{"id":7841,"date":"2022-08-31T10:00:25","date_gmt":"2022-08-31T10:00:25","guid":{"rendered":"https:\/\/thezakariagroup.com\/buyers-you-may-face-less-competition-as-bidding-wars-ease\/"},"modified":"2022-08-31T10:00:25","modified_gmt":"2022-08-31T10:00:25","slug":"buyers-you-may-face-less-competition-as-bidding-wars-ease","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/buyers-you-may-face-less-competition-as-bidding-wars-ease\/","title":{"rendered":"Buyers: You May Face Less Competition as Bidding Wars Ease"},"content":{"rendered":"
\n

\"Buyers:<\/p>\n

One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic \u2013 and it drove home prices<\/a> up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way.<\/span><\/p>\n

But here\u2019s the news you\u2019ve been waiting for: data shows clear signs bidding wars are easing this year.<\/strong><\/p>\n

According to the National Association of Realtors<\/em> (NAR), the average number of offers<\/a> on recently sold homes has declined considerably over the past few months (see graph below<\/em>):<\/p>\n

\"Buyers:<\/a><\/p>\n

The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply<\/a> of homes on the market. Essentially, more choices for buyers.<\/p>\n

What This Means for You<\/strong><\/h4>\n

If you put your home search on pause because you were outbid last year or because you didn\u2019t want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief. While it\u2019s still a sellers\u2019 market<\/a>, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely won\u2019t be anything like it was just a few short months ago.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you put your plans on pause because of intense bidding wars in recent years, it may be time to kick off your home search. Today, bidding wars are easing and that may mean less competition for you as a buyer. If you\u2019re serious about buying a home or making a move, let\u2019s connect to get started today.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic \u2013 and it drove home prices up. 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