Redfin: Here’s How Buyers Are Winning Bidding Wars

Sixty-one percent of offers written by Redfin agents faced competition from other buyers in March, down slightly from 63 percent in March 2014 but up from 57 percent in February, according to Redfin. However, its report notes that the housing market seems more competitive this year because there are more properties for sale. A 9.2 percent increase in new listings has kept bidding wars below last year’s levels despite a 46 percent surge in home tour requests and a 36 percent increase in signed offers. Buyers are using cover letters to distinguish themselves from any competition. In March, 43 percent of winning offers used cover letters, up 35 percent from a year ago. The majority of the nation reports that bidding wars are down, with California proving to be the exception. | Read More