Why Bidding Wars and Offers Over Asking Price Are Common in Today's Housing Market

Although the pandemic has caused economic uncertainty, the housing market has remained hot with bidding wars and offers over the list price becoming more common. The article highlights some reasons for this phenomenon, such as a shortage of homes for sale, historically low interest rates, and an influx of buyers with a desire for more space due to remote work. Additionally, some sellers may have decided to delay listing their homes due to concerns about the pandemic, further limiting the supply. With high demand and low supply, buyers are competing with each other, driving up prices and leading to bidding wars. However, the market is constantly changing, and it's important for buyers to stay informed and work with a trusted real estate agent to navigate the current conditions.