One of the
top stories in recent real estate headlines was the intensity and frequency of
bidding wars. With so many buyers looking to purchase a home and so few of them
available for sale, fiercely competitive bidding wars became the norm during
the pandemic – and it drove home prices up. If you tried to buy a house over
the past two years, you probably experienced this firsthand and may have been
outbid on several homes along the way.
the news you’ve been waiting for: data shows clear signs bidding wars are
easing this year.
the National Association of Realtors (NAR), the average number of offers on
recently sold homes has declined considerably over the past few months (see
shows homes were seeing a high of around five offers earlier this year. But the
latest data shows that average was down to just shy of three offers per
recently sold home. This shift is happening largely because rising mortgage
rates moderated buyer demand and slowed home sales, resulting in a growing
supply of homes on the market. Essentially, more choices for buyers.
Means for You
If you put
your home search on pause because you were outbid last year or because you
didn’t want to deal with the peak intensity of bidding wars, you can breathe a
welcome sigh of relief. While it’s still a sellers’ market, an uptick in
inventory gives you a window of opportunity to jump back in. You may still be
competing with some buyers, but it likely won’t be anything like it was just a
few short months ago.
If you put
your plans on pause because of intense bidding wars in recent years, it may be
time to kick off your home search. Today, bidding wars are easing and that may
mean less competition for you as a buyer. If you’re serious about buying a home
or making a move, let’s connect to get started today.