As we head into the spring market, Nick discusses how this year compares to years past in terms of the Boston real estate market. With housing inventory down over 25% nationally, it is a seller’s market in many areas. Nick gives tips for those looking to make a purchase during this time and also advises how sellers can best take advantage of this market.
According to the National Association of Realtors latest report, housing inventory across the country is down by 25.7% year-over-year. What are you seeing specifically in the Boston area?
We are really looking at two entirely different real estate markets when it comes to Boston vs. the suburbs. In Boston, our condo inventory is actually up 32.85% YoY (as of 3.15.21) yet, in the suburbs, single-family home inventory is down 59% (7200 in 2020 vs. 2952 today). I expect both of these markets to start trending back to more normal levels as the vaccine continues to be distributed - but it won’t happen overnight.
What neighborhoods and cities are good places for buyers looking to purchase right now?
If you are interested in purchasing in the city, now is the time. You have more to choose from than any time in the past 5+ years and rates are ridiculously low. The longer you wait, the more risk you take in losing out on this opportunity.
If you are a buyer in the suburbs you need to manage your expectations. You are going to run into a lot of competition and should expect to lose out on a few offers before you get one accepted. The key is to remain patient, work with a knowledgeable broker, and be ready to pull the trigger when you see something you like.
If you are looking to sell in this seller’s market, what advice would you give?
This really depends on where the property is located. You will be competing with a lot more listings in Boston than you would have prior to the pandemic. This means it is even more important to make your property stand out and price it correctly. I would recommend working with your agent to figure out what upgrades or repairs might be worth doing prior to listing the property. You’d be amazed at how a simple coat of paint and upgraded light fixtures can make your property stand out from the competition. I’d also suggest decluttering and staging to make it really pop.
In the suburbs, your goal should be to position the property to get the greatest amount of eyes on it during the first open house and hopefully generate multiple offers to pick from. To make sure this happens, you need to price it at, or even slightly below, market value. In addition to pricing it correctly, you should work with your agent on decluttering, repairs, and potentially staging the property to eliminate anything that might distract a buyer while viewing the property.