Bidding wars reach lowest level since August 2020: Redfin

Dated: September 16 2021

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As the market normalizes, so has the level of bidding wars, according to Redfin’s market report released on Tuesday. In August, 58.8 percent of the home offers written by Redfin agents faced multiple bids — the lowest level since August 2020 (59.4 percent) and 15.5 percent below the peak in July 2021 (74.3 percent).

“While sellers continue to have the upper hand, buying a home has become slightly easier this summer as the country’s acute shortage of homes for sale is no longer intensifying and the market has undergone its typical seasonal slowdown,” the report read. “Home-price growth is stabilizing following months of record gains, and measures of competition aside from the bidding-war rate are also losing steam.”

Although sellers currently have the reigns, Raleigh-based Redfin agent Stacey Delgado said buyers may have more leverage as we get deeper into the fall and winter homebuying season.

“Sellers remain in control, but the next month or two will be very telling,” she said. “The market has just started to cool down over the last couple of weeks, which isn’t surprising because kids are heading back to school.”

“Still, there are parts of the city that remain fiercely competitive, like the Research Triangle, which is Raleigh’s tech hub and has highly-rated schools,” she added. “Out-of-state buyers who are flush with cash and can work remotely continue to flock there and bid up home prices.”

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Andre Marines

Raised in a "real estate family" in Providence, Rhode Island I have had many years of exposure to the business. As a licensed real estate agent I have brought my talents to The Rhode Island Real Estat....

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