2022 begins with bidding wars.
In January, 70% of homes are now receiving more than one offer while under contract — the minimum requirement to qualify as a “bidding war” — according to Redfin’s data on its agents’ transactions. That’s the highest level ever recorded.
In hyper-competitive markets with a stock of highly unique properties, like, say, San Francisco, bidding wars have never been all that rare. But the news here is that bidding wars are becoming commonplace everywhere.
The cities with the highest rates of bidding wars right now are Spokane, Seattle, and Sacramento. With record low inventory and rising (but still historically low) interest rates, the entire market is hyper-competitive.
Source: The Real Deal