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Think Smarter with Nick. February 2022

Think Smarter with Nick. February 2022

As spring approaches, many people start thinking about listing their homes for sale in the Boston area. Nick discusses what sellers can expect this year in suburban and city markets. He also gives tips for best maximizing your sale price when you sell.

What can sellers expect in the suburban markets around Boston?

2022 seems to be following in 2021’s footsteps regarding the suburban market. Our agents report even more activity at open houses and multiple offer scenarios. Buyers are becoming more aggressive with dropping contingencies to compete. I believe that this is partially due to buyers' rush to get something under agreement before rates rise.

I expect this trend to continue for a few months until the rates rise to a point where some buyers back out of the market and things cool down a bit. However, I still think the lack of supply will keep us in a strong seller's market for all of 2022.

And the city market?

The city market has continued to pick up steam over the past year, with the average sales price of condos in Boston rising from $833,794 to $1,018,586.22 (up 22.16%) YTD. We currently have only 1.32 months supply of inventory vs. 2.71 at the same time last year. This data isn’t something we can ignore.

The rise in interest rates shouldn’t affect the downtown Boston market due to the financial strength of most buyers. I expect us to remain in a low inventory seller's market for the remainder of 2022.

What are some tips you have for sellers who want to list their homes this spring?

Even though the market is strong, I still believe a seller should take the time to position their property attractively, both physically and financially. I suggest working with an agent to figure out what improvements should be made and coming up with a pricing strategy that will get as many eyes on the property as possible.

If you are in a lower-priced market (sub $1m), I would recommend putting your home on the market sooner rather than later since that pool of buyers will likely be affected more by the rise in interest rates.

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