Home Real Estate Home bidding competition eased in June as buyers become fatigued

Home bidding competition eased in June as buyers become fatigued

3

The cut-throat competition to snag a home in the U.S. housing market has finally started to ease from pandemic highs. 

In June, 65% of offers written by Redfin agents faced bidding wars, down from 72.1% in May and well below the “pandemic peak of 74.1% in April,” according to a new report from Redfin. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

It’s a relief for potential homebuyers who have been faced with surging prices as a result of the unabating competition amid a housing shortage.  

During the first half of the year, it was “almost impossible to get an offer accepted,” according to Laura Sechrist Molenda, a Redfin real estate agent in Southern California. Now, agents are seeing more “buyers get cold feet,” Molenda added. 

The decrease in competition is likely the result of “buyer fatigue” – which can result when a buyer constantly loses a bidding war or gets priced out, according to…

Click here for full article…www.foxbusiness.com