The end of 2020 is here and many would say they are looking to 2021 for brighter days! Nick gives his predictions on what he thinks we can expect from the market next year for buyers, sellers, and renters. Plus, he gives a piece of advice to anyone looking to make a move next year!
What are your predictions for the Boston real estate market as we head into 2021?
The reasons people loved living in Boston, or any major metropolitan city for that matter, such as convenience and the overall experiences it provides for its residents, have all been turned upside down since the pandemic hit. My prediction is that it will take about 12-18 months after a vaccine is widely distributed for the energy and excitement of city living to return. But, once it does, so will the real estate market!
Early on in the pandemic, I met with our agents and told them that I thought there was likely going to be a knee jerk reaction that causes the suburban market to get hot really quick and that they should be proactively speaking with their clients about this. Since then, we've seen our business outside of Boston significantly increase and the market for those homes has gone crazy. I've seen properties that were on the market for hundreds of days all of a sudden get multiple offers. Employees and the companies they work for have had their eyes opened to the benefits of being able to work from home so I do see the trend of more people moving to the suburbs continuing but probably not as aggressively as we have seen over the past 6-9 months.
What expectations do you have for home prices in the new year?
I think we will see average prices rise with certain pockets, specifically suburban homes, rise faster than others. Boston will likely remain stable but not see much appreciation until people are comfortable gathering in person again. If someone is interested in buying in Boston, now is a great time to do so since there is more inventory, less competition, and lower rates than we've seen at any point over the past decade.
If you had one piece of advice for someone looking to make a move in 2021, what would it be?
One thing the pandemic has shown us is the benefit of having an agent by your side during your home purchase or sale. In uncertain times, having a professional that handles the Boston real estate market day in and day out is invaluable.