{"id":17011,"date":"2020-03-10T14:27:57","date_gmt":"2020-03-10T14:27:57","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17011"},"modified":"2020-03-10T14:27:57","modified_gmt":"2020-03-10T14:27:57","slug":"home-buyers-facing-spring-bidding-wars","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/home-buyers-facing-spring-bidding-wars\/","title":{"rendered":"Home Buyers Facing Spring Bidding Wars"},"content":{"rendered":"

Home Buyers Facing Spring Bidding Wars<\/h3>\n
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With a severely limited supply of homes on the market and the lowest mortgage rates in history<\/a>, house hunters should expect steep competition this spring<\/a>. The new coronavirus remains a wild card for the housing market, but if the scare is short-lived, buyers are poised to swoop down in droves. \u201cJanuary has already been strong, with prices up, home sales up, and listings down quite a bit,\u201d Daryl Fairweather, Redfin\u2019s chief economist, told USA Today<\/em>. \u201cSo home buyers are more likely to face competition.\u201d<\/p>\n

Inventory in January was the lowest it has been in more than two decades. At the end of the month, there were 1.42 million homes for sale, including condos, co-ops, and single-family homes. That is down 10.7% from a year earlier, according to data from the National Association of REALTORS\u00ae. However, buyer demand has remained high, which has put pressure on home prices. The median sales price for all housing types was $266,300, up 6.8% from a year ago, NAR\u2019s housing data shows.<\/p>\n

Coronavirus fears have rocked the stock market in recent weeks, and that may prompt some aspiring buyers to hold off on a purchase. But the stock market chaos also could make home prices rise. \u201cThere might be people looking to diversify into real estate instead of stocks,\u201d Jason Gell, president of the Greater Boston Association of REALTORS\u00ae, told USA Today<\/em>. \u201cThat can cut affordability for buyers.\u201d<\/p>\n

Lower interest rates could help. The Federal Reserve made an emergency rate cut last week to its short-term rate amid coronavirus concerns. The 10-year Treasury note, which influences mortgage rates, also has plummeted to record lows. The 30-year fixed-rate mortgage last week averaged 3.29%, the lowest on record, Freddie Mac reported. \u201cWe\u2019re seeing lots and lots of people at open houses,\u201d Gell says. \u201cInterest rates are still extremely low so that the actual monthly payments are fairly affordable.\u201d<\/p>\n

A report released last week by realtor.com\u00ae<\/a> also showed plunging national housing inventory. Twenty-five of the nation\u2019s 50 largest metros saw their inventory decline by 20% or more. The largest drops were in Phoenix, San Diego, and San Jose, Calif., which saw decreases exceed 36% annually.<\/p>\n

For buyers heading into the market: \u201cBe patient,\u201d says Jessica Lautz, vice president of demographics and behavioral insights at NAR. \u201cYou may have to bid on several properties before you beat out the competition for that home. That local REALTOR\u00ae will know how to sweeten the pot for that potential seller and make your offer the most attractive.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\u201cHello Bidding Wars: Home Sellers Gain Edge in This Year\u2019s Housing Market<\/a>,\u201d USA Today (March 6, 2020)<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Home Buyers Facing Spring Bidding Wars With a severely limited supply of homes on the market and the lowest mortgage rates in history, house hunters should expect steep competition this spring. The new coronavirus remains a wild card for the housing market, but if the scare is short-lived, buyers are poised to swoop down in … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-17011","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nHome Buyers Facing Spring Bidding Wars - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/home-buyers-facing-spring-bidding-wars\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-buyers-facing-spring-bidding-wars\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-buyers-facing-spring-bidding-wars\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Home Buyers Facing Spring Bidding Wars\",\"datePublished\":\"2020-03-10T14:27:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-buyers-facing-spring-bidding-wars\\\/\"},\"wordCount\":441,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-buyers-facing-spring-bidding-wars\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-buyers-facing-spring-bidding-wars\\\/\",\"name\":\"Home Buyers Facing Spring Bidding Wars - 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