{"id":69543,"date":"2020-07-10T06:00:46","date_gmt":"2020-07-10T13:00:46","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=69543"},"modified":"2020-10-06T12:57:19","modified_gmt":"2020-10-06T19:57:19","slug":"june-2020-real-estate-bidding-wars-increase","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/june-2020-real-estate-bidding-wars-increase\/","title":{"rendered":"More Than Half of Redfin Offers Faced Bidding Wars for Second Consecutive Month in June"},"content":{"rendered":"

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.<\/h2>\n

More than half of Redfin offers for homes faced competition in June for the second month in a row. Nationwide, 53.7% of Redfin offers faced bidding wars last month, up from a revised rate of 51.8% in May and 44.4% in April*.
\nAn offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bid.
\nThe bidding-war rate is rising even as the coronavirus pandemic and the shaky economy that comes with it continues to spread across the country.
\n\u201cBidding wars continue to be fueled by historically low mortgage rates and fewer homes up for sale than almost any time in the last two decades,\u201d said Redfin economist Taylor Marr<\/a>. \u201cIt\u2019s like a game of musical chairs where only the best bidders get a seat. Both renters and move-up buyers who have held onto their jobs are vying for the small number of single-family homes on the market as they realize they need more space for their families.\u201d
\nThe average mortgage rate <\/span>fell to 3.03%<\/span><\/a> for the week ending July 9, the lowest 30-year fixed-rate number since Freddie Mac began tracking the statistic in 1971.<\/span> Lower mortgage rates make for lower monthly housing payments, which encourages buyers to enter the market and make higher offers on homes. <\/span>The number of homes for sale nationwide in June was down 21.3% from the year before, bringing inventory down to its lowest level since at least 2012 on a seasonally adjusted basis. The number of new listings was down 12% year over year.
\nSingle-family homes were most likely to be part of a bidding war in June, with 56.2% of Redfin offers facing competition, followed closely by townhouses (54.2%). By contrast, 40.5% of condos faced bidding wars. Single-family homes face a bigger supply constraint than townhouses or condos, with supply in June down 25% since the year before. That\u2019s compared with a 10.7% year-over-year drop for townhouses and a 7% dip for condos.<\/p>\n

Boston, San Diego and Salt Lake City are the most competitive markets<\/h3>\n

With 72.4% of Redfin offers facing competition, Boston<\/a> had the highest bidding-war rate of all the metros included in this analysis in June. Boston<\/a> also topped the list in May, when 67.2% of offers were part of a bidding war.
\n\u201cThis is the most competitive real estate market I can remember,\u201d said James Gulden<\/a>, who has been a Boston<\/a> Redfin agent since 2012. \u201cThere are multiple bids on nearly every property I see, whether I\u2019m representing the buyer or the seller. I\u2019m seeing the most competition in the suburbs, where homes are selling in a matter of days. Sellers don\u2019t want homes to be on the market any longer than necessary because of COVID-19, so they\u2019re setting offer deadlines, which create a frenzied, competitive atmosphere.\u201d
\n\u201cA buyer contacted me on Saturday night a few weeks ago to put in an offer on a house with a deadline at 10 a.m. on Sunday,\u201d Gulden continued. \u201cBy Sunday morning, the house had five offers. Despite my client offering about $20,000 over the asking price with no contingencies, the house went to someone else who offered even more.\u201d
\nNext come San Diego<\/a> and Salt Lake City<\/a>, where 65.7% and 63.8% of offers faced competition, respectively. More than half of all offers faced bidding wars in 12 of the 24 metros included in this analysis.
\nShoshana Godwin<\/a>, a Redfin agent in Seattle<\/a>, said many of her clients are eager to buy a larger home because they\u2019re working remotely and need more space, but their offers are facing competition.
\n\u201cIn the last month, my clients have made very few offers that haven\u2019t been part of a bidding war,\u201d Godwin said. \u201cBuyers need to waive contingencies for a chance at winning a bidding war. I\u2019ve noticed that sellers are providing inspection reports to avoid additional people coming into their home, and that encourages more offers because potential buyers don\u2019t need to make the financial commitment of paying $500 to $800 for pre-inspections on every house they like.\u201d
\nMiami<\/a>, where 32.4% of offers faced competition, had the lowest bidding-war rate. It\u2019s followed by Chicago<\/a> (37.8%) and Las Vegas<\/a> (39.2%).
\nTo be included in this analysis, metros must have had at least 50 offers written by Redfin agents from June 1, 2020 to June 30, 2020.<\/p>\n

Bidding-war rates by metro area, June 2020 and May 2020<\/h3>\n

\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Metro area<\/b><\/th>Share of Redfin offers that faced bidding wars in June 2020<\/b><\/th>Share of Redfin offers that faced bidding wars in May 2020<\/b><\/th>\n<\/tr>\n<\/thead>\n
Boston, MA<\/a><\/td>72.4%<\/td>67.2%<\/td>\n<\/tr>\n
San Diego, CA<\/a><\/td>65.7%<\/td>53.2%<\/td>\n<\/tr>\n
Salt Lake City, UT<\/a><\/td>63.8%<\/td>60.7%<\/td>\n<\/tr>\n
Minneapolis, MN<\/a><\/td>61.0%<\/td>51.4%<\/td>\n<\/tr>\n
Washington, D.C.<\/a><\/td>59.7%<\/td>58.6%<\/td>\n<\/tr>\n
Los Angeles, CA<\/a><\/td>58.1%<\/td>56.5%<\/td>\n<\/tr>\n
San Francisco<\/a> \/ San Jose, CA<\/a><\/td>58.0%<\/td>55.8%<\/td>\n<\/tr>\n
Seattle, WA<\/a><\/td>56.9%<\/td>56.5%<\/td>\n<\/tr>\n
Austin, TX<\/a><\/td>56.5%<\/td>54.9%<\/td>\n<\/tr>\n
Phoenix, AZ<\/a><\/td>55.8%<\/td>42.7%<\/td>\n<\/tr>\n
Portland, OR<\/a><\/td>54.5%<\/td>56.1%<\/td>\n<\/tr>\n
Denver, CO<\/a><\/td>53.0%<\/td>55.6%<\/td>\n<\/tr>\n
New York, NY<\/a><\/td>49.8%<\/td>49.0%<\/td>\n<\/tr>\n
Raleigh, NC<\/a><\/td>49.2%<\/td>42.6%<\/td>\n<\/tr>\n
Sacramento, CA<\/a><\/td>49.0%<\/td>50.8%<\/td>\n<\/tr>\n
Detroit, MI<\/a><\/td>45.5%<\/td>51.3%<\/td>\n<\/tr>\n
Philadelphia, PA<\/a><\/td>45.4%<\/td>48.5%<\/td>\n<\/tr>\n
Houston, TX<\/a><\/td>44.4%<\/td>40.9%<\/td>\n<\/tr>\n
Dallas, TX<\/a><\/td>43.5%<\/td>61.0%<\/td>\n<\/tr>\n
Atlanta, GA<\/a><\/td>43.1%<\/td>44.5%<\/td>\n<\/tr>\n
Tampa, FL<\/a><\/td>42.9%<\/td>31.6%<\/td>\n<\/tr>\n
Las Vegas, NV<\/a><\/td>39.2%<\/td>36.2%<\/td>\n<\/tr>\n
Chicago, IL<\/a><\/td>37.8%<\/td>37.4%<\/td>\n<\/tr>\n
Miami, FL<\/a><\/td>32.4%<\/td>31.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n*NOTE: Due to data availability, April\u2019s bidding-war rate represents the share of Redfin offers that faced competition between April 9, 2020 and April 30, 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. <\/p>\n","protected":false},"author":13153,"featured_media":69075,"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 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":[30],"coauthors":[],"class_list":["post-69543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bidding-wars","category-housing-market-news","tag-bidding-wars"],"acf":[],"yoast_head":"\nMore Than Half of Redfin Offers on Homes Faced Bidding Wars in June<\/title>\n<meta name=\"description\" content=\"The bidding-war rate for houses is rising due to a shortage of homes for sale and low mortgage rates - 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