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.”