Redfin: Home Bidding Wars At Lowest Level In Over 2 Years
Summary
The technology-powered real estate brokerage said the 49.9% of offers that faced competition in June was the lowest share since May 2020 and the first time the bidding-war rate has been below 50% since that month, when the housing market was at a near standstill due to the onset of the coronavirus pandemic. “While the market is cooling, it’s not coming to a crashing halt,” said Shoshana Godwin, a Redfin real estate agent in Seattle. “House hunters who can still afford to buy should consider taking advantage of the slowdown given that there’s way less competition.” In Riverside, Calif., 31.9% of home offers written by Redfin agents faced competition in June, down from 70.5% a year earlier. Homes that would’ve had 20 showings two months ago are now getting one or even none,” said Jenny Dedrick, a Redfin real estate agent in Minneapolis, where the bidding-war rate fell to 45.7% in June from 65% a year earlier. He’s moving to Mexico and thought, ‘why not let it sit and keep appreciating?’” Competition increased on a year-over-year basis in just two of the 36 markets Redfin analyzed.