Nearly two-thirds of home offers written by Redfin agents faced competition in July, down from a revised rate of 66.5% in June and a pandemic peak of 74.1% in April. While July’s bidding-war rate was the lowest since January, it was still higher than the 57.9% bidding-war rate in July 2020, when the housing market was recovering following a shutdown caused by pandemic restrictions.
Homebuying conditions have been improving this summer following months of fierce competition and soaring prices that were driven by an intensifying housing shortage, a pandemic moving spree made possible by remote work and historically low mortgage rates. Home prices are stabilizing amid an increase in housing supply. Increased supply gives buyers more options to choose from, which helps reduce competition.
A balance market of active homes with available for sale in San Diego County is 7,000 active listing, in January there was 2800. That is a biding war market. The playing field is getting better for buyers, there are now as of today 3,300.
This a good time to think of selling and or buyings before the holidays.
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