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What To Expect If You Want To Buy A Home In The Boston Real Estate Market

You can expect following local Boston real estate market conditions if you're entering the 2013 spring market crush to find and buy a new home:

  • Intense competition from like minded homebuyers chasing too few properties for sale
  • A market fueled by historically low mortgage rates and rising consumer confidence in the local economy
  • To lose out on multiple properties before securing the right to purchase your new home
  • A bidding environment where multiple offers go over asking price; some offers padded by tens of thousands of dollars
  • Eager potential homebuyers willing to make concessions in order to come out on top after the dust settles on a bidding war; waived home inspections, flexible closing dates, purchase and rent-back options for home sellers, even waived mortgage contingencies

A recent article in the Boston Globe's real estate section does a good job of telling this unfolding Boston real estate market story, Scarcity of homes for sale around Boston sparks bidding wars. Check it out.

In an earlier blog post entitled 5 Reasons A Real Estate Agent Is Crucial I touched on the value your agent plays in this competitive environment. The post itself is written aimed at home sellers, but the points it makes are equally valid for would-be homebuyers.