The competitive bidding wars during the pandemic have driven home prices up.

People who want to buy a house often find themselves outbid on several homes along the way.

If you tried to buy a house over the past two years, you probably experienced this firsthand.

But here's some good news!

Data from the National Association of Realtors (NAR) illustrates that the number of homes sold with multiple offers has declined in recent months.

Simply put...

• Average offers per home have dropped from around five last year to just shy of three recently sold homes.

• This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market.

• With the inventory of homes on the market increasing, it's a good time to jump back into the real estate market!

What does this mean to you?

If you've put your home search on pause because you were outbid last year or because you didn’t want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief.

While it’s still a sellers’ market, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely won’t be anything like it was just a few short months ago.

Matt Smith Real Estate Group is here as a resource for you to help you navigate through this normalizing market.

Learn more about the real estate market and reach out to us at 573-471-2020.