Real Estate Information Archive


Displaying blog entries 1-2 of 2

Ridiculous Watertown Condominium Closing Rates

by Mike DelRose Team

There's no doubt in anyone's mind the real estate market has been strong. As of now, it's continuing to stay strong as we dive into the Fall market. On our recent listings, we're still seeing multiple offers well over the asking price. How long can Greater Boston keep sustaining an increase in price and demand? That remains to be seen, but what we do know is that corporations like General Electric and Amazon are coming to Boston, and that only continues to fuel growth. Couple the business and population growth with low interest rates and it doesn't allow for downward trends. 

Let's take a look a the year over year closing rate for Watertown, MA condominiums. 

This report shows the percentage of Active Listings that close monthly over a period of 24 months. The Closing Rate is a good indicator of the real estate market’s underlying strength. If the Closing Rate is rising, the demand for real estate is improving. If the Closing Rate is falling, the demand for real estate is declining. If the monthly Closing Rate is above 20%, the market is hot and if it’s below 10%, the market is cold.

It's not a surprise to see an increase in the closing rate from strong to stronger, but the drop in inventory and 20% increase of the rate means things have gotten much more competitive in a very short period of time. While we certainly had a strong Spring market for these condominiums in 2016, the closing rate doubled and in some months trippled in 2017. Watertown condominiums are hot. 

High Closing Rates in Boston Metro Creating Bidding War

by Mike DelRose Team

Reports from across the United States show that the real estate market is rebounding from the downturn it took during the recent economic recession. Property value is rising, and many areas are observing the highest sale rates since the recession. This is witnessed by the high closing rates in Boston Metro creating bidding war. With buyer confidence booming, many areas across the nation are observing similar bidding wars.

This is especially the case in the towns of Arlington, Belmont, Waltham and Watertown where high competition for buying a home can be found. As mentioned in The Boston Globe, condominiums are also experiencing high closing rates in Boston Metro creating bidding war. The demand for condos continues to surge and the third quarter reports saw 40% of all units selling above asking price. Increasing interest rates, low inventory, and rising rent may help to explain why condos are selling for such high prices.

There are several factors that put a buyer at an advantage should they find themselves embroiled in a bidding war.

  • Form a plan. The best houses are only on the market for a short time, so it is important to be able to act quickly. Developing a plan helps you figure out preferences, funding, and location. A little preparation in the beginning will be worth it in the end.
  • Get pre-approval from a lender. Not only does this help you figure out what price bracket to shop in, it is also attractive to sellers. Offers made by buyers with pre-approval are often selected over buyers that do not have this financial detail worked out. In a bidding war, this step in crucial.
  • Find a knowledgeable real estate agent. Not only will they know the area and be able to assist with all of the pieces prior to finding a home, they will also be able to work with the buyer’s agent to secure a deal prior to a home being sold to another buyer. Good homes go fast, so having someone that can work quickly is important.

All of these things will help you gain advantage over other buyers during such a competitive market. It is important to remember not to be discouraged during a bidding war. Having a plan, a knowledgeable agent, and pre-approval will place you ahead of other buyers, and help you find the home of your dreams.

Displaying blog entries 1-2 of 2




Contact Information

Photo of Mike DelRose Team Real Estate
Mike DelRose Team
RE/MAX Revolution
142 Galen St
Watertown MA 02472
Phone: 617-848-0000
Fax: 617-926-5166