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Bidding wars heat up with summer

Posted by Scott Van Voorhis July 12, 2013 08:06 AM

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Rising interest rates have yet to chill the hyper competitive Greater Boston market.

If anything, the jump in rates from the 3s to the 4s appears to be spurring home buyers to snag a home now while mortgage costs are still low, according to a survey just put out by Redfin, the brokerage and market research firm.

In fact, the number of bidding wars in the Boston area rose sharply from May to June, a time when home sales typically begin to slow with the arrival of the dog days of summer.

It makes Greater Boston the fifth most competitive market in the country, behind only the big California metro markets like San Francisco, Los Angeles and San Diego, Redfin reports.

Yet it also makes us a bit of an outlier as well. Nationally, the percentage of bidding wars fell in June to just over 68 percent of all deals, down from 75 percent back in March.

Basically, it is the reverse of the pattern we are seeing here in the Boston area.


In June, nearly three quarters of buyers working with Redfin agents in the Boston area found themselves battling it out against one or more bids.

That's compared to just over 68 percent in May.

Why is the Boston area once again bucking the trends? What's your take? What makes this market different, for better and for worse?



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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