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:


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 ...

Common Questions We Keep Hearing
There is a lot of confusion and understandably so, which is why this month’s Housing Update is a bit on the lengthier side.
 
·        Are we heading for another housing bubble?
·        Should I list my house now or keep it listed? Or wait until things settle down?
·        Is now a good time to buy or should I wait and see if prices will go down?   
 
If you have time to watch it, we encourage you to do so as it contains some valuable information and insight into how the housing market works, what affects its volatility, and what we can expect to happen into the near future. If you don’t have time, below are the top takeaways.
 
What’s The Market Doing Now?
Dennis compiles information he’s gathered from half a dozen industry gurus at the national level, alo ...