Almost one quarter of sellers received four or more offers on their home during 2021, according to Zillow’s latest consumer housing trends report.
Bidding Wars Increased During 2021
In a national survey of more than 2,000 home sellers, Zillow indicated in its latest consumer housing trends report that nearly one quarter of all home sellers during 2021 received four or more offers on their for-sale listings. This is double the number of offers received by typical sellers over the three years prior to 2021.
Additionally, based on data collected by Zillow Group Population Science that was used for this report, the median number of offers that fell through in 2021 remained at zero for the fourth straight year.
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Discrepancies Reported by Sellers & Buyers in Their Offer Specifics
74% of all home sellers received at least one offer that was either all-cash or didn’t have a financing contingency. Interestingly enough, 68% of buyers indicated they were purchasing a home without a mortgage. Does this 74% sellers/68% buyers discrepancy indicate that buyers needing financing remained competitive with all-cash offers? We haven’t an answer.
Here’s another discrepancy. 65% of sellers reported receiving at least one offer that waived an inspection. On the other hand, 88% of successful home buyers reported getting an inspection before they finalized their home purchase. According to Zillow’s latest consumer trends report, only 16% of homes sold in 2021 had no inspections from potential buyers. Does this mean that buyers who insisted on having a home inspection by a professional inspector were still competitive? Again, we don’t know.
According to this latest consumer trends report by Zillow, 72% of home sellers were White; 10% of sellers were Black; 8% of sellers were Hispanic and 6% were Asian American Pacific Islanders. 51% of all sellers were selling in suburban areas and 41% of all sellers were selling in the South.
Nearly 80% of all sellers decided to sell their homes based upon a life event. 46% of those sellers said a change in their household or family size was the main reason for selling/moving.
65% of all sellers reported also buying a home.
Thanks to Zillow and HousingWire.