The past bidding wars have been intense, as homes get sold as soon as they are listed. Buyers were so competitive that others have even stopped looking for homes. It can truly be tiring for those who have been doing these things for the past 2 years, which is why today's news might be something positive to hear.
Easing Up And Normalization
With the intensity of the demand for homes during the pandemic, home prices went up dramatically. One problem that most people encountered was getting outbid because of the quick increase of home prices, which means those who have been approved for lower amounts of loans didn't have many options.
The good thing about today's real estate market is that the bidding wars seem to have eased up. Although home prices are still increasing, it wasn't as fast as before. Competition with other buyers may be inevitable, but they don't have to worry much about the intensity and frequency of getting outbid.
Check out the graph from NAR below:
According to the data from the National Association of Realtors®, the shift in the real estate market is happening due to moderated buyer demand and rising mortgage rates. There are about 3 to 5 offers per home earlier this year, which is lower compared to the previous years, although still a good number in terms of growth.
If you have put your home search on hold because of the extreme bidding wars before, now is a great time to get back on track.
If you want to know the best offers in your area, and you're determined to know more about the real estate market, reach out to us. We're more than happy to help!
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