Home Offers Still Facing Competition

More often than not, you still can’t put an offer on a home without someone else making a competing offer. For the sixth month in a row, more than half of home sales have been the subjects of bidding wars, according to a new report released by Redfin on its properties. In October, 56.8 percent of Redfin offers on homes in the United States faced competition – down from a peak of 59.3 percent in August. “Has the market calmed down since the summer? Yes, but every offer I submit still faces multiple competing bids and we continue to see a lot more buyers than we normally would at this time of year,” said Melissa Killham, a Redfin real estate…

Bidding Wars Still Common In US Housing Market

There’s still a ton of competition if you want to buy a house. Redfin released a report Tuesday that finds 56.3 percent of Redfin offers on homes in the United States faced competition in September, down a bit from the 59.1 percent in August. A majority of offers still faced bidding wars for the fifth month in a row. “The slight decline in bidding wars is largely a reflection of a seasonal cooldown, which typically starts in the late summer but was delayed by a few months this year,” Redfin chief economist Daryl Fairweather said. “But homebuyers are still sweating as they navigate what remains an unseasonably hot seller’s market.” Salt Lake City was the most competitive market with 81.1…

Redfin: Bidding Wars Continue

More than half of Redfin offers on home purchases faced competing bids in July, according to a new report released by the brokerage. Redfin reports that 54 percent of offers nationwide had at least one competing bid – down slightly from 56 percent in June. It is the third month in a row that half of Redfin offers experienced bidding wars. “Bidding wars may slow down if interest rates tick up again, which could happen if we get good news about a coronavirus vaccine or more clarity around the outcome of the upcoming U.S. presidential election,” Redfin chief economist Daryl Fairweather said. “At the same time, we may still be in the early innings of the pandemic migration wave. If coronavirus…

Bidding Wars Increase As Homes Remain Scarce

A shortage of homes on the market and pent-up demand continue to drive bidding wars for homes across the country even in the face of a resurgent coronavirus pandemic, according to a report released by Redfin. In June, 53.7 percent of Redfin offers faced competing offers – up from 51.8 percent in May and 44.4 percent in April. “Bidding wars continue to be fueled by historically low mortgage rates and fewer homes up for sale than almost any time in the last two decades,” Redfin economist Taylor Marr said. “It’s like a game of musical chairs where only the best bidders get a seat. Both renters and move-up buyers who have held onto their jobs are vying for the small…