According to Redfin, the Seattle-based real estate brokerage firm, 53.6% of home offers written by their agents ended up in a bidding war. November’s data marks the seventh consecutive month where more than half of Redfin offers evolved into a bidding war between would be buyers. And November’s rate was a decline from the October rate of 58.5%. Redfin attributed this trend to historically low mortgage interest rates coupled with a supply-and-demand imbalance and an increase in homeownership interest fueled by the rise of pandemic-impacted workforce handling their jobs from home. In prepared comments about the report Redfin Chief Economist Daryl Fairweather said, “Buyers aren’t going to compete for homes that have been sitting on the market. They will typically only get into a bidding war for a newly-listed, desirable home that is move-in ready.” Fairweather went onto say “Neither the election nor the Thanksgiving holiday weekend curbed homebuyers’ appetite in November.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
More Prospective Buyers Battle for Homes