Did you know that people keep records on bidding wars? A bidding war occurs when two or more people bid on the same property. The brokerage Redfin has been logging bidding wars since April 2020. 

Its latest stats say that the number of bidding wars across the nation are declining. For example, April 2021 saw 73.1 percent of all offers faced bidding competition. This past March that dropped to 67 percent and then in April bidding wars were down to 61 percent of all offers. 

Needless to say, it’s getting a bit easier for buyers to compete in this market. Many buyers just dropped out. It’s time to come back. I know, because like many Realtors I’ve lost clients who just gave up. It’s time for them to come back before they are priced out of the market, if they aren’t already. 

I sold a home to a client in December, however, who refused to give up. After failing to win the bid on several homes in Utah County he calculated that it was just a half hour drive to his office in Orem and bought a home in Nephi. That house would have cost a lot more in Utah County.

The hike in interest rates is beginning to slow this crazy market. Many buyer wannabes who qualified to buy a home before the rate hikes, no longer do. As the Fed tries to quell inflation, mortgage rates will continue to rise kicking more folks out of the market and reducing bidding wars. 

Folks who were waiting to take advantage of an over-heated market are now part of a 6 percent decline year over year. The market hasn’t seen that kind of decline since June 2020, Redfin says. Mortgage applications are also down 8 percent and many home sellers are dropping their prices.  

I was in real estate for awhile before my eyes were opened to how much training it takes to be a successful Realtor.

In Utah, 18 hours of continuing education is required every two years just to keep your license. That doesn’t even count the 120 hours it took to get it in the first place.

After getting my license back in 1994 I wasn’t offered any formal real estate training; just what the broker taught me. Luckily I had family in the business and I had covered real estate as a news reporter for six years before making the switch to sales. That helped a bit as did my Master of Arts from BYU in public relations.

So, I thought I knew a little something.

In-depth training

I picked up more tricks to the trade from the different brokerages I worked at over the years. But the deep real estate training came later from two main sources. One was Coldwell Banker Realty, where I am now, and the other was By Referral Only, a coaching business where I spent a couple of years. Great Stuff!

Coldwell Banker has great training under the watchful guidance of Stacy Staley, a successful Realtor-turned-trainer. I’ve come to know that the first thing to learn is mind-set. Without that you’re like a ship without a rudder.

I’m in a 7-week course right now called The Closer Club. As weeks go by it gets more intense and challenging. All this so I can become better in leading, guiding and protecting the clients I work with. After all, buying a home is likely the largest investment you will ever make.

Classes include how to:

• Get listings and market them for maximum exposure

• Help home buyers get the home they want

• Use Coldwell Banker’s many tools to help clients successfully

• Explain the buyer broker agreement and how it protects buyer interests by creating a fiduciary.

… and a lot more.

Think of me as a resource. I am ready to answer your real estate-related questions, so give me a shout. My contact info: 801-360-9133. rodger.hardy@cbrealty.com.