Related Posts

Tags

Bidding Wars

In Surprising Cities

By on May 20, 2018 in News

Need to motivate your customers? Use your blog or newsletter to notify prospects that your property stands in one of the hottest, burgeoning markets in the nation. Perhaps they know that—they are already interested in buying in the area–but do they know about the local bidding wars?

Bidding wars aren’t limited to the large cities any longer. Secondary markets are now seeing their fair share of dueling offers.

To encourage faster response times from your prospects, share some of the interesting content below:

Explain a Bidding War

For your content to have the greatest impact, you’ll want to ensure that you clients understand the definition of a bidding war.

To be concise, bidding wars take place when multiple buyers submit offers over the asking price in a desperate effort to secure the property for themselves. A higher asking price is only part of the battle tactic. Remind buyers that there are other concessions and considerations that can sweeten the deal for sellers.

How Did Your City Make the List?

Honestly, most buyers won’t care how your market made the list. But just in case they ask, here is the rundown.

Realtor.com examined 150 cities where homes are selling above their asking prices. The organization kept tabs on these locations from 2015-2018 to solidify the trend before adding the city to the list. That means that these cities have been getting hotter and hotter for years now. Your clients better get ready to rumble!

5 Top Ranked Cities for Bidding Wars

1. Akron, OH
Share of homes selling above list price: 20.6%
Increase in the share of homes selling over list price: 91.7%

2. Worcester, MA
Share of homes selling above list price: 41.5%
Increase in the share of homes selling over list price: 88.1%

3. Lexington, KY
Share of homes selling above list price: 22.7%
Increase in the share of homes selling over list price: 86.4%

4. Irvine, CA
Share of homes selling above list price: 30.3%
Increase in the share of homes selling over list price: 85.5%

5. Greensboro, NC
Share of homes selling above list price: 29%
Increase in the share of homes selling over list price: 81%

Not in the Top 5? There are More!

If you don’t see your market among the top five, don’t fret. You may still be able to use this new information to your marketing advantage. Sioux Falls, SD; Madison, WI; Louisville, KY; Tacoma, WA; and Little Rock, AR round out the top 10 list.

Explore the full list to discover more great information on the secondary markets caught up in bidding wars.