Competition among homebuyers has remained fierce during the COVID-19 pandemic due to record-low mortgage rates, a shortage of homes for sale and a sudden wave of relocation from remote work, triggering a surge in home prices that is showing no signs of slowing.
The median home sale price rose 15% from a year ago to $322,000 for the week ended Nov. 1 — the highest on record, according to Redfin, a real estate brokerage.
The housing market is so hot that offering all cash for a home doesn’t always cut it anymore, experts say. But there are things that potential homebuyers can do to entice sellers.
“What wins a bidding war today is offering more than the asking price and waiving the appraisal contingency,” according to Redfin real estate agent Anthony Gonzalez.
“Generally, if you’re bidding on a house that’s in great condition in a good location with multiple offers,