A "sale pending" sign sits in front of a home in Albany. For those trying to buy a house in the greater Capital Region, the process can be frustrating amid low inventory.

In recent months, I’ve been trying to help out-of-town relatives buy a home in the Capital Region. It has been an eye-opening experience.

Houses often sell within a day or two of hitting the market. Real estate agents tell me they’re receiving bids before they’ve even shown a house. Open houses, to the extent they’re necessary, frequently yield offers above the asking price before the first complimentary cookie has been swallowed.

Advertisement

Article continues below this ad

All of this is fantastic for sellers. But it’s terrible for buyers.

They have no negotiating leverage. They have the stress of having to make a split-second decision on whether to submit an offer. They experience the disappointment of losing out on homes, again and again. They suffer the effects of a market that feels brutal.

Unsurprisingly, the issue is primarily about supply. There just aren’t enough homes available, particularly within the $250,000 to $400,000 sweet spot.

Interest rates are partly to blame. With rates between 6% and 7%, generally, it just doesn’t make financial sense for many homeowners to........

© Times Union