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.