Redfin: Bidding wars virtually vanish in January

All signs point to a housing market slowdown and new data from Redfin indicates that competition is easing as well. According to the company, only 13% of offers written by Redfin agents faced a bidding war in January. This is a drastic drop from 53% in January 2018. “Buyers have heard that the market has slowed, so now they’re trying to get all of their ‘wants,’ not just their ‘needs,’” Redfin Agent Kalena Masching said. “They’re waiting until they find a home that can check more boxes for instance three bedrooms instead of two or a higher rated school. In general they are being more judicious as they think through their purchase. Meanwhile, many sellers have not yet recognized that the market has shifted.”