The past two years have seen fierce competition among home buyers, particularly in the wine country real estate market, where listed properties often received multiple offers far above their asking price.
The good news for buyers is that the easing of bidding wars that started back in April is now clearly a trend. The National Association of Realtors reports that the average number of offers on recently sold homes has significantly declined to under three, down from a high of over five in March.
Most real estate agents say it’s still a seller’s market, but they also agree buyers have more choices from the growing supply of homes on the market. If you’ve been waiting on the sidelines or put your house search on pause, now may be the perfect time to get into the game, as buyer competition is cooling as a result of higher mortgage rates and inflation.
While bidding wars haven’t gone away completely, the drop is welcome news to many buyers. That’s because, while mortgage rates are rising, home prices are not growing at a similar rate, and some homes are spending more time on the market. That suggests house hunters who can still afford to buy should seriously consider taking advantage of the recent slowdown.
Just several months ago, buyers were taking any house they could get. Today, an uptick in inventory offers you the opportunity to jump back into the market on your terms. If owning Napa Valley real estate has been your dream, now could be the best time to make an investment, whether you’re looking for a single-family home, luxury estate, winery, or condo.
Are you ready to explore buying a home in Napa Valley? Talk to one of the real estate agents at St. Helena Real Estate about the current state of wine country real estate and what it means to your home-buying efforts. They’re experts on the area’s diverese neighborhoods and bring a fresh approach to the home buying experience, ensuring you find a property that meets all your needs and desires.