{"id":65007,"date":"2019-02-11T10:00:27","date_gmt":"2019-02-11T18:00:27","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65007"},"modified":"2020-10-06T12:57:22","modified_gmt":"2020-10-06T19:57:22","slug":"bidding-wars-now-uncommon","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/bidding-wars-now-uncommon\/","title":{"rendered":"Only 1 in 8 Redfin Offers Faced Competition in January, Down From More than Half a Year Earlier"},"content":{"rendered":"

Just 13 percent of offers written by Redfin agents on behalf of their home-buying customers last month faced a bidding war, little changed from December\u2019s record low, and down from 53 percent in January 2018.
\nTwo of last spring\u2019s most competitive markets\u2014Seattle<\/a> and San Francisco<\/a>\u2014kicked off 2019 with fewer than one in five offers facing competition, down from seven or eight out of 10 a year earlier.<\/p>\n

\"Bidding<\/figure>\n

\u201cBuyers have heard that the market has slowed, so now they’re trying to get all of their ‘wants,’ not just their ‘needs,\u2019\u201d said Palo Alto Redfin agent Kalena Masching<\/a>. \u201cThey’re waiting until they find a home that can check more boxes\u2014for instance three bedrooms instead of two or a higher rated school. In general they are being more judicious as they think through their purchase. Meanwhile, many sellers have not yet recognized that the market has shifted.\u201d
\nSo why is 2019 shaping up to be so much less competitive for homebuyers than any recent year? It all comes down to supply and demand. The number of homes for sale is increasing just as the number of buyers is falling off<\/a>, resulting in fewer homebuyers competing for each home. As of December the number of homes for sale was up 5 percent from a year earlier, while the number of homes sold was down 11 percent.<\/p>\n

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