http://pkrealtor.com/blog/categoryname_bidding-war/sort_entrydatetime-desc/  If you’re still worried about having to deal with a bidding war when you buy a home, you may be able to let some of that fear go.While multiple-offer situations haven’t disappeared entirely, they’re not nearly as common as they used to be. In fact, a recent survey shows agents reported only 1 in 5 homes (20%) nationally received multiple offers in June 2025.That’s down from nearly 1 in 3 (31%) just a year ago – and dramatically lower than in June 2023 (39%) (see graph below):This trend means you should face less competition when you buy. That gives you more time to make decisions and the ability to negotiate price or terms.It Still Depends on Where You’re BuyingOf course, national trends don’t tell the full story. Local dynamics matter, a lot. This second graph uses survey data from John Burns Research & Consulting (JBREC) and Keeping Current Matters (KCM) to break things down by region to prove just how true that is. It shows, while the share of homes getting multiple offers has dropped pretty much everywhere, some areas are still seeing more offers than others:In the Northeast, 34% of homes (roughly 1 in 3) are still receiving multiple offers. That’s more than the national average. But in Southeast, that number drops to just 6%. What’s behind the difference? In general, the areas still seeing bidding wars tend to have lower-than-normal inventory. That imbalance between buyers and available homes keeps pressure on prices and competition. But markets with more listings are seeing conditions cool – and that means fewer bidding wars. Sellers Are More Flexible Than You Might ThinkHere’s another shift to show you just how much things have changed. According to a Redfin report, almost half of sellers are offering concessions, like covering their buyer’s closing costs or dropping their asking price to get their house sold.That’s a clear sign this isn’t the same ultra-competitive market we saw a few years ago. Back then, sellers rarely compromised. And buyers often waived their inspection or appraisal to try to make their offer stand out. Now, things are different.But again, how often this is happening is going to vary based on where you’re looking to buy. And that’s why you need a local agent’s expertise.Bottom LineIf concerns about bidding wars have been holding you back, it may be time to take another look. Nationally, competition is down. In some markets, it’s down significantly. And with more sellers offering concessions, buyers today have more power and flexibility than they’ve had in a long time.Want to find out what the market looks like where you’re buying? Let’s connect. http://pkrealtor.com/blog/986/should-you-still-expect-a-bidding-war?/ Mon, 25 Aug 2025 08:22:16 -0500  Are you thinking about buying a home soon? If so, you should know today’s market is competitive in many areas because the number of homes for sale is still low – and that’s leading to multiple-offer scenarios. And moving into the peak homebuying season this spring, this is only expected to ramp up more.Remember these four tips to make your best offer.1. Partner with a Real Estate AgentRely on a real estate agent who can support your goals. As PODS notes:“Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring out what to offer on a house.”Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for. That advice can be game changing when you’re deciding what offer to bring to the table.2. Understand Your BudgetKnowing your numbers is even more important right now. The best way to understand your budget is to work with a lender so you can get pre-approved for a home loan. Doing so helps you be more financially confident and shows sellers you’re serious. That gives you a competitive edge. As Investopedia says:“. . . sellers have an advantage because of intense buyer demand and a limited number of homes for sale; they may be less likely to consider offers without pre-approval letters.”3. Make a Strong, but Fair OfferIt’s only natural to want the best deal you can get on a home, especially when affordability is tight. However, submitting an offer that’s too low does have some risks. You don’t want to make an offer that’ll be tossed out as soon as it’s received just to see if it sticks. As Realtor.com explains:“. . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . . Most listing agents try to get their sellers to at least enter negotiations with buyers, to counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”The expertise your agent brings to this part of the process will help you stay competitive and find a price that’s fair to you and the seller.4. Trust Your Agent During NegotiationsAfter you submit your offer, the seller may decide to counter it. When negotiating, it's smart to understand what matters to the seller. Once you do, being as flexible as you can on things like moving dates or the condition of the house can make your offer more attractive.Your real estate agent is your partner in navigating these details. Trust them to lead you through negotiations and help you figure out the best plan. As an article from the National Association of Realtors (NAR) explains:“There are many factors up for discussion in any real estate transaction—from price to repairs to possession date. A real estate professional who’s representing you will look at the transaction from your perspective, helping you negotiate a purchase agreement that meets your needs . . .” Bottom LineIn today's competitive market, let’s work together to find you a home you love and craft a strong offer that stands out.  http://pkrealtor.com/blog/602/4-tips-to-make-your-strongest-offer-on-a-home/ Mon, 18 Mar 2024 08:08:12 -0500 While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home.As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today.1. More Homes To Choose fromDuring the pandemic, housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year.Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult.2. Bidding Wars Have EasedOne of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers looking for homes. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.If you tried to buy a house over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching for a home with less competition.3. More Negotiation PowerAnd when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.A survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings.Bottom LineWhile buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today. http://pkrealtor.com/blog/232/3-trends-that-are-good-news-for-today’s-homebuyers/ Tue, 01 Nov 2022 10:06:17 -0500 One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way.But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined considerably over the past few months (see graph below):The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market. Essentially, more choices for buyers.What This Means for YouIf you put your home search on pause because you were outbid last year or because you didn’t want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief. While it’s still a sellers’ market, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely won’t be anything like it was just a few short months ago.Bottom LineIf you put your plans on pause because of intense bidding wars in recent years, it may be time to kick off your home search. Today, bidding wars are easing and that may mean less competition for you as a buyer. If you’re serious about buying a home or making a move, let’s connect to get started today. http://pkrealtor.com/blog/188/buyers:-you-may-face-less-competition-as-bidding-wars-ease/ Wed, 31 Aug 2022 11:37:43 -0500 Some HighlightsThe housing market is moving away from the frenzy of the past year and it’s opening doors for you if you’re thinking about buying a home.Housing inventory is increasing, which means more options for your search. Plus, the intensity of bidding wars may ease as buyer demand moderates, leading to fewer homes selling above asking price.If you’re ready to buy a home, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today. http://pkrealtor.com/blog/164/three-reasons-to-buy-a-home-in-today’s-shifting-market-[infographic]/ Fri, 29 Jul 2022 08:38:26 -0500