Seattle-area home bidding wars on the rise as inventory dries up

[Yo_Mama_Been_Loggin]

Almost 74% of home offers in the Seattle area faced a bidding war in January, the fifth-highest mark in the country, according to a new Redfin report. The real estate brokerage doesn't expect the situation to improve any time soon.

“The number of homes for sale is at an all-time low, and the supply shortage only seems to be getting worse,” Daryl Fairweather, Redfin chief economist, said in a statement. “With so few new listings hitting the market, I expect bidding wars to become more common and involve even more potential buyers as we head into the spring home buying season."

The 73.8% of Seattle-area offers that faced a bidding war in January is up from 66.5% in December, according to the report. Redfin considered an offer as being in a bidding war if an agent received one or more competing bids.

Salt Lake City had the highest bidding war rate, at 90.2%, while San Diego came in second, with 78.9%. The Bay Area (77.1%), Denver (73.9%) and Seattle rounded out the top five. Denver leapfrogged Seattle from December to January, as Denver had a bidding war rate of only 59.7% in December.

https://www.bizjournals.com/seattle/news/2021/02/15/seattle-redfin-january-bidding.html

[msongs]

1. same in honolulu, driven up by foreign speculators, non resident bnb speculators,

island residents being priced out of their own market