Boston Business Journal 5/11/09: Buyers wage bidding wars as real estate bottoms out. With home prices back to 2002 levels, savvy buyers are snapping up unprecedented bargains – and to a growing extent, competing with each other to get them – before the market hits bottom and prices start rising broadly. Brian Rugg of Rugg Realty and formerly of ERA Boston has a client who was outbid twice in the last month. The first offer was made on a Wayland home that was on the market for approximately $389,000 and sold within “cents” of the asking price. His client then bid $376,000 on a home in Reading that was listed for $410,000.
The offer was rejected even after Rugg’s clients increased their bid to $395,000. Rugg believes the home sold for $399,000. Rugg said people are watching the market intensely. In highly sought-after areas from Boston to the inner suburbs, Rugg encourages clients to make offers as quickly
as possible.