Bidding Wars in High-end Market

There has been plenty of encouraging news in real estate during the first quarter of 2013.  Market statistics for home sales in the Andover, North Andover, and North Reading real estate markets continue to show positive signs in higher sale prices as well as number of homes sold as we enter the Spring selling season. 

Following suit to Miami, New York, and Los Angeles, three of the top property markets around the world, the Merrimack Valley high-end homes market is also showing strong momentum.  Bidding wars are even being seen again, which real estate agents haven’t seen in some time.

“Low inventory, favorable interest rates, falling foreclosure rates, and a growing consumer confidence are some of the major factors we’re starting to see some of these bidding wars again.  Buyers are motivated to invest in housing again given these factors.  I’m also seeing major renovations, such as complete kitchen remodels with all the bells and whistles, in the high-end homes being a spark for bidding wars”, Deborah Lucci, real estate agent, said.

The three above communities have been named in the past two years as one of the Best Places to Live in Boston Magazine and Money Magazine.   Couple the highly sought after community with the favorable market conditions and you have an environment ripe for more bidding wars to come this spring, especially in the high-end market.

“The market is hot right now and it feels great to see it again.” Lucci noted.