A South Florida realtor described the summer housing market as a "feeding frenzy" Tuesday, telling "Mornings with Maria" that rent prices are also skyrocketing as landlords take advantage of potential buyers losing bidding wars.
SAM DEBIANCHI: The market is insane, and I know I've been saying this every time I come on, but it truly is. It's been some hot housing markets. Take Phoenix, for example. You're seeing a 20 percent increase, San Diego, 19 percent, Seattle, 18 percent. And here in South Florida, where I am, I can say it is a feeding frenzy for homes.
When COVID first started, we all thought the market was going to crash. Nobody knew what was happening. I was scared for my industry as a whole. And then slowly but surely, here we are. The market is nuts. And it's not just in home sales. You're also seeing rent prices because a lot of these landlords right now are also taking advantage of the fact that people can't buy a home. I mean, I just put one of my buyers under contract and just Sunday alone, they had 80 people show up to an open house, which is nuts. A lot of people, needless to say, are losing these bidding wars, going back to renting until they can be able to buy. And landlords are taking advantage and charging top dollar as well.