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You are here: Home / Blog / Market Trends

Buyers face less competition as bidding wars ease

August 31, 2022

Buyers face less competition as bidding wars ease

One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way.

But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.

According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined considerably over the past few months (see graph below):

Buyers face less competition as bidding wars ease

The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market. Essentially, more choices for buyers.

What This Means for You

If you put your home search on pause because you were outbid last year or because you didn’t want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief. While it’s still a sellers’ market, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely won’t be anything like it was just a few short months ago.

Bottom Line

If you put your plans on pause because of intense bidding wars in recent years, it may be time to kick off your home search. Today, bidding wars are easing and that may mean less competition for you as a buyer. If you’re serious about buying a home or making a move, let’s connect to get started today.

Filed Under: Market Trends Tagged With: Bidding Wars, Home Prices, Inventory, Multiple Offers, Supply & Demand

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"Couldn’t have asked for a better Realtor!! Russ was very friendly and professional, very knowledgeable, great at negotiating and had a great strategy for everything. He kept us up to date and did all the heavy lifting for us. He took the time to find houses that matched our needs, took care of setting up our inspections and handled any issues that came up during the process. Russ made the house buying process smooth and stress free. Really can’t say enough good things about Russ. We had zero complaints. We definitely recommend using Russ as your Realtor. "
- J.M., Tucson AZ
"Russ was impressive from the first moment we met him. We were looking at a property in a complex where he just happened to be previewing a unit. We asked if he was a real estate agent and he dropped what he was doing to show us some properties in the same complex. From that moment forward he was attentive, responsive and showed us that he knew the area and was helpful in looking for the right property for us. He got us through the process with ease and even went the extra mile in the offer process to make sure we made the best effort to secure our choice. Can’t say enough about him. Russ is truly a professional in the best sense of the word. "
- M. L., Green Valley AZ
"I was so lucky to find Russ. It’s been a long time since I bought a home and working through the stacks of paperwork was daunting! I was so glad to have Russ “be there for me” and to guide me through each step. He was on top of every stage of the home buying process, knew the answers to all my questions and immediately responded (sometimes in minutes). Russ also has a bevy of wonderful local businesses to recommend and a comprehensive website that was exceedingly helpful! You are making a mistake if you don’t use Russ to help you purchase your home in Green Valley, he is A++++."
- E.W., Upland CA
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

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