Will bidding wars return in 2020?

Bidding wars were around for several years after the economy recovered from the 2008 recession. For sellers it is was wonderful, but it sure was a challenge and frustrating for buyers. The summer of 2018 is when things slowed down with multiple offers. Since then, it has become a healthier balanced market in my eyes. Sellers are still able to sale their home at a high market value, but at the same time, buyers are getting the house they want instead of always moving onto the next.

Redfin is predicting that the national housing market will gain strength in 2020.

“Prediction #1: Bidding wars will return, thanks to low mortgage rates and a lack of homes for sale”

“Prediction #2: 30-year fixed mortgage rates will stabilize at 3.75%”

Will our market see bidding wars again in the spring of 2020? It’s hard to say, but I bet that those well-maintained, nicely updated homes sure will move fast! Overall, I would love to see our market stay balanced where both buyers & sellers can flourish!