Weekly Real Estate News
Source: Fortune—
New data from Redfin shows that three in five homes faced multiple offers in December. That’s lower than the April highs of nearly 75%, but higher than December 2020’s 54%. And in some cities, the bidding wars are still raging.
“Buyers should anticipate that they may not win a house until their sixth or seventh bid,” Redfin team manager Candace Evans said in a statement. “If you’re the type of person who falls in love with a house, this is not your market. If you show a house to 10 buyers, you’ll probably get eight offers.”
Homes priced between $800,000 and $1 million were the most likely to face a bidding war, said Redfin. Homes beyond the $1 million mark were also frequently subjected to multiple bids. But among houses with price tags ranging between $200,000 and $800,000, 55% saw a bidding war break out. (Townhouses and single-family homes were the most competitive properties.)
