Fact finding, please help

"So-called" buyers' market is right - just because it's not a sellers' market doesn't mean it's a buyers' market. As evidenced by the fact that buyers are not buying in record numbers. In the overwhelming majority of areas, buyers aren't buying because prices (purchase price + mortgage rates + taxes + anticipated maintenance) are still too high. What is a buyers' market? When large numbers of buyers can generally purchase a home for less than one or more tried-and-true thresholds such as a 3 1/2 : 1 house price to gross salary ratio, or 1.25 rent : total monthly cost of owning, or whatever.

It would be helpful to amend question 4 to allow people to fill in the street address of the home in question, if they choose.

I tried, but the survey doesnt work if you were a seller and had multiple offers.

Many questions, some critical, only apply to the buyer perspective.

A new or well mantained home, on a good lot, in a good town, will sell in today's market at a reasonable price. We are seeing, and will continue to see, more price disparity between properly maintained homes and undermaintained homes.

We are NOT in a ression.....We have NOT had 1 let alone 2 concecutive quarters of negative economic growth as measured by the GDP which defines a ression.
The housing bubble burst was long over due and helped by poor lending practicies of mortgage banks.

Spot on, stive.

Look for more evidence of "frenzy" on Monday, when MAR releases a stunning 10% YOY drop in SFH sales and a 24% drop in condo sales--while the Globe consigns all that to a footnote and headlines report a big increase since April. Because, you know, more sales in May than April is really earthshaking news.

By continuing to try to spin and manipulate data, realtors are doing their best to keep sellers from facing reality, stop the market from reaching a clearing price, and drive down the number of transactions until they eventually drive themselves out of business.

I would like to share a "multiple-offer" story I witnessed. The house in question is a single-family residence on Market street in Cambridge. It was immaculately renovated, had a great yard for kids, and had one off-street parking space. The only downside is it was about 10 minutes walk from the T, and was on "the wrong side" of Mass ave.

Originally the place was $869k and sat for months. But the sellers got a new agent, dropped the price to $799k and held an open house. Voila, multiple offers! We weren't one of the bidders, but the open house was mobbed so I believed the seller's agent when he told me there was a bidding war. This was months ago.

Well, recently I checked the deeds to see what it sold for. Guess what--it sold for $799k, and it didn't close until May 15.

What is my lesson learned? Well, first off, some of the bidders must have had financing issues or similar, or else the house wouldn't have taken months to close.

And second, did this house sell at or above asking in a bidding war? Well, yes technically. But in reality, the house sold for much less than it would have a couple years ago. For me that is what matters. Pretty simple.

Roslindale Village is missing from the neighborhoods in question 4.

As a recent buyer, during our search there was one place (which we did not get) where we had intended to make an offer only to find out that the sellers had accepted another offer just a few days previously. It was not a bidding situation but we were thwarted by not moving on it fast enough (on a property that had been on the market for more than six months, ironically).

Is our experience useful for your survey?

I second Peter's comment. We are currently in a multiple bid situation for a property near Rozzie Village, which is bank owned. We also wanted to look at a house which had been on the market for several months and is now under agreement - probably the same house :)

Roslindale, as a whole, is missing, not specifically Roslindale Village. Otherwise, one might as well say that Bellevue Hill, or Clarendon Heights, is missing from the list.
(By the way, it's really just Roslindale Square- the "Village" thing is a recent concept promoted by the mayor, among others.)

Wow, I take it back. The Globe report actually led with the facts first, relegating the MAR spin to second place--introduced by the damning sentence, "Ever upbeat, the Massachusetts Association of Realtors saw bright spots in the monthly report."

Interesting to note the characteristics of multiple-bid properties described so far. Newly renovated. Or REO.

I was in a multiple-offer situation over the weekend. It was not newly-renovated or other real estate owned. It was at 1313 Washington St. There was an open house on Saturday, which I attended with a client. After the open house, four people made offers. The seller's agent suggested holding off on making a decision, but the seller had had enough and chose one.

My client woke up Sunday ready to make a deal. I had to inform him that it was too late.

Once again, fairly amazing.... based on this blog's entries and the comments section, you'd never know that we're in a market correction. It's all about bidding wars, hot neighborhoods, and rising prices.

I don't get it.

Did someone not tell me that it's 2005 all over again?

Kathy, it's a great time to buy or sell a house. Buy now, or be priced out forever. It's different here. They aren't making any more land in Massachusetts. No one here got a subprime loan except in Dorchester and Roxbury. Good neighborhoods always hold their value. The media exaggerates the downturn. We've reached a bottom and soon houses will go up 10% a year again. Renting is throwing money away. A house is the best investment you can make. Buyers are picking up great deals and are lining up around the block. Don't low ball or you'll miss out. It's still easy to get a low rate mortgage. Arlington is hot, hot, hot! So is biotech. Act now or you'll be disappointed. Buy the most house you can afford. Everyone wants to live here.

Does that about cover it?