Real estate agency Mackellersland said based on internal data that more than half of home buyers who applied last month had to bid above the asking price to close the deal. It’s been almost a year and a half since homebuyers have had to make bids this often, as the market faces a crisis with too few homes for sale.
About 56% of homebuyers had to offer more than their asking price last month, Mr McElraesland said. Just under 40% were able to purchase with an offer below the asking price. “2023 has seen a high number of bids below the asking price for a long time. However, in recent months we have seen a change again, and the trend is now quite consistent,” director Ivor Breve said.
As the market cooled earlier this year and home prices began to fall, homebuyers were no longer in a position to overbid. The situation changed when home sales prices started rising again on a monthly basis. As a result, the number of buyers bidding above the asking price has also increased.
Still, nearly 60% of homebuyers were able to make an offer below their asking price throughout the 2023 calendar year, but that percentage declined each month, according to real estate agents. Brevet said it will be more difficult to bid below the asking price, adding that the situation will depend on location and price range.
Mortgage advisory firm De Hyposeekshop also said last Friday that overbidding is once again the norm in many cities. “Mortgage advisers in Utrecht and The Hague are reporting that 10 percent overbidding is already the norm.”
In October, the Dutch Association of Real Estate Agents (NVM) recognized that competition in the housing market is increasing and home seekers are having to make bids more frequently.