Wednesday, September 7, 2022 / by Sydney Stahr
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:
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 ...