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Buyers: You May Face Less Competition as Bidding Wars Ease

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Real Estate Agent with HomeSmart 0561240

Buyers: You May Face Less Competition as Bidding Wars Ease

 

One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way.

But here's the news you've been waiting for: data shows clear signs bidding wars are easing this year.

According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined considerably over the past few months (see graph below):

Buyers:

The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market. Essentially, more choices for buyers.

What This Means for You

If you put your home search on pause because you were outbid last year or because you didn't want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief. While its still a sellers market, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely wont be anything like it was just a few short months ago.

Bottom Line

If you put your plans on pause because of intense bidding wars in recent years, it may be time to kick off your home search. Today, bidding wars are easing and that may mean less competition for you as a buyer. If you're serious about buying a home or making a move, lets connect to get started today.

 

 

 

 

Posted by

e signature for Shayne Stone

“YOUR Rock-Solid Choice Realtor for Making Home Sellers a Profit & Home Buyers Equity”

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Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the information. Buyers and sellers in your area will benefit from your expertise. Wishing you continued success.  Have a wonderful day and sell a house.  bill

Sep 06, 2022 05:58 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs

Nice to see your blog today. You do these every day. Mine will be later. Have a great year...

Sep 06, 2022 07:18 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Bidding wars have really gone away in our area.  The last time I looked about 50% of those that have listed their homes have had price reductions.  I am sure they would all like to have even just one offer.  Buyers do have options for sure.

Sep 06, 2022 07:22 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Shayne and thank you for the great information to share with us here in the rain.  Make it a great day!

 

Sep 06, 2022 09:37 AM
John Pusa
Glendale, CA

Hello Shayne Stone very true, buyers may have face less competition as bidding wars ease.

Sep 06, 2022 05:10 PM
Dale Taylor
Re/Max 10 New Lenox Illinois http://dtaylor.remax.com - Frankfort, IL
Realtor = Chicago Illinois Homes Townhomes Condos

I serve mostly the most affordable communities in the Chicago area and I am starting to see my listings linger a bit longer on the market with no multiple offers like just a couple of months ago.  This has been a memorable year adjusting fast to change.  I call it Stay Flexible and Adaptable Season 

Sep 06, 2022 06:50 PM
Fred Sweezer Sr. CMI, LLC.
Hud Certified 203K Consultant - Long Beach, CA
HUD 203k Consultant

Yes, your post is very timely, Thanks 

 

Sep 06, 2022 09:37 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Sep 07, 2022 01:59 AM
Ben Yost - 303-587-4297
First Time Home Buyer, Mortgage Rates, Pre-Approval - Denver, CO
FHA, VA, Conventional - Mortgage Loans in De

Straight to the point. Wish all buyers out there right now could see this😃

Sep 07, 2022 08:06 AM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I am seeing the same things here in SE Wisconsin.  Sellers are reducing their prices, buyers are not as eager to offer over asking and less multiples.  

Sep 07, 2022 09:34 AM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

What I am experiencing is .... if the home is priced correctly, there may be 3-5 offers instead of 10-12. The homes that are overpriced are just sitting on the market. Also buyers are not waiving inspections and appraisals as much

Sep 07, 2022 11:47 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information.  Thanks for sharing and enjoy your day!

Sep 10, 2022 07:19 AM