Latest NewsBuyers: You May Face Less Competition as Bidding Wars EaseThursday, 01 September 2022

 

Buyers: You May Face Less Competition as Bidding Wars Ease

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.

But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.

According to industry sources, the average number of offers on recently sold homes has declined considerably over the past few months

On average, 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.

What This 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 now 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.

Bottom Line
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, connect with your local real estate professional to get started today.

 

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