Just as buyers are desperate to find a home, real estate agents are desperate to find listings. Compared to one year ago, there are nearly half as many homes on the market and twice as many working real estate agents, according to CNBC. And when homes do go on the market, buyers snatch them up a week faster than they did in 2020. Many sellers worry about securing a new home when they sell, which keeps many from listing at all. And bidding wars remain constant for 61% of agents, according to Redfin.
Nationwide, nearly 61% of home offers written by Redfin agents faced bidding wars in February, up from 59% in January. That is the 10th-straight month in which more than half of Redfin offers faced competition. More than a third of homes are also now selling for above list price.
“The uptick in mortgage rates is likely fueling more bidding wars in the short term because house hunters are rushing to buy homes before rates rise even further,” said Redfin chief economist Daryl Fairweather.
For agents, finding more listings is a constant struggle. Supply had been tightest on the low end of the market, but now the higher end is slimming as well.