Housing shortage leads to intense competition among homebuyers

• “In Phoenix, inventory is so low right now that one of my clients has run into bidding wars with more than 10 offers for three weekends in a row.”

• With more and more Redfin bids facing multiple offers, the mother of all bidding wars may be on the horizon 

By Tim Ellis | Redfin 

Intense competition

A majority of offers submitted by Redfin agents faced competition in January according to a survey of more than 500 Redfin agents across the nation. Competition is spiking hard and early in 2020 and agents are reporting a flood of buyers as home supply sits at its lowest point in seven years, leading to a severe housing shortage in many areas.

“Low mortgage rates have brought buyers back to the housing market, but a lack of listings means buyers are having to compete with one another to secure a sale and lock in a mortgage rate,” said Redfin chief economist Daryl Fairweather. “This competition pushes up prices, which means that even though buyers can get a good deal on a mortgage now they are often paying a higher sticker price.”

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