How Many Offers Do Buyers Write Before Getting an Accepted Offer in Boston Real Estate?
Boston's real estate market is known for its competitive nature, with bidding wars and over-asking price sales being the norm. If you’re a homebuyer in Boston, you might be wondering: how many offers will I need to write before getting one accepted? While the answer varies based on factors like price point, location, and market conditions, we’ll break down what buyers can typically expect in this dynamic market.
Average Number of Offers Before an Acceptance
On average, Boston homebuyers write 3 to 5 offers before getting one accepted. However, for highly competitive neighborhoods like Back Bay, South End, or Cambridge, it’s not uncommon for buyers to submit 5 to 10 offers before successfully securing a home. The number depends largely on market conditions, the strength of the offers, and how prepared the buyer is.
Market Conditions
Boston is a seller’s market, meaning demand often exceeds supply. If inventory is low and multiple buyers are competing for the same home, expect to write more offers before one sticks.
Strength of the Offer
A competitive offer includes:
A strong price (often above asking in competitive areas)
Limited contingencies (such as waiving inspection or appraisal contingencies)
Flexible closing terms (matching the seller’s preferred timeline)
A larger earnest money deposit to show commitment
Financing Strength
Buyers with pre-approval letters from reputable lenders or those making cash offers have a significant advantage. Sellers prefer financially secure buyers who are less likely to experience loan issues.
Emotional Readiness
The emotional rollercoaster of submitting multiple offers and facing rejection can be tough. Buyers who stay resilient and trust the process are more likely to land their dream home sooner rather than later.
Tips to Get Your Offer Accepted Sooner:
Work with an Experienced Local Agent
A knowledgeable real estate agent with a strong network and negotiation skills can help craft winning offers and guide you through the competitive landscape.
Be Prepared to Act Fast
Homes in Boston often receive multiple offers within days of hitting the market. Touring homes early and submitting offers quickly is key.
Consider an Escalation Clause
An escalation clause automatically increases your offer up to a maximum amount if competing offers come in, keeping you in the running without overpaying unnecessarily.
Write a Personalized Offer Letter
While not always a deciding factor, a heartfelt letter to the seller expressing why you love the home can sometimes make a difference.
Boston’s real estate market is competitive, but with the right strategy, buyers can secure a home within a reasonable number of offers. While the average is 3 to 5 offers, being well-prepared, financially strong, and working with an experienced agent can significantly improve your chances of success. Stay patient, stay competitive, and before you know it, you’ll be celebrating your accepted offer!