https://www.google.com/analytics/web/#home/a69066132w111663562p116541675/

What’s Going On with Sellers and Bidding Wars? #SellYourHomeForMoreandPayLess #TimeToSell #ChrisBJohnsonREALTOR ® #SellersPayZEROCommission #ListYourHome&PayNoCommission #BetterThanFSBO #5StarREALTOR ® #TopProducer

Dated: 03/12/2019

Views: 6

 

#SellYourHomeForMoreandPayLess #TimeToSell #ChrisBJohnsonRealtor #SellersPayZEROCommission #ListYourHome&PayNoCommission #BetterThanFSBO #5StarREALTOR®

Your home is probably the biggest asset you own. This is why you should hire a professional to guide youthrough all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sellhomeI am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve.

What’s Going On with Bidding Wars? | MyKCM

In a strong seller’s market, like the one we have experienced over the past few years, bidding wars are common and expected. This makes sense! A seller’s market is defined as a market in which the inventory of homes for sale cannot satisfy the number of buyers who want to purchase a home.

According to the Cambridge English Dictionarybidding wars occur when two or more parties repeatedly outbid each other as they compete to purchase something- in this case, a home.

In some areas of the country, first-time buyers have been met with fierce competition throughout their experience. Some have been out-bid multiple times before finally winning a bid on a home to call their own.

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.7-month supply of homes for sale.

With the current number of houses listed for sale and the level of demand from buyers, this means it would take 3.7 months for all the homes listed to sell if no additional listings came to market. Any supply number under a 6-month supply is considered a seller’s market. According to NAR, the housing market hasn’t had a 6-month supply of homes for sale since August 2012.

Good News for Buyers

A recent report shows that the percentage of houses sold including a bidding war before settling on a final price decreased from 53% in January of 2018 to 13% this year.

One reason for the decline is an influx of homes being listed for sale. Even though the month’s supply number is not increasing, the number of homes for sale is. The chart below shows the year-over-year change in inventory over the last 12 months.

What’s Going On with Bidding Wars? | MyKCM

 

As you can see, the number of homes for sale has started to build over the last eight months. Prior to this reversal, inventory levels had fallen for 36 consecutive months when compared to the year before.

Danielle Hale, realtor.com’s Chief Economist, gave some insight into why bidding wars are less common on a local level this year,

“[Last year] you might have been the only listing in your neighborhood, and you could put your home up at a certain list price and you would likely see multiple offers at or above that list price. That tide is turning this year.

It’s going to depend on what neighborhood you’re in, but we expect it to be more common this year that you won’t be the only listing.”

Inventory in the luxury and premium markets (the top 25% of listings in an area by price), is increasing at a greater rate than the starter home market. As the choices buyers have continued to increase, the likelihood of a bidding war will decrease.

Bottom Line

If you are debating listing your house for sale this year, you may not want to wait for additional competition as inventory continues to rise.

About Me

My photo
 
 
 

Chris B. Johnson is a REALTOR® who Specializes in Short Sale and REO Transactions. Chris has been Certified as a California Association of Realtors HAFA Specialist, a National Association of Realtors Short Sale and Foreclosure Resource, Chris B Johnson Realtor is a Certified Distressed Property Expert, Certified Short Sale Negotiator, Certified Default Advocate and Certified Pre-Foreclosure Specialist. With a full time staff dedicated to short sale negotiations and transactions, we have been successful with (almost) every short sale to date.  LinkedIn Pro    UpNest    What's Your Home Worth?

 

 

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

POSTED BY

Blog author image

Chris B Johnson

state_license/dre/bre_number: CalDRE 01501699 Chris B. Johnson REALTOR® Specializes in Luxury Estates and Home Auctions, Short Sale, Foreclosure and Probate Real Estate, Chris has been Certified as a....

Latest Blog Posts

Here Are 5 Reasons to Sell Your Ventura County Home This Summer #topproducer #timetosell #downsize #realestateinvestor #rentalproperties #flipandfix #listyourhomeandpaynocommission #5starrealtor #timetodownsize #chrisbjohnsonrealtor #moveuphomebuyers #Sel

BY CHRIS B JOHNSON REALTOR®Real Estate Agent with Allison James Elite CA. BRE 01501699EMAIL   Share:June 17, 2019 11:18 AM My Los Angeles County Real Estate BLOG 

Read More

Top 4 Renovations for the Greatest Return on Investment! #INFOGRAPHIC #TopROI #SellYourHomeForMoreandPayLess #TimeToSell #ChrisBJohnsonRealtor #SellersPayZEROCommission #ListYourHomeAndPayNoCommission #BetterThanFSBO #5StarREALTOR® #topproducer #realestat

BY CHRIS B JOHNSON REALTOR®Real Estate Agent with Allison James Elite CA. BRE 01501699EMAIL   Share:June 14, 2019 01:49 PM My Los Angeles County Real Estate BLOG 

Read More

Time for Your Dream Home, Gen X! #BoomerageBuyers

#TimeToBuy Time for Your Dream Home, Gen X! #BoomerageBuyers: During the housing market crash, Gen X homeowners lost more wealth than other generations. However, things are changing now! A strong

Read More

Three Things to Know About Today's Housing Market! #TimeToBuy,#FirstTimeHomeBuyers,#MoveUpHomeBuyers,#5StarREALTOR,#HyperLocal, #ChrisBJohnsonREALTOR,#TopProducer,#FlipandFix,#RealEstateInvestor,#RentalProperties, #BoomerageBuyers,#MultiGenerationalBuyers

BY CHRIS B JOHNSON REALTOR®Real Estate Agent with Allison James Elite CA. BRE 01501699EMAIL  Share:June 12, 2019 03:22 PM  My Los Angeles County Real Estate BLOG 

Read More