How do they know this? Is it based on when their bidder didn’t win then they know there was another offer? There’s no other way to know for sure. The percents for last year seem low too. They could sell this as their data leads to a better bid that’s more likely to win.
They won’t know for sure. The trend is more important than the exact numbers.
If the data is garbage then the trend is irrelevant.
It’s not garbage. Data is the share of Redfin purchase that faces bidding wars. The only question is how representative that is of the whole market. In the Bay Area at least Redfin’s buyers tend to be at the lower end of the spectrum.
The only way they know for a fact there was competition is if their bid loses. Does anyone think that last year 32% of SF homes only had one bidder? Also, Redfin is under 2% market share, so extrapolating that to the whole market is crazy.
It shows 65% last year and 28% this year for SF multiple offer
It looked like 68 on my phone, so it’s 35% single offer. Does anyone think that’s right?
Put aside extrapolating to the whole market for a second, that’s what Redfin buyers experienced last year. How can you be sure it’s NOT right? Some people on this forum claimed market peaked in 2017.
I’m honestly not sure how to explain it any clearer.
Wow! So we really found a house no one wanted last year …
Good to know at least that it was the house, not the season, so that we have appropriate expectations in the future.
The sellers were lucky they got us… since we paid extra because of our contingencies and long-closing period.