Friday, September 2, 2022 / by Laura Larson
Early this year, the average number of offers for a home was approximately five. The average number of offers per recently sold home, according to the most recent data, was down to just under three. Rising mortgage rates have dampened buyer demand, slowed home sales, and led to an increase in the number of available properties on the market, which is responsible for this shift, which provides more options for home buyers.
What This Means for You
You can exhale a pleasant sigh of relief if you put off your house search because you were outbid last year or because you didn't want to deal with the intensity of out-of-control bidding wars. Even though it's still a sellers' market, an increase in inventory gives you a chance to get back in. It's possible that some purchasers may still be in competition with you, but it won't be anything like it was a few months ago.