37% Of Offers Are On Homes With Multiple Offers

In August, our Boston-area agents presented 46 bids on homes for sale and 17 of them, or 37%, were on homes with at least one other offer.

Many of these competitive situations are in popular communities like Belmont, Arlington and Cambridge. Redfin agent Adam Welling has seen lot of multiple offer situations in Somerville:

Right now, buyers are pouncing on well-priced homes in a good areas. In Davis Square, we’re seeing a lot nice condos in 2-3 unit buildings get 10+ offers and go under contract quickly.

3 Tips For Buyers

Hannah Driscoll, the #1 buyers’ agent in eastern Massachusetts in August, has three tips for buyers:

  1. Determine your maximum price: Know how high you can go before you bid so you don’t have to figure this out during negotiations
  2. Know what’s for sale: Be ready to make an offer as soon as you see something you like
  3. Lead with your best offer: Try to put least 20% down and have a quick closing period

In the last two days, Hannah has presented three offers on single-family homes with multiple bids:

  • Belmont house listed around $450,000 had five offers, four of which are over the list price
  • Cambridge house listed around $700,000 had three offers, all over the list price
  • Newton house listed around $770,00 had three offers

For more numbers, download the spreadsheet with the data on what happened in August.

Where are you seeing homes with multiple offers?