Michael Mahoney - Boston Realtor with Century 21
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Bidding Wars Are Back in Housing Market Stung by Pandemic

Bidding Wars Are Back in Housing Market Stung by Pandemic

According to a recent article on Bloomberg “Bidding Wars Are Back in Housing Market Stung by Pandemic”

On May 20, on Bloomberg the authors Noah Buhayar, Prashant Gopal, and John Gittelsohn reported on bidding wars happening in major metro areas across the US,

It’s the surprise of a spring selling season that’s been anything but normal: Buyers returning to the housing market have been battling over the few available properties.

While sales are way down, the lack of inventory has propped up prices and led to bidding wars, even as economic fallout from the pandemic mounts and real estate agents adjust to new public health guidelines that have made it more difficult to market homes.

The rate was even higher in cities like San Francisco, Boston and even Fort Worth, Texas, where more than 60% of properties the company’s clients bid on received multiple offers @tylermarr – Lead Data Scientest for Redfin

Bidding Wars in Boston Real Estate Market

Bidding Wars in Boston Real Estate Market

What’s Happening In Boston with Bidding Wars

The market dynamics are a shock to some buyers. Kenzo Teves, a 24-year-old business analyst for a pharmaceutical company, decided to start shopping for his first house this spring, because interest rates were so low. He had money saved for a down payment and was secure in his job — factors he thought would help him find a home near Boston.

In late April, he made his first bid on a three-bedroom house in Chelsea, Massachusetts, that was listed for $420,000. The property got six other offers and even bidding $30,000 over the asking price wasn’t enough to cinch the deal.


Original Bloomberg article here

Curious about what your property would fetch on the open market? Check out www.YourEquityFinder.com

2 Responses to “Bidding Wars Are Back in Housing Market Stung by Pandemic”

  1. May 24, 2020 at 3:04 am, TGIM: Thank Goodness It’s Monday 25 MAY 2020 | Michael Mahoney – Boston Realtor with Century 21 said:

    […] Protected: Bidding Wars Are Back in Housing Market Stung by Pandemic […]

    Reply

  2. May 27, 2020 at 4:19 pm, Current Mortgage Rates | Michael Mahoney – Boston Realtor with Century 21 said:

    […] rates this low and bidding wars, now may be the time to upgrade.  The inventory in Boston is moving despite the […]

    Reply

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I selected Mike after having a very unsuccessful experience with a previous broker. He had excellent ideas in helping to sell my house and continued to advertise it with a fresh perspective. His experience helped in a number of ways and I only wish we had... (more)

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This is the second property I have sold in Weymouth MA with Mike as my broker. He research the area and give you all the information you need to decide what to list your property for, so it sells timely. He also helps review and negotiate all offers and is... (more)

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