09/11
Prospective Homebuyers Facing Less Competition
Looks like the gloves are coming off – future homebuyers are facing less bidding competitions than they were last summer.
According to Redfin’s survey, 10.4% of offers faced a bidding war in August – this is down more than 42% a year prior.
March 2018 saw the highest bidding war rates, with a high of 59%. As the housing market cooled in the year to come, so did the bidding.
Redfin Chief Economist, Daryl Fairweather, does expect home-buying competition to pick back up in the near future, as “[homebuyers] will likely adjust to the new ‘normal’ of continued volatility in the stock and global markets, and the people who need and want to make a move will take advantage of low mortgage rates.”
San Francisco, California saw the biggest percentage of bidding wars this past August, at 31%. The lowest bidding wars found this past month went to Atlanta, Georgia at 2.4%.
If you’re looking to enter the housing market, it looks like you might not have to enter into a bidding war anytime soon.
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