NYC Apartment Agent

Bidding Wars Make a Comeback (Photo by Bruno J. Navarro)

NEW YORK — Signs of a rebound in the real estate market were plentiful this week, but another element spoke volumes about how real it was: The return of the bidding war.

It was this detail in a Time magazine story, titled “Why This May Be the Ideal Time to Buy Real Estate,” that led me to reblog it almost immediately after reading it.

The blog entry covered much of the same ground I addressed in recent posts.

“If you were thinking about making a move on a piece of property, right now is possibly the best time. You can still take advantage of low prices in most places around the country, and mortgage rates are at once-in-a-lifetime record lows: 30- and 15-year fixed mortgages are around 4% and 3%, respectively,” wrote Martha C. White.

What caught my attention, however, is to see reporting on something that has been happening with increasing regularity.

“Many would-be homebuyers are surprised to find that one fixture of the bubble era is back: the bidding war,” according to White.

In Manhattan, Brooklyn and Queens, my colleagues and I have been seeing this often enough in condo and co-op sales — so much so that it isn’t surprising anymore.

Sales of investment properties and vacation homes have also been on the rise, which correspond to more affordable mortgage rates and a sense of confidence in the economy.

“For Americans who either have cash to buy or a credit score good enough to obtain a mortgage, there’s still time to get a killer deal on real estate, but that window may be closing,” the article concludes. “If your finances can support it, now appears to be a great time to buy.”

As always, if you’re looking to buy, sell or rent a home in New York, please let me know.