Bidding wars off the charts
Buyers are increasingly facing fierce bidding wars in their hunt for a home. Even as home prices surge and competition remain tight, house hunters are undeterred.
About 40% of potential buyers who’ve been searching for a home say they haven’t bought a house yet because they keep getting outbid, according to a survey by the National Association of Home Builders. A year ago, the primary reason cited was unaffordable prices.
About 56% percent of Redfin real estate professionals reported facing a bidding war with their buyer offers in January. Bidding wars are occurring the most frequently with properties between $800,000 and $1 million, Redfin reports.