BIDDING WARS ABOUND HOW LONG WILL THEY CONTINUE

BIDDING WARS ABOUND HOW LONG WILL THEY CONTINUE

Bidding Wars Abound… How Long Will They Continue?

Bidding Wars Abound… How Long Will They Continue?


Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.

In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.

CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.

“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”

Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.

“San Francisco had the largest share of homes—76 percent—that sold for at least the list price, and Seattle and Los Angeles followed with 63 and 51 percent, respectively. Miami had the lowest share—16 percent—of homes selling at or above the list price.”

Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.

This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

Bottom Line

Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Contact Morrie Finkelstein at 754-234-0637 who can help you determine the demand for your home in your area.

Oh by the way, I am never to busy for your referrals.


Morrie Finkelstein Headshot
Author:
Phone: 754-234-0637
Dated: February 13th 2018
Views: 65
About Morrie: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Apr 16 2018 49313 1 - i'm feeling Optimistic! Look like
CREATE AN EVACUATION PLAN FOR YOUR PETS - An evacuation plan is a necessity
Understanding Your Pomeranian Breed Dog - The Pomeranian is a toy breed that
Apr 16 2018 43219 1 Which Home Remodeling Projects Are Worth Your Money - Which Home Remodeling Projects Are

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Exit Realty Premier Elite
8961 Hypoluxo Road
Lake Worth, FL
561-701-8124


Other Locations