Source: Masion Global —
With mortgage rates rising, U.S. home buyers experienced less competition in March, after months of cut-throat bidding wars.
In March, 65% of home buyers faced competing offers as opposed to 66.7% in February, according to a Redfin report Monday. Even though the decline in competition was not tremendous, it was the first time in six months that a decline has occurred.
“Most homebuyers are still encountering bidding wars, but competition is beginning to cool because surging mortgage rates and home prices are prompting some Americans to back out or put their buying plans on hold,” Daryl Fairweather, Redfin chief economist, said in the report.