Real Estate Bidding Wars: Top 10 Markets for Multiple Offers on a House
The top 10 markets for bidding wars on homes. Its a very hot real estate market and most houses have multiple offers for homes on the market. We go over the top 10 real estate markets where there are bidding wars on the homes.
A bidding war is usually defined a more than one bid over asking price. Even with just two offers on a home it can turn into a frenzy with each buyer trying to outbid the other home buyer. In many cases there are 5 or more offers and they are required to submit their highest and best offer and then usually the highest one even gets countered with other terms.
Here is a list of the top 10 markets with bidding wars and what percentage of homes have multiple offers on a house over list price.
El Paso, Texas: 87.5%
Denver, Colorado: 83%
Minneapolis, Minnesota: 81.1%
Raleigh, North Carolina: 80%
San Francisco and San Jose, California: 79.9%
Colorado Springs, Colorado: 79.5%
Spokane, Washington: 79.2%
Seattle, Washington: 78.9%
Sacramento, California: 78.8%
Boston, Massachusetts: 78.6%