Housing Market News
Bidding Wars
More Than Half of Redfin Offers Faced Bidding Wars for Second Consecutive Month in June
54% of Redfin offers faced competition as the supply of homes for sale and mortgage rates continued to fall in June. Single-family homes and townhouses were much more likely than condos to receive multiple bids.
Bidding Wars Climb in May as Coronavirus Intensifies Housing Shortage
While sellers have started to jump back into the market as states across the country reopen, there remains a shortage in houses for sale, which is fueling bidding wars.
41% of Redfin Offers Faced Bidding Wars in Late April, Early May Amid Coronavirus Pandemic
The coronavirus pandemic has contributed to a severe shortfall in housing supply, which has led to a significant bidding-war rate.
Housing Shortage Leads to Intense Competition Among Homebuyers
A majority of offers submitted by Redfin agents faced competition in January according to a survey of more than 500 Redfin agents across the nation.
Bidding War Rate Fell to Another 10-Year Low in December
Just 9% of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in December, down from 12% a year earlier.
Bidding Wars Remain at 10-Year Low in November
Nationally, just 10% of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in November.
Which Bidding War Strategies Are Most Effective?
Cash is king, but a personal letter to the seller increases a competitive offer’s chance of being accepted by 52%.
Bidding Wars Intensify as Some Homebuyers Make Simultaneous Offers on Multiple Homes
Consider a fixer-upper to avoid competition and high prices, Redfin agents advise.
Homebuyers Faced Fewer Bidding Wars In March Thanks to Surge in New Listings
Bidding wars gained steam as the spring home-buying season got under way, with 61 percent of offers written by Redfin agents facing competition from other buyers in March. That’s up from 57 percent in February, but down slightly from 63 percent in March 2014.
Bidding Wars Hit Oakland Amid Tight Supply
At the end of January, Oakland had only six weeks of inventory remaining. That’s leading to bidding wars.
Bidding Wars Heat Up, but Remain Less Extreme than in 2013
In March, 63.4 percent of offers written by Redfin agents across 19 markets faced competition from other buyers, up from 58.7 percent in February.
Redfin Bidding War Report Shows Home-Buying Competition Eased in May
Seven of every 10 offers written by Redfin agents in May faced competition.
