Hello there,
Here’s my spring update on the current housing market conditions in Greater Boston.
If you're on the hunt for a home in Boston's near suburbs right now, you're in for a ride! The list price? Well, it's more of a suggestion these days. Closed sales are often way higher than list price, and it's not uncommon for multiple offers to come in for those cozy, well-maintained properties. Buyers are even tossing aside traditional safeguards like home inspections, which I do not recommend, just to win the bidding wars. Yes, we're once again firmly planted in a seller's market in the suburbs.
So, what's the deal?
Inventory is scarce! It's the same old story in nearly every town and city. There's just a handful of homes hitting the market.
Now, about those mortgage interest rates – they've dipped a bit from their recent highs, but they're still hanging out in the high sixes. Compared to the golden years of rates in the threes or lower, sellers might find themselves doubling their interest payments if they're looking to sell and then buy again today.
But hold on, buyer demand is through the roof! Life has a funny way of nudging folks to make a move, and many buyers who've been patiently waiting are now seizing the moment. Every new home listing sees a rash of eager buyers.
Looking back:
Remember all those clients who jumped into the market with me last year when conditions were equally challenging? Well, they're now happily settled into their new homes and lives, watching their home values climb steadily. And with mortgage rates easing a bit and the stock market showing some pep, confidence is on the rise.
Looking forward:
The best time to make a move? When you're ready! Sure, we can't predict every twist and turn in the market – the economy, election cycles, mortgage rates, and inflation are all swirling around. But hey, I've got plenty of tools to help you navigate. What you really need to get started is a good Realtor by your side!
As a reminder, real estate is hyper local, and things may look quite different if you’re selling or buying in the center of Boston – which has been slower to recover from the pandemic. There may indeed be some good deals to find here.
If you're thinking about selling, buying, or just want to chat about all that is going on in real estate (including recent headlines regarding settling of real estate lawsuits), I'm here for you. Call or drop me a line at Lotika@kw.com. Let's chat it out. Things might just be brighter than you think. Either way, it'll be great to catch up.
Cheers,
Lotika