More Sellers Lower Asking Prices To Entice Increasingly Finicky Buyers, It’s Part Of A National Trend

August 7, 2019 by Ben Jones

A press release from Redfin. “Eleven percent of offers nationwide faced a bidding war in July, down from more than 45 percent a year earlier, according to Redfin. The national bidding war rate hasn’t surpassed 15 percent since November 2018, after falling steadily from a peak of 59 percent in March 2018. ‘On a local level, it’s noteworthy that some of 2018’s fiercely competitive markets—San Jose, Seattle, Los Angeles—have seen their bidding war rates plummet the most year over year. Home prices in these expensive markets have also been falling annually,’ said Redfin chief economist Daryl Fairweather.”

“The bidding war rate in San Jose was just 13.3 percent, and in Seattle, the rate was only 7.8 percent. Miami was the least competitive market in July, with just 1.3 percent of the offers submitted by Redfin agents facing competition. Miami was followed by Houston (4.8%), New York (6.3%), Dallas (6.6%) and Las Vegas (7.3%).”

From Vegas Inc in Nevada. “At the end of last month, the association reported that just over 7,800 houses in the Las Vegas Valley were on the market without an offer, a 63% increase from July 2018. For condos and townhouses, 1,864 units were for sale with no offers at the end of last month, up 112% from July 2018.”

“‘By having an increase of homes on the market, that just means there’s more inventory coming on than the people coming from out-of-town who are trying to buy everything up,’ said Tom Blanchard, who will serve as president of the GLVAR next year. ‘There’s more homes left over right now for those of us who live here and are trying to find a house.’”

From 9 News In Colorado “Denver‘s current housing inventory has some homebuyers pushing sellers on price and inspection repairs. ‘Homebuyers are flexing some muscle in a way they haven’t been able to in recent years,’ said Lane Lyon, a licensed Realtor and managing broker at Coldwell Banker.”

“Increased housing inventory is the reason many buyers are being a bit more nit-picky when it comes to home purchases in the Denver area. Lyon said the number of available homes and condos is more than 20 percent higher compared to last year. Buyers are shopping around and taking longer to make a decision in many cases which is resulting in more days on market for sellers.”

The Rest Of The Story At The Link Below:

More Sellers Lower Asking Prices To Entice Increasingly Finicky Buyers, It’s Part Of A National Trend

Peter is a Real Estate Broker at Professional Brokers Group (License No. 023000), covering the greater Short Sale area of Colorado.
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