Homebuyers are stretching their budgets and mortgage limits to win bidding wars

At a Sunday open house on a sunny spring day outside Philadelphia, only about a half-dozen families showed up to tour a $600,000 colonial. The home was in a sought-after suburb with excellent schools and had just gone on the market the previous Thursday. The showing was lean, likely because more than two dozen potential buyers had already seen it immediately, and there were two offers pending. That scenario is playing out in neighborhoods across the nation, as buyer demand soars and the supply of homes for sale sits at a record low.

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Source: CNBC