Redfin, the Seattle-based real estate brokerage is reporting that for the third straight month, more than half of its home offers faced competition (bidding war) in July. The result, Redfin says of home inventories and mortgage rates continuing to hit record or near record lows. Redfin said that 56% of single-family homes faced competition, followed by 54% of townhomes and 42% of condos. Redfin Chief Economist Daryl Fairweather said in prepared remarks that, “Bidding wars may slow down if interest rates tick up again, which could happen if we get good news about a coronavirus vaccine or more clarity around the outcome of the upcoming U.S. presidential election.”
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Bidding Wars Hold Steady in July, With Over Half of Redfin Offers Encountering Competition