{"id":17778,"date":"2020-09-10T12:16:14","date_gmt":"2020-09-10T12:16:14","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17778"},"modified":"2020-09-10T12:16:14","modified_gmt":"2020-09-10T12:16:14","slug":"housing-market-is-on-a-sugar-high","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/housing-market-is-on-a-sugar-high\/","title":{"rendered":"Housing Market Is on a Sugar High"},"content":{"rendered":"

Housing Market Is on a Sugar High<\/h1>\n
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Buyers continue to face fierce competition from a limited number of homes for sale, which continues to fuel bidding wars across the country. Daren Blomquist, vice president of market economics at Auction.com, told MarketWatch that \u201cthe housing market is on a sugar high brought on by government stimulus and a pandemic-fueled rush\u201d toward housing.<\/p>\n

As bidding wars send homes above asking prices, Blomquist says, \u201cprospective buyers will be better positioned for success as homeowners if they understand that this sugar high will not last and make sure their decision to buy is grounded in longer-term factors that will affect their ability and willingness to commit to paying down a sizable amount of debt over the next 30 years.\u201d<\/p>\n

Over two-thirds of homes sold in July were on the market for less than a month, according to the National Association of REALTORS\u00ae.<\/p>\n

\u201cThat quick-decision environment may challenge some buyers, especially first-timers who are new to the process,\u201d says Danielle Hale, realtor.com\u00ae\u2019s chief economist, told MarketWatch.<\/p>\n

How to Handle Bidding Wars Legally<\/a><\/p><\/blockquote>\n

The real estate brokerage Redfin reported that nearly 55% of offers submitted by its agents faced a bidding war in August, marking the fourth consecutive month that more than half of offers encountered bidding wars. Some markets in coastal California and more affordable places like Sacramento, Calif., and Phoenix are seeing even higher percentages of bidding wars.<\/p>\n

\u201cThe pandemic-driven trend of people moving away from densely packed cities toward more affordable and spacious regions means homes in places like Sacramento and Phoenix are becoming nearly as competitive as the Bay Area,\u201d says Daryl Fairweather, Redfin\u2019s chief economist. \u201cLow mortgage rates are motivating home buyers who are thinking of moving to go through with it. I expect competition to continue picking up in more affordable parts of the country.\u201d<\/p>\n

Indeed, \u201cthe market is on fire,\u201d says Lisa Padilla, a San Diego\u2013based real estate professional with Redfin. \u201cThere just isn\u2019t enough on the market to supply the huge demand for homes. \u2026 Anything on sale for less than $600,000 has multiple offers, and sometimes they\u2019re getting more than 20 offers.\u201d<\/p>\n

Nationwide, 58% of homes priced between $600,000 and $800,000 faced a bidding war in August, the most competitive price segment, according to Redfin\u2019s analysis.<\/p>\n

\u201cWhen the market started getting really hot a few months ago, at first we just saw the lower-priced homes selling fast with multiple offers,\u201d says Marisa Frias, a real estate professional with Redfin in El Paso, Texas. \u201cNow it\u2019s nearly every home at every price level. I\u2019ve had an uptick in young buyers ready to purchase their first home, and the market is tough for them. I always need to make sure they\u2019re emotionally and financially prepared to face a bidding war every time they find a home that is \u2018the one.\u2019\u201d<\/p>\n

Bidding wars were highest in the following markets, according to Redfin\u2019s analysis:<\/p>\n

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  1. San Francisco\/San Jose: 65.2%<\/li>\n
  2. Salt Lake City: 65.2%<\/li>\n
  3. San Diego: 64.5%<\/li>\n
  4. Washington, D.C.: 63.5%<\/li>\n
  5. Seattle: 62.2%<\/li>\n
  6. Minneapolis: 61.5%<\/li>\n
  7. Boston: 60.8%<\/li>\n
  8. Philadelphia: 59.1%<\/li>\n
  9. Austin, Texas: 58.2%<\/li>\n
  10. Sacramento, Calif.: 57.8%<\/li>\n
  11. Phoenix: 56.5%<\/li>\n
  12. Portland, Ore.: 56.3%<\/li>\n
  13. Los Angeles,: 53.4%<\/li>\n
  14. Tampa, Fla.: 50%<\/li>\n
  15. Detroit: 50%<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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    Source:<\/div>\n
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    \u201c \u2018The Housing Market Is on a Sugar High\u2019: Home Sales Are Soaring, But Is It a Good Time to Buy? Here\u2019s What the Experts Say<\/a>,\u201d MarketWatch (Aug. 24, 2020) and \u201cMore Than Half of Redfin Offers Faced Bidding Wars in August as the Housing Market\u2019s Competitive Streak Continues<\/a>,\u201d Redfin (Sept. 4, 2020)<\/div>\n
    \u00a9National Association of REALTORS\u00ae
    \nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Housing Market Is on a Sugar High Buyers continue to face fierce competition from a limited number of homes for sale, which continues to fuel bidding wars across the country. Daren Blomquist, vice president of market economics at Auction.com, told MarketWatch that \u201cthe housing market is on a sugar high brought on by government stimulus … <\/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-17778","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":"\nHousing Market Is on a Sugar High - 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=\"https:\/\/www.anthonydidonato.net\/wordpress\/housing-market-is-on-a-sugar-high\/\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/housing-market-is-on-a-sugar-high\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/housing-market-is-on-a-sugar-high\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Housing Market Is on a Sugar High\",\"datePublished\":\"2020-09-10T12:16:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/housing-market-is-on-a-sugar-high\\\/\"},\"wordCount\":580,\"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\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/housing-market-is-on-a-sugar-high\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/housing-market-is-on-a-sugar-high\\\/\",\"name\":\"Housing Market Is on a Sugar High - 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