What the recent changes mean for buyers who are tired of bidding wars.
A lot is happening in our market. We’re seeing the return of buyer incentives and declines in sales and prices. It’s getting hard for home builders, as buyers lose interest in purchasing new properties now that mortgage rates have climbed. Buyers are also facing less competition and fewer bidding wars.
Fiercely competitive bidding wars became the norm throughout the pandemic, and they drove home prices up. If you tried to buy a house over the past few years, you’ve probably experienced this firsthand. You may have even been outbid on a few homes yourself.
“Now might be your chance to jump back into the market.”
Here’s the good news you’ve been waiting for: Recent data shows bidding wars are starting to ease. According to the National Association of Realtors, the average number of offers on homes has declined considerably over the past few months. Houses received an average of five offers earlier this year, but the latest data shows that this number is down to just shy of three offers per home.
This shift has largely happened because rising mortgage rates moderated buyer demand and lowered home sales. The bottom line is that if you put your home search on pause because you didn’t want to deal with bidding wars, now might be a good time to jump back in. Our increased inventory gives you a window of opportunity. You will likely still be competing with some buyers, but it won’t be nearly as competitive as it was a few months ago.
If you’re serious about buying a home, let’s connect to get you started today. Of course, if you just have a few questions, we’d love to help. Email or call us at (602) 920-0306 anytime.
