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Think Smarter with Nick. July 2021

Think Smarter with Nick. July 2021

It's hard to believe that 2021 is half over! This month, Nick talks about how he sees the next half of 2021 playing out in the Boston real estate market.

What will it be like for buyers looking to make a purchase and sellers looking to sell around the Greater Boston area?

And, what can we expect to see in the rental market through the end of the year?

For buyers and sellers looking to make a move by the end of 2021, what do you think they can expect?

Most predictions I've heard are stating that the market will remain strong with low inventory and high buyer demand, which I agree with. There has been additional inventory coming on the market over the past few weeks, which has helped things a bit. Historically speaking, we still see only about of the number of single-family listings statewide vs. previous years.

What do you see in the rental market both in the city and surrounding suburbs?

What do you see in the rental market both in the city and surrounding suburbs?

The demand for rentals in Boston has skyrocketed over the past few months. According to MLS, we currently have 39.37% less active rental inventory than we did at this time last year, even though the total number of rental units listed is actually up 11.67%. This means that units are being rented at a record pace which is an excellent sign for the Boston market.

Statewide the numbers are looking similar to what we see in Boston. Overall rental inventory is down 31.29% vs. 2020, with the total number of rented units YTD up 29.67%. I'm sure the lack of inventory for sale drives many buyers to rent temporarily until they can find a home to purchase.

What is the one piece of advice you are giving to real estate clients right now?

Be prepared but also patient.

I've said this before, but patience is a must for a buyer in a low inventory environment. However, you must be ready to move quickly when the right property becomes available, so you need to have all your ducks in a row ahead of time. Get pre-approved, know what you can afford, take time to understand what contingencies are, and be ready to submit an offer when the right place comes on the market!

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