Is the Boston Real Estate market becoming less competitive?

Could things be slowing down with the arrival of summer? Here at Redfin, the tech-powered real estate brokerage, we crunched some numbers and the answer is, yes. Well sort of.

According to our most recent Bidding War Report, the percentage of bidding wars in the Boston area is down 1.1 percentage points from April to May. This might seem like an insignificant change, but Redfin real estate agents are noticing a difference in the market, which could mean buyers might be gaining some leverage in the current seller’s market.

This isn’t to say that things aren’t still really competitive. In Boston, 68 percent of offers made by Redfin agents were up against multiple offers and 57 percent of those winning offers were over asking price. Buyers should still be prepared to face some pretty stiff competition in the coming months.

Here are five tips from Redfin for buyers this summer:

1. Pick the right agent - Choose an agent who is on your side. Redfin surveys every client and posts every review--the good, the bad and the ugly--on our website. Redfin agents are really looking out for your best interests because they are paid based on customer satisfaction, not commission.
2. Sign up for Redfin Instant Alerts – You will be instantly notified within 15-30 minutes via email or smartphone when a home comes on the market. This is the best way to see new properties before other buyers.
3. Consider your financing options early - Redfin agents recommend starting the conversation early. Having your ducks in a row makes it easier to act fast when you find your dream home.
4. Search for homes on a local broker website like Redfin. Because Redfin is a brokerage, and not just a search website, Redfin pulls information about every single home on the market, straight from the database agents use. Compared with big real estate search sites, Redfin has 20% more listings, updated 7 to 9 days faster.
5. Never use an out of state lender. You might be tempted to work with your friend who’s in another city, but it’s always better to use a local lender who understands your market’s dynamics. Appraisal concerns are a real issue and a buyer’s best defense is to work with a lender who knows the market.