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Frequency of bidding wars declines nationwide: Redfin
Redin says 32% of its offers to buy U.S. homes on behalf of clients faced at least one competitive bid during November, down from 45% in the same month last year
If you want to make an offer for a home, you are less likely to face a competing bid than a year ago, according to Seattle-based brokerage firm Redfin.
Homes listed for sale in some metropolitan areas still attract multiple competing bids, but a cool-down in the housing market has reduced competition for listed homes in most parts of the nation, Redfin reports.
The brokerage firm says 32 percent of its offers to buy U.S. homes on behalf of clients faced one or more competing bids during November, down from 45 percent during the same month last year.
In Miami, for example, 19.8 percent of Redfin’s offers to buy homes faced at least one competitive bid in November, down from 31.4 percent in November 2017.
Philadelphia was the only U.S. metropolitan area where a significantly larger percentage of Redfin offers faced competition in November (36.5 percent) than in November 2017 (30 percent).
The 32 percent share of Redfin offers that faced competition in November was the lowest percentage since the brokerage firm began analyzing bidding competition in 2011.
But some areas of the nation are still hotbeds for bidding battles over listed homes.
The zip codes with the most competitive bidding for listed homes are 94602 in Oakland, California; 20000 in Washington, D.C., and 92870 in Orange County, California. At least 85 percent of Redfin offers in these zip codes faced competition in the three-month period that ended in November. [Redfin.com] – Mike Seemuth