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The truth about bidding wars

Posted by Scott Van Voorhis  April 18, 2013 07:54 AM

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The spring market has seen a big drop in home listings across Greater Boston.

That, in turn, has sparked intense competition among buyers and helped fuel multiple bid situations.

But surprisingly, even with Boston-area listings down by a whopping 50 percent this spring compared to last year, bidding wars have yet to completely dominate the market.

Actually, far from it, a new survey by the Massachusetts Association of Realtors finds.

Yes, there are lots of multiple bid situations out there, but a lot of homes - at least the ones that sell - wind up with just one offer.

Right now, it's about split down the middle, with 37 percent of Realtors polled across the state reporting that most or all of the homes they sold drew multiple bids, while 35 percent report that most or all of the homes they closed deals on drew only one bid.

The remaining 28 percent said their sales were equally split between multiple and single offer situations, according to MAR.

Location is obviously key - you are more likely to see multiple bids in a fashionable Cambridge more neighborhood than out in Maynard.

Yet many other intangibles - and maybe just plain luck as well - determine whether a house gets bid up or winds up with just one offer, or maybe none at all.

What's your take? Why do some homes draw multiple bids, while others are lucky to find a willing buyer?

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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