Out Bid or Out Dated: Industry & media hype missing Bidding Wars trends?

 

This started as a comment on BostonBubble, a decade old forum that’s enabled homebuyers in Boston to share headlines and perspectives about what’s really happening in the Boston market.  A recent article that predicts the Boston housing market will cool this Fall has attracted more than 400 views and talk about meeting offline meet offline for a “Bubble Hour.”

Nothing is planned yet, but this Boston Globe story might be reason enough to meet sometime next week:

Outwit, outbid, outlast
For today’s buyers, the housing market is a lot like a reality TV show. There are multiple players, big money at stake, and dashed dreams. But keep at it, because procrastinating might wind up costing you more.

http://bit.ly/OutBidBOS  (please share link via social media)

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From my perspective as a buyer agent who has written numerous stories on the need to reform BLIND bidding wars, there’s much more to the phenomena than reported. Opinions aside, the story is also flawed in a number of other ways. For starters, the Globe used sales statistics from 1Q2015 rather than the second half of summer which one Belmont listing broker recently describe as “dead.”  It’s not hard to imagine that price reductions might be outnumbering over asking price offers since the stock market plunged in late August.  Perhaps those more recent trends might explain the disconnect between the Curbed Boston’s predictions for Fall 2015 and the Globe’s story.

My sense is that readers of Boston Bubble could crowdsource a more accurate story. Should they try?

Or should homebuyers take a different, more quantified approach? Here’s a flashback from April Fool’s Day 2015:

Fooled again? Let’s use tech to reform real estate / BLIND biddings wars
http://bit.ly/REformFools  (please share link via social media)

As we know from the past three years, it takes time to do the investigative reporting necessary to expose what’s going on behind bidding wars, but here’s an example of what’s possible:

Bidding War Drone: In-House Intelligence Report raises questions
http://bit.ly/BidDrone  (please share link via social media)

Would any BostonBubble readers be willing to crowdfund a Bidding War Lab so the Boston Globe never has to write, “Statistics on the number of homes that trigger bidding wars — and hence disappoint multiple families in a single swoop — are hard to come by, …”

It appears that they’re unaware of our blog, or choose to ignore the track record we’ve demonstrated with posts like this:

Will runaway bidding wars create real estate refugees in Cambridge? What would MLK do?
http://bit.ly/BidWarLab  (please share link via social media)

Posted in Bidding wars, Bubble Hour, Consumer protection, Crowdsourcing, Defensive Homebuying, Housing bubble, Investigative Reporting, Market trends, Seasonality, Timing the market

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