Bidding Wars Begin to Cool in Some Markets

In many locations in the United States, competition to buy available homes in the market is fast and furious, but some markets are showing signs of cooling down in other locations, according to a new Bidding War Report issued by Redfin.

The report is based on statistics gathered from Redfin agents writing more than 2,000 offers per month for clients making bids to buy homes. The agents noted that competition went down 0.8 percentage points in San Francisco and 5.8 points in Washington, D.C., for example

Among the most common factors of winning offers was the use of conventional loans at 61.7 percent, higher asking prices at 51.9 percent and buyers’ use of a customized “Dear Seller” letters at 28 percent, with some local variations. For example, Redfin agents showed that Dear Seller letters resulted in 52.9 percent of winning offers in Baltimore, compared with a national rate of 28 percent.

Cary Amo has more than 20 years of experience as a Residential Realtor, helping people buy the homes of their dreams. For more information about current real estate market trends in LaFayette and surrounding areas, please contact Cary at Sotheby’s International Realty today.

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