SalemNews.com, Salem, MA

Local News

July 24, 2013

Let the bidding begin

Lack of inventory leads to multiple offers on many North Shore properties

BEVERLY — June was not only a month for weddings, it was also a happy time for buyers and sellers to come together.

The real estate market was strong in June, experts said, though there are lingering concerns that mortgage interest rates might tick up and put a lid on activity.

So far, however, 2013 has been a good year, some North Shore real estate agents said.

“For buyers and sellers and practitioners alike, it’s been really great,” said Amy Wallick, president of the Beverly-based North Shore Association of Realtors and a real estate agent with J. Barrett and Company of Beverly Farms.

“I think it’s going to stay strong and steady throughout 2013 into 2014,” said Patricia Marcotte, an agent with Re/Max Advantage of Beverly. She said the present market is “definitely an improvement from last year,” in terms of both sales and prices, so much so that some single-family homes are triggering “bidding wars” among buyers.

“The bidding has come back because of a lack of inventory,” said Marcotte, who added that the market for homes is stronger than for condos. She predicts the market will have a normal appreciation for prices of about 2.5 percent a year for 2013 to 2014.

“The housing market continues to boom locally, and nationally,” said The Warren Group CEO Timothy Warren Jr. in a prepared statement. “As long as mortgage rates and home prices don’t spike too high, we’ll see a very strong recovery year for the market in 2013.” Warren hoped for moderate increases in the market so that homes can remain affordable.

“Right now, we have more willing buyers than willing sellers,” Warren said in a podcast.

This is especially true on the North Shore, Wallick said.

“It means we are experiencing a lot of multiple-offer situations on a lot of properties. In these multiple-offer situations, that often means these properties are getting bid up,” she said.

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