5 Facebook Groups Every Real Estate Agent Should Know About
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If you’ve been planning on buying a home, there’s a good chance you were hoping that the good news about higher interest rates would be that there would at least be fewer bidding wars.
But despite rates and the economy edging some buyers out of the market — and others just deciding to take a break from searching for a house — there’s a good chance you’re not feeling like the market has bid farewell to bidding wars at all.
According to Yahoo Finance, bidding wars are still very much a thing in 2024, with some houses receiving upwards of 30 offers.
So it’s completely understandable if you’re starting to wonder if bidding wars are the new normal, and are just something buyers will have to deal with forever at this point.
Real estate is driven in large part by supply and demand. And, for quite some time now, there simply have not been enough houses for sale to satisfy the number of buyers competing for them, which has been the reason bidding wars have continued even after rates went up.
However, supply and demand isn’t the only thing that causes bidding wars. They can occur even in a “buyers’ market” where there are more houses for sale than there are buyers looking for a home.
It doesn’t matter if it’s a recession, depression, or the best economic period ever; if a seller prices their house appropriately for the current market conditions, and there’s more than one buyer looking in the area and price range that house is in, there’s a good chance there will be a bidding war.
In other words, they’re something you always need to be prepared for and expect.
Whether you’re in a market where bidding wars are the norm or not, it pays to be prepared and ready to compete. Here are 5 things you should do to increase your odds of success if you’re competing against multiple offers:
Despite how it may seem, bidding wars are never happening on every house for sale in the entire market. So, if you’d like to avoid getting involved with bidding wars, it’s possible, but it might entail doing things that other buyers aren’t doing, such as:
The Takeaway:
Bidding wars have become increasingly prevalent in many areas and price ranges, defying the expectation that rising interest rates would take competition (and possibly even prices) down a notch for buyers.
While bidding wars may seem like the new normal, they’re not a recent phenomenon. Dealing with a bidding war is always a possibility in any market (if a house is priced appropriately), so buyers should always be prepared and act quickly.
However, exploring areas with more supply, targeting overpriced homes, or looking in less in-demand price ranges may be a possible solution for those seeking to avoid bidding wars altogether.
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