Buyers May Face Less Competition as Bidding Wars Ease
Here’s the news you’ve all been waiting for!
Clear signs bidding wars are easing this year:
According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined considerably over the past few months (see graph below):
This graph shows homes were seeing around five offers earlier this year. The latest data shows that average declining to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market. Essentially, more choices for buyers.
What This Means for You
If you put your home search on pause because you were outbid last year or because you didn’t want to deal with bidding wars, while it’s still a sellers’ market, an uptick in inventory gives you a good chance to start looking again.
Call and Text Steve Schappert 203-994-3950
Email Broker@CTREB.com
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Truth
You are a concerned homebuyer or homeseller and you need to know what is happening in your housing market so you can make the most informed decisions possible.