Raleigh, North Carolina had the highest bid-battle rate of 86.7% in August
With August seeing some of the least competitive offers so far this year, the contest to light a house continues.
According to the technology-driven real estate brokerage, around 58.8% of home offers by Redfin agents faced competition, a new low for 2021.
According to Redfin, this is down from the revised bid-battle rate of 62.1% a month ago and is well below the “peak of 74.3% in April”.
The August rate is also lower than the bid-war rate of 59.4% reported a year ago.
“While sellers continue to have the upper hand, home buying has become a little easier this summer as the country’s acute shortage of homes for sale is no longer accelerating and the market has its typical seasonal slowdown,” Redfin said.
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Although sellers are still pricing their homes “too high,” buyers aren’t taking a bite.
“Many buyers have had enough and are no longer willing to pay the hefty premiums they were six months ago,” said Nicole DeGe, a Redfin real estate agent in Orlando, Florida.
Dege is seeing five to seven offers on move-in ready homes in the area instead of 25 to 30.
“Buyers are getting a little more selective,” she said. “I have a seller who recently put his four-bedroom single-family pool house on the market, but the roof was shot. He had to lower his asking price from $427,000 to $423,000 and replace the roof. had to agree to spend about $7,000 to attract bidders.”
That’s a far cry from about six months ago, Dege said, when the seller “would have been able to sell that house as easily as it did without the price dropping.”
The area with the highest bids is Raleigh, North Carolina, which had a bid-warring rate of 86.7% in August.
It is followed by San Francisco and San Jose, California at 70.7% and Tucson, Arizona at 70.5%.