I have been hearing this a lot from buyers. I do the best I can to prepare my clients for what's going on out there in the marketplace, but there's nothing that drives the point home quite like experiencing it for yourself. I know it's frustrating, just hang in there.
The housing market in Boston especially, and New England in general didn't get hit as hard when the bubble burst as the rest of the country did. The housing recovery started around here a couple of years ago, but the national housing market is just starting its return to normalcy. Because of that time-lag things are going to heat up around here and stay that way for some time before banks see what's going on nationally and start to raise interest rates. That will put some downward pressure on prices, but I don't expect to see it any time soon.
There are techniques that you and your agent can employ to get your offer through a competitive process. As a buyers' agent, having a competitive bidding situation is also frustrating because I like to negotiate the best possible terms for my clients. In a multiple-offer situation you are competing against other buyers for the prize of actually buying the house at all rather than negotiating against a seller to get yourself a good deal. Expect a little bit of buyer's remorse when you do get a house, but keep in mind that home-ownership has benefits that go beyond what you pay for the place initially. If the market continues to grow any "overpayment" you get hit with will be erased in the long-run by an increase in value.
Best of luck! It's not easy, but it's still worth doing!
The time to buy is now !
Let me know if I can help..we have some great agents in your area..
Don't be too anxious sellers to raise the pricing on your home , we are only seeing the multiple offers coming in on properties that are priced correctly from start date ..
Too many times a seller will wonder "is my property underpriced ?" when they see more than one offer early in the marketing period...NO, it is priced right..
You will see the most activity on a new listing in the first 10 days ...grab the attention of the buyers with a fair market value price...not what you "need" to get out of the property , that has nothing to do with fair market value and the buyers KNOW ...
Happy Selling and heres to a great spring market !
Same here in the Berkshires... Low Inventory, Multiple Offers, and Bidding Wars on attractive properties that are priced attractively. For those buyers taking out a mortgage, a pre-approval is a must (to be submitted with any offer). A good buyer's agent will keep you informed of new listings and price reductions on attractive properties. If you love a property, trust your realtor, and make an attractive offer. I have found, that generally speaking, things always work out the way they should.
Associate Broker, Massachusetts, New York, and Connecticut
Berkshire Property Agents
12 Railroad Street
Great Barrington, Massachusetts 01230
You've read the current market activity correctly.
While this flurry of activity may be a thing of beauty for many, it's also some cause for concern. Bidding wars can be the cause of inflated home prices. That said we need to keep in mind that we have a way to go in terms making up for rock-bottom prices in recent years.
More sellers are being enticed to put their homes on the market, so that will address the low inventory concerns. And, my best advice for home buyers is to not get caught up in the "auction fever" of multiple bids. Know exactly what you're comfortable paying for a home and walk away when the offers start to go beyond your comfort zone.
I offer a free "Home Buying 101" In-Home Tutorial for all my first-time home buyers where I cover how to deal with current market trends. If you're interested in taking the class, drop me a line at Michael.Pallares@nemoves.com.
And good luck with your home search!
Michael Pallares, Realtor, ABR
Coldwell Banker Residential Brokerage
William L. (Bill) Meissner, Jr.
President - M & C Metrowest Realty, Ltd.
MBA (Suffolk University), BS Accounting (Bentley University) & Cath. Mem. HS
Accredited Buyer's Representative (ABR) & e-PRO Realtor
Direct line: 781-444-6036
Location, price point, condition all still factor heavily.
Of course choosing a local real estate pro can help you save a lot of time.
(Not me, I'm on the Cape, but I can help you choose a local pro when you are ready.)
(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
Boston Luxury Residential