Homebuyers increasingly willing to pay above asking price

LOS ANGELES (AP) — The red-hot U.S. housing market is widening the gap between what a home is objectively worth and what eager buyers are willing to pay for it. Fierce competition amid an ultra-low inventory of homes on the market is fueling bidding wars, prompting a growing share of would-be buyers to sweeten offers well above what sellers are asking. Home prices have rocketed to new highs and many homes are selling for more than their appraised value. Jeff Tucker, a senior economist at Zillow., says the current housing market might be the most competitive in modern times.