Skip to main content

More Buyers Snag First Home They Bid On

Phil Hall
Apr 17, 2019
Photo credit: Getty Images/Rawpixel

Homebuyers are increasingly more likely to win the first property that they bid on, according to new data from Redfin.
 
During the first quarter of this year, 56 percent of buyers nationwide closed on the first home they made an offer on, up from 52 percent one year ago. This also represents the highest first-offer success rate tracked by Redfin in three years.
Charlotte, N.C., has the highest level of success of closing on the first home bid upon (70 percent), San Jose came in second at 63 percent and also registered the most dramatic movement away from bidding wars—last year, only 25 percent of San Jose homebuyers successfully purchased the first home they made an offer on. Other evidence of dwindling bidding wars was seen in Seattle (59 percent, up from 45 percent one year earlier) and San Diego (53 percent, up from 38 percent last year).
 
"Last year, homebuyers had to pull out all the stops to land a home in competitive West Coast markets, but this year there are more homes for sale and the odds are more in the buyer's favor," said Redfin Chief Economist Daryl Fairweather. "In San Jose, the market has dramatically slowed from a year ago, and it's actually now easier to get an offer accepted in San Jose than in many other parts of the country."
Homebuyers are increasingly more likely to win the first property that they bid on, according to new data from Redfin

 
Published
Apr 17, 2019
CHLA Advocates Attorney Opinion Letters As Alternatives To Title Insurance

CHLA asks FHFA to explore use of the letters.

Dec 06, 2023
Helping the H.E.L.P.E.R.s

Federal bill poised to open up market to more teachers, first responders

Dec 01, 2023
Fidelity National Financial Hit By Cyberattack

Industry-leading provider of title insurance and settlement services radio silent on reported breach.

Nov 28, 2023
Citizens Bank Bids Farewell To Wholesale Mortgage Channel

In a strategic pivot, the Providence-based banking giant will stop accepting new wholesale mortgage submissions.

Nov 16, 2023
Surprising Surge In Mortgage Customer Satisfaction, J.D. Power Study Reveals

Study found first-time homebuyers were harder to satisfy, customers don't just shop rates.

Nov 16, 2023
Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

Nov 15, 2023