Listed for $550,000; sold for $630,000
The above example appeared in a Wednesday Boston Globe article Boston-area house hunters face bidding battles.
– The sale referred to above took place in Cambridge.
– In Jamaica Plain a buyer bid 12% above a condo’s asking price.
– Redfin.com reported that 89% of Cambridge deals this year involved multiple bids.
– A friend who owns a multi family in Boston’s South End has received three unsolicited offers in the last month, and I have reported earlier about the chronic shortage of condos for sale in Boston.
The market on the North Shore tends to lag behind Boston, but there are already signs that buyers here are feeling the pressure of increased competition for the small number of properties available for sale. I have reported before on multiple bid situations over the asking price in the last few weeks.
This week a new house came on the market in Marblehead on Tuesday. On Wednesday at the open house for brokers the general consensus of the people to whom I talked was that it was priced about 10% higher than they would have expected, but … an offer was accepted on Wednesday. Days on market? That would be 1.
I don’t want to say that none of this will come as a surprise to those who have read my reports over the last several weeks but…… none of this will come as a surprise to those who have read my reports over the last several weeks….
This year’s spring market promises to be extremely active. Buyers need to be ready and prepared to act quickly. Sellers need to make sure their house is in condition to achieve the best price.
The change from the last few years has been dramatic in its speed.Many people will be slow to adjust to the new dynamics. As so often, fortune will favour the swift and the prepared.
Call me on 781.631.1223 or email Andrew@harborsiderealty.com to discuss your needs. Can you afford to wait?
I agree that the market is crazy. A much more dramatic turnaround than most expected or even hoped for. Homes that appeal to certain buyer pools that are priced well are going under agreement as they come on the market. Buyers are frustrated as there is little inventory and when something comes on the market if they do not move immediately they never even get to see the home let alone make an offer. So – if you are thinking of selling – do it now. If you are serious about buying and see something you like – be prepared to go the distance.