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As inventory drops to record lows during this low-mortgage-rate-induced buying frenzy, homebuyers are pushing themselves to the limit to secure a home. According to Redfin’s latest market update published on Wednesday, 64 percent of Redfin buyers in March were in a bidding war up from 62.1 percent the previous month.
“In today’s market, buyers need to pull out every single stop they possibly can,” Las Vegas-based Redfin agent Lori Garlick said in the report. “Competition is escalating in part because it’s almost summer and families want to lock down homes before the next school year starts and their kids have to head back to the classroom. This typical spring homebuying behavior is making a hot housing market even hotter.”