{"id":400847,"date":"2020-12-16T08:04:00","date_gmt":"2020-12-16T13:04:00","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=400847"},"modified":"2020-12-16T08:04:00","modified_gmt":"2020-12-16T13:04:00","slug":"54-of-redfin-home-offers-faced-bidding-wars-in-november","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/54-of-redfin-home-offers-faced-bidding-wars-in-november\/","title":{"rendered":"54% of Redfin Home Offers Faced Bidding Wars in November"},"content":{"rendered":"
\n

Competition dipped slightly ahead of the holidays, but remained above 50% for the seventh-straight month amid record-low mortgage rates and relocations<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n SEATTLE<\/span>, Dec. 16, 2020<\/span> \/PRNewswire\/ —\u00a0(NASDAQ: RDFN) \u2014 53.6% of home offers written by Redfin agents nationwide faced competition in November, according to a new report<\/a><\/u> from Redfin (www.redfin.com<\/a><\/u>), the technology-powered real estate brokerage. While that’s down from a revised rate of 58.5% in October, it represents the seventh-straight month in which more than half of Redfin offers encountered bidding wars. <\/p>\n

\n

\n
\n \"Redfin
\n <\/a>\n <\/p>\n<\/p><\/div>\n

U.S. homebuyers have been grappling with fierce competition this year due to historically low mortgage interest rates, an acute housing shortage and a sudden wave of migration made possible by remote work during the coronavirus pandemic.<\/p>\n

\n
\n San Diego Was the Most Competitive Market; Minneapolis Was the Least Competitive<\/b>
\n <\/b>\n <\/p>\n

The San Diego<\/span> metro area had the highest bidding-war rate of the 24 metros in this analysis, with 75.3% of Redfin offers facing competition. It was followed by Denver<\/span> (66.7%), San Francisco<\/span>\/San Jose<\/span> (65.8%) and Seattle<\/span> (60.9%). Sacramento\u2014the most popular destination for people looking to move to a different metro area\u2014rounded out the top five, at 60.0%.<\/p>\n

\n Justin Hess<\/span>, a Redfin real estate agent in the Denver<\/span> area, recently received 22 offers for a three-bedroom single-family home he listed in Thornton, CO<\/span>, a Denver<\/span> suburb. The winning bidder ended up paying $35,000<\/span> over the $410,000<\/span> asking price and waiving their appraisal contingency. <\/p>\n

“Single-family homes that are priced right, in good condition and in a desirable neighborhood are still selling quickly for top dollar,” Hess said. “If you’re a buyer, you had better bring your best punch and expect competition. People are paying a premium for the latest and greatest, updated, remodeled, turnkey homes.”<\/p>\n

Some of the places with the highest bidding-war rates have also seen significant growth in new listings\u2014one factor that’s allowing competition to flourish, according to Redfin Chief Economist Daryl Fairweather<\/span>.<\/p>\n

“Buyers aren’t going to compete for homes that have been sitting on the market,” Fairweather said. “They will typically only get into a bidding war for a newly-listed, desirable home that is move-in ready.”<\/p>\n

In San Diego<\/span>, for example, new listings were up 13% year over year in November, outpacing 5% growth in Minneapolis<\/span>.<\/p>\n

\n Minneapolis<\/span> had a lower rate of competition than any other metro area in this analysis, with 34.6% of Redfin offers facing bidding wars in November. Also in the bottom five were Chicago<\/span> (36.4%), Tampa, FL<\/span> (37.1%), Houston<\/span> (37.3%) and New York<\/span> (37.6%).<\/p>\n

\n
\n Condos Were the Least Likely to Face Bidding Wars<\/b>
\n <\/b>\n <\/p>\n

Condos were the least likely to encounter competition in November, with 38.3% of Redfin offers facing bidding wars. That compares with 48.7% of offers for townhouses and 57.3% of offers for single-family homes.<\/p>\n

The condo market has experienced relatively sluggish growth as remote work and a shift in homebuyer preferences due to the pandemic have made single-family homes more sought after.<\/p>\n

\n
\n Bidding-War Rates By Metro Area, November 2020<\/span> and October 2020<\/span><\/b>
\n <\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Metro Area<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Share of Redfin offers that
faced bidding wars in
November 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Share of Redfin offers that
faced bidding wars in
October 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n San Diego, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n 75.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 75.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Denver, CO<\/span>\n <\/p>\n<\/td>\n

\n

\n 66.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 54.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n San Francisco \/ San Jose, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n 65.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 71.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Seattle, WA<\/span>\n <\/p>\n<\/td>\n

\n

\n 60.9%<\/span>\n <\/p>\n<\/td>\n

\n

\n 61.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sacramento, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n 60.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 61.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Los Angeles, CA<\/span>\n <\/p>\n<\/td>\n

\n

\n 59.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 62.5%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Washington, D.C.<\/span>\n <\/p>\n<\/td>\n

\n

\n 58.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 66.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Austin, TX<\/span>\n <\/p>\n<\/td>\n

\n

\n 58.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 67.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Phoenix, AZ<\/span>\n <\/p>\n<\/td>\n

\n

\n 57.7%<\/span>\n <\/p>\n<\/td>\n

\n

\n 54.1%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Salt Lake City, UT<\/span>\n <\/p>\n<\/td>\n

\n

\n 56.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 77.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Philadelphia, PA<\/span>\n <\/p>\n<\/td>\n

\n

\n 52.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 64.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Portland, OR<\/span>\n <\/p>\n<\/td>\n

\n

\n 50.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 61.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Detroit, MI<\/span>\n <\/p>\n<\/td>\n

\n

\n 50.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 50.0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Boston, MA<\/span>\n <\/p>\n<\/td>\n

\n

\n 47.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 55.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Raleigh, NC<\/span>\n <\/p>\n<\/td>\n

\n

\n 46.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 46.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Miami, FL<\/span>\n <\/p>\n<\/td>\n

\n

\n 45.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 42.1%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Dallas, TX<\/span>\n <\/p>\n<\/td>\n

\n

\n 42.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 52.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Las Vegas, NV<\/span>\n <\/p>\n<\/td>\n

\n

\n 41.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 38.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Atlanta, GA<\/span>\n <\/p>\n<\/td>\n

\n

\n 37.8%<\/span>\n <\/p>\n<\/td>\n

\n

\n 52.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n New York, NY<\/span>\n <\/p>\n<\/td>\n

\n

\n 37.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 50.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Houston, TX<\/span>\n <\/p>\n<\/td>\n

\n

\n 37.3%<\/span>\n <\/p>\n<\/td>\n

\n

\n 46.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Tampa, FL<\/span>\n <\/p>\n<\/td>\n

\n

\n 37.1%<\/span>\n <\/p>\n<\/td>\n

\n

\n 53.5%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Chicago, IL<\/span>\n <\/p>\n<\/td>\n

\n

\n 36.4%<\/span>\n <\/p>\n<\/td>\n

\n

\n 41.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Minneapolis, MN<\/span>\n <\/p>\n<\/td>\n

\n

\n 34.6%<\/span>\n <\/p>\n<\/td>\n

\n

\n 59.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

To read the full report, including additional Redfin agent insights, please visit: https:\/\/www.redfin.com\/news\/real-estate-bidding-wars-november-2020<\/a><\/u>. <\/p>\n

\n About Redfin
<\/b>Redfin (www.redfin.com<\/a><\/u>) is a technology-powered residential real estate company, redefining real estate in the consumer’s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country’s #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate<\/a><\/u>. We represent people buying and selling homes in over 90 markets in the United States<\/span> and Canada<\/span>. Since our launch in 2006, we have saved our customers over $800 million<\/span> and we’ve helped them buy or sell more than 235,000 homes worth more than $115 billion<\/span>.<\/p>\n

For more information or to contact a local Redfin real estate agent, visit www.redfin.com<\/a><\/u>. To learn about housing market trends and download data, visit the Redfin Data Center<\/a><\/u>. To be added to Redfin’s press release distribution list, email press@redfin.com<\/a><\/u>. To view Redfin’s press center, click here<\/a><\/u>.<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/54-of-redfin-home-offers-faced-bidding-wars-in-november-301193978.html<\/a><\/p>\n

SOURCE Redfin<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Competition dipped slightly ahead of the holidays, but remained above 50% for the seventh-straight month amid record-low mortgage rates and relocations PR Newswire SEATTLE, Dec. 16, 2020 \/PRNewswire\/ —\u00a0(NASDAQ: RDFN) \u2014 53.6% of home offers written by Redfin agents nationwide faced competition in November, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. While that’s down from a revised rate of 58.5% in October, it represents the seventh-straight month in which more than half of Redfin offers encountered bidding wars. U.S. homebuyers have been grappling with fierce competition this year due to historically low mortgage interest rates, an acute housing shortage and a sudden wave of migration made possible by remote work during the coronavirus pandemic. … <\/p>\n

Continue reading “54% of Redfin Home Offers Faced Bidding Wars in November”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-400847","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n54% of Redfin Home Offers Faced Bidding Wars in November - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/54-of-redfin-home-offers-faced-bidding-wars-in-november\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"54% of Redfin Home Offers Faced Bidding Wars in November - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Competition dipped slightly ahead of the holidays, but remained above 50% for the seventh-straight month amid record-low mortgage rates and relocations PR Newswire SEATTLE, Dec. 16, 2020 \/PRNewswire\/ —\u00a0(NASDAQ: RDFN) \u2014 53.6% of home offers written by Redfin agents nationwide faced competition in November, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. While that’s down from a revised rate of 58.5% in October, it represents the seventh-straight month in which more than half of Redfin offers encountered bidding wars. U.S. homebuyers have been grappling with fierce competition this year due to historically low mortgage interest rates, an acute housing shortage and a sudden wave of migration made possible by remote work during the coronavirus pandemic. … Continue reading "54% of Redfin Home Offers Faced Bidding Wars in November"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/54-of-redfin-home-offers-faced-bidding-wars-in-november\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-16T13:04:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/624025\/Redfin_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/54-of-redfin-home-offers-faced-bidding-wars-in-november\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/54-of-redfin-home-offers-faced-bidding-wars-in-november\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"54% of Redfin Home Offers Faced Bidding Wars in November\",\"datePublished\":\"2020-12-16T13:04:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/54-of-redfin-home-offers-faced-bidding-wars-in-november\\\/\"},\"wordCount\":773,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/54-of-redfin-home-offers-faced-bidding-wars-in-november\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/624025\\\/Redfin_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/54-of-redfin-home-offers-faced-bidding-wars-in-november\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/54-of-redfin-home-offers-faced-bidding-wars-in-november\\\/\",\"name\":\"54% of Redfin Home Offers Faced Bidding Wars in November - 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While that’s down from a revised rate of 58.5% in October, it represents the seventh-straight month in which more than half of Redfin offers encountered bidding wars. 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