Wednesday, September 7, 2022 / by Sydney Stahr
September Market Update - Things are Shifting!
Buyers May Face Less Competition as Bidding Wars Ease
One of the top stories in recent real estate headlines in the past couple years has been 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.
Fear not! Things are beginning to shift as seen in the graph below. According to the National Association of Realtors, the average number of offers on recently sold homes has declined considerably over the past few months:
If you put your home search on pause because you were outbid last year or because you didn’t want to deal with the absolute craziness of the 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're still on the hunt for a home, contact us today to get "restarted" on your home search!
(Article content from Keeping Current Matters: https://www.mykcm.com/2022/08/31/buyers-you-may-face-less-competition-as-bidding-wars-ease/)
Fear not! Things are beginning to shift as seen in the graph below. According to the National Association of Realtors, the average number of offers on recently sold homes has declined considerably over the past few months:
The graph 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.
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 absolute craziness of the 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're still on the hunt for a home, contact us today to get "restarted" on your home search!
(Article content from Keeping Current Matters: https://www.mykcm.com/2022/08/31/buyers-you-may-face-less-competition-as-bidding-wars-ease/)
