Bidding Wars Are On The Rise

Dated: July 9 2020

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The Coronavirus pandemic and subsequent shutdowns across the country forced many potential buyers to put their home search on hold. But for the buyers that did make a purchase during the height of the pandemic, low inventory made for fierce competition—and as the country reopens and restrictions are lifted, that competition is continuing to heat up.

According to data outlined in a recent Housing Wire article, a recent study from Clever found that 42 percent of home buyers between January and May of this year ended up in a bidding war to purchase their home. And according to data outlined in a recent article from REALTOR Magazine, a full 50 percent of offers faced competition in May.

The Takeaway:

So, what does this mean for you? If you’ve been thinking about selling, now is a great time to make a move; low inventory and renewed buyer interest as coronavirus-related restrictions continue to be lifted can help you fetch top dollar for your home.

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Lane Seleme

Lane is a licensed Virginia REALTOR® and has coordinated over 230 transactions to closing. Her role at Seleme Homes includes monitoring important timelines, contingencies, the buyer’s loan, and the....

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