If you need assistance, please call 703-743-4410

As bidding wars lessen buyers experience less competition

Friday, September 2, 2022   /   by Laura Larson

As bidding wars lessen buyers experience less competition

The widespread intensity of bidding wars to purchase a home was one of the top stories in recent real estate headlines. During the peak of the pandemic, extremely competitive bidding wars were the norm because there were so many buyers trying to buy a property and so few of them were available for sale. This caused home prices to rise dramatically. You have probably experienced this directly if you attempted to purchase a property over the past two years, and you might have seen multiple homes where your offer was outbid.

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.

Bottom Line
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, work with a knowledgeable and experienced professional like Laura Larson now, to start the process right away.