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Think Smarter with Nick. June 2022

Think Smarter with Nick. June 2022

Summer is here, and we can't wait to explore the wonderful outdoors throughout Greater Boston! As temperatures heat up, we look to the Boston real estate market to see if it is following the same trend - or possibly starting to cool down? Nick walks us through what is happening in the market and some ways you can enjoy the wonderful summer season in Boston!

There have been some news reports that the market is cooling or adjusting. Is this true?

Mortgage rates are now above 6%, significantly increasing monthly mortgage payments for those buying now vs. 6-18 months ago. The increase has affected the real estate market, especially over the past month. Days on the market have increased, and we've seen fewer properties receive multiple offers.

I don't think we will shift completely from a seller's market to a buyer's market, though. I expect this to be a shift back to a balanced or neutral market which should result in even more transactions happening, especially for those buyers who have been unable to get an offer accepted over the past 18 months.

What do you expect to see in the Boston real estate market over the summer months?

Last summer's bustling real estate market was the exception, not the rule, regarding the pace of a typical summer real estate market. I expect this summer to be more of a traditional summer market, which is slower than the Spring and Fall markets, as people tend to go away for the weekends rather than visit open houses. The lower competition could be a great chance for buyers to get an offer accepted, though!

What are some of your favorite summer activities around Boston?

Boston has lots to offer for those looking for things to do during the summer! Nothing beats playing hookey and enjoying an afternoon Red Sox game at Fenway Park. I'd also recommend exploring the Charles River Esplanade or taking a stroll on the Harbor Walk. There are plenty of outdoor dining options in Boston to check out as well!

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