MINT HILL, NC – With the U.S. housing market getting about as hot as possible, many buyers are finally fed up. The market is showing some signs of cooling as bidding wars start to slow down in a few areas. In fact, bidding wars have dropped to the lowest level we have seen all year long.
According to a report from Redfin, the percentage of offers seeing a competing offer was over 74% in April. It was down to 62% in July and all the way down to less than 59% in August. While this is certainly a big deal, it’s not as low as it was in December 2020, when the rate was less than 54%.
Market Reverting Back to Standard Seasonality
The pandemic certainly threw things off last year, but this year, it seems like things are getting back to the standard seasonal pattern. Spring and summer tend to be the peak buying season with fall and winter cooling off quite a bit.
This pattern has been disrupted ever since COVID-19 came into play. The stay-at-home orders caused the market to change quite a bit, but it seems like we are getting back to common real estate seasons.
Sellers Still Pricing Homes High
While the bidding wars may be cooling off a bit in some area and at some price points, sellers are still pricing their homes high. However, buyers are starting to decide not to pay the big premiums they might have paid earlier this year. In the early part of 2021, it was common to find turnkey homes with well over a dozen offers, some were even seeing 25 to 30 offers. Now, the same home is likely to see five to seven offers, which is still fantastic for sellers!
Redfin also showed that only half the homes sold between four weeks ending on September 5th sold for above their listing price. This is down from 55% during August.
Real Estate is Local
While these stats show what is going on with the country’s real estate market, real estate is local. Some markets are still just as hot as they were six months ago, and Mint Hill is one prime example for this! Charlotte and Raleigh, North Carolina are still one of the most competitive markets in the country. The number of homes seeing bidding wars is actually up in this market.
Whether you’re trying to find one of the homes for sale in Mint Hill or another part of the country, you might see bidding wars cool off. However, it depends on your local market. Some markets are certainly starting to cool, but others are just as hot as they were a few months ago.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com