Whyte and Lauer both commented on an aging population looking to move out of their larger homes to one-story houses or condos. But these people generally have a lot of money saved up, Whyte said, so they can wait to sell their houses until they find and purchase their next house.

With few homes for sale, buyers are doing everything in their power to get properties before they’re gone, working to make offers stand out in the crowd. It’s not uncommon to be competing against ten other buyers, Winzenried said.

He has seen offers at thousands of dollars over asking price. The percentage of the down payment is also important to consider, he said, as sometimes larger down payments win the day.

In addition to ready money, buyers need flexible schedules, Winzenried said. A lot of the homes coming to the market won’t offer any showings until the open house, so if potential buyers can’t make the open house, they might be out of luck.

“It might be gone by the time Monday rolls around,” he said. “It’s been hectic.”