Paul Downey figured that with all of the bad news surrounding real estate these days, selling his Melrose home would take months.
He was wrong.
So many buyers wanted the six-bedroom place that a bidding war broke out, driving the home’s price to $815,000 – $75,000 more than Downey had asked.
“The interest was remarkable right off the bat,” said Downey, who’s set to finalize the house’s sale tomorrow. “Frankly, I was pleasantly surprised.”
Four years after the Massachusetts housing bubble and its heady days of bidding wars ended, real estate agents are reporting multiple offers again on a growing number of homes.
“It’s not happening across the marketplace, but we’re seeing bidding wars over the most desirable properties in locations where sales are very active,” said Newton buyer’s agent Barry Nystedt. “Generally, homes have to be well-priced, well-located and in move-in condition.”
Nearly 12 percent of Greater Boston homes sold recently in the key $200,000-to-$1-million price range fetched more than sellers originally asked, according to Nystedt.
He and other brokers attribute the mini-rally to a combination of bargain-basement home prices, low mortgage rates and a new $8,000 federal first-time home-buyer tax credit.
Experts say the $8,000 credit is especially boosting sales of properties that cost less than $400,000, which causes ripple effects across the market.
Read the full story: Real Estate Bidding Wars
File Under: Ma real estate sales on the comeback?
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
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