Buyers are Making Concessions to Win Bidding Wars

More buyers are making concessions to win bidding wars amid a deepening housing shortage, record-low interest rates. In June, nearly 20% of successful offers submitted by Redfin real estate professionals in select major U.S. markets reportedly waived the inspection contingency, compared to 13% during the same month in 2019, according to a report by Redfin.

Bidding wars have been on the rise in recent months, with more than half (54%) of Redfin offers facing competition in June, up from 52% in May and 44% in April. Read the analysis.