【World Property Journal】7 in 10 Home Buyers Still Face Bidding Wars in U.S.

National property broker Redfin is reporting that in May 2021 over 70% of home offers written by Redfin agents faced competition, down from a revised rate of 73.6% in April 2021.

That's still up significantly from 52.7% in May 2020, which was impacted by pandemic stay-at-home orders. An offer is considered part of a bidding war if a Redfin agent reported that it faced at least one competing bid.

Competition typically tapers in the early summer following spring homebuying season, so seasonality may be contributing to the dip in the May bidding-war rate. Early signals of a cooldown in the housing market may also be a factor.

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