{"id":71664,"date":"2020-11-13T04:00:44","date_gmt":"2020-11-13T12:00:44","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=71664"},"modified":"2020-11-12T15:02:11","modified_gmt":"2020-11-12T23:02:11","slug":"real-estate-bidding-wars-october-2020","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/real-estate-bidding-wars-october-2020\/","title":{"rendered":"More Than Half of Redfin Offers Faced Bidding Wars For the Sixth-Straight Month In October"},"content":{"rendered":"

Competition in the housing market has cooled slightly since the summer, but remains intense as record-low mortgage rates and remote work allow scores of Americans relocate.<\/h2>\n

Nationwide, 56.8% of Redfin offers on homes faced competition in October, little changed from September\u2019s revised rate of 57.4%. While that\u2019s down slightly from the recent peak of 59.3% in August, it represents the sixth-consecutive month in which the bidding-war rate exceeded 50%.<\/p>\n

\"\"<\/p>\n

An offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bid.<\/p>\n

Competition in the housing market has remained fierce during the coronavirus pandemic due to record-low mortgage rates, a shortage<\/a> of homes for sale and a sudden wave of migration<\/a> made possible by remote work. This has triggered a surge in home prices<\/a>, which grew 15% year over year during the four-week period ending Nov. 1, and are showing no signs of slowing.<\/p>\n

\u201cHas the market calmed down since the summer? Yes, but every offer I submit still faces multiple competing bids and we continue to see a lot more buyers than we normally would at this time of year,\u201d said Melissa Killham<\/a>, a Redfin real estate agent in Kenosha, WI<\/a>. \u201cThe typical home today gets four or five offers, compared with eight or nine back in September. The buyers who are in the market right now don\u2019t need<\/i> to buy. They\u2019re buying if they find the perfect home with more space and a big backyard, and if not, they\u2019re staying put until they do.\u201d<\/p>\n

Salt Lake City Was the Most Competitive Market; Las Vegas Was the Least Competitive<\/h3>\n

At least half of offers faced bidding wars in 16 of the 24 metros in this analysis. Salt Lake City<\/a> had the highest bidding-war rate, with 75% of Redfin offers encountering competition. In second place was San Diego<\/a>, at 73.2%, followed by San Francisco<\/a>\/San Jose<\/a>, at 69.6%. Austin<\/a>, which was the second-most popular destination<\/a> for homebuyers looking to move to a different metro area in the third quarter, was number four.<\/p>\n

At the northern end of the Jersey Shore, the housing market is so hot that offering all cash for a home doesn\u2019t always cut it anymore, according to local Redfin real estate agent Anthony Gonzalez<\/a>.<\/p>\n

“Cash is no longer king in this market,\u201d he said. \u201cWhat wins a bidding war today is offering more than the asking price and waiving the appraisal contingency. Generally, if you’re bidding on a house that\u2019s in great condition in a good location with multiple offers, you\u2019ve gotta go at least $20,000 over ask. Every single time that my client does, they win the deal.\u201d<\/p>\n

Las Vegas<\/a> had a lower rate of competition than any other metro area in this analysis, with just 38.2% of offers facing bidding wars in October. It was followed by Miami<\/a>, Chicago<\/a> and Detroit<\/a>, at 38.5, 41.1% and 44.1%, respectively.<\/p>\n

Condos Were the Least Likely to Face Competition<\/h3>\n

Condos were the least likely to encounter bidding wars in October, with 41.4% of Redfin offers facing competition. That compares with 56.8% of offers for townhomes, and 59.4% of offers for single-family homes.<\/p>\n

The condo market has seen relatively slow growth<\/a> as remote work, the desire for privacy and record-low mortgage rates have made single-family homes more desirable during the coronavirus pandemic.<\/p>\n

\u201cIn Seattle<\/a>\u2019s Capitol Hill neighborhood, there are no bidding wars at all when it comes to condos\u201d said local Redfin agent Forrest Moody<\/a>. \u201cI\u2019ve sold 25 condos so far this year, and I have not had bidding wars on any of them.\u201d<\/p>\n

Bidding-War Rates By Metro Area, October 2020 and September 2020<\/h3>\n

To be included in this analysis, metros must have had at least 30 offers written by Redfin agents from Oct. 1, 2020 to Oct. 31, 2020.<\/i>
\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 October 2020<\/b><\/th>Share of Redfin offers that faced bidding wars in September 2020<\/b><\/th>\n<\/tr>\n<\/thead>\n
Salt Lake City, UT<\/a><\/td>75.0%<\/td>83.3%<\/td>\n<\/tr>\n
San Diego, CA<\/a><\/td>73.2%<\/td>71.6%<\/td>\n<\/tr>\n
San Francisco<\/a> \/ San Jose, CA<\/a><\/td>69.6%<\/td>67.8%<\/td>\n<\/tr>\n
Austin, TX<\/a><\/td>68.4%<\/td>60.1%<\/td>\n<\/tr>\n
Washington, D.C.<\/a><\/td>65.7%<\/td>66.3%<\/td>\n<\/tr>\n
Sacramento, CA<\/a><\/td>60.8%<\/td>60.9%<\/td>\n<\/tr>\n
Seattle, WA<\/a><\/td>60.7%<\/td>60.2%<\/td>\n<\/tr>\n
Minneapolis, MN<\/a><\/td>59.4%<\/td>63.9%<\/td>\n<\/tr>\n
Portland, OR<\/a><\/td>59.4%<\/td>63.3%<\/td>\n<\/tr>\n
Los Angeles, CA<\/a><\/td>58.9%<\/td>59.7%<\/td>\n<\/tr>\n
Philadelphia, PA<\/a><\/td>58.5%<\/td>56.7%<\/td>\n<\/tr>\n
Boston, MA<\/a><\/td>56.4%<\/td>56.7%<\/td>\n<\/tr>\n
Phoenix, AZ<\/a><\/td>54.2%<\/td>58.5%<\/td>\n<\/tr>\n
Denver, CO<\/a><\/td>54.1%<\/td>50.8%<\/td>\n<\/tr>\n
Tampa, FL<\/a><\/td>51.2%<\/td>26.3%<\/td>\n<\/tr>\n
Dallas, TX<\/a><\/td>50.3%<\/td>50.5%<\/td>\n<\/tr>\n
Atlanta, GA<\/a><\/td>48.3%<\/td>49.0%<\/td>\n<\/tr>\n
Raleigh, NC<\/a><\/td>46.8%<\/td>43.3%<\/td>\n<\/tr>\n
New York, NY<\/a><\/td>45.3%<\/td>58.5%<\/td>\n<\/tr>\n
Houston, TX<\/a><\/td>44.2%<\/td>50.0%<\/td>\n<\/tr>\n
Detroit, MI<\/a><\/td>44.1%<\/td>47.5%<\/td>\n<\/tr>\n
Chicago, IL<\/a><\/td>41.1%<\/td>42.4%<\/td>\n<\/tr>\n
Miami, FL<\/a><\/td>38.5%<\/td>38.5%<\/td>\n<\/tr>\n
Las Vegas, NV<\/a><\/td>38.2%<\/td>47.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Competition in the housing market has cooled slightly since the summer, but remains intense as record-low mortgage rates and remote work allow scores of Americans relocate. Nationwide, 56.8% of Redfin offers on homes faced competition in October, little changed from September\u2019s revised rate of 57.4%. While that\u2019s down slightly from the recent peak of 59.3% […]<\/p>\n","protected":false},"author":13346,"featured_media":71666,"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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