Wealthy Bid Big to Win Homes in Supply-Strapped U.S. Markets
The impatient and moneyed, trying to get ahead of expected increases in U.S. mortgage rates, are doing what it takes to win bidding wars for homes. That means going big.
This year through mid-February, 5,897 homes sold for at least $100,000 above the asking price, up from 2,241 a year earlier, according to a report by Redfin Corp. In the San Jose, California, metro area, 46% of sale prices reached that threshold, a jump from 20%.
San Jose, CA 46%
San Francisco, CA 40
Oakland, CA 30
Seattle, WA 17
Anaheim, CA 15
Los Angeles, CA 11
San Diego, CA 11
Boston, MA 5
Denver, CO 3
Newark, NJ 3
