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10 Housing Markets Where Bidding Wars Are Disappearing

By Chris Kissell of Money Talks News | Slide 1 of 12: Mortgage rates soared in October — and buyers promptly disappeared from the housing market, according to newly released findings from Redfin. Pending home sales plunged by 32.1% year over year last month. That is the biggest drop since Redfin began collecting data in 2013. Price cuts and deal cancellations also set new records, according to the real estate brokerage. With competition from other buyers evaporating, bidding wars — which occur when at least two people bid on a home — also have been on the wane. In a summary of Redfin’s findings, Chen Zhao, Redfin’s economics research lead, says: “The Fed’s actions to curb inflation are causing the housing market to slow at a pace not seen since the financial crisis.”  Recent signs point to inflation cooling, which could cause demand for homes to turn up again soon, Zhao says. But for now, demand is diminishing — especially in the following 10 markets, where bidding wars are disappearing faster than anywhere else. The ranking was limited to metros in which Redfin agents submitted an average of at least 50 offers per month between March 2021 and March 2022. It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter. Sponsored: Add $1.7 million to your retirement A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That’s an extra $1.7 million! Maybe that’s why the wealthy use investment pros and why you should too. How? With SmartAsset’s free  financial adviser matching tool. In five minutes you’ll have up to three qualified local pros, each legally required to act in your best interests. Most offer free first consultations. What have you got to lose? Click here to check it out right now.

10 Housing Markets Where Bidding Wars Are Disappearing

Mortgage rates soared in October — and buyers promptly disappeared from the housing market, according to newly released findings from Redfin.

Pending home sales plunged by 32.1% year over year last month. That is the biggest drop since Redfin began collecting data in 2013.

Price cuts and deal cancellations also set new records, according to the real estate brokerage. With competition from other buyers evaporating, bidding wars — which occur when at least two people bid on a home — also have been on the wane.

In a summary of Redfin’s findings, Chen Zhao, Redfin’s economics research lead, says:

“The Fed’s actions to curb inflation are causing the housing market to slow at a pace not seen since the financial crisis.”

Recent signs point to inflation cooling, which could cause demand for homes to turn up again soon, Zhao says. But for now, demand is diminishing — especially in the following 10 markets, where bidding wars are disappearing faster than anywhere else.

The ranking was limited to metros in which Redfin agents submitted an average of at least 50 offers per month between March 2021 and March 2022.

It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter.

Sponsored: Add $1.7 million to your retirement

A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That’s an extra $1.7 million!

Maybe that’s why the wealthy use investment pros and why you should too. How? With SmartAsset’s free financial adviser matching tool. In five minutes you’ll have up to three qualified local pros, each legally required to act in your best interests. Most offer free first consultations. What have you got to lose? Click here to check it out right now.

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