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RATE OF BIDDING WARS IN SOUTHEAST DROPS TO 56% AS OF SEPTEMBER DUE TO PANDEMIC

According to data released on Tuesday by realtor company Redfin, as of last month there has been a slowdown of bidding wars in September with the amount percentage at around 56% as opposed to August’s 59%. The real estate market, due to COVID-19 has turned the real-estate market into a sellers market. Daryl Fairweather, chief economist for Redfin had this to say:

 

“homebuyers are still sweating as they navigate what remains an unseasonably hot seller’s market,”

 

Redfin agent Brian Walsh of Tampa, Florida had this to say in addition:

 

“It’s getting to the point where you’ll see a seller demand $50,000 over what they paid a year ago—and the only thing they’ve done to the home is minimal DIY renovations, like slapping on some new paint and flooring,” he also stated that his buyers are waiting until the market cools off before making anymore investments therein.

 

On the opposite end of the spectrum, competition has seen a jump in Salt Lake City, Utah from August’s 69% to seeing September at 80%. The rocky mountain area has seen a growth in demand as a result of the coronavirus making buyers seek out safety from the crowded large cities.

 

In the west coast, remained second most competitive after Salt Lake City with its shortage of homes for sale. 2/3 homes in San Francisco and Silicon Valley were met with competitive offers.

 

In the condo market however has remained in a weaker state at 40.5% of single-family condo offers met with a bid war as of September.

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