Home sellers may love them, but bidding wars are bad news for just about everyone else.
The escalating cost of living in the Boston area may be our biggest economic challenge, and crazed competition for a limited number of homes just makes things worse.
But there's a small sign anyway that the bidding wars we saw over the spring and early summer may have peaked.
The number of homes and condos in Greater Boston fielding multiple offers fell to 65 percent in July. That's down from 74 percent in June, Redfin reports.
Nationally, the drop off has been a bit steeper.
Bidding wars have fallen from a high of 76 percent of all homes and condos for sale in March, down to 63 percent in July in 22 major metro markets tracked by Redfin.
Some of the shift is due to a rising number of homes hitting the market, with the National Association of Realtors. While there are still 5 percent fewer homes on the market this summer compared to last summer, that's down from a 16 percent gap in January.
Still, we are a long way from a buyer's market. In fact, you will probably have to wait for the next bust for that to happen,
That said, given the past decade, you might not have to wait as long as you think.
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