Almaden Valley | Bidding Wars Abound… How Long Will They Continue?
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Today I would like to speak to you about Bidding Wars Abound… How Long Will They Continue?
Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.
In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.
CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.
“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”
Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.
READ MORE: https://www.siliconvalleyrealestateteam.com/blog/almaden-valley-bidding-wars-abound-how-long-will-they-continue/
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