UNCATEGORIZED

Bidding wars on the rise in Seattle neighborhoods

Apr 8, 2013, 8:18 AM | Updated: Mar 4, 2016, 5:52 am

In some Seattle neighborhoods, two of three new listings have been receiving more than one offer, b...

In some Seattle neighborhoods, two of three new listings have been receiving more than one offer, brokers report. (AP Photo/File)

(AP Photo/File)

With tighter inventories of homes for sale, Puget Sound area buyers are finding increased competition through bidding wars.

In some Seattle neighborhoods, two of three new listings have been receiving more than one offer, brokers report. However, activity is even stronger elsewhere.

“The only question is not whether a new listing will get multiple bids but how many it will get,” Kris Vogt, who manages Coldwell Banker offices in the Sacramento area, told CNNMoney.

For example, a home in Elk Grove, Calif., reportedly received 62 separate bids, with the final sales price more than $150,000 above its $129,000 asking price.

In Cambridge, Mass., real estate brokers stopped accepting bids after the tally reached 250 bids for two condos listed at $800,000 each. The two condos ended up selling together for $2 million.

Seventy-five percent of real estate agents with Seattle-based brokerage Redfin surveyed in March say their clients have faced multiple-bid situations for properties – up from 56 percent in late 2011.

Bidding wars appear to be most prevalent in California. Ninety percent of homes sold in San Francisco, Sacramento, and throughout Southern California saw multiple bids during the month, CNNMoney reported. What’s more, at least two-thirds of listings in Boston, Washington, D.C., and New York had bidding wars for homes, too.

Uncategorized

kent trooper shot...

Kate Stone

Man faces multiple charges after WSP trooper shooting in Kent

A man accused of shooting a Washington State Patrol trooper multiple times in Kent last Friday has been charged.

1 month ago

Oregon Emergency Landing - (Elizabeth Le via AP)...

KIRO 7 News Staff

‘Everyone was eerily calm,’ recalls passenger aboard ill-fated Alaska Airlines flight

Terror in the skies: A Vancouver, Washington, woman shares the harrowing moments after an airplane blowout over Portland.

3 months ago

Photo: SPD vehicle...

KIRO 7 News Staff

Two men shot at bus stop in North Seattle near Northgate

Two men were shot at a bus stop along Aurora Avenue Wednesday, according to the Seattle Police Department.

5 months ago

Manuel Ellis arrest, Tacoma police officers...

Associated Press

Prosecutors focus on video evidence in trial of Washington officers charged in Manny Ellis’ death

A cellphone video of the 2020 fatal arrest of Manny Ellis shows the Black man on the ground with his hands in the air in surrender

6 months ago

...

No Author

EXPIRED: Win tickets to see Stokley at EQC!

KIRO Newsradio is giving you a chance to win two tickets to see Stokley at the Emerald Queen Casino on Saturday, November 11, 2023!

6 months ago

(File photo)...

L.B. Gilbert

NLRB files complaint against Amazon for unlawful confidentiality agreement

A new complaint from the National Labor Relations Board (NLRB ) is accusing Amazon of requiring some corporate employees to sign an unlawful confidentiality agreement. The complaint states Amazon had required a former employee from its drone project, Amazon Prime Air, to sign an agreement that forbade discussion of information regarding Amazon, whether or not […]

7 months ago

Bidding wars on the rise in Seattle neighborhoods