There is a drop in the number of homes receiving multiple offers. Redfin reported 60.3% of home offers written by Redfin agents faced competition, unchanged from September but down from a pandemic peak of 74.5% in April.
The numbers declined further as we entered the winter season. I’ve had clients go under contract on homes which had been sitting on the market for a month or more with no other offers being made.
One thing to keep in mind is Redfin’s report is nationwide. In local areas, it could be very different from one city to another. For example, I would expect the metro Atlanta market to be on the higher end of the trend with competitive situations – just not as bad as 2021.
Redfin also reported home prices hit a record-high $359,975 in the four-week period ending November 21, up 14% year over year. The unseasonable surge in home prices appears to be drawing in more sellers, as the number of homes listed for sale was down less than 3% from 2020, and up 11% from 2019. “Rising rents and rising prices on everything from gas to groceries may be motivating more people to buy homes now,” according to Redfin Chief Economist Daryl Fairweather. “Buying a home is a type of hedge against inflation, especially with mortgage rates still near historic lows.”
In a competitive market, now is a good time to get ready to purchase a home. If you are buying in the state of Georgia, contact me today. In a few minutes, I can have you prequalified and working toward getting your loan pre-underwritten approved.
