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?