Not Much Competition for September Homebuyers

October 8, 2019
Competition swimmers
Photo by Jorge Romero on Unsplash

Although the percentage of offers submitted by buyers represented by Redfin agents that faced competing bids increased by a point between September and August, let’s still call the fall season a buyers market.

Just 11% of September offers were in a bidding war compared with 10% during August. The number of bids facing competing offers was down 41% from a year earlier. 

“After the coolest spring home-selling season in at least eight years, homebuying competition didn’t have far to fall, but low mortgage rates ultimately drove a modest uptick in bidding wars in late summer when they typically become less common,” said Redfin chief economist Daryl Fairweather. “With mortgage rates likely to remain near historic lows, I expect the bidding war rate to continue to level off—rather than follow its typical end-of-year descent—as 2019 comes to a close.”

What will really be telling is whether or not the market begins to heat up this coming spring, now that we’re starting from a cooler baseline than 2017 or 2018 as 2019 winds down.

To see a chart about the rate of bidding wars by cities … 

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