely to borrow from family or friends to make a 20% deposit on a new home.
- Younger homebuyers are especially aggressive about locking down a home deal.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts