Saturday, April 28, 2012

Bidding Wars Are Back; Next Stop Martha's Vineyard

The headline in the Wall Street Journal reads Home Buyers Find Bidding Wars Are Back

I’ve been cautioning Buyers that this will be the natural evolution of a market reversal and now it is being reported in the Journal. Although the focus is on the states that were hit the hardest from California to Florida, and I have said that Martha’s Vineyard lagged behind when the bubble burst and it will lag behind in the recovery, bidding wars are coming.

Actually, there have already been some bidding wars for the better properties but there is still a lot of inventory to choose from. Once the inventory starts to be absorbed and prices are still at their lowest point in years there will be a whole lot of competition. Buyers who say they are not going to engage in a bidding war may not have a choice if they really want to be here and not one of the classic ‘would have, should have’ club.

No comments: