With tighter inventories of homes for sale, buyers are finding increased competition through bidding wars. But the bidding may not be between only one or two other buyers — more bidding wars are popping up where dozens or even hundreds of other buyers are all competing for the same property.
“The only question is not whether a new listing will get multiple bids but how many it will get,” Kris Vogt, who manages Coldwell Banker offices in the Sacramento area, told CNNMoney.
For example, a home in Elk Grove, Calif., reportedly received 62 separate bids, with the final sales price more than $150,000 above its $129,000 asking price. In Cambridge, Mass., real estate brokers stopped accepting bids after the tally reached 250 bids for two condos listed at $800,000 each. The two condos ended up selling together for $2 million.
Seventy-five percent of real estate agents with the brokerage Redfin surveyed in March say their clients have faced multiple bid situations for properties — up from 56 percent in late 2011.
Bidding wars appear to be most prevalent in California. Ninety percent of homes sold in San Francisco, Sacramento, and throughout Southern California saw multiple bids during the month, CNNMoney reports. What’s more, at least two-thirds of listings in Boston, Washington, D.C., Seattle, and New York had bidding wars for homes too.
Meanwhile, inventories of for-sale homes continues to be low. The National Association of REALTORS® reported a 19.2 percent drop in inventories year-over-year in February.
Source: “The home bidding wars are back!” CNNMoney (April 4, 2013)
$160,000 : 9 Canterbury Sq #201, Alexandria 22304
1 beds, 1 full baths
Living area: 761 sq. ft.
Lot size: n/a
Year built: 1965
Days on Market: 1
$369,900 : 14629 Batavia Dr, Centreville 20120
3 beds, 1 full, 1 half baths
Living area: n/a
Lot size: 9,200 sq. ft.
Year built: 1969
Days on Market: 1
Inlet Cove is near Fort Belvoir and Potomac MillsInlet Cove is alongside Route 1 This neighborhood of townhouses is near grocers and eateries Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge Interior to these properties are multilevel Inlet Cove is serene Related
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