Mortgage And Real Estate News

Saturday, November 16, 2013

Fewer investors, more houses kill bidding wars


In April 2012, a Glendale house listed for $119,000 sparked a bidding war that drew 95 written offers. The house sold for $140,000.

Many who were able to buy metro Phoenix homes in 2012 and early 2013 are familiar with being outbid before purchasing. But recent homebuyers can attest that aggressive price wars aren’t the norm anymore.

A 30 percent increase in the number of homes for sale and fewer investors has made the housing market less competitive. Over the past two months, several people who had been trying to buy since late last year were able to close deals for Valley homes.

Read more...Fewer investors, more houses kill bidding wars

Reuters: Business News

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