Which bidding war strategies are the most effective?
An article from RedFin Research Centre.
Coming off a year during which the real estate market was widely described as a “frenzy,” many homebuyers felt fatigued, frustrated and slightly insecure. And they were totally justified in feeling that way. Supply of homes for sale hovered near its lowest point in four years. Meanwhile, demand soared, as buyers realized that home prices had bottomed out and that mortgage rates below 5 percent were not long for this world.
The result? Buying a home in 2013 meant going to war. In March, the height of the spring frenzy, three out of four offers Redfin agents wrote faced bidding wars, and it was not unusual for dozens of buyers to compete for a single home. Redfin agents across the country served as military strategists, advising their clients on which tactics to use, when to use them, and when to walk away from a deal that was escalating too high.