Cameron Sperance Boston.com correspondent July 6, 2021 4:51 pm
The housing market in Greater Boston has been a scorcher heading into summer, but few sales are as hot as this.
A 2,745-square-foot home at 35 Prentiss St. in
Cambridge closed on June 18 for $3,500,000 $925,000 over the asking price.
Over-asking bids have become a stapleof the competitive real estate market across the region in the past year, particularly in the suburbs and in vacation markets like
While the Cambridge listing certainly takes that trend to the extreme, area agents do not view over-asking bids on that level as a necessity to land a dream home.
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Spring House Hunt: How the bid was won April 15, 2021 6:09 pm
There are a few universal truths in the current housing market that would have seemed crazy just a few years ago.
The wave of competing bids over the asking price is only the beginning. Prospective buyers are even waiving mortgage contingencies and the right to an inspection in the desperate hope of submitting the winning bid on a coveted home.
So how does a bid stand out in the crowd? We asked several local real estate agents and brokers.
“Buyers right now are in even larger numbers and most of them have their foot all the way down on the gas pedal revving to go and we still have the same limited number of sellers, if not fewer,” said Maggie Gold Seelig, founder of luxury boutique firm MGS Group Real Estate. “Buyers no longer have a week to make decisions. There is no longer the luxury of time in this market, generally speaking.”
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