The intensity and regularity of bidding battles were among the top stories in recent real estate headlines. During the pandemic, extremely competitive bidding wars were the norm because so many buyers were trying to buy a property, and so few were available for sale. This caused home prices to rise. You have probably seen this directly if you attempted to purchase a property over the past two years. You might have encountered multiple residences where they have outbid your offer.
However, the good news you’ve been waiting for is here: statistics indicate that bidding wars are decreasing this year.
According to the most recent data, there were, on average, slightly under three offers for each recently sold home. Rising mortgage rates dampened buyer demand, slowed home sales, and increased the number of available properties on the market. This is mainly to blame for this shift—more options for consumers.
You can exhale a pleasant sigh of relief if you put off your house search because you were outbid last year or didn’t want to deal with the peak intensity of bidding wars. Even though it’s still a sellers’ market, an increase in inventory gives you a chance to get back in. Some purchasers may still compete with you, but it won’t be as it was a few months ago.
It could be time to start your home hunt if you put your plans on hold in recent years due to heated bidding battles. These days, bidding wars are less common, which can mean less competition for buyers like you. If you’re determined to buy a house or move, work with a reputable real estate agent to start the process immediately.