Home Buyers: You May Face Less Competition as Bidding Wars Ease

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 – and it drove home prices 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.

But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.

According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined considerably over the past few months (see graph below):

Buyers: You May Face Less Competition as Bidding Wars Ease | MyKCM

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. The result is a growing supply of homes on the market. Essentially, more choices for buyers.

What This Means for You

You may have put your home search on pause because you were outbid last year. Or you may be waiting because you didn’t want to deal with the peak intensity of bidding wars. You can breathe a welcome sigh of relief. While it’s still a sellers’ market, 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’t be anything like it was just a few short months ago.

Bottom Line

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’re serious about buying a home or making a move, let’s connect to get started today.

Amy Krieger

Amy loves all things Disney from the theme parks and resorts to the beloved films. She and her husband, Paul, are originally from Wheeling, West Virginia. They now live in Central Florida with their two fur kids, Odie the greyhound and Hermes the Spanish galgo. As Disney Vacation Club members and Disney World Annual Passholders, they visit Disney World and other Disney properties as often as possible. Full time, Amy is the Manager of Loan Origination for Monera Financial, a World of DVC company where she helps buyers finance DVC contracts. Amy and Paul own DVC at some of their favorite resorts: BoardWalk, Grand Floridian, Animal Kingdom, Polynesian, and Grand Californian.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.