Bye bye bidding wars? Slowing market brings less competition for buyers

But dropping mortgage rates could reverse the trend

Mar.March 31, 2019 10:00 AM
In the first three weeks of March, about 16 percent of buyer offers faced a bidding war (Credit: iStock)

So long are the days of competitive buyers and numerous bids — at least for now.

A new report finds that homebuyers today are facing much less competition from other prospective buyers than they did a year ago, another sign indicating a slowdown.

In the first three weeks of March, about 16 percent of buyer offers faced a bidding war, according to a new report from Redfin. That’s down from 61 percent last year, CNBC reported.

Homes are also taking longer to sell. Redfin, which operates in 85 markets, found that homes are staying on the market on average two days longer than during February 2018. That is the largest annual increase since January 2015, and first annual increase in February since 2011.

But dropping mortgage rates of late could draw out more buyers, which may in turn lead to an uptick in bidding wars as the housing supply remains tight. [CNBC] – Natalie Hoberman

Related Articles

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M

Andy Reid, the President of MetroStudy

The great SoCal slowdown: Homebuilding drops 18%