Bidding Wars on the Rise as Housing Market Recovers?

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Thanks Michael and -- today's big story on the Fox Business Network.

Real estate the last few years the most expensive homes have not sold as -- -- and many sellers.

Were hesitant to even put their properties on the market but now that is changing fox business's Adam Shapiro joins us from our -- New Jersey.

With much more good morning out -- Hello again -- you know we've shown you this house I hit the market for two point six million we've spoken to the builder the owner they have real estate agent.

Let's talk some numbers as my photographer frank shows you.

More of this lovely home higher end homes.

Yes selling but as we heard here in Somerset County homes for a million dollars even slightly under a million multiple offers they don't like to use the -- the term bidding war.

But that is what's happening as buyers come back into the market.

As home prices go up what is it -- point 3% year over year in December largest increase since 2006.

Let's say you wanted to buy this house and you put 25%.

Down on -- Home like this a higher -- -- you're gonna have to put down more than 3%.

Put down roughly 630 now.

-- -- financing two million.

At four and a half percent you're looking -- -- monthly payment of roughly 121800.

Box taxes on this 124000.

Dollars a year.

Of course if you can afford a home at two point six million you're probably not gonna blink too -- -- -- when he -- thousand property taxes.

When we spoke to Jane divine the real estate -- she was telling us.

That everyone thinks about the real estate season being the spring selling season she is telling her potential sellers.

To get into the market now that it is time to put the house on the market now.

Because of the fact they're getting multiple offers at the million dollar price level I think about it has lost -- FB.

But.

We talking here.

The fact that you have not only sellers coming back in but the buyers when we spoke to Bruce -- who built this sound.

He said that he had bought the properties on which he built this home he's going to be breaking ground on another home this spring.

He was telling us that he waited a few years because there was just no demand for a house like this.

So -- a throwback to you now.

Thank you so much Adam -- Shapira.

In far hills New Jersey -- take care more on.

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Bidding Wars on the Rise as Housing Market Recovers?

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