{"id":67140,"date":"2019-11-13T04:45:51","date_gmt":"2019-11-13T12:45:51","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=67140"},"modified":"2020-10-06T12:57:21","modified_gmt":"2020-10-06T19:57:21","slug":"october-2019-real-estate-bidding-wars","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/october-2019-real-estate-bidding-wars\/","title":{"rendered":"National Bidding War Rate Hit a 10-Year Low in October"},"content":{"rendered":"

Seattle rates among those to fall below national level, even as competition in the Bay Area sees unseasonable uptick. Despite a smaller than anticipated impact from recent tech IPOs.<\/h2>\n

Nationally, just 10 percent of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in October, down from 39 percent a year earlier and now at a 10-year low. However, low mortgage rates and a lack of homes for sale<\/a> point to a likely return of bidding wars next year.
\n\"Bidding
\nOf the top five markets where bidding wars were most common in October, four were in California\u2014San Francisco<\/a> (34.8%), San Jose<\/a> (20.5%), San Diego<\/a> (15.6%) and Los Angeles<\/a> (13.7%). On the East Coast, in Philadelphia<\/a>, 13.8 percent of offers faced bidding wars.
\nThe rate of bidding wars in San Francisco and San Jose hit new highs for the year in October, a month when competition typically cools. That said, both markets\u2019 bidding war rates were still well below last year\u2019s levels of 58.1 percent and 64.9 percent, respectively.
\nIf 2019\u2019s big tech stock IPOs like Uber, Lyft, and Slack had been as hot as many expected earlier in the year<\/a>, it\u2019s likely the market in the Bay Area would be a lot more competitive right now.
\n\u201cThere was a lot of hype earlier this year in the Bay Area around some big IPOs,\u201d said Palo Alto Redfin agent Kalena Mashing<\/a>. \u201cBut we haven\u2019t seen that hype translate into a hot market, regardless of how well the IPOs did. Really, it’s not the IPO money making the market hot, it’s the perception that the IPO money COULD make the market hot that has really driven the local housing market this year.\u201d
\nThis unseasonal uptick in competition in the Bay Area may be a sign of things to come elsewhere, according to Redfin chief economist Daryl Fairweather<\/a>. \u201cRight now, there are fewer homes for sale than we usually see this time of year, and sales are picking up thanks in part to low mortgage interest rates. All of the pieces are in place for bidding wars to become more common and for the housing market<\/a> to shift back toward the seller\u2019s favor next year,\u201d said Fairweather. \u201cNow may be the last chance in the foreseeable future for buyers to win a home without facing a bidding war.\u201d<\/p>\n

Rate of Bidding Wars by Metro Area: October 2019<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Metro Area<\/th>\nShare of Redfin Offers that Faced Competition October 2019<\/th>\nShare of Redfin Offers that Faced Competition October 2018<\/th>\nShare of Redfin Offers that Faced Competition September 2019<\/th>\n<\/tr>\n<\/thead>\n
San Francisco, CA<\/a><\/td>\n34.8%<\/td>\n58.1%<\/td>\n28.0%<\/td>\n<\/tr>\n
San Jose, CA<\/a><\/td>\n20.5%<\/td>\n64.9%<\/td>\n17.1%<\/td>\n<\/tr>\n
San Diego, CA<\/a><\/td>\n15.6%<\/td>\n44.2%<\/td>\n19.4%<\/td>\n<\/tr>\n
Philadelphia, PA<\/a><\/td>\n13.8%<\/td>\n40.0%<\/td>\n7.2%<\/td>\n<\/tr>\n
Los Angeles, CA<\/a><\/td>\n13.7%<\/td>\n54.4%<\/td>\n11.8%<\/td>\n<\/tr>\n
Phoenix, AZ<\/a><\/td>\n13.2%<\/td>\n18.9%<\/td>\n21.7%<\/td>\n<\/tr>\n
Raleigh, NC<\/a><\/td>\n12.5%<\/td>\n18.2%<\/td>\n4.5%<\/td>\n<\/tr>\n
Boston, MA<\/a><\/td>\n12.1%<\/td>\n48.6%<\/td>\n14.2%<\/td>\n<\/tr>\n
Washington, D.C.<\/a><\/td>\n9.5%<\/td>\n43.6%<\/td>\n10.5%<\/td>\n<\/tr>\n
Houston, TX<\/a><\/td>\n8.9%<\/td>\n46.9%<\/td>\n5.3%<\/td>\n<\/tr>\n
Seattle, WA<\/a><\/td>\n8.8%<\/td>\n27.9%<\/td>\n12.3%<\/td>\n<\/tr>\n
Sacramento, CA<\/a><\/td>\n8.2%<\/td>\n40.0%<\/td>\n7.0%<\/td>\n<\/tr>\n
Portland, OR<\/a><\/td>\n8.0%<\/td>\n26.7%<\/td>\n8.8%<\/td>\n<\/tr>\n
New York, NY<\/a><\/td>\n7.9%<\/td>\n42.6%<\/td>\n9.3%<\/td>\n<\/tr>\n
Austin, TX<\/a><\/td>\n7.6%<\/td>\n43.8%<\/td>\n6.4%<\/td>\n<\/tr>\n
Dallas, TX<\/a><\/td>\n7.4%<\/td>\n34.3%<\/td>\n3.4%<\/td>\n<\/tr>\n
Denver, CO<\/a><\/td>\n6.8%<\/td>\n33.3%<\/td>\n10.6%<\/td>\n<\/tr>\n
Chicago, IL<\/a><\/td>\n6.4%<\/td>\n26.2%<\/td>\n6.5%<\/td>\n<\/tr>\n
Las Vegas, NV<\/a><\/td>\n4.5%<\/td>\n40.0%<\/td>\n20.0%<\/td>\n<\/tr>\n
Atlanta, GA<\/a><\/td>\n3.8%<\/td>\n40.0%<\/td>\n6.9%<\/td>\n<\/tr>\n
Miami, FL<\/a><\/td>\n3.7%<\/td>\n23.5%<\/td>\n1.6%<\/td>\n<\/tr>\n
National<\/td>\n10.1%<\/td>\n38.7%<\/td>\n11.3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Seattle<\/a> now has a lower bidding war rate than the national level, at just 8.8 percent in October\u2014just barely above the 10-year low set in July. This is despite the fact that a year ago it used to be among the most competitive markets, along with San Francisco and San Jose.
\n\u201cHomebuyers in Seattle know that in the current market they don\u2019t necessarily have to go through the emotional heartburn that comes with bidding wars,\u201d said Seattle Redfin agent Jessie Boucher<\/a>. \u201cEven though there aren\u2019t a ton of homes for sale right now, buyers are able to preserve their contingencies and maybe even get a great deal.\u201d
\nMiami, FL<\/a> was the least competitive market in October, with just 3.7 percent of offers facing a bidding war there. Atlanta, GA was barely above that at 3.8 percent, and Las Vegas, NV<\/a> was the third least competitive market with 4.5 percent of offers facing competition.
\nEditor’s Note: Early in 2020 we discovered an issue with the data we had been collecting on bidding wars, which caused us to underestimate the rate of bidding wars in several markets. Redfin is currently in the process of fixing these data issues. Once complete, we will provide an updated estimate of the bidding wars for 2019.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Nationally, just 10 percent of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in October<\/p>\n","protected":false},"author":13505,"featured_media":67141,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","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":"default","adv-header-id-meta":"","stick-header-meta":"default","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 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