For the ninth consecutive month, more than half of all offers authored by Redfin real estate agents faced a competing bid, according to a monthly survey by Redfin.
The COVID-19 pandemic and resulting surge in remote labor, for many Americans, continues to prompt a search for larger homes and relocation to more spacious environs, Redfin reports. Pending home sales were up 28% annually in the week ending January 24, while the number of homes for sale was down 36%.
Mortgage rates remain at historic lows, with the average 30-year fixed-rate at 2.73% in the week ending February 4, which is “another motivating factor for buyers,” researchers say.
“The number of homes for sale is at an all-time low and the supply shortage only seems to be getting worse,” said Redfin Chief Economist Daryl Fairweather. “With so few new listings hitting the market, I expect bidding wars to…