9 AM to 6 PM

Monday to Sunday

Servicing The Whole State Of Florida

(833) 334-8486

info@divitorealestate.com

Compare Listings

Bidding Wars Abound… How Long Will They Continue?

Bidding Wars Abound… How Long Will They Continue?

Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.

In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.
CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.
“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”
Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.
This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.

Realtor.com gives this advice:

Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

Bottom Line

Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Contact our team to determine the demand for your house.

 

Divito Real Estate

img

divitorealestate

Related posts

Florida Kennel Empty ‘For the First Time in History,’ All Dogs Adopted

A Florida kennel at an animal shelter is empty for the first time in history since all of its dogs...

Continue reading
by dannydivito

Fed seen cutting interest rates to 0% soon in bid to help weather coronavirus storm

Central bank using playbook that suggests being aggressive while it can, former Fed staffer...

Continue reading
by dannydivito

Why You Shouldn’t Take Your House Off the Market During the Holidays

  If you are one of the many homeowners who is debating taking your home off the market...

Continue reading
by divitorealestate
Sign Up Today To Have A Licensed Experienced Realtor Contact You Today!

Play Video