The intensity and regularity of bidding battles was one of the top stories in recent real estate headlines. With so many purchasers trying to buy a property and so few available for sale, heated bidding wars became the norm throughout the epidemic, driving up home prices. If you've tried to buy a property in the last two years, you've probably seen this firsthand and been outbid on multiple properties along the way.

But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.

The graph reveals that earlier this year, properties received an average of five offers. However, according to the most current data, the average was just shy of three offers per recently sold home. Rising mortgage rates have reduced buyer demand and slowed home sales, resulting in an increased supply of homes on the market. Essentially, buyers will have more options.

What This Means for You

If you put your home search on hold last year because you were outbid or didn't want to deal with the peak intensity of bidding wars, you can breathe a sigh of relief. While it is still a seller's market, an increase in inventory provides you with an opportunity to re-enter. You might still be competing with some buyers, but it won't be like it was just a few months ago.

Bottom Line

If you put your plans on hold due to heated bidding battles in previous years, it may be time to resume your home hunt. Bidding wars are easing, which may imply less competition for you as a buyer. If you're serious about buying a property or making a move, let's get started right away.