Bidding wars becoming common for homes on the market

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OKLAHOMA CITY (KFOR) – Despite a global pandemic, realtors say low interest rates are causing many buyers to start moving toward their next home.

“With low interest rates and down payment assistance available, many families are considering buying a home for the first time because they can get more house for their money,” said Mindy Turner, member of Oklahoma City Metropolitan Association of Realtors. “Some are even finding house payments lower than their current apartment rent!”

Turner says that people have to act fast if they want to purchase a home for less than $150,000.

With a limited supply of houses on the market, many homes are receiving multiple offers.

“We’re currently in a one-bedroom apartment, with two dogs and a baby on the way,” said Taylor Pettyjohn. “We knew exactly what type of home we wanted for our growing family, so we made an offer the same day we saw the home.”

It’s something that is affecting communities across the nation.

Redfin reported that 41 percent of offers were subject to a bidding war in April. In some areas, that number jumped to more than 60 percent.

“Demand for homes has picked back up after hitting rock bottom in April, and that uptick paired with a lack of supply is a recipe for bidding wars,” said Redfin lead economist Taylor Marr. “Homebuyers are getting back out there, searching for more space as they realize using their home as an office and school may become the norm. But sellers are still holding off on listing their homes, partially due to economic uncertainty and concerns of health risks. In some hot neighborhoods, there may only be one or two homes for sale, with multiple homebuyers vying for them.” 

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