{"id":18969,"date":"2014-04-22T05:59:47","date_gmt":"2014-04-22T12:59:47","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/research\/?p=18969"},"modified":"2020-10-06T12:57:23","modified_gmt":"2020-10-06T19:57:23","slug":"bidding-wars-march-2014","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/bidding-wars-march-2014\/","title":{"rendered":"Bidding Wars Heat Up, but Remain Less Extreme than in 2013"},"content":{"rendered":"

63.4% of Redfin Offers Faced Competition in March, Compared with 73.4% Last Year<\/strong><\/em>
\nAs the spring home-buying season kicked off, bidding wars again rose from the winter months. 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. This spring\u2019s escalation in competition hasn\u2019t kept pace with 2013, when the bidding war rate peaked at 73.4 percent in March, but the housing market is still tough for buyers in many markets. In fact, some markets, including Seattle, Portland and Denver<\/a>, are likely to see fiercer competition than last year, and a new Redfin analysis shows that more than half of all existing home inventory<\/a> is unlikely to be listed for sale any time soon.
\nAccording to Redfin agent Minni MacFarlane<\/a> in Orange County, Calif.<\/a>, \u201cCompetition can still get intense, but because prices have risen so much, my clients and I try to be more discerning about how far we should go to win a home. The past two years we\u2019d compete against people camping out in their cars or entering lotteries to win new homes. This year, a bidding war is more likely to drive the price of a home higher than it\u2019s worth competing for, and I think it will be easier for us to walk away from a situation like that.\u201d
\nOther data highlights:
\nMultiple Offers:<\/strong><\/p>\n