As we head into cooler months and the holiday season, the Boston real estate market historically cools off a bit as well. Nick gives his thoughts on what we can expect this year as well as some tips for staying on top of the latest changes in Boston real estate.
How do you predict the market will trend as we head into cooler months in Boston?
Generally you can expect the real estate market to slow down during the winter months, especially if we get one of those terrible New England winters that makes you want to just sit on your couch with a blanket and binge watch Netflix until April. With that said, this winter, like most of 2020, might be slightly different.
There is still lots of demand for housing and with rates still remaining near all time lows, buyers are out in full force. Combine that with the fact that the election is over and a vaccine is on the horizon, buyers and sellers will feel more confident in making real estate decisions over the coming months that they probably have at any point during 2020.
What advice do you have for buyers and sellers looking to make a move during this time?
My suggestion to buyers is to take advantage of the current rates and proactively try to find a property over the next few months. Even if they think that prices will go down (which I don’t think they will), the low rate environment makes it worth pulling the trigger now vs. waiting.
My suggestion for sellers is correlated with the rates as well. The low rate environment makes your home more affordable to a larger group of buyers because the monthly payment is significantly less than it would be vs. when rates were in the 4’s and 5’s. This additional buyer pool should create more competition which leads to a higher selling price.
What are some ways people can stay on top of the latest trends in the Boston real estate market?
In order to identify trends you need to look at the data. The problem is that real estate data can be overwhelming and confusing, especially if you don’t know where to look. I would suggest working with a local agent who can help provide you with the correct data points and help you understand what they actually mean.
For example, the Warren Report that we publish every quarter takes the raw market data and simplifies it into easy to understand data points that tell you what the market is actually doing. Combine this with the knowledge of a professional, local agent and you should have all you need to make confident real estate decisions.