The Inventory Crisis

Over the past few months, there hasn’t been a morning that my notifications weren’t filled with headlines talking about the real estate inventory crisis.  I can’t even escape hearing about it while mindlessly scrolling through TikTok!  

But, while we are all well aware of the crisis, understanding why it is happening isn’t as clear, even to those in the real estate industry.  So I figured I’d try to summarize my thoughts on what is happening in “this crazy real estate market!”.

The Perfect Storm

There isn’t just one factor that created the situation we are experiencing.  It is more of a “perfect storm” of multiple scenarios playing out at the same time.  Below are, in my opinion, some of the biggest culprits.

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Homeowners ready to make a move are definitely in a great position to sell today all around Boston. Housing inventory is incredibly low, driving up buyer competition. This gives homeowners leverage to sell for the best possible terms, and it’s fueling a steady rise in home prices throughout Greater Boston.

In such a hot market, houses are selling quickly. According to the National Association of Realtors (NAR), homes are typically on the market for just 18 short days. Despite the speed and opportunity for sellers, there are still steps you can take to prep your house to shine so you get the greatest possible return.

1. Make Buyers Feel at Home

One of the ways to make this happen is to take time to declutter. Pack away any personal items

Josh Stephens and the Moving Greater Boston Team were recently recognized as the top sales team for all of Berkshire Hathaway HomeServices in Massachusetts for the fourth quarter of 2020. With thousands of agents in the state, this accomplishment showcases the dedication and hard-working qualities of this sales team. Only a few months ago, they achieved another huge milestone as they closed over $100 Million in career sales. These achievements come after only 7 years in the business while working with numerous buyers, sellers, and investors throughout the Greater Boston area. 

This team has been recognized at both the local and national levels, achieving top awards for sales over the past few years. They are consistently recognized as sales and listing

Spring is officially here, and the Boston real estate market certainly is heating up like the weather! Nick gives tips for sellers looking to make a move this spring - and how to best prepare your home for sale, as well as pricing their home competitively. He also offers an important suggestion for buyers navigating the common bidding wars we are seeing in the market today.

As the spring market fully gets underway, we see a vast amount of activity, especially in suburban markets. What can sellers in these areas do to make their homes more appealing to buyers?

Even though inventory is low in the suburbs and homes fly off the shelves, it still doesn’t mean that a seller shouldn’t position their property in the best possible way.  My recommendation

If you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market around Boston and the optimal time to make sure your house is available for buyers who are looking for homes to purchase.

The latest Existing Home Sales Report from The National Association of Realtors (NAR) shows the inventory of houses for sale is still astonishingly low, sitting at just a 2-month supply at the current sales pace.

Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (See graph below):

When the supply of houses for sale around Boston is