Don’t let your home buyers be caught off guard: They’re likely to face steep competition for the home they want. With a limited number of homes for sale and strong buyer demand, bidding wars are growing more commonplace.
Sixty percent of real estate agents reported bidding wars were on the rise in their market in June, according to a study of 2,000 real estate professionals from HomeLight.
A report from the brokerage Redfin shows that more than half of its offers—54%—saw multiple offers for homes in June. Single-family homes and townhouses were the most likely to receive multiple bids from buyers, moreso than condos, Redfin notes.