Tag Archives: bidding war

Are Home Bidding Wars Easing?

San Diego County remains one of the most competitive housing markets in the nation, but local bidding matches appear to be easing, shows an analysis from online real estate brokerage Redfin. Competition softened in July due to an increase in listings and mortgage rates.

Contact the appraisers at www.scappraisals.com for your home value questions.  They are San Diego Home Value Experts.

More than 70 percent of deals reviewed by Redfin in July faced multiple bids, a drop from 82 percent in June and a drop from 73 percent a year ago, based on the brokerage’s data. The national rate is 63 percent.

San Diego and Orange counties faced the steepest decreases in competition month-to-month. Still, the two regions rank as the No. 4 and No. 3 most competitive markets in the nation. San Francisco and Los Angeles topped the list.

Local home sales shot up to a 7-year high in July as 13 percent more listings became available, allowing potential buyers more choice in a supply-constrained market. Also, recent home-price and mortgage-rate spikes have discouraged some buyers who may have dropped out of the market. That paved the way for more persistent consumers to ink deals.

Read more at: http://www.utsandiego.com/news/2013/aug/16/san-diego-homes-real-estate-bidding-wars-prices/

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Here We Go Again? Boom Times Are Back, And So Are The Pitfalls

monopoly

WASHINGTON — They’re back after barely a decade: escalation clauses in real estate contracts, “naked” contingency-free offers and lowball-priced listings designed to pull in dozens of bidders and turn routine sales transactions into auctions.

These are all techniques last seen with frequency during the frothiest months of the housing bubble in 2004-05, when prices were rising at double-digit rates, buyers thought they couldn’t lose money in real estate, and mortgage financing was available to anybody who could sign a loan application.

Want to know if the value is there or if the property will appraise.  Contact the appraisers at www.scappraisalscom for your appraisal questions.  Also want to wave the building inspection?  Contact the appraiser at www.scappraisals.com for your cost-to-cure questions.

Now they are reappearing in some of the hottest sellers’ markets from coast to coast — the byproduct of severe shortages in houses listed for sale combined with strong demand by qualified purchasers.

Nationwide, according to surveys of 800-plus local markets by Realtor.com, inventories are down by 16 percent from year-ago levels. But in the hottest areas, listings are down by double or even triple that and prices are moving up fast.

Buyers, meanwhile, are out in droves, scanning newspapers and online realty sites for the latest listings, and signing up for alert services provided by realty firms.

In the San Francisco Bay area, for example, agents say that realistically priced new listings are attracting dozens — sometimes even hundreds — of shoppers to open houses and stimulating bidding competitions with 30 to 50 or more participants.

Bidding wars are also increasingly frequent on well-priced listings in Washington and its Maryland and Virginia suburbs, much of California, Seattle, Phoenix, Las Vegas, Richmond, Boston and parts of Florida, among others.

Read more at: http://www.timesdispatch.com/business/local/columnists-blogs/the-nation-s-housing-boom-market-returns-with-potential-pitfalls/article_9adedb73-ce71-5101-892b-23ef9861f116.html

Disclaimer: for information and entertainment purposes only