With tighter inventories of homes for sale, buyers are finding increased competition through bidding wars. But the bidding may not be between only one or two other buyers -- more bidding wars are popping up where dozens or even hundreds of other buyers are all competing for the same property.
"The only question is not whether a new listing will get multiple bids but how many it will get," Matt Jensen, who manages The Cascade Team Real Estate office in the Issaquah Highlands or Washington State, said.
In one example, a home in Bellevue, WA., reportedly received 43 separate bids, with the final sales price more than $100,000 above its $769,000 asking price. In The Issaquah Highlands, Sammamish, and Snoqualmie Ridge neighborhoods, real estate brokers are receiving not only multiple offers, but multiple threats and disgruntled phone calls from other agents who miss out on properties for their clients. “It’s like a feeding frenzy” reports Cary Porter Owner and Designated Broker of The Cascade Team Real Estate. “If a home comes on the market that meets what you are looking for you had better find a way to see it that day. There is no time to wait for tomorrow or the weekend. It will be gone or likely have multiple offers.”
Seventy-five percent of real estate agents with The Cascade Team Real Estate surveyed in March say their clients have faced multiple bid situations for properties.
Cash buyers are there even at the higher price points too. For the month of March in Western Washington 25% of all sales we CASH offers.
Meanwhile, inventories of for-sale homes continues to be low. Just released yesterday by the NWMLS: Even after adding nearly 10,000 new listings to the multiple listing service in March, the total number of homes that were Sold or went Pending outpaced that number and inventory continues to drop. See that report HERE
Bidding wars appear to also be prevalent in California. Ninety percent of homes sold in San Francisco, Sacramento, and throughout Southern California saw multiple bids during the month, CNNMoney reports. What’s more, at least two-thirds of listings in Boston, Washington, D.C., Seattle, and New York had bidding wars for homes too.
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