Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

MortgageReal Estate

San Francisco’s housing market heats up as tech IPOs move in

35% of Redfin offers made in San Francisco faced a bidding war in May

Although bidding wars are slowing as the housing market continues to cool, new data from Redfin suggests that San Francisco’s housing market is heating back up.  

Nationally, only 16% of offers made by Redfin agents on behalf of their home-buying customers faced a bidding war in May. However, San Francisco proved itself to be the most competitive housing market with a whopping 35% of offers facing a bidding war, according to company.

Redfin attributes this growth to the rising presence of IPOs in San Francisco’s tech-savvy housing market.

This year, both Uber and Lyft, which happen to headquartered in San Francisco, announced they were going public. Since then, their IPOs have driven home prices upward and created an influx of potential homeowners.

“Earlier this year, the San Francisco housing market appeared to be running out of gas, but the recent tech IPOs have reignited competition,” Redfin Chief Economist Daryl Fairweather said. “Buyers want to get in now before prices shoot up, while many would-be sellers are holding out for higher prices. With more people looking to buy homes than there are homes for sale, what you have is a recipe for bidding wars.”

Redfin agent Miriam Westberg said bidding wars are back with a fury in San Francisco.

“We’ve seen as many as 33 offers on one property recently, and most offers have no contingencies or are all-cash offers substantially higher than the list price,” Westberg said. “A few recent buyers have been surprised by how much competition they faced when they submitted their first offer since they heard about the slowdown at the end of last year. But it just takes that one failed offer for most to realize what they are in for.”

The image below highlights the percentage of bidding offers made in West Coast markets:

Redfin: May Bidding Wars

NOTE: Redfin’s analysis is based on home offer and purchase data gathered from thousands of Americans that bought homes with Redfin agents over the past five years.

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