Just yesterday, bidding wars erupted in housing markets across the nation. In those days, mortgage rates were much lower. But, there is no doubt that times have changed. The competition for housing is cooling particularly fast in a few places, including Seattle.
What does this mean for you? If you have a rental property and are considering a sale, it might be better to hang on and ride out the next few months or even a couple of years to maximize your profits.
Here is a great article sharing the top 36 metro areas where bidding wars are dissipating based on a Redfin analysis. Redfin agents submitted 50 or more monthly offers in all metros between March 2021 and March 2022.
https://www.moneytalksnews.com/slideshows/housing-markets-where-bidding-wars-are-disappearing/
Sound Point Property Management is here for all your property management needs. We can take care of the details of your rental property while you wait out the economic changes in the housing market.
