A TALE OF TWO CITIES
The story has not changed in Boston - we have a continuing supply and demand problem - going back 22 years. It is only getting worse going into 2023. Inventory is significantly down and buyers are re-entering the market now that rates have moderated. As a result we are seeing fewer days on market and multiple offers are back.
The key piece of information is where are the bidding wars ending up. Most buyers assume when they hear that there are 3-4 offers on a home that the winning bid was way over asking. This has not been the case. Many of the recent multiple bid scenarios are ending up under asking. Don't be the buyer that is $100,000 over everyone else just because you hear that there are multiple offers. We always set a max price that we won't exceed with our buyers - before we start making offers on a house! Be disciplined in your buying process.
