"We've seen a resurgence in a dangerous trend in real estate which is agents who tell their sellers not to accept escalation clauses. Some listing agents direct buyer agents in MLS not to bring an offer with an escalation clause," laments Linda O'Koniewski, CEO of RE/MAX Leading Edge. "We are horrified and dismayed at this practice. We've never met a seller who doesn't want more money. These agents explain this unforgivable practice saying it is unfair to other BUYERS. We understand that our role as listing agents is to produce the best results for our clients, the SELLERS! We can only assume that some agents are not prepared or trained to deal with escalation clauses. Shame on them. Escalation clauses are a legal and valid offer and agents who do not accept them are breaking the code of ethics by not presenting offers to their clients 'objectively and as written'. Stay tuned, we are on a mission to assure that sellers are getting the best guidance and wisdom when they use RE/MAX Leading Edge to market their home.
Meanwhile, I expect competition for worthy properties to remain high. Sellers who are considering placing their homes on the market should start preparing their homes to sell while buyers are hot and before the holidays arrive."
August sales of combined condo and single-family homes in Massachusetts decreased -9.4% year-over-year. Inventory remains down -26.8% and the number of days on market is also down -28.5%. Median sale prices remain up +5.4% at $390,000 while pending sales are up +19.9%.