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Seattle Home Bidding Wars Way Ahead of National Average

With inventory at record lows, it's no big surprise to hear that bidding wars are back on the rise around Seattle. 69 percent of offers written by Redfin agents in the Seattle area faced competition from other buyers in March. That's up from 63 percent in March 2014. Seattle saw a 12.1 percent increase in new listings in March compared to the previous year, but that wasn't enough to lessen the battles. Redfin also found that 38 percent of homes sold by their agents in March went for over asking price, which would seem to be par for the bidding war course. Seattle was on pace with the national average for competitive offers a year ago but is now well ahead (61 percent). Looking for a leg up? Redfin says nothing helps win a bidding war like a cover letter (43 percent of winning offers).
· Homebuyers Faced Fewer Bidding Wars In March Thanks to Surge in New Listings [Redfin]
· Seattle Housing Inventory Is Now The Lowest Since 2007 [CS]