Buyers: You May Face Less Competition as Bidding Wars Ease

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](https://www.simplifyingthemarket.com/2022/08/11/what-does-the-rest-of-the-year-hold-for-home-prices/?a=713258-9a8342bcf821027012880bf1d7cccbf7) 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](https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf) on recently sold homes has declined considerably over the past few months (_see graph below_): [](https://files.simplifyingthemarket.com/wp-content/uploads/2022/08/30093704/20220831-MEM-Eng.png?a=713258-9a8342bcf821027012880bf1d7cccbf7) 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](https://www.simplifyingthemarket.com/2022/08/25/why-you-may-want-to-start-your-home-search-today/?a=713258-9a8342bcf821027012880bf1d7cccbf7) of homes on the market. Essentially, more choices for buyers. #### What This Means for You If 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](https://www.simplifyingthemarket.com/2022/08/04/why-its-still-a-sellers-market/?a=713258-9a8342bcf821027012880bf1d7cccbf7), 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 Line If 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. Posted by [Ryan Drowne](https://www.thedavidgreengroup.com/blog/author/ryandrowne/) on September 8th, 2022 Enjoy this blog post? Click here to subscribe for updates [Facebook Share this post on Facebook](https://www.thedavidgreengroup.com/blog/httpswwwsimplifyingthemarketcomen20220831buyers-you-may-face-less-competition-as-bidding-wars-easea7.html# "Share this post on Facebook") Twitter Tweet this post on Twitter [Email Send a link to post via Email](mailto:?subject=Buyers%3A%20You%20May%20Face%20Less%20Competition%20as%20Bidding%20Wars%20Ease&body=I%20was%20looking%20at%20https%3A%2F%2Fwww.thedavidgreengroup.com%2Fblog%2F%20and%20I%20thought%20you%20would%20like%20to%20look%20at%20this%20blog%20entry%3A%0D%0Ahttps%3A%2F%2Fwww.thedavidgreengroup.com%2Fblog%2Fhttpswwwsimplifyingthemarketcomen20220831buyers-you-may-face-less-competition-as-bidding-wars-easea7.html "Send a link to post via Email")[](https://www.thedavidgreengroup.com/blog/httpswwwsimplifyingthemarketcomen20220831buyers-you-may-face-less-competition-as-bidding-wars-easea7/print.html "Opens new window with print ready page") ### Leave A Comment Leave text box empty Full Name\- required Email Address\- required Website Link e.g. yourwebsitename.com Comment\- required Submit Comment Please note that your email address is kept private upon posting. Chatra reCAPTCHA Recaptcha requires verification. [Privacy](https://www.google.com/intl/en/policies/privacy/) - [Terms](https://www.google.com/intl/en/policies/terms/) protected by **reCAPTCHA** [Privacy](https://www.google.com/intl/en/policies/privacy/) - [Terms](https://www.google.com/intl/en/policies/terms/)