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The Boston Globe

Business

Boston-area house hunters face bidding battles

Prices rise as many vie for too few available properties

A few months ago, Jon Moorman began searching for a two-bedroom condominium in Cambridge and Somerville, keen on dumping his pricey Allston rental apartment to become a first-time home buyer.

Moorman was ready to commit to a mortgage, but he wasn’t prepared for the competition — a flood of people like him vying for a limited number of homes in the $300,000 to $500,000 price range. The software engineer lost out on two properties before expanding his search to Jamaica Plain, where he secured the right to buy a condo by bidding 12 percent above the asking price.

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