As home mortgage interest rates and housing inventory continue to hit record lows, potential homebuyers are facing an increasingly competitive environment. According to Redfin more than half of the offers tracked in July faced competition. Homes priced between $400,000 and $500,000 were the most likely to be in a bidding war with over 55% of these homes facing a multiple offer situation. In the market for homes listed over $1.5 million, 46% of them received multiple offers in the month of July. As the already low home mortgage interest rates continue to drop, more homeowners will face competition for the median priced homes on the market. Being pre-approved and ready to put an offer on a home could make the difference in your offer being accepted or giving competition a chance to beat you to it!
https://www.redfin.com/news/june-2020-real-estate-bidding-wars-increase/
