The frenzy associated with all things real estate continues, but there are so many nuances that are buried underneath the headlines. I have a clear view of the many sides of this market just from being in it every day.
Yes, there are still so few houses for sale. As I’ve mentioned before, this tight market is occurring nationwide--but what’s unreal to me is that we are also seeing an equally tight market across the pond. Clients from England report that in London, their market is just as tight and competitive.
Bidding wars here in the US are fast, with many buyers vying for the same properties. People are baking in a lot of emotion in their offers, which can be more than 10% above asking. Agents I have talked to are drained and exasperated as their buyers lose out on what they hope is their next home. While trying to refer a friend to an agent in Sarasota, Florida, the woman told me she isn't taking on new buyers in certain price ranges anymore since there are no houses to show them. She sounded tired and defeated.
Buyers are hanging in there. I can only speak of my amazing clients who are educated about what is going on and are measured about it. For the right property, they will step up with my strategy to win bidding wars and we will do our best to get it done. There will be more properties coming on the market in Massachusetts, I promise. I feel good about that as I am out every day talking to sellers about listing. 
 
As for sellers, pricing at market value (whatever that may be) is still extremely important and we can't lose sight of that. Over the weekend, two lovely houses came on in Wellesley that were clearly overpriced to the real estate community. It turns out, buyers felt the same way, too- neither sold, even with dozens of showings. The sellers were testing the market with a make-me-move price, but it looks like they may be staying put since no one bought it. The public may pay too much in a bidding war as their adrenaline and emotion take over, but if something feels high to them during the showing, the low inventory isn't enough for them to initially pay a premium. Pricing is tricky! I am so happy to help my sellers and buyers navigate. Being thoughtful and deliberate in the process gets the best results.
Off to show our fabulous new listing at 81 Monadnock Road, Wellesley. Have a great week and if I can assist you in buying or selling, please call me now.
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