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

 
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 229
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
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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
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bsg61
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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.
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 229
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
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