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Facing multiple bids?

Posted by Scott Van Voorhis April 9, 2012 07:08 AM

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Bidding wars are back, and not just in Greater Boston, but in other markets across the country.

Just ask the Hensleys, who felt compelled to include a family portrait along with their $270,000 bid for a three-bedroom home in suburban Seattle. In fact, they also included a letter describing how the house, which backs into a wooded hillside, would be perfect for their growing family, BloombergBusinessweek reports.

They even threw in $10,000 more than the asking price. Here's a quote from the Hensleys, which I have lifted from the story.

"We understand there is going to be fierce competition in the offers made for your house but Carina and I both felt very strong about letting you know what it would mean to us if we were given the opportunity to live in your gorgeous and charming house," wrote Matthew Hensley, 33, a credit union branch manager whose wife is a dental hygienist.

Nice try, but the sentiment failed to sway the sellers, who went with a higher offer, with seven bids to pick from, the story notes, pointing out such personal appeals were last seen during the housing boom. (As a side note, I question whether penning such a personal appeal is a hot idea, especially if it puts the seller on the spot. Selling your house is not a charitable transaction.)

If there is any pattern to where the spring market is the hottest right now, it appears in part driven by job growth, which is clearly happening, at least higher up the income chain, in markets like Greater Boston, Silicon Valley and Washington, D.C.

There's also another fascinating trend at work, with prices rebounding in markets that had been hardest hit by real estate market collapse, including, of all places, Detroit.

If nothing else, this year's spring real estate market is turning out to be a lot more interesting than the 2011, 2010, and 2009 versions, which were complete duds.

So here's your chance to weigh and set us straight, one way or another.

If you are out there looking at homes, what's the competition like? Have you run into multiple bid situations?

And sellers, is market reality matching the hype right now? Are you getting offers, or at least foot traffic?

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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