While Bay Area housing remains very competitive, bidding wars have declined sharply. July, 2019 saw 13.3 percent of housing sales in the San Jose area with multiple bis compared to 80 percent a year earlier. In the san Francisco area (including Oakland and Hayward) 35 percent of offers had bidding wards compared to 72.4 percent the previous year. Nationally, bidding wars accounted for 11 percent of sales, the lowest rate since 2011.
Analysts believe that uncertainty in the stock market along with a fear of overpaying is reducing the sense of urgency to make an offer.
San Francisco remains the most competitive market in the country and bidding wars still occur, particularly if the property is reasonably priced to begin with.
Speak Your Mind