Bidding Wars Are Back

This weekend the New York Times discovered something that we have have been seeing for some time now: packed open houses, bidding wars, sales well above asking. The story included some more detail on 102 Gates Avenue, a House of the Day last month and pictured above. The first open house drew 372 people. According to the story, “three more weeknight showings drew another 177 people. By the following Thursday, she [the broker] had 25 offers. All but two were above the asking price. The house went into contract for 20 percent above the listed price to an all-cash buyer, who didn’t even ask for an inspection.” This is starting to sound like 2005. Is this becoming the new normal? Are you seeing lines down the block at open houses these days?

Buyer Rivalries Resume [NY Times]

 

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