"Bidding Wars" are Rising

The adrenaline rush of "bidding wars" has returned, and not only have bidding wars returned, they are on the rise, according to Bloomberg Businessweek.

Here are a couple of selections from the text that seem to stand out according to me:

• the slow yet steady increase of jobs combined with record low mortgage rates satiate buyers' appetites.  
• Between February 2011 and February 2012, the number of contracts to purchase previously-owned-homes increased 14%
• There is a hope that banks will further foreclosures while sellers regain an interest in listing their property
• Buying is such an attractive option (for those who feel comfortable to do so) that buying seems to be a better deal than renting.
• Approximately half of offers in Washington D.C. from January 2012 to March 15th, 2012 encountered multiple bids.
• From March 2011 to March 2012, the median value of a home in Washington D.C. rose 6.6%

• Homes listed from March 2011 to March 2012 sold after an average of only 38 days once listed.

To view the original, complete version of this article, see the link here:  http://www.businessweek.com/articles/2012-04-12/in-lucky-housing-markets-bidding-wars-are-back