The return of the bidding war

You’d expect demand for new homes to shrink dramatically during a pandemic. But with sellers also staying on the sidelines and homes being trickier to list in a public-health crisis, the market is now giving rise to an unlikely phenomenon: bidding wars. “Since the pandemic began, demand fell off a cliff,” Taylor Marr, an economist at Redfin, told Bloomberg. “What most people overlook is that sellers also pulled back.” About 40 percent of homebuyers across

source https://therealdeal.com/2020/05/21/the-return-of-the-bidding-war/