I don’t think anyone can say with certainty, what impact the distribution of the Covid-19 vaccine will have on the Boston real estate market. But one thing is certain; bidding wars are already occurring in the Boston suburbs
The reason I’m bringing this topic up today, I was asked last night, will downtown Boston see real estate bidding wars once the masses have received the vaccine? How are bidding wars handled by Boston real estate brokers?
For the first part of the question, I think it will be a while before we see bidding wars, the exception would be Boston condos priced under $500,000.
For the second part of the question, there isn’t a standard way to handle a bidding war – and heck, we don’t even agree on what is confidential, and what isn’t. Here is the variety of opinions from a Facebook thread:
Is anyone surprised why buyers are so frustrated?
To say it’s the Wild Wild West out here is putting it lightly, and how realtors handle multiple offers is the primary reason.