Buyers Are Still Face Competition, Home buyers may be less likely to face a bidding war than in previous months, but that doesn’t mean they won’t be facing competition from other home shoppers.
A new report showed that 32 percent of real estate pros say they faced one or more competing bids in November, down from 45 percent a year earlier.
That marks an all-time low in bidding wars. In October 2018, inventory was at just 4.3 percent, down from 4.4 percent last month, according to the National Association. Timing is Everything, You may have found the home of your dreams, but be prepared to fight to make it your own.
A shortage of available homes in some markets has created fierce competition for those homes that are listed for sale. Fortunately, the speed at which those homes are selling is slowing, but not by much.
Much of the competition is driven by the limited supply of houses on the market. But despite low supply and a competitive market, if you find yourself in a bidding war, you can still come out victorious.
Finding the right home is both an exciting and painstaking process, check out these tips to help you find a property that fits your housing goals:
During the spring selling season this year, three out of four offers faced competition. But as of November, only about one out of every five offers faced competition, the lowest rate among the largest markets tracked.
A lot of people are motivated price-wise from the selling standpoint too, because they too want to get to their next location.”
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