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The Boston Globe

Business

Rising prices, tight supply complicate house hunting

Higher interest rates also ahead in fall housing market

Rich and Carrie Garfield are still suffering from sticker shock after entering the housing market in the spring and getting outbid three times for homes — even after offering as much as 20 percent over the listed price.

“I always expected high prices,” said Rich Garfield, 31, a software engineer now renting in Somerville’s Davis Square, “but our agent told us right off the bat that everything we looked at would go higher than the asking price, and that’s exactly what has happened.”

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