Are the Bidding Wars Truly Over?

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Posted To: MND NewsWire

The War is over. That would be the bidding war. And maybe not over, but there seems to be a cease-fire. CoreLogic’s Shu Chen says that the share of homes that sell above their list price , often because of competition among multiple prospective buyers, has returned to normal levels . Not that normal is necessarily a leisurely pace. Thirty-one percent of homes sold at or above the ask in March, about the same percentage as in 2000 and 2001. Chen says, at the peak in the second quarter of 2018 , more than 40 percent of homes brought in a higher price than asked. That was nearly triple the share at the trough in January 2008. With home prices reaching many homebuyers’ budget limits, appreciation began to slow in the third quarter of last year and the share of buyers who were able to negotiate…(read more)

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