Should I stay or should I sell?
Is it ok to buy now – or are we headed for that recession? Upsize? Downsize?
But what exactly is the economy doing?
Has the frenzied real estate seller’s market in downtown Boston and some of our ‘tony’ suburbs (Lexington, Winchester, etc.) finally started to calm down?
So much has happened recently – that you have every right to wonder if you’re getting whiplash when it comes to real estate planning.
While an occasional headline may grab your attention, such as – ‘a meteoric rise in interest rates expected’ or the ‘market suddenly reaching bear territory’ – the fundamentals of buying and selling in Boston are still pretty sound!
- Boston is an economic engine for growth –Beantown is buzzing, be it in Biotech, Pharma, High Tech and of course with all the intellectual capital we generate in our 60 or more colleges/universities!
- Unemployment in Boston is at an all time low – yes lower than almost anywhere in the nation!
- Did the federal government just indicate that it is done with increasing interest rates? Even though higher than a few months ago, interest rates have stabilized and are still pretty low.
- While housing inventory is still much lower than what it needs to be – we seem to be finally seeing a rise in the numbers.
- Getting the ‘crazy’ out of the market is actually a better thing for both buyers and sellers.
- Real estate property values are still increasing.Year over year increase in housing prices is pretty good in our area at almost 5.4%
Do remember that many buyers are still out there desperately looking for homes – and as sellers, many of you have to stop sitting on homes that no longer fit your needs or lifestyle.
That is what essentially will keep our economic engine chugging along.
So, at least for now, the best advice out there is – to keep calm and carry on!
As always, I would love to help with your real estate needs or answer any questions you, or your friends, may have – and do a free comparative market analysis and valuation on your home. So do not hesitate to call or reach out.
Have a wonderful February!
Lotika