Navigating a housing market that's gotten so competitive, it's "nuts"

Competition in the U.S. housing market is fierce this spring buying-and-selling season, with surging demand and record-low inventory of homes for sale. For homeowners who have been considering selling their properties, the time could be ripe to jump into the market. 

"The inventory levels are so low that we are seeing houses sell as quickly as in 20 days on average. So that's nuts," CBS News business analyst Jill Schlesinger told CBSN, referencing to February data from the National Association of Realtors. In the same month last year, properties stayed on the market for an average of 36 days.  As for inventory, the number of homes on the market is down almost 50% year-over-year, while 36% of homes sold above list price, according to real estate brokerage Redfin.