Home News They offered hundreds of thousands of dollars over the asking price. But was it enough?

They offered hundreds of thousands of dollars over the asking price. But was it enough?

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“We thought it was a really great offer,” Knelson said wistfully.

Alas, another offer-$ 805,000 than the question-was even better.

This is where we are currently in the Greater Boston Housing Market. According to the Greater Boston Real Estate Agents Association, the average price of single-family homes in Greater Boston reached $ 845,000 in April, up 11.2% year-on-year. ..

On the other hand, some people struggle to pay rent in places that are safe and cheerful for their families and that they can work so close that they don’t have to spend hours commuting. Others are so flashy that their “excessive demand” is higher than the price of many homes as a whole.

In fact, so many homes sell not just by demanding, but by very ridiculously demanding (to use industry terminology), so sellers whose properties are sold at a mere list price I feel like I failed.

In Brookline, a woman whose house was sold for $ 1,029,000 (exact list price) one weekend was embarrassed by her neighbor asking, “How many excessive questions did you ask?”

“It’s like I’m a loser,” she said.

Excessive question statistics raise a real estate version of the philosophical question. If everything sells with excessive questions, what are you asking? (We’ll talk more about this soon.)

The Boston Globe MLS Property Information Network Co., Ltd.

By comparison, the organization states that during the same January 1-May 15, 2017 period, only 38.4 percent of single-family homes in the region exceeded list prices.

How much are we talking about?On average, it’s about 8% above the asking price — or $ 80,000 for $ 1 million real estate.

But some people are doing more than just asking for a price, so they became famous for it — soaring in the real estate industry and immortal on social media.

Rachel Person, a Newburyport realtor, said: Ticktaku, “But beyond this list price in Wakefield, I question the reality.”

Wakefield’s house was listed for $ 1.99 million, as she stirs up distrust in the play. what? like what? “

David BatesWilliam Raveis Real Estate’s Broker Associate, downtown Boston, visited YouTube in April to count down the top five recent “most evil” questions in the Boston metropolitan area.

The drama begins with a 10,600-square-foot Needham house listed for $ 4.295 million and then sold for $ 655,000, followed by Newton’s 6-bedroom 7½, listed for $ 4095 million and sold for $ 5 million. Built on the real estate of the bus.

“It’s an almost incredible $ 905,000 question!” According to Bates, a glossy white free-standing tub flashes on the screen as a picture of a luxurious bathroom.

An obvious question about all of this, except “what the hell is going on?” — Well, that’s actually the problem. What the hell is going on?

To get started, inventory is low and buyers are in high demand.As the earth report In May, the market is rising due to a very tight supply. The number of single-family homes for sale so far this year has dropped by 10 percent.

Interest rates have already begun to rise, and there are concerns that they may rise further. So waiting for a house without a bid war may only make things worse. It would be better to pay an additional $ 100,000 now than to be trapped in a higher interest rate mortgage.

Jared Wilk, vice president of Greater, said that many aspiring buyers were burned in previous bidding wars, and some have adopted pragmatic strategies. Representative of the Boston Real Estate Agents Association and the Shulkin Wilk Group of Compass.

He was asked how to advise buyers in this market. For example, how does he decide whether to bid $ 100,000 or $ 400,000 for a question? — Wilk said he is instructing clients not to focus too much on the asking price, as it doesn’t mean everything. Some sellers are deliberately lowering home prices, especially to trigger a bid war.

Meet Philip J. Vita, Winchester’s Compass agent, for that strategy. He recently tweeted:

“What’s the best gift we can give a seller? Such a result! Questions over $ 321,000 at this beautiful home on Mount Hood Golf Course # Melrose!

Contacted by phone, Vita explained his strategy. “What I say to the sellers in this market is that you want the price to be” tasty “,” he said.

“It sounds crazy — it’s not food — but it’s something someone can’t resist. That’s really good.”

When asked if it’s delicious translated from a realtor’s story, he intentionally means a low price to attract people, hoping that their sentiment will be taken over in the bidding war, he is positive. “If anything, yes,” he said.

“I would also like to point out another very important and important reason for imposing this strategy,” he explained in a follow-up email to get a “cleaner” offer. It means that there are no home inspection or funding contingencies. “

On the other hand, recently money The headline, which reports that “more than one-third of people who bought a home during a pandemic say they are overpaid,” is probably the luckiest buyer like Knelson, and that exaggeration. Bids will not be accepted.

“It wouldn’t have been straightforward for us,” he said of his (failed) bid for Chestnut Hill Tudor. “Maybe it was a blessing.”

You can access Beth Teitell at the following URL: [email protected].. Follow her on her Twitter @bethteitell..

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