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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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"All I can about Russ Fortuno is that he did a excellent job in the complete process of selling my home. I would recommend him to other people. He knows local knowledge and his process expertise was very good.He respond to all my question and kept me informed of any new items that came up. He did a excellent job in the negotiations with the buyer agent. I couldn’t have picked a better agent to handle the sell of my property. "
- D.F., Sahuarita AZ
"From start to finish, Russ Fortuno was “a class act.” It started with his online Home Buyer’s Guide which was helpful to me, a first-time, out-of-state buyer. His new listing email notifications were timely and helped me get familiar with the Green Valley properties that fit my budget. Then when I was ready to buy, he represented me as a buyer’s agent. He professionally led me through the entire process with great knowledge of the available properties, as well as the subsequent offer and purchasing process. I found Russ to be very clear and direct. He went above and beyond what I expected. Even after the closing, he arranged the removal of some unwanted furniture and helped me identify cleaning and painting services in the area, something few other agents would do. I would highly recommend his services to anyone without reservation!"
- E.D., Green Valley, AZ
"Anytime, anywhere, he was there, always going the extra mile. He even came to the house and watered trees so they would not die — more then once. He’s what you call real professional, a 10.5 on a 10 scale. I was out of town when the house was listed so he went to the house and did a video. I didn’t see a dishwasher, he said “yes it was there.” That was good enough for me, but he went to house and took picture to show me. He kept me informed every step of the process, and followed-up to ask if I had any questions."
- G.M., Sandpoint ID
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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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