Will Boston buyers see less competition this year?

After a fiercely competitive start to the home buying and selling season in 2018, interest rates began climbing toward what would be a seven-year high in November. A year later, with mortgage rates back down and the daffodils coming up, which market can homebuyers expect to find in 2019: An extension of the winter’s slow spell, where even into March, Redfin agents reported far fewer multiple-offer situations compared to last year?

Or a renewed spring frenzy of elbow-to-elbow open houses and bruising bidding wars? It’s already competitive out there, says Marie Presti, owner and broker at the Presti Group in Newton. One of her first-time buyers lost out on a home among 26 bids earlier this spring.

With a budget stretched into the mid-$500,000s, he finally had an offer accepted north of the city (and $70,000 north of the asking price) in a field of 16 offers. “We had put in four offers on four different properties, and there was a bidding war, over asking price, on every one of them,” Presti says. “The fifth property was the charm.” Winning the home wasn’t easy, and required some savvy strategy. “After so many tries, he was getting frustrated, so I suggested we do a …

Article From: "Jon Gorey"   Read full article

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