Housing Shortage Leads to Intense Competition Among Homebuyers

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With more and more Redfin bids facing multiple offers, the mother of all bidding wars may be on the horizon

In the Bay Area, the most competitive market in January, buyers are going to extreme lengths to win a home. “After missing out on one home due to a bidding war, my clients were much more aggressive on their next offer,” said Redfin San Jose agent Jennifer Tollenaar. “In order to beat 24 other offers, they put 50% down, wrote a great letter to the sellers and removed all contingencies. This was on a home with a purchase price of over $1.7 million.”

:scream: :scream_cat: :scream:

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Amazing how quickly this market went from sluggish to crazy.

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Investors panic, sell stocks and buy RE.

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I can’t believe the re investors Here would buy in the open market.

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Are you the new dragon boy? :rofl: I remember he said only losers buy in open market.

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:joy:

Not losers,
Just playing in a different area.

My experience is once you have a network going, there always seem to be more “deals” than available capital. It’s probably because my required rate of return is too low for the professional investors. I’m small potato :potato:.
Oh well, I’ll just do what works for me. :man_shrugging:t2:

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@caiguycaiguy is a serial RE investor :scream: Thought only @manch is.

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Thought you are too. I’m always buying shitty houses. Goal is 1 a year. Although I didn’t make my goal last year :cry: