{"id":51522,"date":"2016-07-06T04:00:34","date_gmt":"2016-07-06T11:00:34","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=51522"},"modified":"2020-10-06T12:57:23","modified_gmt":"2020-10-06T19:57:23","slug":"q2-2016-redfin-agent-survey","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/q2-2016-redfin-agent-survey\/","title":{"rendered":"Bidding Wars Intensify as Some Homebuyers Make Simultaneous Offers on Multiple Homes"},"content":{"rendered":"

High-season pressure hit homebuyers especially hard this spring, forcing them to make significant compromises in order to get under contract on the right home. According to our latest survey of nearly 800 Redfin agents last month, it remains a seller\u2019s market to be sure. Eighty-eight percent of agents reported now is a good time to sell, down just one percentage point from the previous quarter. \u00a0<\/span><\/p>\n

\"Greatest<\/figure>\n

More than half of agents who responded to last month\u2019s survey said buyers\u2019 biggest challenge this spring was competition from other bidders. That was an 11-point increase from three months ago and a 22-point increase over the last quarter of 2015. Low inventory, which agents cited as the top challenge three months ago, fell to a distant second place.<\/span>
\n\u201cThe average sale-to-list price ratio hit a record high during the second quarter of 2016, indicating that buyers are as aggressive as we have ever seen when it comes to winning offers,\u201d Redfin chief economist Nela Richardson said.
\nIndeed, this season\u2019s competitive market dynamic has given rise to an increasing challenge for buyers and sellers alike\u2014<\/span>buyers strategically making offers on more than one house at a time to increase the probability of getting an offer accepted.
\n“Bidding wars have obviously increased because buyer demand remains high and inventory has yet to improve,” Redfin real estate agent<\/a> Jeremy Paul said. “However, there is the added effect of buyers placing offers on more than one home at a time hoping that at least one will be accepted.\u00a0<\/span>We\u2019ve seen this in previous years, but some buyers are becoming more impulsive as the market continues to tighten.\u201d<\/span>
\nIn some cases, fair offers from committed buyers are being outbid by other buyers who end up backing out of the contract when their bid gets accepted on another home they like better.
\nWhile not putting all your eggs in one basket can be a viable strategy in other pursuits, this tactic ought to be avoided by homebuyers, our agents said. Often, when a buyer is considering this approach, it is an emotional response to having lost out on another home.
\n\u201cI recommend that clients in this situation take a step back and consider what\u2019s most important to them in their next home and how far they\u2019re willing to go to get it,\u201d said Redfin <\/span>real estate agent<\/span><\/a> James Gulden in Boston. \u201cThat way, they can be in the right mindset to make an offer they feel good about on a home they truly love when it hits the market.\u201d<\/span>
\nLikewise, home sellers need to beware that the highest offer is not necessarily the best offer. Their agent should vet the offer closely and consider many factors other than price, including how committed the buyer is to this particular home and how willing and able they are to close.<\/p>\n

\"Falling<\/figure>\n

\u00a0<\/span>When we asked agents why purchase contracts fall through, 64 percent cited negative inspection results or buyers having changed their minds. Both are linked to the phenomenon of frantic buyers feeling the pressure of high-season competition, especially in the fastest and most inventory-strapped markets.
\n\u201cIt\u2019s not necessarily true that the inspection reveals major issues or that the buyers just got cold feet,\u201d Paul said. \u201cIt\u2019s more that the buyers who are making multiple offers at prices they may not be able to afford just to get an offer accepted often use the inspection as a chance to renegotiate the price. When the seller won\u2019t budge, the buyers move on.\u201d
\nUnfortunately for the seller in these situations, they\u2019ve lost time and may have missed out on a serious offer from the right buyer for their home.<\/span><\/p>\n

\"Common<\/figure>\n

The lost art of compromise<\/strong><\/h3>\n

Given this spring\u2019s competitive market, buyers are being forced to make hard choices. Three out of four agents surveyed ranked outdated kitchens and bathrooms as the top deterrent for buyers. This indicates that many people are stretching their budgets to get the perfect home instead of settling for something smaller or in need of work. <\/span>
\n\u201cI\u2019ve been advising a lot of my buyers to consider homes that may need a little TLC in desirable neighborhoods within the inner core of the city,\u201d Austin-based Redfin <\/span>real estate agent<\/span><\/a> Andrew Vallejo said. \u201cCompetition is high in the hot neighborhoods, but if buyers are willing to reconsider their priorities it\u2019s possible to find a great home without the worry of a bidding war and without breaking the bank.\u201d<\/span>
\nAbout the Survey<\/b>
\nRedfin\u2019s survey was conducted between Jun. 16 \u00a0and Jun. 19, and includes responses from 785 Redfin real estate agents in 38 states and Washington, D.C.<\/p>\n","protected":false},"excerpt":{"rendered":"

Consider a fixer-upper to avoid competition and high prices, Redfin agents advise.<\/p>\n","protected":false},"author":13253,"featured_media":46565,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[23,8],"tags":[66,70,74,13],"coauthors":[],"class_list":["post-51522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bidding-wars","category-housing-market-news","tag-agents","tag-home-buyer-tips","tag-mortgage-tips","tag-redfin-tools"],"acf":[],"yoast_head":"\nBidding Wars Intensify as Some Homebuyers Make Simultaneous Offers on Multiple Homes - 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