If you need assistance, please call 480-365-8346

Are bidding wars coming back to the housing market?

Monday, May 8, 2023   /   by Juan Grimaldo

Are bidding wars coming back to the housing market?

1.png

Although the spring 2023 housing market has little resemblance to the frenzied 2021 buying and selling season, there's evidence some markets and types of houses are starting to become more competitive, owing mostly to a lack of inventory.

Forty-eight percent of homes sold nationally during the four weeks ending April 30 went under contract within two weeks, down from 51% a year earlier but up from 46% a month prior, Seattle-based Redfin Corp. (Nasdaq: RDFN) recently found.

While demand for housing among buyers exists, a key reason for increased competition for certain homes is because inventory remains extremely tight. Owners who locked in record-low mortgage rates during the pandemic are hanging onto their homes, exacerbating a persistent national housing shortage.

Redfin found new listings in April were down 23% from a year earlier, which is the second biggest decline since the start of the pandemic and outpacing the 17% year-over-year decline in pending sales.

To continue reading, click here 

By Ashley Fahey - Editor, The National Observer: Real Estate Edition 


2.png

The Grimaldo Group
Juan Grimaldo
2403 N Pebble Creek Pkwy #101
Goodyear, AZ 85395
480-365-8346

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Juan Grimaldo - Keller Williams Realty Professional Partners - The Grimaldo Group (WINBACK) are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. February 22, 2024
This site powered by CINC: www.cincpro.com