As Boston continues through its reopening phases and summer arrives, Nick gives his projections on what buyers and sellers can expect in the Boston real estate market over the next few months. He also shares some ways to enjoy this wonderful time of year in the Boston area!
What can buyers expect over the next few months and how can they best navigate the market during this time?
The past few months have been a rollercoaster ride for people in the real estate market. Instead of seeing new inventory come to market this past March, COVID-19 caused many sellers to put their plans of listing on pause. This caused an extreme imbalance of supply and demand and left a lot of buyers frustrated with what they had to choose from. Luckily, over the past 4-6 weeks we’ve seen sellers regain their confidence and list their properties for sale. We expect this trend to continue throughout the summer so buyers should have more properties to choose from over the coming weeks.
What advice do you have for those looking to sell this summer in the Boston area?
Normally, summer isn’t the best time to sell real estate. The Spring market usually runs from March through Memorial Day, and then everyone goes on vacation and stops thinking about buying or selling real estate. This year is different. As you can see in the graphic below, COVID-19 postponed the Spring real estate market by about three months and we are now seeing higher buyer activity than anytime during this or last year. So for those sellers wondering if they should list their property, I say yes, absolutely!
After being inside for so many weeks, what are some ways to enjoy the warmer weather in Boston?
As we all know, the restaurant industry has been one of the hardest hit during the pandemic so we need to do all we can to help them get back on their feet. I’ll be having my first meal at a restaurant since March this weekend on the patio at Lucia in Boston’s North End and encourage everyone to go out and enjoy a meal at any of Boston’s great restaurants. After stuffing yourself with food, you should probably try to burn some calories, so I encourage people to check out the many jogging paths that Boston offers.