High demand, low supply driving up housing prices in Boston | Bedford Corners Homes

The current housing market south of Boston is hot, with large numbers of buyers driving up prices as they compete for limited numbers of homes, realtors and others say.

“There’s unbelievable pent-up demand,” said Melvin A. Vieira Jr. of RE/MAX Landmark Realtors in Milton. “Everybody is out there. It’s a frenzy because there’s not enough inventory.”

“Properties are selling for full price or above,” said Steve Webster, owner of Success Real Estate in Braintree, which has eight other offices in Southeastern Massachusetts. “We’re getting multiple offers. It’s absolutely insane.”

For example, Webster said a client recently offered $40,000 above the $450,000 asking price for a home in Dedham — and was outbid. The house, he said, was “an average house — nice, but average.”

“It can be discouraging,” he said. “The best advice I can give people is be organized and be ready to make a decision — and bring your checkbook with you.”

In Cohasset, a house on desirable lower Sohier Street came on the market at 8 a.m. on a recent Friday and “we had an offer on it at 10 a.m. for $50,000 over” the asking price of $1.225 million, said Nancy Hamilton of Dean and Hamilton Realtors. The cash sale closed in 30 days, she said.

High demand, low supply driving up housing prices in south suburbs – South – The Boston Globe.

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