bostonbubble.com Forum Index bostonbubble.com
Boston Bubble - Boston Real Estate Analysis
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

SPONSORED LINKS

Advertise on Boston Bubble
Buyer brokers and motivated
sellers, reach potential buyers.
www.bostonbubble.com

YOUR AD HERE

 
Go to: Boston real estate bubble fact list with references
More Boston Bubble News...
DISCLAIMER: The information provided on this website and in the associated forums comes with ABSOLUTELY NO WARRANTY, expressed or implied. You assume all risk for your own use of the information provided as the accuracy of the information is in no way guaranteed. As always, cross check information that you would deem useful against multiple, reliable, independent resources. The opinions expressed belong to the individual authors and not necessarily to other parties.

Telegraph.UK: Our buyer is demanding a 20pc house price cut

 
Post new topic   Reply to topic    bostonbubble.com Forum Index -> News & Reference Suggestions
View previous topic :: View next topic  
Author Message
RealEstateCafe



Joined: 11 Dec 2007
Posts: 234
Location: Cambridge, MA

PostPosted: Mon May 18, 2020 10:12 pm GMT    Post subject: Telegraph.UK: Our buyer is demanding a 20pc house price cut Reply with quote

#Covid_ImpactRE: @MARealtors & @BankerTradesman haven't released "official stats" for MLS sales across Massachusetts during April but our #BiddingWarScorecard shows winning bids Over / Off original prices.

Some homebuyers are negotiating savings of 20% or more, like discounts in UK! See graphs #RealEstateCafe posted on Twitter on link below.

The Telegraph story validates the fact that big discounts are possible and why homebuyers in overheated housing markets in metro Boston need an Emergency Real Estate Transparency Act / #RETransparencyAct to protect them from bidding against themselves or phantom buyers.

https://bit.ly/Covid_20pctOFF
_________________
Bill Wendel
The Real Estate Cafe
Serving a menu of money-saving services since 1995
97a Garden St.
Cambridge, MA 02138
617-661-4046
realestatecafe@gmail.com
http://realestatecafe.com/blog
http://twitter.com/RealEstateCafe
Back to top
View user's profile Send private message Send e-mail Visit poster's website AIM Address
bsg61
Guest





PostPosted: Tue May 19, 2020 2:52 am GMT    Post subject: Reply with quote

@RealEstateCafe,

Can you please describe a possible scenario where a buyer bids against him/herself or a phantom buyer? How does that work? Thanks.
Back to top
RealEstateCafe



Joined: 11 Dec 2007
Posts: 234
Location: Cambridge, MA

PostPosted: Tue May 19, 2020 4:18 pm GMT    Post subject: Reply with quote

Thanks for your question, @bsg61. Check out the magnitude of consumer complaints about Bidding Wars in Toronto a number of years ago:

https://twitter.com/RealEstateCafe/status/687014818918825984?s=20

Your question about phantom bidders and bidding against oneself are raised in the first minute of this four-minute video, a proposal RealEstateCafe submitted to the blockchain Hackathon at MIT in 2016:

http://bit.ly/BidWarHackIntro

Homebuyers, if the real estate bidding process were transparent, would that remove or mitigate FOMO -- Fear Of Missing Out? Would you be less likely to assume that you need to bid over asking price, particularly now?

@bsg61 have you or any other BostonBubble readers been involved in bidding war? If so, how have you tried to make a more informed bid? You won't hear from official sources (@MARealtors), but a skilled buyer agent can use MLS data from April sales to help buyer clients save money. Anyone surprised how much some buyers are ALREADY saving?

https://bit.ly/Covid_April2020_MLSavings
_________________
Bill Wendel
The Real Estate Cafe
Serving a menu of money-saving services since 1995
97a Garden St.
Cambridge, MA 02138
617-661-4046
realestatecafe@gmail.com
http://realestatecafe.com/blog
http://twitter.com/RealEstateCafe
Back to top
View user's profile Send private message Send e-mail Visit poster's website AIM Address
Display posts from previous:   
Post new topic   Reply to topic    bostonbubble.com Forum Index -> News & Reference Suggestions All times are GMT
Page 1 of 1

 
Jump to:  
You can post new topics in this forum
You can reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Forum posts are owned by the original posters.
Forum boards are Copyright 2005 - present, bostonbubble.com.
Privacy policy in effect.
Powered by phpBB © 2001, 2005 phpBB Group