Bidding Wars Slow

Good news for wannabe homebuyers. Bidding wars are not only down from their peak, but they are down from the same time last year, according to Redfin’s latest monthly report…(Redfin)

  • 58.8% of home offers written by Redfin agents in August faced competition. This was a record low for 2021.
  • Bidding wars in August were down from the 74.3% peak seen in April. It is also lower than the August 2020 rate of 59.4%.

Nicole Dege, a Redfin real estate agent in Orlando, FL, said buyers are getting more selective…

  • “Sellers are still pricing their homes very high, but a lot of buyers have had enough and are no longer willing to pay the huge premiums they were six months ago. Instead of 25 to 30 offers on turnkey homes, we’re now seeing five to seven…”

The highest bidding-war rate in the top 48 metro areas was in Raleigh, NC with 86.7% of offers written by Redfin agents facing competition in August.

  • The other top 5 included San Francisco/San Jose (70.7%,)Tucson, AZ (70.5%), Cincinnati (70.4%), and Salt Lake City (68.1%)