Source: The World Property Journal —
National property broker Redfin is reporting that in May 2021 over 70% of home offers written by Redfin agents faced competition, down from a revised rate of 73.6% in April 2021.
That’s still up significantly from 52.7% in May 2020, which was impacted by pandemic stay-at-home orders. An offer is considered part of a bidding war if a Redfin agent reported that it faced at least one competing bid.
Why does everyone keep calling it a bidding war.
It’s not like a acution that people competing in a room and an agent is asking for more & more
Just offer your best and final offer!
It may not be an auction but there can be a lot of back and forth leading to the best terms and price for the sellers.