Fewer Bidding Wars May Open Door to Some Buyers
The competition in the housing market is showing some signs of easing. More markets are reporting price cuts and fewer bidding wars. That may open the door to some priced‑out home buyers this fall.
With more listings appearing, buyers have more homes to choose from, which has helped to reduce competition. Also, competition in the housing market typically eases in the summer following the spring homebuying season. However, nothing about the housing market during the pandemic has necessarily followed historical seasonal patterns.
Home prices remain high, which may be pricing out some potential buyers, too. The National Association of Realtors® reports the median existing‑home price for all housing types in June was $363,300, which is up 23.4% compared to a year earlier.
Source: National Association of Realtors, Realtor Magazine®
Are you considering selling and/or purchasing a home in Bucks, Montgomery, Delaware or Mercer counties? More than ever, you need expert, professional representation. Before you list your home for sale, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on dealing with bids, realistic prices and precise timing.