Bidding Wars and Slumping Inventory

August 10, 2020
Share this Post: 

Real estate bidding hasn’t seen the effects of the pandemic like some had predicted. Redfin has revealed that 54% of its offers across the nation have experienced bidding wars last month, making it the third month in a row where more than half of the Redfin home offers saw competition.

Speaking on the subject, Redfin Chief Economist Daryl Fairweather, explained:

"If coronavirus cases continue to climb, more employers will likely make flexible remote work policies standard procedure, which will drive further migration out of large, expensive cities. As a result, we may see bidding wars gain more traction in suburban areas and small towns."

Inventory is still low, which has been the main issue for weeks now. 

Zillow economist, Jeff Tucker, explained that the market favors sellers and that there’s not just one reason for the dwindling number of homes posted on the market. 

“There’s no single reason sellers have been slow to return, but some possibilities include reluctance to having strangers tour their home; concerns about difficulty getting their next home and an assumption that they couldn’t sell for a high price right now.”

August 10, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Australia
Rent.com.au Reports Strong Revenue Growth for FY21

Rent.com.au, Australia’s market-leading rental listings marketplace, has reported revenue growth of 26% in its latest financial report to shareholders for...

Read More
Norban Suburban Swedish Houses
A Model for Our Times? We Speak to Adrian Miller, Co-founder of Swedish Marketplace-Brokerage Norban

Sweden is not a market we tend to hear a lot about in the real estate marketing industry. It has...

Read More
Costar Group
Costar Posts Record Revenue in Q3 as It Continues to Make Moves in Residential

American commercial real estate giant and pretender to Zillow's residential throne released its results for the third quarter of the...

Read More
Proptech Group Results Generic
PropTech Group Shows Impressive Growth in Q1 Figures

The ASX-listed property technology group The PropTech Group has released figures for Q1 of its FY22 operations. Headline figures from...

Read More

Popular News